IASB

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.
A&A

FASB Issues FAQs on Proposal to Improve Accounting for Current Expected Credit Losses

On March 25, the Financial Accounting Standards Board (FASB) posted on its website a sixteen-page staff document that responds to frequently asked questions (FAQs) about its proposed Accounting Standards Update, Financial Instruments – Credit Losses (Subtopic 825-15).
A&A

FASB to Join IFRS Foundation's Accounting Standards Advisory Forum

The Financial Accounting Standards Board (FASB) will join the newly formed Accounting Standards Advisory Forum (ASAF), an advisory group that will help the International Accounting Standards Board (IASB) set international accounting standards, the Financial Accounting Foundation (FAF) announced.
A&A

IASB Floats Revised Proposals for Loan-Loss Provisioning

In a March 7 press release, the International Accounting Standards Board said it has issued a revised set of proposals for a model for recognizing credit losses on financial instruments that differs from one proposed by the Financial Accounting Standards Board.
A&A

FASB to Review Business Segment Reporting Issues Based on FAF Review

FASB plans to discuss issues raised in FAF's review of Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, with stakeholders and the SEC to determine whether further review of the standard is warranted.
A&A

FASB/IASB Continue Insurance Contracts Reporting Project

The IASB continues its work with the FASB to develop an accounting standard for insurance contracts reporting that would improve on current US GAAP and coincide with IFRS.
A&A

FASB Overview: New Credit Loss Model

The Financial Accounting Standards Board expects to issue an Exposure Draft of an Accounting Standards Update that proposes a single measurement model for measuring credit losses, possibly by the end of 2012.
A&A

FASB Will Propose New Credit Impairment Model

How to measure and disclose evidence that a loan or bond is not performing continues to be an issue in the ongoing deliberations of the Financial Accounting Standards Board and the International Accounting Standards Board.

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