IFRS News Clips
Private Company Financial Reporting in the U.S.
Learn about activities of the Blue Ribbon Panel and keep up-to-date on developments affecting private company financial reporting in the U.S. (AICPA.org)
Video: Changes Ahead for the CPA Exam
The CPA Exam will undergo major changes in 2011, including introducing questions about IFRS. (Journal of Accountancy)
Business Group in India Calls for IFRS Delay
The Federation of Indian Chambers of Commerce and Industry has asked for a delay in the April 2011 implementation date, according to a report in the Business Standard.
CFO.com Best of 2010: Accounting
CFO.com publishes links to its "Best of 2010" articles on accounting.
Financial Accounting Foundation Appoints Leslie F. Seidman Chairman of the Financial Accounting Standards Board
December 23, 2010 - The Board of Trustees of the Financial Accounting Foundation (FAF) today named Leslie F. Seidman chairman of the Financial Accounting Standards Board (FASB), effective immediately. (AccountingFoundation.org)
December IASB Update
This IASB Update is a staff summary of the tentative decisions reached by the Board at a public meeting. (IFRS.org)
Monitoring Board provides update on governance review
The Monitoring Board has provided an update following their meeting on 6 December 2010 in Tokyo regarding the review of the governance framework around the Monitoring Board and the IFRS Foundation. (IFRS.org)
IASB Amends Income Tax, IFRS Adoption Rules
The International Accounting Standards Board (IASB) on Monday issued amendments to IAS 12, Income Taxes, and what it called "narrow amendments" to IFRS 1, First-time Adoption of International Financial Reporting Standards. (Journal of Accountancy)
Moody's Report: IFRS Will Not Hurt Canadian Company Debt Ratings
The Globe and Mail covers a report from Moody's regarding how the move to IFRS will affect debt ratings of Canadian companies.
IFRS Deadline Is Fast Approaching in the U.S.
And the SEC is making progress. (CPA Insider)
IFRS Foundation Chairman Dies
Accounting Today reports that IFRS Foundation Chairman Tommaso Padoa-Schioppa died of a heart attack on Saturday night.
IFRS.com Blog: Private Company Reporting in the U.S.
As the Blue Ribbon Panel works to finalize its recommendations, let us know what you think about the possibility of differences in U.S. GAAP for private entities.
ICAEW Says More Work Needed on Lease Proposals
ICAEW's Dr. Nigel Sleigh-Johnson said, "The June 2011 deadline for completing this project may prove unrealistic. Rushing the final stage of this important project could do more harm than good." (ICAEW.com)
Live webcasts on Management Commentary
On Thursday 16 December staff of the IASB will present two webcasts about the IFRS Practice Statement Management Commentary. (IFRS.org)
Educators Believe More Time Should be Spent on IFRS
Faculty respondents to a recent American Accounting Association/KPMG survey said more time should be spent teaching IFRS. Accounting Today reports on the results.
IFRS Interpretations Committee Chair Discusses Global Standards
GlobalAtlanta.com interviews Robert Garnett about global standards and U.S. consideration of IFRS.
Honk Kong's Exchange will Allow Chinese Accounting Standards
Reuters reports that listed China companies will be able to report using Chinese accounting standards from December 15. China has been working to converge its standards with IFRS.
Paul Pacter: Capital providers need good small business reporting, too
IASB member Paul Pacter writes about the need for global standards for small and medium-sized businesses. (IFRS.org)
IASB Issues Guidance on Management Commentary
The International Accounting Standards Board (IASB) published an IFRS Practice Statement Management Commentary, which the standard setter said is a broad, nonbinding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs. (Journal of Accountancy)
Getting to the IFRS Destination
Without question, the U.S. Securities and Exchange Commission (SEC) has been working hard to address the complexities and timeline of how to integrate International Financial Reporting Standards (IFRS) into the U.S. financial reporting process. (Corporate Finance Insider)
IASB proposes improvements to hedge accounting
December 9, 2010 - The International Accounting Standards Board (IASB) today published for public comment an exposure draft on the accounting for hedging activities. (IFRS.org)
IASB Proposes Simpler Approach to Hedge Accounting
Companies will find it easier to account for risk management strategies under new rules proposed by the IASB, according to a report from Reuters.
Standard Setters Address Feedback on Revenue, Lease Accounting Proposals
Compliance Week reports on feedback received on FASB/IASB proposals and how standard setters will address issues in coming weeks.
Panel Expected to Finalize Private Company Financial Reporting Model Recommendations
The blue-ribbon panel on private company financial reporting will meet on Friday. (Journal of Accountancy)
Tweedie: SEC's Window of Opportunity
Speaking about the U.S decision to adopt IFRS, IASB chair David Tweedie said, "This is a window of opportunity. If we blow this, then I suspect the world is going to disintegrate as far as the global standards are concerned." Market News International reports on the chairman's comments at an AICPA conference. (MarkeNews.com)
IASB publishes IFRS Practice Statement on Management Commentary
December 8, 2010 - The International Accounting Standards Board (IASB) has today published an International Financial Reporting Standard (IFRS) Practice Statement Management Commentary, a broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs. (IFRS.org)
Financial Accounting Foundation Launches Live Video Webcasting of FASB Meetings
The Financial Accounting Foundation (FAF) announced the launch of its new video webcasting service. (AccountingFoundation.org)
Live webcast on hedge accounting exposure draft
On Monday 13 December the IASB staff will be hosting two live webcasts on the hedge accounting exposure draft. (IFRS.org)
Volunteer Your IFRS Expertise to Develop Questions for the Uniform CPA Examination
The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions ("items") on IFRS for the Uniform CPA Examination. (Journal of Accountancy)
PCAOB Outlines Coming Changes
Accounting Today reports on a presentation given by PCAOB Chief Auditor and Director of Professional Standards Martin Baumann last week.
Live webcasts on Management Commentary
On Thursday 16 December staff of the IASB will present two webcasts about the IFRS Practice Statement Management Commentary. (IFRS.org)
AICPA comments on FASB Discussion Paper on Insurance Contracts
November 30, 2010 - The Financial Reporting Executive Committee (FinREC) and the Insurance Expert Panel, both of the American Institute of Certified Public Accountants, comment on the FASB Discussion Paper–Preliminary Views on Insurance Contracts (the DP).
AICPA comments on IASB Exposure Draft on Insurance Contracts
November 30, 2010 - The Financial Reporting Executive Committee (FinREC) and the Insurance Expert Panel, both of the American Institute of Certified Public Accountants, comment on the IASB Exposure Draft–Insurance Contracts (the ED).
FASB, IASB: Convergence Priorities on Target for June 2011
FASB and the International Accounting Standards Board (IASB) released a convergence progress report on Monday that said their priority projects are on target for completion by June 2011 or earlier. (Journal of Accountancy)
"Blue-Ribbon" Panel to hold its fifth meeting on December 10
The AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies will hold its fifth meeting on Friday, December 10, at the FAF offices in Norwalk, Connecticut. (AccountingFoundation.org)
Accounting for Leases Will Be Challenging
CFO Magazine analyzes proposed changes to lease accounting rules. The comment period for the FASB/IASB proposals is open until December 15, 2010.
IPSASB Publishes 2010 Annual Improvements Standard
The International Public Sector Accounting Standards Board (IPSASB) today published Improvements to IPSASs—2010. (IFAC.org)
IASB Update
November 2010 - This IASB Update is a staff summary of the tentative decisions reached by the Board at a public meeting. The International Accounting Standards Board (IASB)/US Financial Accounting Standards Board (FASB) joint board meeting and the IASB Board meeting took place between 16 - 18 November 2010. (IFRS.org)
Trustees extend comment period for strategy review
November 26, 2010 - The IFRS Foundation Trustees today extended the deadline for comments on their public consultation paper on the strategy review they are undertaking. The new deadline is 24 February 2011. (IFRS.org)
Loan Loss Rules are "Unsatisfactory"
Bank of Ireland Governor Patrick Honohan tells a group of chartered accountants that loan loss accounting rules are "backward-looking", according to an Accountancy Age article.
Panel Poised to Recommend Separate Board, U.S. GAAP Exceptions for Private Companies
November 24, 2010 - The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB's parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF's oversight. (Journal of Accountancy)
FASB Update-Private Company Edition
November 2010 – This initial issue of FASB Update-Private Company Edition highlights recent Exposure Drafts on accounting for financial instruments, revenue recognition, and accounting for leases. (FASB.org)
Completing our work to reform financial instruments accounting
Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), provides an update on what has been achieved, as well as the work ahead of the IASB. (IFRS.org)
FASB's Fair Value Battle
Bloomberg writes about the fight over fair value as standard setters try to converge accounting rules over financial instruments.
FASB, GASB Standards to Undergo New Review Process
Accounting and financial reporting standards issued by FASB and GASB will be subject to a post-implementation review under a process announced Thursday. (Journal of Accountancy)
FDIC Chair Critical of FASB Fair Value Proposals
FDIC chairman Sheila Bair said FASB proposals could "undermine financial stability". GFS News reports on Bair's remarks during the AICPA/SIMA FMS National Conference on the Securities Industry in New York.
Live webcast on Framework-based teaching of principle-based standards
November 19, 2010 - On Tuesday 7 December the IFRS Foundation will hold a webcast from 10:00 to 11:30 London time (GMT) (repeated from 15:00 to 16:30 London time (GMT).) The session is designed for those teaching IFRSs and will focus on Framework-based teaching of principle-based accounting standards. (IFRS.org)
Lease Proposals Fall Short
Professors Paul B.W. Miller and Paul R. Bahnson say principles-based proposals on lease accounting from the U.S. FASB and IASB lack enough specifics and provide evidence that the convergence process is flawed. You can read their analysis at Accounting Today.
Management Should Take Blame for Crisis
The head of the Bank of England said it was poor management at banks that led to the financial crisis, not accounting. Accountancy Age reports on testimony at a parliamentary hearing in the UK.
Financial Accounting Foundation Appoints Four New Members to Its Board of Trustees
November 17, 2010 - The Financial Accounting Foundation (FAF) today announced that Carol Anthony (John) Davidson, Stephen R. Howe, Jr., W.M. (Mack) Lawhon, and Mary S. Stone have been appointed to the FAF Board of Trustees. (AccountingFoundation.org)
FASB Sharpens Focus
November 17, 2010 - Leslie Seidman, acting FASB chairman, said the Board will focus on completing five priority projects by 2011. The projects are part of the joint convergence program with the IASB. CFO.com provides an overview.
FASB Could Move Closer to IASB Financial Instrument Model
IASB member Stephen Cooper said he believes that the U.S. will move away from their full fair value proposals. Reuters reports on Cooper's remarks at a recent conference.
IASB and EFRAG meet to discuss work plan
November 15, 2010 - The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met today to review the IASB's ongoing work. (IFRS.org)
IASB May Re-Exhibit Loan Loss Proposals
Accountancy Age reports that proposals originally exposed in November 2009 are likely to be re-exhibited, but the deadline of June 2011 is still expected to be met.
New Lease Rules Could Result in More Decisions to Purchase
A research report commissioned by the UK's Finance and Leasing Association suggests that new lease rules proposed by the IASB could lead to more decisions to purchase assets as opposed to leasing, according to an article at Fleet News.
Stephen Cooper: Lessor accounting – what really are the lessor's assets?
IASB member Stephen Cooper writes about proposed rule changes for lessor accounting and asks for input from investors. (IFRS.org)
IASB To Keep Net Interest Approach in Pension Proposals
Pension proposals from the IASB will cause an initial charge to profits, but result in lower volatility over time, according to a report at Professional Pensions.
Heading in the Wrong Direction
Charles Tilley, Chief Executive of the Chartered Institute of Management Accountants (CIMA), talked to Accountancy Age about the loss of prudence in accounting standards and the prescriptive nature of financial reporting.
Financial Executives Want More Convergence Before IFRS Adoption
WebCPA reports on a Grant Thornton survey of CFOs and senior controllers.
UK Regulator Defends IFRS
UK's Financial Reporting Council (FRC) head Stephen Haddrill defended the move to IFRS in the UK. Accountancy Age reports on his statements at a House of Lords Inquiry.
Malaysia IFRS Convergence On Track
Malaysia's Prime Minister said convergence efforts are on track to meet a January 1, 2012 deadline. Business Times reports on the Prime Minister's remarks.
IFRS Foundation's Future Strategy Open for Discussion
The trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, on Friday published a first-stage consultation document to seek input on the foundation's strategy as it enters its second decade. (Journal of Accountancy)
Trustees seek public comment on the future strategy of the IFRS Foundation
November 5, 2010 - The Trustees of the IFRS Foundation have published a first-stage consultation document designed to solicit input on the strategy of the IFRS Foundation as it enters its second decade. (IFRS.org)
Survey says companies will be ready for IFRS, but will wait for mandate
CFO.com reports on a survey conducted by KPMG and Financial Executives International in August.
Live webcasts on the exposure draft on Hedge Accounting
On Monday 8 November staff of the IASB will present two webcasts about the exposure draft on Hedge Accounting that will be published shortly. (IFRS.org)
Chairman Tweedie Discusses Accounting Standards Projects
In an interview with Jack Sweeney in Business Finance Magazine, IASB chair Sir David Tweedie answers questions about joint projects with the FASB and the goal to complete priority projects by June 2011.
IFRS Foundation Trustees' Due Process Oversight Committee to carry out a review of the Interpretations Committee
November 2, 2010 - The IFRS Foundation Trustees' Due Process Oversight Committee is carrying out a review of the Interpretations Committee (formerly known as IFRIC) in order to assess its effectiveness. (IFRS.org)
Live webcast on Financial Liability Accounting
On Wednesday 3 November 2010, the IASB staff will present a live webcast on Financial Liability Accounting. (IFRS.org)
India Could Dilute Provisions of IFRS
The Economic Times reports on plans by the government to dilute IFRS provisions relating to foreign exchange differences and overseas borrowings.
UK Accounting Standards Board Proposes Three-Tier Framework
The UK Accounting Standards Board (ASB) proposes a three-tier reporting framework and simplified UK standard based on IFRS for Small and Medium-sized Entities. Accountancy Magazine reports on the proposals.
IASB's Additions to IFRS 9 Address "Own Credit" Problem
The International Accounting Standards Board (IASB) on Thursday issued requirements on the accounting for financial liabilities that address the problem of volatility in profit and loss (P&L) arising when an issuer measures its own debt at fair value. (Journal of Accountancy)
Tweedie: Last Chance for Global Standards
Reuters reports on remarks from IASB chairman Sir David Tweedie at a New York Society of Security Analysts conference on Thursday.
Standard Setters Postponing Two Convergence Projects
Compliance Week reports that FASB and IASB have agreed to further delay work on two convergence projects. Exposure Drafts on Financial Statement Presentation and Financial Instruments with Characteristics of Equity will not be released as originally planned.
IASB issues additions to IFRS 9 for financial liability accounting
October 28, 2010 - The International Accounting Standards Board (IASB) has today issued requirements on the accounting for financial liabilities. These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB's project to replace IAS 39 Financial Instruments: Recognition and Measurement. (IFRS.org)
UK Lord Calls for Review of IFRS Use
The Telegraph reports that a member of the House of Lords Economic Affairs Committee has called for a review of IFRS following concerns that the use of IFRS contributed to the banking crisis. (Telegraph.co.uk)
Effective Dates and Transition: FASB Member Marc Siegel Talks about the FASB Discussion Paper
FASB podcast available for download. (FASB.org)
Live webcast on Leases exposure draft
As part of the ongoing series of webcasts about the Leases exposure draft, the IASB staff will be hosting a live webcast on Monday 1 November 2010. (IFRS.org)
European Views on the New Leasing Exposure Draft
The IASB and the FASB have entered into a joint project on leasing, but early views suggest standard setters listen carefully to both lessee’s and lessor’s views before finalizing the proposed accounting requirements. (CPA Insider)
CPAs Waiting on IFRS Guidance from SEC
Compliance Week's Tammy Whitehouse writes about the latest IFRS Readiness Survey from the AICPA.
IFRS Foundation Trustees' Due Process Oversight Committee to carry out review of the Interpretations Committee
October 25, 2010 - The IFRS Foundation Trustees' Due Process Oversight Committee is carrying out a review of the Interpretations Committee (formerly known as IFRIC) in order to assess its effectiveness. (IFRS.org)
Planning for IFRS: "Proactive Influence"
CFO.com contributor Bruce Pounder discusses one technique for planning for the possible future use of International Financial Reporting Standards.
Volunteer your IFRS expertise to develop questions for the Uniform CPA Examination
October 22, 2010 - The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions ("items") on IFRS for the Uniform CPA Examination.
Pursuing Global Accounting Standards
CFO.com interviews former IASB vice chairman Tom Jones about developments in accounting, including blue ribbon-panel activity, incoming IASB chair Hans Hoogervorst and IFRS carve-outs.
CFOs in Europe Express Concern about Lease Proposals
Accountancy Magazine reports on the results of a survey of CFOs in Europe.
Monitoring Board – IFRS Foundation Trustees Meeting: webcast and observe details available
A meeting of the Monitoring Board and IFRS Foundation Trustees will take place on Thursday 28 October, at the SEC Regional NY office, 3 World Financial Center, Suite 400, New York, NY 10281-1022, USA. (IFRS.org)
The FASB Hosts a Pre-Recorded Webinar Explaining the FASB's Recently Issued Discussion Paper, Preliminary Views on Insurance Contracts
Now available on the FASB website is a pre-recorded webinar explaining the FASB's recently issued Discussion Paper, Preliminary Views on Insurance Contracts. (FASB.org)
Live webcast on Insurance exposure draft
On Monday 25 October, IASB member Elke König and IASB staff will present a live webcast focusing on reinsurance specific aspects of the recently published exposure draft Insurance Contracts. (IFRS.org)
UK Research Indicates Main Beneficiaries of IFRS are Largest Corporations
Accountancy Age reports on research conducted by the UK's Department of Business. The research has raised concerns about proposals to replace UK GAAP with IFRS for Small and Medium-sized Entities.
FASB Seeking Input on the Costs of Convergence
FASB issued a discussion paper to gather input from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards, which are part of the FASB and IASB convergence projects, should be effective. (Journal of Accountancy)
Shaping the Future
Paul Stahlin is acutely aware that his term as AICPA chairman appears to be on course to intersect with a series of major changes for the profession. (Journal of Accountancy)
AICPA Governing Council Adopts Resolution Supporting Blue Ribbon Panel on Private Company Accounting Standards
The governing Council of the American Institute of Certified Public Accountants adopted a resolution supporting the work of the Blue Ribbon Panel on Private Company Standards. (AICPA.org)
The FASB to Host Webcast on Leases Project: Proposed Changes to Lease Accounting—scheduled for October 28, 2010
The Financial Accounting Standards Board (FASB) is pleased to announce an upcoming webcast to discuss the Exposure Draft, Leases, which was issued on August 17, 2010. (FASB.org)
Expediency at Heart of Panel's Recommendations on Private Company Reporting
Asked why the panel on private company financial reporting appears to be favoring a separate standards board making modifications to existing U.S. GAAP (as compared to writing new standards) several members of the panel pointed to a simple factor - time. (Journal of Accountancy)
CPA Exam Offered in Five International Locations Next Year
The Uniform CPA Examination will be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates in 2011, marking the first time in the exam's history that it will be offered outside the 55 U.S. jurisdictions. (Journal of Accountancy)
Seven Myths about IFRS
Experts address myths about International Financial Reporting Standards. (CFO.com)
Financial Accounting Standards Board Announces Public Roundtable Meetings to Solicit Input on Proposal to Improve Lease Accounting
The Financial Accounting Standards Board (FASB) has announced it will host public roundtable meetings in the United States to discuss its August 2010 Exposure Draft, Proposed Accounting Standards Update—Leases (Topic 840). (FASB.org)
Statement of the Monitoring Board for the International Financial Reporting Standards Foundation Regarding Appointment of Hans Hoogervorst as the Next IASB Chairman
The Monitoring Board welcomes the IFRS Foundation's appointment of Hans Hoogervorst as the next chairman of the IASB. (IOSCO.org/IFRS Foundation Monitoring Board)
New Zealander takes on deputy role
Ian Mackintosh will become the vice chair of the International Accounting Standards Board. It is reported that he was a front runner for the head role, but ran into opposition from European politicians. (The National Business Review)
India's IFRS deadline quickly approaching
With six months to go, CNBC-TV18's Menaka Doshi interviews the chair of the IFRS Foundation Trustees and the Director and Head of HR at Infosys. (Moneycontrol.com)
New IASB Chief Brings Multiple Talents
Tommaso Padoa-Schioppa, chair of the IFRS Foundation Trustees, talks to Accountancy Age about incoming IASB chairman Hans Hoogervorst, who will replace Sir David Tweedie in 2011.
Moving Towards Little GAAP
CFO.com reports on recommendations from the blue ribbon panel on private company reporting.
Duck-Koo Chung to serve as Trustee of the IFRS Foundation
October 12, 2010 - The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today confirmed the appointment of Duck-Koo Chung to serve as a Trustee of the IFRS Foundation for an initial three-year term, with effect from 1 January 2011. (IFRS.org)
New IASB Rule Will Make Window Dressing Harder
The International Accounting Standards Board issued amendments to IFRS 7 to enhance derecognition disclosure requirements for transfer transactions of financial assets. Reuters reports on the recently issued rule change.
Blue Ribbon Panel to Vote on Recommendation for Private Company Standards
The Blue Ribbon Panel will discuss different models for private company financial reporting standards and plans to vote on a recommendation for a new model at the end of its meeting on Friday. (CFO.com)
IRS Prepares for IFRS
WebCPA reports on a government report that outlines how the Internal Revenue Service is preparing for a possible transition of U.S. public companies to International Financial Reporting Standards.
IASB finalises enhanced derecognition disclosure requirements for transfer transactions of financial assets
October 7, 2010 - The International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation, today issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities. (IFRS.org)
New Rules Will Make It Harder to Hide Items Off Balance Sheet
Accountancy Age reports on new rules issued by the IASB on derecognition disclosure requirements.
Live webcast on IFRS 7: Financial Instruments: Disclosures
On Monday, 11 October, IASB staff will present a live webcast introducing amendments to IFRS 7 Financial Instruments: Disclosures. (IFRS.org)
Robert Herz Discusses Tenure as FASB Chair
CFO.com interviewed Robert Herz about his experience running the U.S. Financial Accounting Standards Board.
AICPA Expresses Concerns on FASB Financial Instruments Proposal
The AICPA's Financial Reporting Executive Committee (FinREC) on Thursday said it was concerned about the fair value measurement and impairment models along with other provisions of FASB's comprehensive proposal to revamp financial instruments accounting. (Journal of Accountancy) (Link to Letter)
India Behind Schedule, Concern over IFRS Deadline
Business Standard reports on concern about the government meeting deadlines to make amendments to its Companies Act.
Work Bank Supports FASB’S Fair Value Proposal
The World Bank favors FASB's full fair value proposal over IASB's mixed attribute approach, according to an article at Accountancy Age.
FASB Announces Public Roundtable Meetings to Solicit Input on Proposal to Improve Revenue Recognition
The Financial Accounting Standards Board (FASB) has announced it will host public roundtable meetings in the United States to discuss its June 2010 Exposure Draft, Revenue Recognition (Topic 605): Revenue from Contracts with Customers. (FASB.org)
Herz Wraps It Up at FASB
CFO Magazine writes about the transition at the Financial Accounting Standards Board and looks back at Robert Herz's tenure.
Standard Setters Look for New Leaders
The Economist reports on changes at the U.S. Financial Accounting Standards Board and the International Accounting Standards Board.
EU Prefers IASB's Solution over FASB's
The European Financial Reporting Advisory Group (EFRAG) says it supports the IASB's direction on fair value over the U.S. FASB’s full fair value proposals.
IASB proposes Severe Hyperinflation amendment to IFRS 1
The International Accounting Standards Board (IASB) today published for public comment an exposure draft Severe Hyperinflation, a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IFRS.org)
EU's Barnier Urges US move to international standards
Accountancy Age reports on remarks from European Commissioner for Internal Markets Michel Barnier.
EU warned not to undermine IASB independence
IFRS Foundation chair Tommaso Padoa-Schioppa says US is key to global standards and is closely watching Europe. FOREXYARD reports on a Reuters News story about the chairman’s remarks.
Staff draft of a forthcoming IFRS on consolidation
On 29 September 2010 the IASB posted to its website a staff draft of a forthcoming IFRS on consolidation that reflects the tentative decisions made to date by the IASB. (IFRS.org)
An Overview of Outreach Provided through Meetings and Teleconferences With Users of Financial Statements for the FASB's Accounting for Financial Instruments Proposal
Overview available at the FASB website. (FASB.org)
FASB Proposals to Expand Fair Value Draw Strong Opposition
Reuters reports that comment letters express heavy opposition to FASB proposals to expand fair value. FASB board member Lawrence Smith said, "If I were a betting person, I would bet on some type of hybrid model being adopted."
ICAEW Critical of FASB Proposals on Financial Instruments
The Institute of Chartered Accountants in England and Wales says FASB's proposals will make financial statements more complicated. WebCPA reports on the ICAEW's concerns.
Comparing the Ethics Codes: AICPA and IFAC
Sharp increases in the number of multinational audits being performed by U.S. accounting firms means that more CPAs are performing services under the International Federation of Accountants (IFAC) audit and attest standards. (Journal of Accountancy)
Simple Solutions Don't Work for Complex Problems
Compliance Week's Matt Kelly did not like Oliver Stone's new movie "Wall Street: Money Never Sleeps" and believes IFRS will become more complex over time.
FASB Update: Financial Statement User Edition
This issue highlights new disclosures about the credit quality of finance receivables that go into effect beginning this year and three recently issued Exposure Drafts. (FASB.org)
Live webcast on first phase of Conceptual Framework
On Wednesday 29 September IASB staff will present a live webcast introducing the first phase of Conceptual Framework. This will follow the publication of the first phase of the Conceptual Framework on Tuesday 28 September. (IFRS.org)
FASB Announces Public Roundtable Meetings to Solicit Input on the IASB Staff Draft on Consolidated Financial Statements
The FASB public roundtable meetings on the IASB Staff Draft on consolidated financial statements will be held Monday, October 25, 2010. (FASB.org)
Internal dissent on UK proposals for SMEs
Accountancy Age reports on plans to replace UK GAAP with IFRS for SMEs. ASB board member Edward Beale believes the rule maker is heading in the wrong direction.
IASB to release hedge accounting proposals soon
Accountancy Age reports on IASB plans to release hedge accounting proposals as part of its financial instruments project.
FASB Expands Discussion on Insurance Contracts
FASB issued a Discussion Paper on Friday to solicit broad-based input on how to improve, simplify and converge the financial reporting requirements for insurance contracts. (Journal of Accountancy)
Concern over loss contingency disclosure proposals
U.S. companies express concern about disclosing prejudicial information. Accountancy Age reports on opposition in the U.S.
Golden appointed to FASB
CFO.com talks to newly appointed FASB board member Russell Golden, whose term begins October 1.
FASB Discussion Paper Seeks Input on Improving the Financial Reporting for Insurance Contracts
The Financial Accounting Standards Board (FASB) issued a Discussion Paper today to solicit broad-based input on how to improve, simplify, and converge the financial reporting requirements for insurance contracts. (FASB.org)
Patricia McConnell: Financial Statement Presentation - are the proposals in the staff draft an improvement over the discussion paper?
In the IASB September Investor Perspectives, board member Patricia McConnell writes about the financial statement presentation project. (IFRS.org)
Financial Accounting Foundation Appoints Russell G. Golden to the Financial Accounting Standards Board
September 17, 2010 - The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Russell G. Golden to the Financial Accounting Standards Board (FASB), effective October 1, 2010. (FASB.org)
Concerns expressed over UK proposals for unlisted companies
Accountancy Age reports on concerns about proposals to adopt international accounting standards for unlisted companies.
Public roundtables on Revenue Recognition, Insurance Contracts and Leases announced
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) plan to hold a series of public roundtable meetings between November 2010 and January 2011 for the Revenue Recognition, lnsurance Contracts and Leases projects. (IFRS.org)
Top Accountants asked about IFRS
Accounting Today asked, "What do you think of the current attempts to create a single set of global accounting standards (whether through convergence or the adoption of IFRS world-wide)? Should they be pursued differently — or at all?" (WebCPA.com)
Volunteers needed to develop questions on IFRS for Uniform CPA Examination
September 15, 2010 - The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions ("items") on IFRS for the Uniform CPA Examination.
IASB and ASBJ meet to discuss convergence with and intended adoption of IFRSs in Japan
The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have held their twelfth meeting to further progress their convergence activities, and to review preparations for the intended adoption of International Financial Reporting Standards (IFRSs) in Japan. (IFRS.org)
FAF/AICPA/NASBA Blue-Ribbon Panel on Standard Setting for Private Companies-Summer/Fall Update
The September Blue Ribbon Panel In Focus from the Financial Accounting Foundation provides meeting highlights from the Panel.
FASB Announces Series of Public Roundtables to Solicit Input on Proposal for Accounting for Financial Instruments and Other Proposed Standards
The Financial Accounting Standards Board (FASB) has announced it will host five public roundtable meetings over the course of three days to elicit input from its stakeholders. (FASB.org)
Concerns about India's Version of IFRS
The Daily News & Analysis reports on likely carve-outs to IFRS to be applied in India.
Financial Statement Presentation: Presenting Cash Flow Information
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are pleased to announce a webinar to discuss the tentative decisions on the statement of cash flows included in the July 2010 staff draft of an Exposure Draft on Financial Statement Presentation. (FASB.org)
FEI Voices Opposition to Fair Value Proposal
Financial Executives International’s Committees on Corporate Reporting and Corporate Treasury have expressed opposition to FASB fair value proposals. Financial Director reports on the comment letter.
With ten months left, will Tweedie reel in U.S.?
IASB Chairman Sir David Tweedie talks about the challenges of developing globally accepted accounting standards. (Accountancy Age)
Revenue Recognition Project: Potential Effects on the Construction Industry
On Monday, September 13, 2010, the IASB and the FASB will hold a joint webcast to discuss the Exposure Draft, Revenue from Contracts with Customers, and the potential effects of the proposals on the construction industry. (FASB.org)
Blue Ribbon Panel seeking written input, responses due by September 15
The Blue Ribbon Panel on Standard Setting for Private Companies is seeking written input from constituents. The due date for responses is Wednesday, September 15.
UK Banker Warns Against FASB Fair Value Model
Accountancy Age reports on concerns expressed by HSBC chief financial officer Douglas Flint.
Library of high level summary 'Snapshot' documents now available
An online library of 'Snapshot' documents has been made available on the IFRS Foundation website. (IFRS.org)
FASB Staff Member Candidate for Board
The Wall Street Journal reports that FASB Technical Director Russell Golden has emerged as a candidate to become a fifth board member after the departure of Robert Herz. The article notes that the chairman position would remain unfilled and that the search is in its early stage. Board member Leslie Seidman will serve as acting chair. (Subscription required)
Preparer questionnaire — exposure draft Leases
On 2 September 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) published a questionnaire for lessees and lessors as part of their outreach on the Leases project.
Risk of mandated IFRS low without substantial standard-level convergence
CFO.com columnists Bruce Pounder explains that the risk of a mandated switch to IFRS is low if substantial differences exist between the two sets of standards.
Volker concerned FASB heading in wrong direction on fair value
Accountancy Age reports on a Forbes interview with former Federal Reserve Chair Paul Volcker. Remarking on the IASB's proposals for mark-to-market accounting, "My impression is the international people are pretty much going in the right direction."
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
September 2010 - IFRS-based models eliminated from consideration as public comment is sought. (Journal of Accountancy)
Will Changes at FASB Slow Convergence?
CFO.com writes about how FASB chair Robert Herz's retirement and the decision to increase the board size from five to seven might affect the pace of planned rule changes.
IASB Chairman: "I'm not terribly sympathetic"
Accountancy Age reports on comments from Sir David Tweedie in response to complaints about the pace of accounting change.
Accounting for Financial Instruments
Will the different approaches taken by the FASB and the IASB meet at the end? (CPA Insider)
UK Government Acknowledges IFRS Concerns
The Daily Telegraph reports the UK Department of Business says it has been notified of concerns expressed by Urgent Issues Task Force Member Tim Bush. Accounting Standards Board chair dismisses claims.
Expert Warns UK Bank Reporting System Flawed
Urgent Issues Task Force Member Tim Bush warns the UK Accounting Standards Board that proposals for the future of UK and Irish Financial Reporting which would extend the use of IFRS for banks are flawed. The Daily Telegraph explains the concerns.
Financial Executives Not Changing Plans in Wake of Herz Announcement
CFO.com reports on responses from financial executives to the announcement that FASB Chair Robert Herz will retire.
Asia's Growing Influence in International Standard Setting
Asia is becoming an important force in standard setting and will push back against political pressure, according to an Accountancy Age article.
IFRS in Canada
Canadian Companies pave the way to IFRS in North America and offer a preview for U.S. companies. CFO.com writes about the transition in Canada.
Departure by FASB Chief Might Influence Fair Value Accounting
Accountancy Age explains that the departure of FASB Chairman Robert Herz might make it easier for the FASB to move closer to IASB fair value proposals.
IASB proposes amendments to IFRS 1
August 26, 2010 - The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IFRS.org)
IFRS Interpretations Committee publishes proposed guidance on surface mining
August 26, 2010 - The IFRS Interpretations Committee published for public comment proposed guidance on the accounting for stripping costs in the production phase of a surface mine. (IFRS.org)
FASB Will Get New Leadership, Bigger Board
Bob Herz is retiring as FASB’s chairman. Fellow board member Leslie Seidman has been appointed acting chairman, effective Oct. 1, according to a press release issued by the Financial Accounting Foundation, FASB’s parent organization. (Journal of Accountancy) (FAF Press Release)
U.S. Fair Value Proposals Not Popular Internationally
IASB Chairman Sir David Tweedie told Accounting Age that the full fair value approach taken by the U.S. FASB on financial instrument accounting proposals is proving to be unpopular internationally.
"Ultra-theoretical" Standard Setters
Professor David Myddelton at Cranfield School of Management says standard setters are too theoretical and have abandoned prudence as a core principle. Accountancy Age reports on a letter sent to the Financial Times from the Professor.
IFRS: Myths vs. Reality
The Center for Audit Quality (CAQ) and Financial Executives International (FEI) are sponsoring a breakfast workshop on September 8 at the FEI Executive Conference Center in New York. Many companies have misperceptions about what it will mean to change over from GAAP to IFRS. Come learn from those with experience.
FASB Webcast-Revenue Recognition Project: Potential Effects on the Real Estate Contracts
On August 26, 2010, the FASB will hold a webcast to discuss the potential effects of the Exposure Draft, Revenue from Contracts with Customers on current practices relating to accounting for real estate transactions. (FASB.org)
SEC Seeks Feedback on IFRS Topics
Compliance Week reports on the SEC’s request for public comment on several questions relating to its IFRS Work Plan.
Equipment Leasing Association Critical of Lease Proposal
The Equipment Leasing and Finance Association (ELFA) expressed concerns about FASB/IASB proposed changes to lease accounting. WebCPA provides coverage.
Staff draft of a forthcoming IFRS on fair value measurement
On 19 August 2010 the IASB posted to its website a staff draft of a forthcoming IFRS on fair value measurement that reflects the tentative decisions made to date by the IASB and the US Financial Accounting Standards Board (FASB). (IFRS.org)
Lease Proposals Shock Companies
The Economist writes about lease accounting proposals from FASB and IASB.
Proposed Lease Changes Big Concern for Banks
Banks are both large lessors and lessees. Accountancy Age explores how FASB/IASB rule changes could affect bank lending.
Volunteer your IFRS expertise to develop questions for the Uniform CPA Examination
August 19, 2010 - The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination.
UK IFRS for SME Rollout: Newly Trained Accountants May Be Ahead of Curve
the UK decides to replace UK GAAP with IFRS for Small and Medium-sized Entities for its private entities, recently qualified accountants might be ahead of the pack in training, according to an article at Accountancy Age.
Proposal Would Require Most Leases to Appear on the Balance Sheet
FASB and the International Accounting Standards Board (IASB) unveiled a joint proposal to revamp lease accounting. The proposal would result in a single "right-of-use" approach applied consistently to lease accounting for lessees and lessors. (Journal of Accountancy)
Lease Proposals Could Pressure Bank Lending
Accountancy Age explores how proposed rules for lease accounting could affect bank lending.
IASB Provides Details of Recruitment Process
Accountancy Age reports on a section of the IASB’s website which provides details of the recruitment of a new chairperson.
Unhappiness with Process to Find New IASB Chair
Accountancy Magazine reports on concerns from European politicians about the openness and transparency of the process to find a replacement for Sir David Tweedie.
Live webcast on lease accounting exposure draft
On Wednesday 18 August IASB staff will present a live webcast to discuss the exposure draft Leases. (IFRS.org)
Lease Accounting Proposals To Be Issued Soon
Reuters reports on the FASB/IASB project to rewrite lease accounting requirements. An exposure draft is expected this week.
SEC Looking for Feedback on IFRS Plan
August 13, 2010 - The Journal of Accountancy reports on two releases from the SEC that were issued on Thursday. The releases ask for public comment on certain aspects of the SEC's IFRS Work Plan.
U.S. Could Lose Influence over Global Standard Setting
Accountancy Age reports on a Journal of Accountancy video interview with Sir David Tweedie, chair of the International Accounting Standards Board.
New Revenue Accounting Rules May Require IT System Adjustments
CFO.com reports how guidance issued in 2008 by FASB and new revenue recognition proposals issued in June might affect software systems.
Financial Statement Presentation voice-over presentation and podcast available
The IASB and FASB have published a voice-over presentation and audio podcast introducing the staff draft on Financial Statement Presentation. (IFRS.org)
Revenue Recognition Project: Potential Effects on the Technology Industry – scheduled for August 12, 2010
On August 12, 2010, the staff of the FASB and the IASB will hold a joint webcast to discuss the Exposure Draft, Revenue from Contracts with Customers, and the potential effects of the proposals on the technology industry.
IFRS 9 Skills in High Demand
In the UK, there is a shortage of individuals in the financial sector with experience working with IFRS9, according to an article in eFinancialCareers.
AICPA Releases Guide to Major Developments on 2011 CPA Exam
The guide covers major developments that will be new and different on the Uniform CPA Examination effective on January 1, 2011. (AICPA.org)
Conclusions of the July 2010 meeting of the IFRS Foundation Trustees
The Trustees of the IFRS Foundation, the body responsible for the promotion of International Financial Reporting Standards (IFRSs) and oversight of the International Accounting Standards Board (IASB), today announced the conclusions of their meeting in Washington, DC on 6 and 7 July 2010. (IFRS.org)
IFRS Foundation appoints members of the SME Implementation Group
The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards (IFRSs) and the oversight of the International Accounting Standards Board (IASB), today announced the membership of the newly created SME Implementation Group. (IFRS.org)
UK Accounting Institute Concerned about Industry-Specific Rules
Accountancy Age reports on a warning from the Institute of Chartered Accountants in England and Wales about the development of industry specific accounting standards.
Canadian Insurers Prepare for Battle over Insurance Proposals
The Globe and Mail reports about concerns from Canadian insurance companies over the IASB’s exposure draft on insurance contracts and the affect it would have on insurers in North America.
Too Soon for IFRS Testing?
A Journal of Accountancy reader responds to the decision to make IFRS eligible for testing on the CPA Exam starting in 2011.
Live webcast on insurance contracts exposure draft
On 6 August 2010 the IASB will host two webcasts introducing the exposure draft on improvements to the accounting for insurance contracts. (IFRS.org)
Accounting Groups Back Integrating Sustainability, Financial Reports
A new international committee formed Monday by the Prince of Wales’ Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) will work to integrate the way companies report on strategy, risk, governance, financial performance and sustainability. (Journal of Accountancy)
Canadian Insurers Concerned About Proposals
The Globe and Mail reports on expected reaction from Canadian insurance companies on the IASB exposure draft on accounting for insurance contracts.
MD&A Disclosures Relating to Financial Instruments
When reading financial statements prepared under International Financial Reporting Standards (IFRS), you may be surprised by the notes and disclosures section. (CPA Insider)
IASB Issues Exposure Draft on Insurance Accounting
Reuters reports on recently issued proposals on accounting for insurance contracts. IASB Chairman Sir David Tweedie said, “A fundamental review of insurance accounting was long overdue.”
Separate Standards for Private Companies
In a phone interview with the Journal of Accountancy, FASB Private Company Financial Reporting Committee (PCFRC) chair Judith O’Dell shares insights on how separate standards could help private companies. (Audio)
Using Scenario Planning Techniques to Prepare for IFRS
CFO.com contributor Bruce Pounder uses scenario planning to look at the future of financial reporting in the U.S. and finds more opportunities than threats.
User questionnaire – exposure draft on measurement uncertainty analysis
On 28 July 2010 the International Accounting Standards Board (IASB) published a questionnaire for financial statement users on its June 2010 exposure draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements. (IASB.org)
Lease Proposals Could Change How Lessors and Tenants Approach Lease Financing
GlobeSt.com reports on how the joint FASB/IASB project on leases could change the future of lease transactions for landlords and tenants.
Group Says Time to Rethink IFRS in UK
In a letter to The Times, a small group of academics, politicians and business experts has called for the repeal of the requirement to use IFRS in the UK. Accountancy Magazine reports and provides a reprint of the letter.
Protecting the IASB’s Future
Accountancy Age analyzes recent statements from new IFRS Foundation chairman Tommaso Padoa-Schioppa. The chairman raised concerns about U.S. adoption of IFRS and future challenges of the IASB.
FASB’s Fair Value Crusade
Accountancy Age reports on comments from FASB board member Lawrence Smith in a recent speech. He said, “Fair value, to some of us, is almost like a religious war out there and we are trying to deal with that as best we can.”
Private Entities in Canada Must Choose Accounting Standards
Private entities in Canada must choose between IFRS and new Canadian accounting standards for private entities. An article in The Globe and Mail looks at the tradeoffs.
Fair Value Measurement Rule Changes Marching to Completion
Hotly debated in the recent past, fair value measurement rule changes are scheduled to be finalized soon. CFO.com writes about proposed amendments to FASB Topic 820 Fair Value Measurements and Disclosures, formerly known as FAS 157.
Volunteers needed to develop questions on IFRS for Uniform CPA Examination
July 21, 2010 - The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination.
FASB Issues Proposed Accounting Standards Update
Contingencies (Topic 450): Disclosure of Certain Loss Contingencies. (FASB.org)
UK Debates Replacing GAAP with IFRS for SMEs
Accountancy Age reports on the debate over adopting IFRS for Small and Medium-sized Entities in the UK. The switch will need to pass a cost-benefit test before the government will approve the switch.
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting Monday, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo. (Journal of Accountancy)
Blue-Ribbon Panel to Air Alternative Models for Private Company Financial Reporting
A blue-ribbon panel will meet Monday in Chicago to discuss possible alternative models and structures related to GAAP standard setting for private companies. (Journal of Accountancy)
Now is the Time to Increase IFRS Knowledge
Increasing IFRS knowledge is important for accounting professionals. Accounting Today looks at the benefits of preparing for a possible transition to IFRS. (WebCPA.com)
Demand for IFRS Training Increases in India
As India moves toward its IFRS deadlines, training organizations have formed to meet the need for trained professionals. Businessworld reports on the demand for training.
LIFO: The Battle Continues
The Obama administration’s proposed budget for 2011 includes a provision to repeal LIFO. The possibility that the SEC could mandate IFRS also puts the future of LIFO in doubt for public companies. CFO Magazine takes a look at the debate. (CFO.com)
Trustee Worried about IASB’s Future
Tommaso Padoa-Schioppa, the new chairman of the IFRS Foundation, has warned that U.S. adoption of IFRS is “highly uncertain”, according to an Accountancy Age article. The chairman said this and other risks are a threat to the IASB’s survival.
Accounting Convergence Revised Timeline
CFO.com provides an overview of the FASB’s and IASB’s revised timetable for convergence projects, including a calendar with due dates.
Webcasts on IFRS for SMEs available online
The World Bank has published on their website a two-part webcast presentation by IASB member Paul Pacter entitled 'An Overview of the IFRS for SMEs’. (IASB.org)
UN Report Recommends Disclosure of Environmental Impacts
Accountancy Age writes about a report from The Economics of Ecosystems and Biodiversity (TEEB) initiative, which is hosted by the UN Environment Program (UNEP)
PwC Concerned with Pace of FASB/IASB Timeline
Reuters reports that PricewaterhouseCoopers has called on standard setters to slow down the pace of standard setting “to allow for appropriate due process”.
Dealing with Carve-Outs: India
Instead of adopting IFRS as issued by the IASB, India is converging its accounting standards with IFRS. This approach will result in carve-outs. Moneycontrol.com provides an overview.
Patrick Finnegan: What would Shakespeare say about Financial Statement Presentation?
IASB board member Patrick Finnegan provides a summary of the IASB/FASB joint project on Financial Statement Presentation in the IASB’s July 2010 Investor Perspectives. (IASB.org)
Podcasts on hedge accounting and leasing models
IASB staff have posted several short podcasts on the leasing project and the hedging phase of the project to replace IAS 39 Financial Instruments: Recognition and Measurement. These podcasts are the first in a series about the models being developed by the IASB. (IASB.org)
India Standards on Track to Converge with IFRS by 2011
The Economic Times reports that the government in India says that it will continue to follow its roadmap to converge with IFRS starting in 2011.
The FASB and IASB to Host Joint Webcasts on Revenue Recognition Project
On July 8, the FASB and the IASB will hold two joint webcasts to introduce the Exposure Draft, Revenue from Contracts with Customers, which was issued on June 24, 2010. (FASB.org)
Another Bank Expresses Concern about IASB Proposal
Accountancy Age reports that Barclays’ finance director has expressed concerns about the difficulty of implementing the IASB’s expected loss model for recognizing loan losses.
PCAOB Announces Standing Advisory Group Meeting on July 15, 2010
The meeting will include a presentation on projects of the Financial Accounting Standards Board and International Accounting Standards Board relating to potentially significant accounting changes affecting U.S. generally accepted accounting principles and International Financial Reporting Standards. (PCAOBUS.org)
Fair value measurement comprehensive project summary published
July 2, 2010 - A comprehensive project summary, prepared by the International Accounting Standards Board (IASB) staff, has been published on the fair value measurement project page. (IASB.org)
The IASB and FASB embark on additional outreach activities on their Financial Statement Presentation Project
July 1, 2010 - The IASB and FASB started today their programme of extended outreach to stakeholders on the joint project on financial statement presentation by posting a staff draft of proposed standards on their respective websites. (IASB.org)
Differences Will Remain After Convergence Project
Differences will remain after the FASB and the IASB’s convergence project is complete. A CFO.com article highlights six of these differences.
IASC Foundation to become IFRS Foundation on 1 July 2010
June 30, 2010 - On 1 July 2010 the IASC Foundation will formally change its name to the IFRS Foundation. The change represents the next step in a process to simplify the names in use across the organisation announced following the conclusion of the Constitutional Review in 2010. (IASB.org)
FASB, IASB Propose Common Standard for Fair Value Measurement and Disclosure
FASB and the IASB on Tuesday issued separate exposure drafts intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and IFRS. (Journal of Accountancy)
Move to Expected-Loss Model Would be Costly
The IASB has proposed a move from the incurred-loss to an expected-loss model for recognizing loan losses. Accountancy Age reports that banks believe implementation would be complicated and expensive.
Standard Setters Propose Fair Value Changes
WebCPA reports on exposure drafts issued by the FASB and IASB on fair value measurements and disclosures.
G20 Re-Emphasizes Support of Global Accounting Standards
Accountancy Age reports on latest communication from G20 leaders on global accounting standards.
IASB and FASB update to G20 Leaders on modified convergence strategy
June 24, 2010 - The IASB and the FASB today wrote to the G20 Leaders outlining their modified strategy for completing their convergence work. The modified strategy retains the target completion date of June 2011 or earlier for the MoU projects for which the boards believe the need for improvement is the most urgent. (IASB.org, FASB.org)
Planning for IFRS
CFO.com columnist Bruce Pounder outlines planning techniques for an uncertain future.
6 July - Live webcast on IAS 39 replacement project
On 6 July 2010 IASB staff will be hosting a webcast on the IAS 39 replacement project. Discussion topics will include an update on the main outcomes of the Expert Advisory Panel and next steps in the impairment phase, an update on the hedge accounting phase, and a general update on timing for the project. (IASB.org)
Volunteers needed to develop questions on IFRS for Uniform CPA Examination
June 18, 2010 - The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination.
Tommaso Padoa-Schioppa to return as Chairman of the Trustees following the July Trustees’ meeting
The Monitoring Board today announced that it has approved the appointment of Tommaso Padoa-Schioppa, former Italian Minister of Economy and Finance, as Chairman of the Trustees. (IASC Foundation)
FASB Proposal Generates Negative Comments
Compliance Week’s Tammy Whitehouse reviews early comment letters received on the FASB’s proposed changes to financial instrument accounting.
Tweedie’s reconciliation proposal is not convergence
IASB Chairman David Tweedie has proposed a reconciliation model to bridge the gap between U.S. and International financial instrument reporting. An Accountancy Age article provides an overview, but notes that reconciliation is not the same as convergence.
IASC Foundation Annual Report 2009 published
June 17, 2010 - The 2009 Annual Report of the IASC Foundation has been published today and is available for download from the IASB website. (IASC Foundation)
AICPA to Host International Business, Accounting, Auditing and Tax Conference
Scheduled for June 23-24 at the JW Marriott in Washington, D.C., the conference is designed for CPAs in audit, tax and consulting; chief financial officers; controllers; and tax directors with international responsibilities.
PCFRC Releases Meeting Highlights, Differential Accounting for Private Companies Discussed
At their April meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB). Issues discussed included nonpublic entity considerations in the standard setting process and prioritization of convergence projects. (PCFR.org)
Survey: Investors Do Not Want Full Fair Value Model
Accountancy Age reports on a PwC survey. Respondents (analysts and investors) said that they preferred a mixed measurement model for valuing financial instruments.
FASB Chairman Talks about Convergence
Compliance Week’s Tammy Whitehouse writes about FASB Chairman Robert Herz’s recent speech at a conference at the University of Southern California.
EFRAG Investigation: IFRS for SMEs
A European Financial Reporting Advisory Group (EFRAG) investigation finds that IFRS for SMEs are incompatible with EU directives in multiple areas. Accountancy Age reports on the study and provides a link to the EFRAG report.
Stephen Cooper: Revenue recognition and your mobile phone
The IASB and FASB will shortly issue an exposure draft of a revised standard for revenue recognition. (IASB.org Investor Perspectives)
FASB Proposals Could Have Been Tougher on Banks
Bloomberg’s Jonathan Weil writes about FASB’s proposals for financial instrument accounting.
Who is on the list of candidates to replace the IASB Chairman?
Accountancy Age reports on the search for a replacement for IASB Chairman Sir David Tweedie.
Volker Critical of Financial Instrument Convergence
Accountancy Age reports that Paul Volker, senior economic adviser to the Obama administration, said that the IASB and FASB need to come together on financial instrument reform.
What’s ahead for private company reporting?
Dan Noll, AICPA Director Accounting Standards, led a discussion regarding IFRS for Small and Medium-sized Entities and the future of private entity reporting at an AICPA conference. WebCPA provides coverage of the session.
CPAs Facing Significant Changes
Robert Harris, Chairman of the AICPA, discussed the “changing landscape” facing the profession. WebCPA reports on Harris’ address at the AICPA’s Practitioners Symposium & Tech + Information Technology Conference.
AICPA's IFRS Backgrounder updated through SEC work plan
Get an introduction to the movement behind adoption of IFRS for public companies throughout the world. The AICPA’s recently updated IFRS Backgrounder walks you through the regulators, standard setters and others who play a critical role and the timeline of convergence and adoption activities, including the SEC’s announcement of its work plan.
Private Business Recognize Benefit of Greater Transparency
Emirates Business 24/7 reports on a Grant Thornton International Business Report that covered over 7,400 business owners in several countries.
IFRS Interpretations Committee podcasts for download
June 4, 2010 - Following on from the success of the Board meeting audio summaries ('podcasts'), the IFRS Interpretations Committee (formerly called the IFRIC) is also trialing podcasts.
IFRS in the U.S.
Will the U.S. ever be converged completely? Colleen Cunningham explores the question in the Corporate Finance Insider.
IASB and FASB issue statement on their convergence work
June 2, 2010 - The IASB and the FASB today announced their intention to prioritise the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between IFRSs and US GAAP. Joint FASB and IASB Letter to G-20 (IASB.org)
Replacement for IASB Chair Needs Wide Skill Set
Accountancy Age writes about the search for a replacement for Sir David Tweedie. The ideal replacement would be adept at both political and technical matters.
Banks Express Concern about FASB Proposals
CFO.com reports that banks are questioning the logic of proposals in FASB’s exposure draft on accounting for financial instruments.
Accounting Departments Stretched Dealing with Change
Finance and accounting staffs are becoming weary dealing with the amount of change, and more is coming. CFO Magazine writes about the pace of change and how some companies are coping.
Leases on the Balance Sheet
CFO.com reports on the FASB/IASB’s joint lease project. An exposure draft is expected in June.
IASB Proposes Changes for Other Comprehensive Income Reporting
WebCPA writes about the IASB’s recently issued exposure draft Presentation of Items of Other Comprehensive Income (Proposed amendments to IAS 1)
ICAEW Expresses Concerns About FASB Financial Instrument Proposals
The Institute of Chartered Accountants in England and Wales has expressed concerns about classification and measurement proposals in the exposure draft, according to an Accountancy Age article.
FASB Proposes Comprehensive Changes to Financial Instruments Accounting
FASB on Wednesday issued a much anticipated exposure draft intended to improve accounting for financial instruments. (Journal of Accountancy)
IASB proposes improvements to the presentation of items of Other Comprehensive Income
May 27, 2010 - The International Accounting Standards Board (IASB) today published for public comment proposals to improve the consistency of how items of Other Comprehensive Income (OCI) are presented. (IASB.org)
Request for comment: FASB Financial Instruments Exposure Draft
May 27, 2010 - On 26 May 2010 the FASB released a proposed Accounting Standards Update (ASU) that contains proposals for a new comprehensive standard on financial instruments. (IASB.org)
Thursday 10 June – Live webcast on Lease accounting
On Thursday 10 June IASB staff will present a live webcast to provide updates to the proposals on accounting for lease contracts. (IASB.org)
User questionnaire for Fair Value Option exposure draft
On 24 May 2010 the International Accounting Standards Board (IASB) produced a questionnaire for financial statement users on its May 2010 exposure draft Fair Value Option for Financial Liabilities. (IASB.org)
FASB Chairman Testifies Before the U.S. House of Representatives Subcommittee
FASB Chairman Robert H. Herz Testifies Before the U.S. House of Representatives Financial Services Subcommittee On Capital Markets, Insurance, and Government Sponsored Entities on May 21, 2010. Read full text of testimony. (FASB.org)
AICPA Survey Shows U.S. CPAs Gaining in Awareness of International Financial Reporting Standards
May 24, 2010 - U.S. Certified Public Accountants are gaining awareness about International Financial Reporting Standards and CPAs increasingly foresee a need to gain advanced, or expert knowledge as the U.S. moves toward global accounting standards over the next three to five years, according to a recent survey conducted by the American Institute of Certified Public Accountants.
Survey: CPAs Growing More Familiar with IFRS
May 24, 2010 - Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey released Monday. (Journal of Accountancy)
SEC Supports High Quality International Standards
Accountancy Age reports on SEC Chair Mary Schapiro’s speech at the CFA Institute’s annual conference.
Too Much!
CFO.com writes about the coming wave of new standards coupled with the prospect of an SEC decision to require IFRS, and asks, “Will American companies have to go through a major accounting-standards overhaul twice?”
SEC is not “dragging its feet” on IFRS
Speaking at the CFA Institute’s annual conference, SEC chair Mary Schapiro defended the Commission’s actions on IFRS. WebCPA reports on Chairwoman Schapiro’s remarks.
Panel Expresses ‘Broad-Based Concerns’ for Private Company Financial Reporting
There are legitimate, broad-based concerns about whether current U.S. GAAP and the underlying standard-setting process are meeting the needs of private companies, and it is time to start exploring alternatives that have surfaced in other countries, the chairman of a blue ribbon panel told panel members Friday. (Journal of Accountancy)
Focus on IFRS Risk Should Change
According to a CFO.com article, U.S. CFOs’ focus on IFRS risk is off target.
Monitoring Board approves appointment of Vice-Chairs of the Trustees
The Monitoring Board of the IASC Foundation today approved the appointment of Robert Glauber (United States) and Tsuguoki Fujinuma (Japan) as Vice-Chairs of the Trustees for a term of three years. Both are existing Trustees. (IASC Foundation)
Study Suggests that Rules-Based Standards Provide Better Protection from Litigation
CFO.com reports on an academic study that addresses the question whether or not rules-based standards provide better protection from lawsuits. The study’s conclusion suggests that rules based standards reduces the threat of litigation.
Disagreements over derecognition
Recent proposals on accounting rules for derecognition have stirred an international debate. Which model is better – the one based on “risks and rewards” or the one based on “control”? Accountancy Age explores the debate.
Blue-Ribbon Panel on Private Company Financial Reporting to Meet Friday
The blue-ribbon panel established to provide recommendations on the future of U.S. accounting standards for private companies will hold its second meeting Friday. (Journal of Accountancy)
Europe “getting impatient” with U.S. Progress on Convergence
Accountancy Age reports on remarks made by Michel Barnier, EU Commissioner for Internal Markets and Services.
IASB addresses ‘counter-intuitive’ effects of fair value measurement of financial liabilities
May 11, 2010 - The International Accounting Standards Board (IASB) today published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). (IASB.org)
Trustees publish report on the Second Part of the Constitution Review
May 11, 2010 - The Trustees of the IASC Foundation published today a report on the changes to the Foundation’s Constitution made as a result of the second part of their 2008-2010 Constitution review. (IASB.org)
Canada: IFRS transition deadline drawing – state of readiness varies among companies: CICA/RBC Business Monitor
Many executive CAs believe their companies are well positioned for Canada’s transition to International Financial Reporting Standards (IFRS) but several enterprises remain in early stages of preparation, according to the latest CICA/RBC Business Monitor (Q1 2010). (CICA.CA)
FASB Spending Most of Its Time on Convergence
Tammy Whitehouse at Compliance Week writes about the FASB’s first podcast in a series of podcasts covering international accounting convergence and other accounting topics.
IASB concludes the 2008-2010 cycle of annual improvements to IFRSs
May 6, 2010 - The International Accounting Standards Board (IASB) today issued Improvements to IFRSs - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements. (IASB.org)
Second meeting of AICPA/FAF/NASBA “Blue Ribbon” Panel on Standard Setting for Private Companies
The Panel will hold its second meeting on Friday, May 14, at the FAF offices at 401 Merritt 7, Norwalk, CT 06851. The public portion of the meeting, from 9:10 am to 4:00 pm, with a lunch break, will be webcast live through the AICPA and FAF websites. (FASB.org)
Less Volatile Pension Proposals
CFO.com explores proposed IASB rule changes for pension accounting. Under the proposals, asset gains and losses would be recognized under other comprehensive income, not profit and loss.
UK's ASB Critical of IASB’s Derecognition Proposals
Accountancy Magazine reports that the Accounting Standards Board expressed concerns that proposals could lead to more derecognition of financial assets than is allowed under current rules.
FASB launches podcast series
FASB member Marc Siegel discusses international convergence of accounting standards and other topics. (FASB.org)
Audio recordings on Financial Instruments and Leases projects posted
An audio recording on the exposure draft Financial Instruments: Amortised Cost and Impairment, and on the Leases project are now available on the project pages. In addition, the Lease project team now offers a project email alert to keep you up to date with the project progress. (IASB.org)
Options for the Future of UK GAAP
The UK Accounting Standards Board is exploring reforms for its system of Generally Accepted Accounting Principles, including adoption of a three tier system. The ICAEW’s Nigel Sleigh-Johnson offers suggestions for the future in Accountancy Magazine.
IFRS Interpretations Committee appointments
May 4, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation, oversight body of the International Accounting Standards Board (IASB), announced today an appointment and reappointments to the IFRS Interpretations Committee, formerly known as the IFRIC. (IASB.org)
IFRS Impact Depends On Company
CFO.com reports on remarks a panel of financial executives at a Pace University accounting conference regarding the impact of IFRS on their companies and industries.
Live web presentations on defined benefit plans and extractive activities
Project teams of the IASB will hold separate web presentations introducing the two recently published due process documents in the forthcoming week: the recently published exposure draft on defined benefit plans and the discussion paper on extractive activities. (IASB.org)
IASB and ASBJ meet to discuss convergence with and intended adoption of IFRSs in Japan
April 30, 2010 - The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have held their eleventh meeting to review preparations for the convergence with and intended adoption of IFRSs in Japan. (IASB.org)
IASC Foundation releases IFRS Taxonomy 2010
April 30, 2010 - The International Accounting Standards Committee (IASC) Foundation today released the International Financial Reporting Standards (IFRS) Taxonomy 2010. (IASB.org)
Stable, Secure Funding Needed to Underpin IASB
SEC Chief Accountant James Kroeker talks about the importance of a stable, secure, broad based funding system for the IASB. Reuters covers Mr. Kroeker’s remarks at a Baruch College conference yesterday.
IASB Responds to Fears Regarding Pension Proposals
Accountancy Age reports that IASB member Stephen Cooper says pension accounting proposals released this week will lead to “fairer and more transparent” reporting of pension costs.
Repo 105 Accounting at Lehman Highlights Need for Convergence
In remarks regarding Lehman Brothers bank use of Repo 105 transactions, Philippe Danjou, IASB board member, said, “From an IFRS perspective I would suspect that most transactions would have stayed on the balance sheet.” Reuters reports from the Reuters Global Financial Regulation summit.
IASC Foundation and IASB emphasise greater investor participation in the development of IFRSs
April 29, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation and the International Accounting Standards Board (IASB) launched today a programme to enhance investors’ participation in the development of International Financial Reporting Standards (IFRSs). (IASC Foundation)
IASB proposes improvements to defined benefit pensions accounting
April 28, 2010 - The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to IAS 19 Employee Benefits. (IASB.org)
SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011
While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the Journal of Accountancy Tuesday that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay.
Concerns over Move Towards Full Fair Value
Reuters reports that European Central Bank board member Gertrude Tumpel-Gugerell expressed concern about the U.S. push for full fair value. Concerns were also voiced about the IASB/FASB convergence project.
Impairment user questionnaire
April 26, 2010 - The International Accounting Standards Board (IASB) is seeking input from users of financial statements in the form of a questionnaire on the proposals regarding amortised cost measurement and impairment of financial instruments. (IASB.org)
IPSASB Publishes Proposals for Amendments under Its Annual Improvements Project
The International Public Sector Accounting Standards Board (IPSASB) released for comment exposure draft (ED) 44, Improvements to International Public Sector Accounting Standards (IPSASs). (IFAC.org)
Difficulties in Measuring the Largest Banks
Writing for the Huffington Post, James Kwak, coauthor of 13 Bankers, notes that differences between U.S. GAAP and IFRS results in difficulties in comparing banks balance sheets, and that derivatives netting allowed by U.S. GAAP can mask the true size of banks. In his article, he refers to an article by Daniel Gross of the Centre for European Policy Studies, which can be found here.
Is Convergence Plan Too Ambitious?
The IASB and FASB recent progress report has raised concerns about the pace the two standard setters have set. Accounting Age reports that some are worried that the quality of international standards could be compromised.
IASB Work Plan
View the recently updated International Accounting Standard Board’s work plan. (IASB.org)
Challenges and Opportunities in Japan
Accountancy Age reports on IFRS preparations in Japan.
Korea Preparing for IFRS Deadline
IASB Chairman Sir David Tweedie was interviewed by JoongAng Daily regarding Korea's preparations for IFRS. He believes Korea is making good progress.
ICAEW Comments on Progress Report
Accountancy Magazine reports on comments made by ICAEW's Dr. Nigel Sleigh-Johnson regarding the FASB/IASB quarterly progress report on accounting convergence.
Paul Pacter Appointed to IASB
Accountancy Age provides a profile of Paul Pacter, who will fill the vacancy created by the retirement of Jim Leisenring.
Paul Pacter appointed to the IASB
April 15, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of Paul Pacter to the International Accounting Standards Board. (IASB.org)
Financial System Considerations in IFRS Conversion Projects
April 15, 2010 – Prepared by the Information Technology Section of the AICPA, this white paper explores information technology implications of an IFRS conversion, including the impact on financial and business reporting, implementation considerations and lessons learned from the European experience.
Financial Instrument Convergence Will Be a Challenge
Accountancy Age reports on the IASB and FASB joint progress report on accounting convergence.
Panel Meets to Discuss Private Company Financial Reporting
Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades. (Journal of Accountancy)
Repo Transactions to be Addressed by Rulemakers – April 8, 2010 - WebCPA reports that the FASB and IASB will meet to discuss derecognition and securitization issues.
Standard Setters Will Focus on Transparency – April 8, 2010 - Reuters reports on pending proposals on financial instrument accounting. Standard setters say they will continue to focus on transparency over stability.
IASB seeks feedback on extractive activities discussion paper – April 7, 2010 - The International Accounting Standards Board (IASB) published today the results of an international research project on a possible future International Financial Reporting Standard (IFRS) for extractive activities in the form of a discussion paper – Extractive Activities. (IASB.org)
Country Reporting Proposals for Mining and Oil Companies Not Enough – April 7, 2010 - The Publish What You Pay (PWYP) coalition said proposals for country-by-country reporting outlined in an IASB discussion paper for extractive activities are “too cautious”, according to an Accountancy Age article.
Bank Failures in U.S. Contributed to IASB Funding Shortfall – April 6, 2010 - Accountancy Age reports that the failure of Lehman Brothers and Bear Stearns contributed to a shortfall in funding for the International Accounting Standards Board.
EU Could Reduce IASB Funding – April 6, 2010 - According to a Financial Times article, Michel Barnier, EU internal market commissioner, suggested that future EU funding decisions could be tied to whether the IASB makes governance changes. Michael Cohn of WebCPA writes about the article.
International Financial Reporting Standards 2010 Bound Edition – April 5, 2010 - Through a special arrangement with the IASB, the Financial Accounting Foundation distributes the International Financial Reporting Standards 2010 Annual Bound Edition in the United States, U.S. possessions, Canada, and Mexico.
Press release from IASC Foundation Monitoring Board – April 2, 2010 - The Monitoring Board, established by public authorities in January 2009 to enhance the public accountability of the International Accounting Standards Committee Foundation (IASCF), met yesterday for the first time with the IASCF Trustees.
EC Regulator Still Concerned About IASB Governance – Michel Barnier says there are governance issues with the IASB. His remarks were made during an IASB monitoring board meeting. SEC chairman Mary Schapiro expressed concerns about ensuring consistent application of IFRS. Accountancy Age provides coverage.
IASB Needs to Pay More Attention to Emerging Markets – There is concern that that influence from Europe and the U.S. is overshadowing the interests of emerging markets.
Reuters India reports on the IASC Foundation monitoring board meeting in London.
Concerns Expressed over Proposals to Amend Accounting for Legal Liabilities – Accountancy Age reports that there is growing concern over IASB proposals to amend IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. According to the article, the SEC said "serious concerns" remain over the IASB's approach.
IFRS Deadline Extended for India's Banks – Banks and non-banking finance companies will get two more years before being required to file IFRS compliant financial statements. The Economic Times reports on the extension.
Boards Consider Requirements for Sensitivity Analysis Disclosures – BVWire News reports that the IASB and FASB are considering requirements for sensitivity analysis disclosures for financial instrument fair value measurements.
SEC and EU Regulators to Meet – Accountancy Age reports that the SEC chairman Mary Schapiro will meet with Michel Barnier, EU commissioner for internal market and services. The two will discuss accounting matters.
Basel Committee Presents Loan Loss Proposals to IASB – Risk.net reports that the Basel Committee on Banking Supervision has presented recommendations to the IASB on loan loss accounting. The IASB is receiving comments on its proposal to move to an expected loss model for recognizing loan provisions.
Liabilities – comment deadline extended – March 24, 2010 - In its March Board meeting, the IASB decided to extend the comment period for the exposure draft Measurement of Liabilities in IAS 37 to 19 May 2010. (IASB.org)
Live webcast on impairment phase of project to replace IAS 39 – On Tuesday 30 March IASB staff will present a live webcast on the impairment phase of the project to replace IAS 39, followed by a question and answer session. (IASB.org)
IASB Chairman Explains Regulatory Page – Sir David Tweedie talked to European finance ministers about a proposal to include regulatory data in financial statements. Accountancy Age provides coverage.
Convergence on Track, Stability to Follow – WebCPA reports on IASB Chairman David Tweedie's ECOFIN address where he said convergence efforts with the U.S. are on track for June 2011. Upon completion, he promised "a period of stability of accounting standards for newly adopting countries".
New IFRS for SMEs Update newsletter – March 16, 2010 - The IASB today published the first issue of the IFRS for SMEs Update newsletter – a regular staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (IASB.org)
Chairman of the IASB addresses ECOFIN meeting – March 16, 2010 - Prepared Statement of Sir David Tweedie, Chairman of the International Accounting Standards Board, to the meeting of the COUNCIL OF THE EUROPEAN UNION (Economic and Financial Affairs) on 16 March 2010. (IASB.org)
Live Webcast on Classification and Measurement of Financial Liabilities – The IASB staff will present a webcast regarding the status of the Board's discussions about the classification and measurement of financial liabilities and the next steps in the project. The webcast will be on Monday 22 March 2010 at 10:30am and 3pm UK time.
FASB, IASB Proposal Seeks to Clarify Reporting Entity Concept – FASB and the IASB Thursday published an exposure draft, Conceptual Framework for Financial Reporting: The Reporting Entity, that is part of a joint project between the boards to develop a common and improved conceptual framework for developing future accounting standards. (Journal of Accountancy)
Convergence Timetable Too Risky – Writing for Accounting Today, professors Paul B. W. Miller (University of Colorado Springs) and Paul R. Bahnson (Boise State) express serious concerns about the FASB/IASB convergence timetable and want the SEC to step in and stop "this runaway train". (WebCPA.com)
Japan, Australia and New Zealand Adopting IASB Fair Value Rules – Accountancy Age reports that Europe has still not endorsed IFRS 9, while other countries are deciding to adopt the new rules.
UK Regulator to Study IASB's "Regulatory Page" Idea – The IASB plan would include a separate regulatory page in financial statements, which reconcile reported net income to regulatory income. Accountancy Age reports on the UK Financial Services Authority early reaction to the proposal.
IASB and FASB publish proposals on reporting entity concept – The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) today published for public comment an exposure draft on the reporting entity concept. (IASB.org)
Presentation of items in OCI — status update – On 15 March and 19 March 2010 Stephen Cooper, Board member, Alan Teixeira, Director of Technical Activities and Henri Venter, Assistant Project Manager, will give a status update on the Board's deliberations about the presentation of items in Other Comprehensive Income (OCI) in a live webcast, followed by a question and answer session. (IASB.org)
Survey Shows Support for Early Adoption Option – According to a KPMG LLP survey, 49% of respondents said that they would like an option to adopt IFRS before 2015, if the SEC makes a decision to require or permit IFRS for U.S. companies. Reuters reports on the KPMG survey.
Japan will Allow IFRS 9 for Early Adopters – Japan will allow IFRS for certain “specified” companies starting with fiscal years ending on or after March 31, 2010. Accountancy Age reports on a Financial Times article, which says that the controversial standard IFRS 9 will be included in the standards available for use by Japanese companies.
IASB Proposes Adding Regulatory Page to Bank Financials – Accountancy Age reports that an IASB proposal would add a "regulatory page" to financial reports of financial institutions. This solution would supply information to regulators and relieve pressure to change accounting standards to meet regulatory goals.
IASC Foundation publishes second batch of training material for IFRS for SMEs – The International Accounting Standards Committee (IASC) Foundation published today the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (IASB.org)
More Time for IFRS Evaluation – The SEC extended the timeline for possible transition to IFRS. CFO.com writes about the SEC announcement on February 24 and offers feedback from financial executives.
Wednesday 3 March – live webcast on project to replace IAS 37 – On 3 March 2010, Robert Garnett, IASB member, and Joan Brown, project manager, will hold a live webcast on IAS 37. The webcast will focus on the revised measurement proposals but also address their interaction with the other requirements proposed in a working draft. (IASB.org)
AICPA/FAF/NASBA Announce Members of "Blue-Ribbon Panel" to Address Standards for Private Companies – The American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) today announced the members of the new "blue-ribbon panel" established to address how U.S. accounting standards can best meet the needs of users of private company financial statements. (FASB.org)
Going Slow, SEC Gets It Right – In a Bloomberg article, David Reilly writes that the "go-slower approach" outlined by the SEC in evaluating IFRS was the right decision.
SEC Plan on IFRS Lacks Clarity – Accountancy Age reports that ICAEW head of financial reporting Dr. Nigel Sleigh-Johnson says that the SEC plan on IFRS lacks clarity on the U.S. commitment to adopting the international standards.
Countdown to Convergence – This article provides a synopsis priority convergence projects in the FASB and IASB Memorandum of Understanding. Because the projects are active and subject to change, updates will be posted periodically to the online version of this article at journalofaccountancy.com. (Journal of Accountancy)
SEC Announcement Keeps U.S. on Sidelines – Reuters reports that the SEC announcement of an IFRS work plan does not provide the clarity that some had wanted.
SEC Affirms Support for Single Set of Global Standards – WebCPA reports on the SEC's vote to issue a statement of support for a single-set of high quality global accounting standards and its approval to move forward with a work plan for possible incorporation of IFRS into the U.S. financial reporting system for U.S. issuers.
ICAEW Calls for US Clarity on IFRS – Accountancy Age reports that the head of financial reporting faculty of the Institute of Charted Accountants in England and Wales has called for clarity from the U.S. on its commitment to global standards.
Journal of Accountancy IFRS Resources – The Journal of Accountancy has compiled links to several JoA news headlines, featured articles, videos, and other resources on IFRS, accounting convergence, private company reporting and other important developments.
SEC to Consider IFRS Statement – In its first formal action on IFRS since Chairman Mary Schapiro took office, the SEC plans to consider its policy on the use of IFRS by U.S. issuers at an open meeting Wednesday. (Journal of Accountancy)
CFA Institute Provides U.S. Investor Perspectives on Revised SEC Roadmap on IFRS Adoption – In advance of the U.S. Securities and Exchange Commission's (SEC) expected release of its revised roadmap on the potential adoption of International Financial Reporting Standards (IFRS) in the U.S., CFA Institute today recommended four key milestones to the SEC. (Vocus/PRWeb – CFA Institute.org)
Strategic Decisions in the IFRS Conversion Process – Why CPA firms should look closely at the first-time adoption Standard, IFRS 1, before making any decisions when applying IFRS. (CPA Insider)
IFAC Global Survey Says International Standards Crucial to Investor and Financial Stability – Global accountancy leaders want the International Federation of Accountants to increase pressure for adoption, implementation, and enforcement of standards. (IFAC.org)
IFRS on Agenda for SEC Meeting on Wednesday, February 24 – The SEC has announced an open meeting for February 24. At the meeting, the Commission will consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers. (SEC.gov)
Working draft of proposed IFRS to replace IAS 37 is now available; live webcast on 3 March – The IASB has posted on its website a working draft of a proposed IFRS to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (IASB.org)
IASC Foundation publishes proposed IFRS Taxonomy 2010 – The International Accounting Standards Committee (IASC) Foundation today published for public comment an exposure draft of the International Financial Reporting Standards (IFRSs) Taxonomy 2010. (IASB.org)
Vacancies: Member, International Financial Reporting Interpretations Committee – The Trustees of the International Accounting Standards Committee (IASC) Foundation invite applications from suitable candidates to fill up to four vacancies on the International Financial Reporting Interpretations Committee (IFRIC). (IASB.org)
AICPA Issues Letter to Senate Committee on Banking on Fair Value Accounting – The American Institute of Certified Public Accountants strongly believes that independent, unbiased standard setting of private sector accounting principles is critical to capital markets and investor interests.
FEI Provides Recommendations to FASB and IASB on Convergence Standards – Comment Letters Request Three-Year Implementation Period; Flexibility to Choose Adoption (PRNewswire/Financial Executives International)
CFA Institute Director Says Don't Rush Hedge Accounting – Accountancy Age reports on the progress of planned changes to IAS 39 relating to hedge accounting. CFA Institute Director Vincent Papa says the IASB should not rush changes.
Standards Setters Continue Work on Fair Value – WebCPA provides an update on recent discussions between the IASB and FASB on efforts to improve fair value standards.
Will New IASB Chair Come from Asia? – As Asia influence grows, Reuters reports that candidates from the region may have an advantage to fill the chairman position, which will be vacant when Sir David Tweedie completes his second term in 2011.
Trustees clarify position on IFRS adoption objective and support for convergence – In a letter to the Financial Times, Gerrit Zalm, Chairman of the Trustees, responds to concerns that the constitutional emphasis on the objective of IFRS adoption globally represents a weakening of the Trustees' support for ongoing convergence efforts. (IASB.org)
Firms and Companies Continue Preparations for IFRS – WebCPA reports that companies are preparing for IFRS "at a measured pace" as they wait on more guidance from the SEC.
Trustees reinforce defenses from political pressure – ABC News reports on changes announced by Trustees of the IASC Foundation that are associated with the second part of its constitution review. (ABC News / Reuters)
More Clarity Needed from Government on IFRS Adoption in India – An article at livemint.com explains that accountants are looking for more clarity on requirements for net worth, comparative reporting and income tax calculations.
Banks Don't Like the Expected Loss Model – Accountancy Age reports that Banks that do not support recent IASB proposals for recognizing loan provisions complain that the proposals would be costly to implement and create pro-cyclical effects.
Accounting Convergence at Important Crossroads – Past and current challenges of U.S. and International accounting convergence are discussed in this Accountancy Age article.
GAAP Loses Weight – Marie Leone writes in the CFO.com Blog about a recent FASB update, which states that the general standards contained in the bound version of FASB's codification comprise approximately 2,900 pages of content. (FASB Update)
Japan Wants Larger Role – As Japan Moves towards IFRS adoption, it is seeking a larger role in the international standard setting process, according to a Reuters article.
IFRS Switch Presents IT Challenges – A COMPUTERWORLD article provides an overview of IT challenges associated with a conversion to IFRS.
Improvements Needed in IASB Governance – Regulators say more work is needed to improve governance over the International Accounting Standards Board (The New York Times / Reuters)
FASB Moving Toward More Fair Value – In an interview with Risk Magazine, FASB chairman Robert Herz discusses the extension of fair value accounting for financial instruments, despite the concerns expressed by bank regulators. (Risk.net)
Finance Executives Appointed to IASB – CFO.com reports that Elke König, former CFO at Hannover Re Group in Germany, and Darrel Scott, CFO at FirstRand Banking Group in South Africa, have been appointed to the IASB for terms starting in 2010.
US Move to Global Standards at Important Juncture – Top accounting firm executives comment on pending action on the IFRS roadmap. They warn there could be delays and worry about how political the debate may become. Reuters reports on interviews conducted at the World Economic Forum in Davos.
Concerns Expressed Over Proposals to Replace UK GAAP – Accountancy Age reports that certain large UK companies have challenged proposals to replace UK GAAP with IFRS for Small and Medium-sized Entities for unlisted companies. Concerns focused on how the proposals would affect subsidiaries of large listed companies.
Trustees appoint two leading financial executives to the IASB – The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of two leading financial executives to the International Accounting Standards Board (IASB). (IASB.org)
Groups Call for Slow Down in Move to Replace UK GAAP – Accountancy Age reports that HM Revenue Customs has called for a delay in the move to replace UK GAAP with a three-tiered system of financial reporting standards. The Institute of Chartered Accountants in Scotland called the timetable "unrealistic".
Minding the GAAP – Moss Adams CEO Rick Anderson discusses his new role as head of a blue-ribbon panel on private company financial reporting. (Journal of Accountancy)
IASB Will Not Change Fair Value Standards Exclusively for EU – Reuters reports IASB chair Sir David Tweedie said, "This is global. We are the IASB, not the European accounting standard board". He also said that if the IASB disagrees with FASB on convergence, it will do what it believes is right for the international community.
U.S. GAAP Should Require Gross Presentation of Derivates Exposure on Balance Sheet – Daniel Gros, Director of the Centre for European Policy Studies (CEPS) in Brussels, writing for VoxEU.org, explains how full leverage for U.S. banks is masked by netting of derivatives. IFRS requires gross presentation of derivatives exposure on the balance sheet. Differences in the standards hamper international comparison of banks. (VoxEU.org)
UK Regulator Warns the Convergence Project Could Lead to Unnecessary Complexity – Accountancy Age reports that Adair Turner, head of the Financial Services Authority, has expressed concern about the IASB/FASB convergence project.
Proposals to Rewrite IAS 37 Spur Debate – Recent proposals on how to measure liabilities under IAS 37 Provisions, Contingent Liabilities and Contingent Assets have created concern that the proposed rules could prejudice court cases. Accountancy Age writes about the issues.
IASB issues limited exemption amendment to IFRS 1 – The International Accounting Standards Board (IASB) issued today a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IASB.org)
Deloitte Report Recommends Creating Judgment Framework – The report focuses on how a judgment framework can help remove biases in financial decision making. (PR Newswire)
Japan Council to be Established to Study Accounting Standards for Unlisted Companies – Japan's IFRS Council, a private organization formed to facilitate IFRS implementation in Japan, has agreed to recommend establishment of a new council to consider accounting standards for unlisted companies, according to a news release on the Accounting Standards Board of Japan website.
FASB Improves Fair Value Disclosure Requirements – CFO.com provides coverage on FASB's Accounting Standards Update 2010-06 Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements. The update responds to constituent calls for more detailed disclosures and brings requirements more in line with international standards. (FASB ASU 2010-06)
The Transition to IFRS – Can the convergence project replace it? The CPA Insider addresses the question of whether accounting standard convergence is a substitute for adoption of IFRS.
Accounting Standard for Emissions Needed – Peter Williams writes in Financial Director about the accounting profession's effort to promote the need for a universal accounting standard for carbon emissions. The IASB is working on a standard for emission trading. An exposure draft is scheduled for the second quarter of 2010.
Boards Meet, Discuss Fair Value Measurements – WebCPA reports that the FASB and IASB reached tentative decisions regarding fair value measurements, including a tentative definition of fair value.
Bank Bonuses Inflated By Fair Value Rules – Adair Turner, head of the UK Financial Services Authority, said accounting rules led to inflated bonuses at banks. (Accountancy Age)
Making financial reporting simpler and more useful: The way forward – The Global Accounting Alliance (GAA) has published its report Making financial reporting simpler and more useful: The Way forward which is based on a series of roundtable events held in London, Beijing and New York in 2009. (Global Accounting Alliance)
Regulators, Standard-Setters Need to Work Together – Lord Adair Turner, head of the UK’s Financial Services Authority, suggested there is a need to explore loan loss provisioning models that are forward looking and consider an economic loss provision. Citywirei> reports on Lord Turner's speech.
35 Countries Say They Will Use IFRS for SMEs Within Three Years – Accountancy Agei> reports that a recent poll indicates that more than 35 countries will require or permit the use of IFRS for Small and Medium-sized Entities within the next three years.
Take the Time to Get It Done Right – Speaking about the EU delay over endorsing changes to recently issued IASB changes to financial instrument accounting, the head of the UK’s Financial Reporting Council said, "It seems to me to make some sense. We need to take time on these things and we need to get them right." (Reuters India)
Confusion in UK Over When To Accrue Bonus Tax – According to a Financial Timesi> article, there is a lack of clarity under IFRS about when to accrue a recently announced super tax on bank bonuses. The tax was announced close to year-end, but is not expected to be enacted into law until later in 2010. (Tiered subscription model)
Panel in India May Recommend Partial IFRS Roll Out in 2011 – Dailey News & Analysisi> reports that a panel set up by the ministry of company affairs in India may recommend a phased adoption of IFRS starting with large corporations from April 1, 2011. A second phase would start in 2013 – 2014. (DNAindia.com)
Central Bankers Call for Accounting Reform – The oversight body of the Basel Committee on Banking Supervision has called for development of robust provisioning system using an expected loss model, but warns against the expansion of fair value. (Share.net)
Moss Adams CE0 to Head Blue-Ribbon Panel on Private Company Financial Reporting – Rick Anderson, CEO of Moss Adams LLP, on Monday was named chairman of the blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies. (Journal of Accountancy)
More Progress Needed on Reform Proposals – Risk Magazine reports on a meeting of the Basel Committee on Banking Supervision oversight board on January 10. More progress is needed in multiple areas, including development of a provisioning proposal based on an expected loss model. (Risk.net)
Chairman Tweedie Provides Clarification on FRC Study – Accountancy Age reports that Sir David Tweedie, in a letter to the Financial Times, said that the recently released FRC study on M&A accounting was conducted in 2008, before the current version of IFRS 3 became effective. According to Chairman Tweedie, "The revised standard addresses many of the application challenges referred to by the FRC study."
PCFRC Releases Meeting Highlights, Future of Private Company Reporting Discussed – At their December meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB) and the Small Business Advisory Committee (SBAC). A number of important issues to private companies were discussed, including the future of financial reporting for nonpublic companies. (PCFR.org)
IASB Issues ED for Contingent Liabilities – On January 5, the IASB issued an exposure draft which contains revised proposals for measuring liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. CFO.com writes about the proposed guidance on measuring contingent liabilities.)
FRC says improvements are needed in M&A accounting – A study by the UK’s Financial Reporting Council (FRC) says that quality improvements are needed in accounting and reporting for mergers and acquisitions. (frc.org.uk)
Tweedie Nominated as ICAS Vice President – Accountancy Age reports that Sir David Tweedie, Chairman of the IASB, has been nominated for vice president of the Institute of Chartered Accountants of Scotland. He will become president of the Institute in 2012.
IASB re-exposes proposals on measuring liabilities for asset decommissioning, legal disputes and similar items – The International Accounting Standards Board (IASB) today published for public comment an exposure draft of one section of a replacement for IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (IASB.org)
Financial Crisis Advisory Group issues letter to G-20 on IASB and FASB progress – The Financial Crisis Advisory Group (FCAG), an independent advisory body to the IASB and FASB, issued a letter to G-20 participants. (IASB.org)
IFRS 9 Will Lead to Abuses – According to an article at Risk.net, IASB member Jim Leisenring said that recently issued IFRS 9 Financial Instruments will "inevitably lead to abuses and accounting arbitrage". (Life and Pensions / Risk.net)
Panel Concerned About Application of IFRS 8 – Accountancy Age reports that The Financial Reporting Review Panel of the UK's Financial Reporting Council has expressed concern about application of IFRS 8 Operating Segments.
Companies Relocating to Ireland have IFRS Grace Period – Legislation gives foreign companies relocating headquarters to Ireland a grace period before being required to adopt IFRS. The Sunday Business Post Online (The Post.IE) reports on the legislation.
Private Equity Firms Concerned About Consolidated Reporting – An article in The Wall Street Journal comments on how convergence efforts could affect reporting of investments.
