IASB

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.
A&A

Global advisory group to review reporting issues related to credit crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced that they will create a global advisory group comprising regulators, preparers, auditors, investors, and other users of financial statements. The advisory group will help to ensure that reporting issues arising from the global economic crisis are considered in an internationally co-ordinated manner.
A&A

FASB and IASB work together on reporting issues in financial crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced further details on their joint approach to dealing with reporting issues arising from the global financial crisis. The boards reiterated the importance of working cooperatively and in an internationally coordinated manner to consider accounting issues emerging from the global crisis.

IASB proposes improvements to financial instruments disclosures of information

The International Accounting Standards Board (IASB) has published for public comment proposals to improve the information available to investors and others about fair value measurements of financial instruments and liquidity risk. The proposals form part of the IASB's response to the credit crisis and follow recommendations of the Financial Stability Forum, which had the support of the Group of Seven (G-7) Finance Ministers.
A&A

FASB looking for feedback on proposed earnings per share revision

The Financial Accounting Standards Board has issued a revised Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards, Earnings per Share — an amendment of FASB Statement No. 128. The proposed Statement seeks to improve financial reporting by clarifying and simplifying the method of calculating earnings per share (EPS), while promoting the international convergence of accounting standards by eliminating major differences that currently exist between FASB Statement No. 128, Earnings per Share, and International Accounting Standard (IAS) 33, Earnings per Share.

Auditing Clarity Project, XBRL headline Ohio Accounting Show

The Ohio Society of CPAs kicked off its expanded schedule of highly popular Ohio Accounting Shows last week in Dayton featuring nationally renowned accounting and business leaders addressing major issues such as the Auditing Standards Board's (ASB) Clarity Project, XBRL, financial statement fraud, IFRS, and fair value. Nearly 500 accounting professionals heard keynote speakers and attended sessions across eight targeted information tracks. The Ohio Accounting Show schedule remaining this year includes Cleveland, Cincinnati, and Columbus.

AICPA Council votes to recognize IASB as a designated standard setter

The governing Council of the American Institute of Certified Public Accountants has voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.The amendment to Appendix A of AICPA Rules 202 and 203 gives AICPA members the option to use International Financial Reporting Standards (IFRS) as an alternative to U.S.

Speeding toward convergence: Changes to come rapidly for accounting profession

By Allison M. Henry The pace of accounting standards convergence is accelerating and is being driven primarily by an investment community that is rapidly embracing International Financial Reporting Standards (IFRS), as promulgated by the International Accounting Standards Board (IASB). At the same time, technological changes, as illustrated by the growing acceptance of XBRL, are challenging the need for the traditional historical financial reporting model.

IASB issues revision to IAS 1, <i>Presentation of Financial Statements</i>

The International Accounting Standards Board (IASB) has issued a revised version of IAS 1 Presentation of Financial Statements. The revision is aimed at improving users' ability to analyze and compare the information given in financial statements.The changes made are to require information in financial statements to be aggregated on the basis of shared characteristics and to introduce a statement of comprehensive income.

Halifax to Boost Canada's Move to Int. Accounting Standards

Canada's move to international accounting standards is expected to get a big boost from an influx of international banking and financial services companies into Halifax, Nova Scotia. Peter Secord, an accounting professor at St.
A&A

FASB enhances guidance for measuring fair value

The Financial Accounting Standards Board (FASB) has issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements, providing enhanced guidance for using fair value to measure assets and liabilities. More than 40 current accounting standards within generally accepted accounting principles (GAAP) require or permit entities to measure assets and liabilities at fair value.

Towards a Better Understanding of the Financial Statement Auditor Reports

The American Institute of Certified Public Accountants (AICPA), the American Accounting Association (AAA), and the International Auditing and Assurance Standards Board (IAASB) have joined forces to launch a research initiative that will provide a better understanding of users’ perceptions of the financial statement audit and the auditor’s report.
A&A

FASB Adds Joint Lease Accounting Project with IASB

Concerns that current lease accounting does not accurate reflect the resources and obligations of lease transactions, the Financial Accounting Standards Board (FASB) on Wednesday officially added a lease accounting project to their agenda.
A&A

Business Objects to FASB’s Plan for Measuring Future Pension Costs

Participants in a public roundtable held on Tuesday, June 27, at the Financial Accounting Standards Board (FASB) headquarters in Norwalk, Connecticut, engaged in heated debate on FASB’s plan to use a projected benefit obligation (PBO) metric for measuring pension liabilities that will appear on the balance sheet according to a revised standard, rather than the accumulated benefit obligation (ABO) that most companies prefer.
A&A

IASB Chairman Calls For Accounting Standards Convergence by 2011

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), sees small differences in worldwide accounting standards within five years. CFO.com reports that Robert Herz, the Financial Accounting Standards Board (FASB) chairman, predicts that within three to five years, U.S.
A&A

FASB Launches Review of Accounting for Leases

The Financial Accounting Standards Board (FASB) has begun reviewing its guidance on one of the most complex areas of off-balance sheet reporting, accounting for leases, Chairman Robert Herz told Forbes. The Securities and Exchange Commission (SEC) had requested that FASB review off-balance sheet arrangements, special purpose entities and related issues in a staff report issued in June 2005.

IAASB Proposes New Requirements for the Audit of Group Financial Statements

The International Auditing and Assurance Standards Board (IAASB) recently approved and is issuing a re-exposure draft (ED) of the proposed International Standard on Auditing (ISA) 600 (Revised and Redrafted), the Audit of Group Financial Statements. The IAASB has modified the proposals and reissued the ED following earlier consultations, and is seeking reaction and comments on two specific matters:
A&A

Fair Value Reporting Getting A Closer Look

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have commissioned a survey concerning the trend toward requiring or allowing more financial instruments to be measured at fair value. The FASB/IASB survey seeks to address whether current reporting standards provide enough information for investors and creditors to analyze companies that report any financial instruments at fair value.

FASB and IASB Set Goals for Convergence

Acknowledging the role of their convergence project in the ‘roadmap’ to removing reconciliation requirements for non-US companies registered in the US, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) released a joint memorandum of understanding (MOU) on Monday that lists 11 specific areas where progress is to be achieved by 2008.

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