IFRS

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.
A&A

Private companies, auditors pressure Financial Accounting Foundation for separate standards

Auitors, private company executives, and lenders have submitted comment letters to the Financial Accounting Foundation in support of separate standards for private companies.
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

IFRS Roundtable on adoption of IFRS: Investor viewpoint

The Securities and Exchange Commission (SEC), which is responsible for accounting standards in the U.S. and for the protection of investors, has said it will decide by the end of this year whether to adopt International Financial Reporting Standards (IFRS) for U.S. public companies.
A&A

CPA candidates are confronted by significant changes to exam

In January 2011, the CPA exam underwent its largest transformation since it was converted from a paper and pencil exam to computer-based in 2004.
A&A

Condorsement and the future role of FASB

Looking ahead to the time when IASB and FASB have nearly completed their high priority convergence projects, Paul Beswick, deputy chief accountant at the SEC, introduced the concept of condorsement as a potential approach for global standard setting process.
A&A

Slippage in IFRS adoption timeline and hints of change add to uncertainty for U.S. companies

The FASB and the IASB late last month announced a delay for completion of the remaining priority convergence projects from June 2011 until late 2011.
A&A

FASB and IASB publish progress report on conversion

The IASB and the FASB have published a progress report on their joint work to improve IFRSs and U.S. generally accepted accounting principles and to bring about their convergence.
A&A

SEC announces IFRS roundtable

The Securities and Exchange Commission has announced that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.
A&A

IFRS Foundation to enhance IFRS taxonomy to reflect common reporting practices

The IFRS Foundation has announced that it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements.
A&A

Understanding, preparing for IFRS now eases transition anxieties

While a migration to IFRS from U.S. GAAP represents a significant departure from a long-established standard, companies that take the following steps now will face a smoother transition.
A&A

FASB unveils XBRL 2011 taxonomy

Speakers at a recent FASB Webcast, XBRL 2011 Taxonomy Overview, presented an outline of what public company financial report preparers need to know about using the 2011 XBRL taxonomy.
A&A

Historic moment for private company accounting standards; CPAs told they must support proposed changes

The final report of the Blue Ribbon Panel to the Financial Accounting Foundation (FAF) recommended a new, separate standard-setting board for private companies and modifications to U.S. GAAP for private companies.
A&A

IFRS 1: First-time adoption of IFRS

The objective of IFRS 1 is to make sure that a reporting entity who adopts IFRS as its financial reporting basis prepares financial statements that are transparent for users and comparable over all the periods presented; provides a suitable starting point for reporting under IFRS; and can be generated at a cost that does not exceed benefits to users.
A&A

IFRS 2: Share-Based Payment

The objective of IFRS 2 is to outline the reporting requirements that an entity who undertakes a share-based payment transaction should make in their financial statements. It outlines the requirements an entity is to reflect in its profit and loss account (statement of comprehensive income) and balance sheet (statement of financial position) the effects of share-based payments.
A&A

IFRS 3: Business Combinations

The objective of this IFRS is to deal with the information that an entity provides within their financial statements about a business combination and the effect of this combination on the financial statements.
A&A

IFRS 4: Insurance Contracts

The objective of this IFRS is to deal with the financial reporting for insurance contracts by an entity that issues insurance contracts. An insurance contract is defined as a contract under which one party (the insurer) accepts significant insurance risk from another party (i.e. the policyholder) by agreeing to compensate the policyholder if a specific uncertain future event (the insured event) adversely affects the policyholder.
A&A

IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations

The objective of IFRS 5 is to specify how assets that are classified as ‘held for sale’ should be presented and disclosed within a set of financial statements, and discontinued operations.
A&A

IFRS 6: Exploration for and Evaluation of Mineral Resources

The objective of this IFRS is to deal with the financial reporting requirements for entities in the mineral extractive industry. Exploration for and evaluation of mineral resources is the search for mineral resources (e.g. oil, natural gas and similar non-regenerative resources) after the entity has obtained legal rights to explore in a specific area.

Pages


Already a member? log in here.