IASB

A&A

IASB’s Decision Won’t Change FASB’s Plans for Leases Standard

The FASB remains unwavering in its support of a dual-model approach to bringing leases onto corporate balance sheets, despite its UK-based counterpart saying last week that it decided “tentatively” to back a single-lessee model.
A&A

Fitch: IFRS Adoption in the US Unlikely

As the FASB and the IASB continue to move away from full convergence of their standards, the prospects of international accounting rules being fully adopted in the US in the near future are growing less likely, according to a Fitch Ratings report.
A&A

Joint Accounting Rule on Leases May Not Happen in 2014

During a speech at the IMA's 95th Annual Conference and Exposition on Monday morning, FASB Chairman Russell Golden said he did not expect the converged leases standard to be finished "until the latter half of 2015."
A&A

Revenue Recognition Transition Group to Convene Next Month

The group will be tasked with informing the FASB and the IASB about potential implementation issues that could arise when companies and organizations implement the new accounting standard.
A&A

FASB, IASB to Hold Revenue Recognition Webcast on June 5

The one-hour broadcast will provide an overview of the new accounting rule, as well as information on such topics as recognizing revenue over time, contract costs, disclosures, transition, and effective date.
A&A

FASB, IASB Unveil Final Standard on Revenue Recognition

The two standard-setting boards announced the release of the converged standard on the recognition of revenue from contracts with customers on Wednesday morning – the culmination of a joint project that has been in the works since 2008.
A&A

Revenue Recognition Standard Now Slated for Late May

The FASB had hoped to issue a final standard on revenue recognition during the first quarter of 2014. However, the board confirmed today that the timetable for releasing the standard has been pushed back slightly.
A&A

FAF to Offer Up to $3 Million Toward Joint FASB/IASB Projects

The Financial Accounting Foundation could contribute as much as $3 million this year to the International Financial Reporting Standards (IFRS) Foundation in support of several convergence projects that the Financial Accounting Standards Board and the International Accounting Standards Board are working to complete.
A&A

FASB: Final Revenue Recognition Standard Coming Soon

A revenue recognition standard for US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is close to being finalized.
A&A

Standard on Auditing Revenue May Be in PCAOB's Future

A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
A&A

Called to Account: Preparing for Upcoming FASB Changes to Lease Accounting and Reporting

With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
A&A

FASB to Host Roundtable Meetings on Insurance Proposal

The Financial Accounting Standards Board will host public roundtable meetings in December on its proposed accounting standards update "Insurance Contracts (Topic 834)."
A&A

Public Comment Period on Lease Accounting Draws Near

September 13 is the final day individuals and organizations can submit comments on the revised proposals to the guidelines for lease accounting that were published in May by the FASB and the IASB.
A&A

FASB and IASB Form Revenue Recognition Transition Group

A joint group created by the FASB and the IASB will be tasked to help organizations transition to the upcoming final converged standard on revenue recognition, the two standards-setting groups announced July 26.
A&A

Fitch: Lease Accounting Proposal Expected to Challenge Lessors

The changes to the guidelines for lease accounting that were proposed in the recent exposure draft from the FASB and the IASB will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.
A&A

Joint Roundtable Meetings Set on Lease Accounting Proposal

The FASB and the IASB will host five joint public roundtable meetings in September and October on their revised proposals on lease accounting that were published in May.
A&A

FASB Issues Standard Update on Investment Company Status

The FASB has developed a new guideline for determining whether a public or private company is an investment company, for which fair value of investments is the most relevant measurement for the company's financial statement users.
A&A

IFRS Foundation Charts Progress Toward Global Adoption of IFRS

The IFRS Foundation has completed the first phase of an important initiative to assess the progress toward global adoption of IFRSs. The G20 has called for global adoption of a single set of high-quality financial reporting standards.
A&A

Feedback Sought for FASB/IASB Lease Accounting Proposal

Interested individuals and organizations have until September 13 to offer their input on a revised exposure draft – "Proposed Accounting Standards Update - Leases (Topic 842)" – from the FASB and the IASB.
A&A

FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses

The FASB has extended the comment deadline for its proposal to improve financial reporting on expected credit losses on loans and other financial assets held by banks, financial institutions, and other organizations.

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