IFRS

A&A

Differences between IFRS and CGAAP Values Widespread and Significant

A new report by the Certified General Accountants Association of Canada (CGA-Canada) reveals that the adoption of International Financial Reporting Standards (IFRS) has had a noticeable impact on the financial statements of Canadian-listed companies.
A&A

FASB Chairman Russell Golden Outlines Plans for Future

In his first public speech since taking the helm of the FASB, Chairman Russell Golden outlined his top four priorities for the standard-setting board's future during an event on September 12 celebrating FASB's fortieth anniversary.
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

FASB Responds to PIR of Statement 141 on Business Combinations

On May 30, the Financial Accounting Standards Board (FASB) released its response to the Post-Implementation Review (PIR) of its business combinations reporting standard.
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

Accounting Industry Leaders Want Changes to Corporate Reporting

In the wake of the international financial crisis, accounting industry professionals are taking a close look at corporate reporting and calling for reform.
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 Clarifies Scope of Balance Sheet Offsetting Disclosures

On January 31, the Financial Accounting Standards Board issued ASU No. 2013-01, "Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which narrows the scope of ASU No. 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities," issued in December 2011.
A&A

Financial Analysts Say Hedging, Derivatives Reporting Inadequate

Financial analysts say there's not enough detail being provided in reports from companies that use derivatives and hedging activities, which makes analysis of investments that rely significantly on such financial instruments riskier.
A&A

FASB Floats Proposal to Close Repo Agreement Loophole

FASB has issued a request for public comment on its proposal to improve financial reporting disclosures on repurchase agreements in order to more properly reflect a company's obligations and risks in some circumstances.
A&A

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.
A&A

Paul Beswick Named SEC Acting Chief Accountant

SEC Chairperson, Mary Schapiro, has named Paul Beswick acting chief accountant. As such, he is the commission's new principal spokesperson in the debate over whether the United States should switch to IFRS.
A&A

FAF: Post-Implementation Reviews on FASB and GASB Accounting Standards

Accounting standards governing financial reporting for business combinations, operating segments, and government deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the FAF, the oversight body of the FASB and the GASB, the FAF announced.

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

FAF Rejects Independent Standard Setting Board for Private Companies

A new council with the authority to identify, propose, and vote on specific improvements to U.S. accounting standards for private companies has been proposed by the Board of Trustees of the Financial Accounting Foundation (FAF).
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

AICPA says U.S. companies should have option to use IFRS as issued by IASB

The SEC is expected to decide later this year whether, and if so, how, public companies in this country should incorporate IFRS into their financial reporting. The AICPA thinks public companies should be given the option of using IFRS as issued by IASB.
A&A

'Hey there, Bob Pozen' YouTube video addresses complexity in financial reporting

Steven Zelin, aka "The Singing CPA," and Edith Orenstein, AccountingWEB blogger for Financial Executives International (FEI), have teamed up to create a music video celebrating the third anniversary of the SEC's Advisory Committee on Improvements to Financial Reporting.

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