IASB

A&A

Sir David Tweedie, Former IASB Chair, to Lead IVSC

The IVSC has announced the appointment of Sir David Tweedie as chairman elect of IVSC's board of trustees. Sir David will assume the role October 29, 2012, following the IVSC 2012 Annual General Meeting.
A&A

FASB and IASB Not Ready to Agree on Impairment

The FASB, the US accounting body, announced in a joint meeting with the IASB on July 17 that it had not voted to release a joint Exposure Draft on accounting for loan losses.

IASB Chairman Expects SEC to Approve IFRS

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
A&A

IFRS Update: SEC Decision Still Months Away

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.
A&A

Insurance Standard Proposals Are Fatally Flawed and Unworkable

Speaking at the AICPA/IFRS Foundation Conference on International Financial Reporting Standards in Boston recently, Jerry de St. Paer, executive chair, Group of North American Insurance Enterprises (GNAIE), said the current proposals and timelines advanced by the International Accounting Standards Board (IASB) contain fatal flaws.
A&A

New XBRL and proposed 2012 US GAAP financial reporting taxonomy released

The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), has announced that it has completed the first part of its project to address requests for extensions to the IFRS XBRL taxonomy.
A&A

IFRS Roundtable: Small public companies and regulators concerned about cost of adopting IFRS

Executives from small public companies and auditors representing regional firms participated in the second panel during the SEC's recent roundtable in Washington that explored the benefits and challenges of adopting International Financial Reporting Standards (IFRS).
A&A

Investment property a likely target for valuation change

The banking world is buzzing with the possibility that investor balance sheets are about to be vastly reshaped. American rule makers in the accounting industry are looking to change the way land and investments are valued.
A&A

IASB cracking down on window dressing

The International Accounting Standards Board (IASB), the global body whose rules are used in more than 100 countries, has strengthened regulations requiring banks to disclose window dressing transactions.
A&A

IASB and FASB complete first stage of conceptual framework

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board announced the completion of the first phase of a project to develop an improved conceptual framework for International Financial Reporting Standards and U.S. generally accepted accounting practices.
A&A

Businesses await new standard for lease accounting

The Financial Accounting Standards Board and the International Accounting Standards Board are on track to publish the final version of a common standard on lease accounting during the second quarter of 2011. The standard could go into effect as early as 2013.
A&A

Tax planning for IFRS adoption might be slowing

A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.
A&A

IASB, FASB to focus on convergence between IFRS and US GAAP

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board recently announced their intention to prioritize convergence projects to permit a sharper focus on issues and projects they believe will bring about improvement and convergence between IFRSs and U.S. GAAP.
A&A

AccountingWEB Exclusive: Former FDIC Chief says FASB proposal is "irresponsible"

William Isaac, former chairman of the FDIC and chairman of consulting firm LECG's global financial services unit, tells AccountingWEB that he expects banks to react very negatively to the FASB's recent proposal.

AICPA calls for permanent funding source for IASB

"We believe it is imperative the foundation find a permanent funding solution for the International Accounting Standard Board's activities," said AICPA President Barry Melancon.

IASB proposes improvements to financial instruments accounting

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposals to improve financial instrument accounting.
A&A

IASB publishes draft guidance on fair value measurement

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of draft guidance on fair value measurement.
A&A

IASB and FASB announce further steps in response to global financial crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced further steps in response to the global financial crisis following their joint board meeting held in London on March 23 and 24, 2009.Building on work underway, the two boards have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instruments. They will also work towards analyzing loan loss accounting within the financial instruments project.
A&A

Expedited fair value guidance may ease pressure on banks

Following a hearing at a House Financial Services subcommittee last week, the Financial Accounting Standards Board (FASB) agreed to expedite release of their proposed guidance for the application of FAS 157 "Fair Value Measurement." The proposed guidance was published for public comment on March 17th and will be voted on by the Board on April 2. If approved, the FASB recommends that the guidance be effective for interim and annual periods ending after March 15, 2009. According to CFO.com, FASB chairman, Robert H.

Paul Cherry to chair IASB Standards Advisory Council

The Trustees of the International Accounting Standards Committee (IASC) Foundation, the body that oversees the International Accounting Standards Board (IASB), has announced that Paul Cherry has been appointed as chairman of the Standards Advisory Council for three years beginning on January 1, 2009. He succeeds Professor Nelson Carvalho, whose term expires at the end of this year. Cherry is the chairman of the Canadian Accounting Standards Board (AcSB), from which he will step down at the end of March 2009.

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