IFRS News Clips
FAF Roundtable Participation Application Deadline Re-Set to 6 January 2012
The application deadline for participation in January, February and March private company roundtable discussions, the purpose of which is to discuss FAF's proposed Private Company Standards Improvement Council, has been extended, with the first roundtable being scheduled for January 18th. (AccountingToday)
FASB Defers Certain Aspects of Comprehensive Income Accounting Standards Update
On December 23rd, FASB issued Accounting Standards Update No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. (FASB.org)
IFRS 9 Financial Instruments Amendments, Issued by IASB, Defer Mandatory Effective Date to January 1, 2015
Change provides for uniform effective mandatory dates for the project, as well as relief from having to restate comparative financial statements. (inAudit)
"Condorsement" Approach Appears to Be More Expected By Financial Statement Preparers
In the absence of any additional formal recommendations from SEC during 2011, condorsement remains the most likely approach. (CFOworld)
IASB proposes to clarify the transition guidance in IFRS 10
The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 10 Consolidated Financial Statements.
The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively. (IFRS.org)
FASB, IASB Announce New Disclosure Requirements on Offsetting
FASB and the IASB today issued investor-focused common disclosure requirements on the effect or potential effect of offsetting arrangements on a company's financial position. (Journal of Accountancy)
IASB defers IFRS 9 mandatory effective date to 2015
The International Accounting Standards Board (IASB) issued today amendments to IFRS 9 Financial Instruments that defer the mandatory effective date from 1 January 2013 to 1 January 2015. The deferral will make it possible for all phases of the project to have the same mandatory effective date. (IFRS.org)
IFRS Foundation Trustees meeting, January 2012
IFRS Foundation Trustees meeting will be held in Singapore on the 12 January 2012. The webcast registration and agenda for this meeting is now available.
Visit the meeting page for details. (IFRS.org)
The IFRS Taxonomy Annual Convention 2012
We wanted to make sure that you save the date for the XBRL's IFRS Taxonomy Annual Convention (ITAC) next year, which is being held on Wednesday 25 April at the Hilton London Tower Bridge Hotel. (IFRS.org)
English-language version of IFRS for SMEs training Module 33 Related Party Disclosures available
The English-language version of IFRS for SMEs training Module 33 Related Party Disclosures has been posted. Module 33 focuses on the presentation of related party disclosures in the financial statements in accordance with Section 33 Related Party Disclosures of the IFRS for SMEs. (IFRS.org)
Michel Prada appointed as Chairman of the IFRS Foundation Trustees
The Trustees of the IFRS Foundation announced today the appointment of Michel Prada as Chairman of the Trustees. Mr. Prada, a former Chairman of the Executive and Technical Committees of the International Organization of Securities Commissions (IOSCO), is a highly respected advocate of investor protection and independent standard-setting. He brings significant experience of leading investor-focused international organisations. (IFRS.org)
IFRS and Changes in Revenue
Companies will need to examine how the new IASB and FASB exposure drafts, released in mid-November and dealing with revenue recognition, will affect their revenue reporting. (AccountancyAge)
2012 IFRS (Blue Book) Consolidated without early application – Now Available
The IFRS Foundation is pleased to announce that the 2012 IFRS (Blue Book) Consolidated without early application is now available. (IFRS.org)
IFRS for SMEs train the trainers workshop and conference in Chile
A two-day IFRS for SMEs train the trainers workshop was held in Santiago, Chile on 6–7 December 2011. There were 140 participants, mainly from Chile, but also from Ecuador. Paul Pacter (IASB member and Chairman of the SME Implementation Group) was the instructor. (IFRS.org)
Letters to SEC Show Support of Global Standards, According to Official
Comment letters to the SEC revealed support for the idea of global standards but that further progress on convergence is desired before IFRS is incorporated in the United States, according to a key SEC official. (Journal of Accountancy)
SME Implementation Group publishes two final Q&As
The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs:
Q&A 2011/02 Entities that typically have public accountability
Q&A 2011/03 Interpretation of 'traded in a public market' in applying the IFRS for SMEs (IFRS.org)
Speech by Hans Hoogervorst at AICPA Conference on Current SEC and PCAOB Developments
The Chairman, addressing "...the largest gathering of accounting professionals..." he has addressed since becoming Chair of the IASB, discusses "...the emergence of global financial markets..." and the case for global standards; the question of whether the U.S. system should now "evolve" to more closely reflect the "...new dynamics of capital markets...;" IFRS and emerging markets, particularly the BRIC countries; and the importance of the U.S. coming to the right decision in terms of IFRS. (IFRS.org)
FASB Chairman Leslie Seidman Addresses the AICPA Conference on Current SEC and PCAOB Developments
Seidman expresses belief that the name "U.S. GAAP" should be retained, but that the actual rules utilized by U.S. companies should be determined or written by the international standards setting entities. (AccountancyAge)
SEC Won't Decide on IFRS for At Least a Few More Months
The SEC's decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on IFRS. (Journal of Accountancy)
AICPA to IASB: Completion of Conceptual Framework Is Key
Richard Paul, chair of the AICPA's Financial Reporting Executive Committee (FinREC), sent a letter to IASB chair Hans Hoogervorst on Wednesday commenting on the IASB's agenda. The letter called on the IASB to establish fundamentals to guide the board as it continues to develop IFRS, so the standards satisfy objectives and are consistent and understandable. (Journal of Accountancy)
November 2011 IFRS for SMEs Update
The November 2011 IFRS for SMEs Update has been published. (IFRS.org)
Speech by Hans Hoogervorst at the IFRS Foundation Conference Melbourne
On 25 November 2011, Hans Hoogervorst, Chairman of the IASB, addressed the IFRS Foundation Conference, Melbourne, Australia. The full text of his speech is given.
While addressing the Conference, the Chairman said that "Most countries in the [Asia-Oceania] region have already adopted IFRS and we are working with those remaining countries to support their transition to [IFRS]." He also stated, "Wherever I go in the world I am asked one question more than any other. Will the U.S. come on board with IFRS, and if so, when and how?" Hoogervorst gives his thoughts on this issue. (IFRS.org)
Possible Ramifications for Investors of Switch from GAAP to IFRS Discussed
Three thinkers in the financial field give their opinions of pros and cons of moving from GAAP to IFRS. (Fox Business)
IASB Chairman Hoogervorst Addresses IFRS Foundation Conference in Melbourne, Australia
Questions the Value of "...a dual decision making process..." in Relation to IFRS. (AccountancyAge)
IASB and IFAC to enhance co-operation in developing private and public sector accounting standards
The International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) announced today an agreement to strengthen their co-operation in developing private and public sector accounting standards. (IFRS.org)
Comments invited on two draft Q&As for the IFRS for SMEs
The SME Implementation Group (SMEIG) today published two draft Questions & Answers (Q&As) on the IFRS for Small and Medium sized Entities (SMEs). The draft Q&As are open for comment until 31 January 2012. (IFRS.org)
One Financial Reporting Standard for the Whole World
Even as the global economy moves toward the incorporation of IFRS, there is still uncertainty as to the extent to which the U.S. will do the same. (BusinessWorld)
SEC Releases Staff Papers Allowing IFRS Comparison
The SEC posted two documents on its website that will enable critical analysis of IFRS and U.S. GAAP and how IFRS is being utilized in foreign countries presently. (Accounting Today)
Financial Accounting Foundation Makes Push To Re-Affirm FASB's Key Role in Setting Accounting Standards
In reaction to the SEC's proposal to diminish the Board's authority, the FAF issues a statement to re-emphasize the key importance of "…retaining sovereign authority in financial reporting standard setting for the U.S. capital markets." (CFO)
Condorsement Approach Gaining Momentum
At the Financial Executives International Annual Conference, Leslie Seidman (chairman of the Financial Accounting Standards Board) and Ian Mackintosh (vice-chair of the International Accounting Standards Board) presented an outline of their latest thinking on various changes coming to financial reporting--everything from revenue recognition to leasing to a broad overhaul of financial statements. (Compliance Week)
Summary of the October 2011 Trustees' meeting, Paris
The Trustees of the IFRS Foundation have announced the conclusions of their meeting in Paris, France on 13 October 2011. (IFRS.org)
Hoogervorst Gives IASB Update at IFRS Foundation Trustees Meeting in Paris
Update given during October 13 meeting of IFRS Foundation Trustees, ANC, and major French business organizations and leaders. (inAudit)
IFRS Advisory Council Meeting Report Indicates Broad Support of Overall IFRS Direction
Paul Cherry, Chair of the IFRS Advisory Council, gives report of October meeting. (inAudit)
Changes for IFRS 9
At Europe's Meet the Expert Conference, IASB board member Stephen Cooper stated "IFRS 9 may have to be changed as it tries to "converge" its rules with those used in the United States."
(Reuters)
Convergence Unlikely By End of 2011
It now appears the probability of convergence by the original late-2011 timetable is so low that experts no longer feel the need to comment or apologise, and suddenly "quality" and a "measured approach" are the words on everyone's lips. (Accountancy Age)
No Early Adoption for Financial Institutions in Canada
Decision made to adhere to mandatory effective dates for new and amended International Financial Reporting Standards. (GFS News)
ICAEW Cautions SEC and FASB That Condorsement Approach is Too Risky
Dr. Nigel Sleigh-Johnson Urges IFRS Mandatory Transition Date. (Accounting Today)
Speech by Hans Hoogervorst at the IFRS Conference: Latin America and the Caribbean
Chairman's Address at IFRS Conference in São Paulo, Brazil, on October 27, 2011. (IFRS.org)
Discussion: U.S. GAAP Convergence With IFRS
Financier Worldwide Moderated Discussion On The Issues Involved. (Financier Worldwide)
Leslie F. Seidman Addresses National Association of State Boards of Accountancy
October 25, 2011 - Remarks by Leslie F. Seidman, Chairman of the Financial Accountancy Standards Board, to the National Association of State Boards of Accountancy on Monday, October 24, 2011 in Nashville, Tennessee. (FASB.org)
FASB's Seidman Indicates "Condorsement" Might Be Viable Approach to Implementation of IFRS
Opinion Voiced at Recent Annual Meeting of NASBA. (Accounting Today)
European Banks and Insurance Federations React to IASB's Proposed Two-Year Delay for IFRS 9
Prevailing Feeling Is That Delay Is Too Short. (GFS News)
Proposed Changes in Investment Accounting Released by FASB
Updates are for Criteria Clarification and Guidance. (Accounting Today)
IASB Proposes an Amendment to the Accounting for Government Loans in IFRS 1
The International Accounting Standards Board (IASB) today published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IFRS.org)
European Securities and Markets Authority’s Report for 2010 Shows Progress in European Application of IFRS
Report Reviews IFRS Status in European Economic Area. (mondovisione)
IASB clarifies accounting for costs associated with waste removal in surface mining
The IASB issued today an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. (IFRS.org)
Survey Finds Most CPAs Support IFRS Option
A majority of CPAs support optional adoption of International Financial Reporting Standards (IFRS) for public companies, according to a recent AICPA survey. (Journal of Accountancy)
Executives View Benefits of IFRS Favorably
A study, released on Tuesday, by the Association of Chartered Certified Accountants indicates that about 58% of senior executives have a favorable view of the benefits of IFRS, in light of the current financial crisis. (GFS News)
AICPA's Melancon calls for SEC to permit IFRS use immediately
The Securities and Exchange Commission should allow U.S. public companies to begin using International Financial Reporting Standards immediately, said AICPA President and CEO Barry Melancon, CPA, in a speech at the AICPA/IFRS Foundation Conference. The number of companies that would adopt IFRS if permitted would be small, he predicted, but such a move would "allow us a window to see what the world will look like if the U.S. joins the rest of the world by using a converged or endorsed IFRS rather than exclusively U.S. GAAP." (JournalofAccountancy.com)
IASB Chair address AICPA / IFRS Foundation conference
Hans Hoogervorst, Chairman of the IASB, addressed the AICPA / IFRS Foundation conference, held in Boston, MA on Oct. 5, 2011. Prepared remarks are available by clicking here (IFRS.org)
Harvey Goldschmid address AICPA / IFRS Foundation conference
Harvey Goldschmid, IFRS Foundation Trustee, addressed the AICPA / IFRS Foundation conference, held in Boston, MA on Oct. 5, 2011. Prepared remarks are available by clicking here (IFRS.org)
IASB Vice-Chairman on Convergence
While addressing the ICAS conference, vice-chairman of the International Accounting Standards Board (IASB) Ian Mackintosh said "US standard setters the FASB are "on a different page" when it comes to the financial instrument standard and "seem to be heading in a different direction" on hedging, a project the IASB has almost completed." (Accountancy Age)
Comments invited on draft Q&As for the IFRS for SMEs
The SME Implementation Group published draft Question & Answers (Q&As) on the IFRS for SMEs. These draft Q&As are open for comment until 30 November 2011. (IFRS.org)
IFRS Big Bang Approach for US large companies advocated by UK Institutes
Big bang advocates point to countries like Canada and Australia as evidence of the strategy's success. However, the vast majority of adopters spend a few years settling in to the standards, often debating or implementing regional variations. It could be argued that the US's proposed convergence period is simply an official version of this adaptation process, one that all nations go through. (Accountancy Age)
Deployment of IFRS has varied around the world
There has been uneven writedowns by European banks and insurers on Greek government bonds.
The accountancy profession is looking into these inconsistencies and may be fixed in second half of 2011. (Financial Times)
Convergence on Offsetting Financial Assets and Liabilities is Struggling
Standard & Poor's said "an accounting rule that has yet to be adopted has the potential to boost U.S. large banks assets by an average 68%, and liabilities by nearly 72%." The International Accounting Standards Board (IASB) and its U.S. counterpart, the Financial Accounting Standards Board (FASB), have been working to converge their approaches to offsetting financial assets and liabilities. (MNI News)
Adoption of XBRL in Japan seen as a key step toward IFRS
Makoto Shibata, principal analyst in the e-business and IT initiatives division at The Bank of Tokyo-Mitsubishi UFJ view is "adoption of XBRL in Japan is also a key step toward meeting international financial reporting standards (IFRS)." Japanese markets had been due to implement IFRS by 2015, but recently postponed this goal to 2017. (Waterstechnology)
Revenue Recognition Standard is Expected to be Released for Comment Within a Month
In an interview, Financial Accounting Standards Board chair Leslie Seidman said "that many of the priority projects slated for convergence with the International Accounting Standards Board probably will not be settled until next year at the earliest." (Accounting Today)
What Accountancy Projects Should IASB Tackle Next
At the International Financial Reporting Standards Foundation's World Standard Setters meeting in London, regulators were unable to agree on which of the 23 possible improvements the IASB had put forward for improvement and accountancy regulators are split on which accountancy projects the International Accounting Standards Board should tackle next. (GFS News)
Issues Discussed at Roundtable on IFRS
The Centre for the Study of Financial Innovation, a financial think-tank in London and New York, hosted a roundtable where discussions focused on the promise of global accounting standards vs. regional implementation and source of funding for IASB. (Accountancy Age)
Effect analysis for IFRS 10 and IFRS 11 now available
The effect analysis for IFRS 10 Consolidated Financial Statements, which also includes the effect analysis for IFRS 12 Disclosure of Interests in Other Entities, and the effect analysis IFRS 11 Joint Arrangements are now available. The effect analyses provide detailed insights into the potential impacts of the new requirements using case studies and other quantitative and qualitative material, as appropriate. (IFRS.org)
CFA Institute Recommends Single Adoption Date for IFRS
In letter to the SEC, the CFA Institute is recommending a standard-by-standard review with a single adoption date for IFRS. Letter further stated "A single date adoption will create initial discontinuity, but we believe that this is preferable to a period of continuous discontinuity." (Accounting Today)
IFRS Taxonomy Interim Release for Common-Practice Concepts
The IFRS Foundation, the oversight body of the International Accounting Standards completed the first part of its project to address requests by regulators and preparers for extensions to the full International Financial Reporting Standards (IFRS) XBRL Taxonomy. The IFRS XBRL Taxonomy is used to help those filing IFRS financial statements electronically to 'tag' the information with identification tags. Currently, the IFRS taxonomy includes all core concepts included in IFRSs as issued by the IASB. (IFRS.org)
IASB proposes to exempt investment entities from consolidation requirements
The International Accounting Standards Board (IASB) published proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10, Consolidated Financial Statements. (Journal of Accountancy)
SEC Expected to Publish Additional Staff Papers
Compliance Week reports that two staff studies connected with the SEC's IFRS Work Plan are expected soon.
Representatives of the Accounting Standards Board of Japan and the Financial Accounting Standards Board Hold Biannual Meeting
Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on August 18 and 19, 2011, in Tokyo, Japan. (FASB.org)
IFRS and U.S. GAAP Convergence - Delays Upon Delays
Can the delays announced on several of the FASB and IASB joint projects be considered indicative of a general decline in appetite for convergence? (CPA Insider)
U.S. decision on IFRS could influence other nations, group says
U.S. officials have been reluctant to adopt the International Financial Reporting Standards, which could end the idea of a single set of global standards, according to the Institute of Chartered Accountants in England and Wales. Robert Hodgkinson, the group's executive director, said the U.S. decision could influence the decisions of other nations, including Japan and India. (GFS News)
AICPA Recommends Allowing U.S. Public Companies to Choose IFRS
In a letter to the SEC, Paul Stahlin, AICPA chairman, and Barry Melancon, AICPA president and chief executive officer said "Whether or not the SEC decides to incorporate IFRS into the US financial reporting system through an endorsement/convergence approach, we believe US issuers should be given the option to adopt IFRS as issued by the IASB." (Journal of Accountancy)
IFRS 9 Financial Instruments - the three-bucket solution
IASB is working towards a December deadline on IFRS 9 Financial Instruments standard and is addressing the issues with a three-bucket approach for asset impairment. This approach is designed to help banks decide when and how to impair assets and make the necessary provisions. (Accountancy Age)
American Bankers Association Comments on IFRS Adoption
Donna Fisher, ABA senior vice president of tax and accounting, says the ABA has recommended the "SEC look at adoption of IFRS from a business model perspective, taking more of a "permit" rather than "require" approach" and the need to understand the standards. (GFS News)
Obstacles seen in SEC IFRS Work Plan to adoption of IFRS in US
New York State Society of CPA's comment letter on July 28 to the Securities and Exchange Commission sees comparability and quality as two of the main obstacles to the adoption of International Financial Reporting Standards in the U.S. on the SEC's IFRS work plan. (Accounting Today)
IASB proposes adjustment to effective date for IFRS 9
The International Accounting Standards Board published an exposure draft proposal to adjust the mandatory effective date of IFRS 9 Financial Instruments. The exposure draft proposes an effective date of 1 January 2015 (currently 1 January 2013) for IFRS 9. (IFRS.org)
Support for IFRS XBRL Taxonomy but Not In the Standards
Minutes released following a meeting of the IFRS Foundation, which oversees the International Accounting Standards Board, reveal that many respondents support the development of an IFRS XBRL taxonomy but cautioned against the foundation's recommendation that XBRL, or eXtensible Business Reporting Language, be integrated into the formal standard-setting process. (GFS News)
FASB's Involvement in Joint Work with IASB Depends on SEC Decision
Cooperation between the IASB and the US Financial Accounting Standards Board "really depends" on the US's decision on whether to adopt the standards according to IASB's vice chairman, Ian Mackintosh (GFC News)
Spotlight on IFRS 9 - Financial Instruments
The proposed IFRS 9 is made of three parts, of which impairment accounting is most relevant for sovereign debt. If early adopted some say could ease the burden of EU members' sovereign debt.
(Accountancy Age)
India's IFRS May Be Country-Specific
European Commission staff document states that India is at risk of creating a country-specific version of the standards that differ from those used worldwide.
(GFS News)
"Economic Interest" of U.S. to Adopt IFRS: IASB Chairman
Hans Hoogervorst, IASB Chairman, said, "U.S. investors invest globally, and U.S. companies seek international capital, and it is in the economic interest of the U.S. to adopt IFRSs," according to a copy of the speech posted on the IASB website when speaking to a gathering of the Ministry of Finance's Accounting Regulatory Department in Beijing, China. (Journal of Accountancy)
Banks Say On IFRS 9
Mark Rhys, Deloitte's global IFRS 9 banking leader, said: "Impairment accounting is the single most significant area of change affecting the financial statements of major banking groups in the foreseeable future." (Accountancy Age)
Early Adoption or Not for IFRS 9
International Accounting Standards Board proposes that the effective date of the IFRS 9 project be extended to 1 January 2015. IFRS 9 covers the classification and measurement of financial assets and methodology for impairment and hedge accounting. Decision has not been made if early adoption is allowed or not. (GFS News)
IFRS Taxonomy updated for fair value measurement and disclosure of interests in other entities
IFRS Foundation published the International Financial Reporting Standards (IFRS) Taxonomy 2011 interim release for IFRS 12 Disclosure of Interests in Other Entities and IFRS 13 Fair Value Measurement. All IFRS Taxonomy 2011 interim releases will be incorporated and consolidated in the IFRS Taxonomy 2012. The public draft of the 2012 taxonomy is due to be published in Q1 2012. (IFRS.org)
IASB Seeking Input on Future Work Program
The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program. The IASB will accept comments on its future work program until November 30, 2011 (Journal of Accountancy)
IASB launches a public consultation on its future work programme
The consultation document published today asks deliberately open questions to gather views on the IASB's future work programme from all those involved in or affected by financial reporting. The IASB is seeking feedback on how it should balance the development of financial reporting with the maintenance of IFRSs and—with consideration of our time and resource constraints—those areas of financial reporting that should be given the highest priority for further improvement. (IFRS.org)
Diversity in Global Standards
"The objective was to have one set of global standards all around the world but that may be unrealistic with less than 16 percent of the world's markets using a pure version of IFRS as published by IASB" according to Jack Ciesielski, publisher of The Analyst's Accounting Observer. (Reuters)
Re-exposing IFRS Leasing Proposal is Expected
FASB Chairman Leslie Seidman said in a news release "during our discussions of the extensive comments we received on the exposure draft, the boards have reaffirmed the major change to lease accounting, which is to report lease obligations and the related right-to-use on the balance sheet." "Even though the boards have not completed their deliberations, the decisions taken to date were sufficiently different from those published in the ED to warrant re-exposure of the revised proposals", the IASB's new chairman, Hans Hoogervorst said in a news release. (Journal of Accountancy)
IASB and FASB announce intention to re-expose leasing proposals
July 21, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) announced today their intention to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on leasing in August 2010. Further details will be available shortly from the leases project sections of the IASB and FASB websites. (IFRS.org)
SEC Roundtable on International Financial Reporting Standards - Archive webcast
The Securities and Exchange Commission sponsored a roundtable to discuss benefits or challenges of incorporating IFRS into the financial reporting system for U.S. issuers. Three panels representing investors, regulators and smaller public companies discussions focused on investor understanding of IFRS, impact on smaller public companies and on the regulatory environment of incorporating IFRS. (SEC.gov)
New IASB Chairman Hoogervorst Travels to Hear from new Members
IASB Chairman Hoogervorst, will spend time travelling in Asia and Latin America, so that the IASB is truly a global organization. No comment yet on re-exposure of the leasing standard. (Reuters)
Small Public Company Financial Executives speak out at SEC Roundtable on IFRS
At the SEC Roundtable on IFRS a group of CFOs and Financial Executives provided their views on transition to IFRS along with the pros and cons of various approaches. (CFO.com)
IASB's Monitoring Board wants U.S. to make a Decision on IFRS
The United States has been given a seat on the IASB monitoring board and the role is being reviewed. There is a push to make members formally commit to using IASB rules as a condition of membership, putting pressure on the United States. (Reuters)
Gradual Adoption of IFRS Favored
Representatives at the July 7th SEC panel on IFRS supported the goal of establishing a single set of high-quality global financial-reporting standards. (CFO.com)
IFRS in the U.S. Decision by End of Year Expected
SEC Chairman Mary Schapiro said at the roundtable the issue "is a major decision for this agency and one not to be taken lightly." She went to say that "Our primary focus will be to ensure that investors have the information they need in a form that's helpful to them," but the agency will also consider the costs of making the move. (Reuters)
Many of the panelists favor "condorsement" at the SEC IFRS Roundtable
The Securities and Exchange Commission held a roundtable discussion on International Financial Reporting Standards on July 7, 2011. While the SEC has not yet made a decision on whether or not to approve the use of IFRS, a decision is expected by the end of the year. (Accounting Today)
A Single Set of Standards Worldwide
IFRS is a single set of high quality accounting standards that would make financial statements comparable around the world. The SEC is expected to make a decision by the end of the year on whether to adopt international financial reporting standards. (New York Times)
More Transparency for Pension Plans
A number of changes have been made for more transparency under IAS 19 Employee Benefits, which IASB issued amendments, will make it easier for users of financial statements to understand how defined benefit plans affect an entity's financial position, financial performance and cash flows. (Accountancy Age)
IASB Chairman anticipates that the U.S. will use an endorsement process
New IASB Chairman Hans Hoogervorst said Tuesday during an IFRS conference in Zurich, Switzerland, that he believed the U.S. would eventually join other countries in adopting the standards. (Accounting Today)
Some U.S. Multinational Companies Favor Switch to IFRS
Ford Motor Company is one multinational company that supports the switch to IFRS, saying the company would save money by simplifying and standardizing its accounting across all 138 countries where Ford operates. (The Wall Street Journal)
International Financial Reporting Standard 9 (IFRS 9) Aims to Align Risk Management with Accounting
The International Accounting Standards Board (IASB) published IFRS 9 exposure draft on December 9, 2010 which is due to come into force on January 1, 2013. Once the new rules governing hedge accounting do come into force, many parties believe the use of derivatives is only likely to expand in Asia Pacific, however, corporations are cautious. (AsiaRisk)
UK Government Accounts published under IFRS
Kathryn Cearns, the UK Financial Reporting Advisory Board (FRAB) Chairman, said: 'The successful transition to IFRS based financial reporting represents a major achievement for all those entities involved in the process." (AccountancyAge)
New IASB Chair Shares His Views
July 1, 2011 - Hans Hoogervorst take over responsibility as Chairman of the International Accounting Standards Board (IASB) from Sir David Tweedie. IASB Chairman Hoogervorst says he is "optimistic that the US Securities and Exchange Commission (SEC) will move to fully incorporate IFRSs into the US financial reporting regime shortly." (IFRS.org)
SEC Announces Agenda and Panelists for Roundtable on International Financial Reporting Standards
June 30, 2011 - The staff of the Securities and Exchange Commission announced the panelists and final agenda for the International Financial Reporting Standards (IFRS) Roundtable to be held July 7, 2011 (SEC.gov)
Issues with Lease Accounting Standard
June 28, 2011 - At the Building Owners and Managers Association International's conference there was discussion on several key issues with lessor accounting and lessees needing more financial data and the possibility for re-exposure. (Globe St.com)
IAS 19 Employee Benefits Impacts
June 28, 2011 - Compliance Week reports GAAP-based companies are reviewing their accounting policies on post-employment benefits including pensions to what International Accounting Standard 19 would require. (Compliance Week)
Committee on Private Company Reporting receives briefing by FASB on convergence projects
June 29, 2011 - The Private Company Financial Reporting Committee, a joint committee of the Financial Accounting Standards Board and the American Institute of CPAs, was briefed by the FASB on the progress of several convergence projects. PCFRC provided input on a number of issues, said chair Judy O'Dell, such as revenue recognition where there are proposed disclosure differences for private companies. (Accounting Today)
Trustees announce plans regarding IFRS Advisory Council membership
June 24, 2011 - The terms of all existing members of the IFRS Advisory Council expire at the end of December 2011. This will conclude the third iteration of the IFRS Advisory Council, which was the first one where individuals served as representatives of organisations that have an interest in standard-setting. (IFRS.org)
Accounting Rock Star Sir David Tweedie Set to Hand Over Chair
Sir David Tweedie is about to finish his ten-year tenure as chair of the IASB. Hans Hoogervorst will take over on July 1. (The Economist)
SME Implementation Group publishes its first Q&A guidance
June 23, 2011 - The SME Implementation Group, responsible for assisting the International Accounting Standards Board (IASB) on matters related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published today its first question and answer (Q&A) guidance on the IFRS for SMEs. (IFRS.org)
Standard Setters Disagree on Balance Sheet Offsetting
As the Boards work through feedback on balance sheet offsetting proposals, Compliance Week reports that the IASB and FASB have not been able to agree on a common approach and will pursue different solutions.
IASB publishes proposals for amendments under its annual improvements project
June 22, 2011 - The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposed amendments to five International Financial Reporting Standards (IFRSs) under its annual improvements project. (IFRS.org)
Japan to Postpone IFRS
Japan's financial services minister Shozaburo Jimi said that the government will postpone the introduction of IFRS for public companies. He acknowledged concerns associated with damage from the March 11 earthquake and mentioned the U.S., which has not made a decision on IFRS. "We don't need to make a decision faster than the United States," he said. (The Japan Times)
Live webcast introducing the improvements to the accounting for post-employment benefits
On 27 June 2011 staff and board members of the IASB will give a webcast introducing the amended version of IAS 19 Employee Benefits including a live question and answer session. (IFRS.org)
Japan Considering IFRS Delay
Japan's Financial Services Agency will meet later in the month to discuss a possible delay in the adoption of IFRS. Companies hit by the March 11 disaster have been calling for a delay. (Nikkei.com)
Russian Prime Minister Updated on IFRS Plans
Vladimir Putin is told than the transition to IFRS is nearing completion. ISRIA provides the transcript from a meeting of the Government Presidium.
UK Government Dismisses IFRS Concerns
Accountancy Age reports on the government's response to a report that asserted IFRS had led to a loss of prudence in accounting.
SEC Paper Provides Clues
Accountancy Age analyzes the SEC's May 26 staff paper on IFRS incorporation.
New Pension Rules Improve Transparency
Accountancy Age reports that experts warn that implementation of the new rules could have a large impact on profits.
IASB introduces improvements to the accounting for post-employment benefits
June 16, 2011 - The International Accounting Standards Board (IASB) announced today the completion of its project to improve the accounting for pensions and other post-employment benefits by issuing an amended version of IAS 19 Employee Benefits. (IFRS.org)
IASB and EFRAG meet to discuss completion of work plan and future agenda of the IASB
The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 14 June 2011 to review the IASB's current work programme. (IFRS.org)
IFRSs around the world – 5th IFRS policy forum for the Asia-Oceania region
The Indonesian Institute of Accountants hosted the 5th IFRS International Forum in Kuta, Bali on the 23rd and 24th of May 2011. This international event has previously been held in
Sydney, Tokyo, Beijing, and Singapore and in 2011 was held in Bali with 300 participants
from 21 jurisdictions in the Asia-Oceania region. (IFRS.org)
IASB and ASBJ announce their achievements under the Tokyo Agreement and their plans for closer co-operation
June 10, 2011 - The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have announced their achievements under their August 2007 Memorandum of Understanding (MoU), known as the Tokyo Agreement, to improve International Financial Reporting Standards (IFRSs) and Japanese generally accepted accounting principles (GAAP) and to bring about their convergence. (IFRS.org)
Will "Condorsement" result in paralysis?
Marie Leone of CFO.com writes about the recently issued SEC staff paper on incorporating IFRS into the U.S. financial reporting system.
Debate in Ireland over bank provisions
Accounting Age reports that the Central Bank of Ireland is considering changing requirements for bank provisioning. A debate in the U.K. has been raging between supporters of previous requirements under UK GAAP and current requirements under IFRS.
UK Consultation on Standards for SMEs
UK proposals for changes to standards for Small and Medium-sized Entities drew strong responses from credit unions and housing authorities.
CAQ Webcast: SEC Division of Corporation Finance Update on Financial Reporting Matters
Hear directly from the SEC's Division of Corporation Finance staff regarding the latest information on financial reporting matters. The web event will broadcast June 24, 2011 from 1:00PM – 3:00PM ET.
IFRS Interpretations Committee appointments
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced today appointments and reappointments to the IFRS Interpretations Committee. (IFRS.org)
IFRS Foundation Requesting Feedback on IFRS Taxonomy
Accountancy Magazine reports on the IFRS Foundation's proposed IFRS Taxonomy enhancements for reporting common-practice.
SEC Staff Presents "Condorsement" as Possible Method for Move to IFRS
A staff paper published May 26 by the SEC's Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called "condorsement" approach to incorporating IFRS into the U.S. financial reporting system. (Journal of Accountancy)
SEC Staff Presents "Condorsement" as Possible Method for Move to IFRS
A staff paper published May 26 by the SEC's Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called "condorsement" approach to incorporating IFRS into the U.S. financial reporting system. (Journal of Accountancy)
SEC Staff Presents "Condorsement" as Possible Method for Move to IFRS
A staff paper published May 26 by the SEC's Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called "condorsement" approach to incorporating IFRS into the U.S. financial reporting system. (Journal of Accountancy)
IFRS Foundation financing
Robert Bruce, a financial journalist, reports on IFRSs in Europe. His views are his own and may not represent those of the IFRS Foundation or the IASB. (IFRS.org))
SEC's Schapiro Addresses Financial Accounting Foundation Trustees
SEC Chairman Mary Schapiro discussed accounting convergence, funding challenges of the IASB and investor expectations. She said, "We have heard from investors that they are not as confident as they could be, and they have areas in which we all could expect more from accountants, from accounting standards, from regulators and from those who provide assurance though the audit process." (Accounting Today)
Challenges of Global Comparability
Despite accounting convergence and international IFRS adoption, legal, cultural and regulatory differences can compromise financial statement comparability. Accountancy Age explores the challenges.
Revenue Recognition Project Nears End
Instead of cutting corners to meet the initial deadline, how two Boards dedicated enough time to revisit controversial paragraphs and find the right solutions. (CPA Insider)
Video: Hot Topics in Canada: Standards Change
Canada is having a big year for standards change, having converted to IFRS for public companies on Jan. 1 and revamping and streamlining financial reporting standards for private companies. Kevin Dancey, president and CEO of the Canadian Institute of Chartered Accountants, discusses those changes, Canada's adoption of international audit standards and the importance of working closely with the U.S. (Journal of Accountancy)
SEC Planning on More IFRS Consultation
May 24, 2011 - Compliance Week reports that the Securities and Exchange Commission plans to publish three papers in the coming weeks tied to its consideration of IFRS. One of the papers will explore a possible method of incorporation and timeline for IFRS adoption.
AICPA's Melancon says "the time to act is now" for private entity standards board
AICPA President and CEO Barry Melancon said that the Financial Accounting Foundation is preparing a paper on private entity standard setting and urged AICPA Council and state societies to mail in comments. (Accounting Today)
Live webcast on Financial Instruments
On Tuesday 24 May 2011 there will be two webcasts by the IASB staff at 10am and 4pm to provide updates on the statuses of both the impairment and the hedge accounting projects. (IFRS.org)
India: IASB Member Urges Honest Dialog
IASB member Prabhakar Kalavacherla addresses the International IFRS Summit 2011 in India about its position on IFRS. Moneycontrol.com covers the speech.
At long last – a single model for consolidation
Last week the IASB issued two new standards dealing with consolidation accounting and disclosures about relationships with other entities, including disclosures related to consolidated and unconsolidated entities. (IFRS.org Investor Resources)
FASB Update: Financial Statement User Edition
May 2011 - This summary is meant to update investors on standard-setting activities that may impact the companies they follow. (FASB.org)
Live webcast sessions introducing the recently issued standards
The first set of webcasts, which takes place on 23 May, introduces IFRS 13 Fair Value Measurement and the second, taking place on 25 May, introduces IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. (IFRS.org)
Video: How IFRS Could Change Corporate Finance
Colleen Cunningham, CPA, explains how a move to IFRS in the U.S. could give rise to new litigation concerns and encourage outsourcing of certain finance functions. (Journal of Accountancy)
IASB Takes Aim at Off-Balance Sheet Liabilities
Compliance Week provides an overview of IFRS 10, 11 and 12, which were issued by the International Accounting Standards Board on May 12.
Impact of IFRS 10 and 11
Accountancy Magazine looks at new international standards for consolidated financial statements and joint venture arrangements.
IASB appoints Hilary Eastman, CFA to lead its investor liaison activities
The International Accounting Standards Board (IASB) announced today the appointment of Hilary Eastman to lead its Investor Liaison programme. (IFRS.org)
New IASB Standards Respond to Financial Crisis Issues
Accountancy Age provides an overview of IFRS 10, 11 and 12, which were issued on May 12.
IFRS Resources
The Journal of Accountancy provides a compilation of news, articles and videos on IFRS and accounting convergence, along with links to additional resources. (Journal of Accountancy).
U.S. Banks Oppose Offsetting Proposal
Reuters reports on how banks are reacting to the FASB's proposed accounting standards update Balance Sheet Offsetting.
Standards Setters Re-Deliberate, Chief Accountant Talks about IFRS
Accounting Today reports on last week's Baruch College financial reporting conference. Leslie Seidman discussed convergence and Jim Kroeker provided an update on IFRS.
FASB More Focused on Private Entities
FASB Chair Leslie Seidman discusses how the FASB is responding to recommendations from the blue ribbon panel on standard setting for private companies. CFO.com reports on the chairman's comments at a recent conference.
Preparing for Convergence
CFOWorld.com reports on a recent KPMG webcast panel discussion regarding accounting convergence.
IASB 'More Practical' Now
IASB outreach has been more effective in recent years, lessening the risk that standards are too theoretical, according to an Accountancy Age article.
Registration opens for Trustee strategy review round tables
The Trustees of the IFRS Foundation are seeking expressions of interest to participate in the upcoming strategy review round-table discussions. (IFRS.org)
UK debates accounting standards for small entities
Accountancy Age gives an overview of the Financial Reporting Standards for Small Entities (FRSSE) and asks where they fit in the long-term.
FASB Issues Standards Update for Repurchase Agreements
The Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements. Accounting Today provides an overview.
IFRS Foundation Wants to Help Ensure Consistent IFRS Application
The IFRS Foundation will work with regulators to identify jurisdictions where there are divergences in the application of IFRS. (GFSNews.com, registration required for full article)
Trustees publish preliminary conclusions of strategy review for public comment
April 28, 2011 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have published for public comment the preliminary conclusions of their strategy review.
Conclusions of the March 2011 Trustees' meeting, London
April 28, 2011 - The IFRS Foundation Trustees, responsible for the governance and oversight of the International Accounting Standards Board (IASB), held their quarterly meeting in London on 30 and 31 March 2011.
Joint Statement by the Monitoring Board and the Trustees of the IFRS Foundation
April 27, 2011 - The Monitoring Board and the Trustees of the IFRS Foundation, following discussion at their fifth joint meeting on 1 April 2011 in London, reaffirmed their commitment to seeking close co-ordination in taking forward their respective efforts in reviewing the Foundation's governance and strategy.
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.
Banks Critical of Offsetting Proposals
Risk.net reports on responses to FASB proposals on balance sheet offsetting.
SEC Forum to Address Benefits, Challenges of IFRS for U.S.
The SEC on Wednesday said it is hosting a round-table meeting July 7 to discuss benefits or challenges in potentially incorporating IFRS into the financial reporting system for U.S. issuers. (Journal of Accountancy)
UK: Survey reveals support for IFRS based system
Accountancy Age reports that 66% of respondents to a recent E&Y survey favor a two-tier accounting system based on IFRS.
Effective Dates user survey
In October 2010, the IASB and the US-based Financial Accounting Standards Board (FASB) each published a document requesting views from stakeholders about the time and effort that will be involved in adopting several new standards and when those standards should be effective. In view of the limited numbers of responses received from users and, for the FASB, private entities, the boards directed the staff to undertake further outreach activities from these groups. (IFRS.org)
Taiwan: Four Companies to Pioneer IFRS
Taiwan is moving to adopt IFRS in 2013. The China Post reports four companies have been selected to adopt IFRS early.
FASB, IASB Announce Delay on Priority Projects
The heads of FASB and the IASB announced they will take "a few additional months" beyond their June target date to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance. (Journal of Accountancy)
Funding update of the IFRS Foundation
April 2011 - The IFRS Foundation's Financial Position: 2010 Results and 2011 Budget. (IFRS.org)
European REITs Successful Move to IFRS
Gareth Lewis, director of finance for the European Public Real Estate Association, tells REIT.com, "I think it's fair to say that in the last 10 years the European sector has really made a huge and successful effort in adopting IFRS reporting in a consistent and comparable way."
IFRS Filers May Get Breathing Room on XBRL
Compliance Week reports on communication from the SEC regarding XBRL submissions for companies using IFRS.
IFRS Foundation to Add Common-Practice Tags to IFRS Taxonomy
The IFRS Foundation said it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. (Journal of Accountancy)
Level of IFRS Disclosures Being Reviewed
Accounting institutes from New Zealand and Scotland have teamed up to review disclosure requirements under IFRS. The project was initiated over concerns that disclosure requirements are too complex and detailed. (The New Zealand Herald)
ICAEW Warns Against Expanding Monitoring Board Scope
The Institute warns that extension of IFRS Foundation Monitoring Board scope could threaten the standard setter's independence. (Accountancy Age)
IFRS Foundation to enhance IFRS Taxonomy to reflect common reporting practice
April 8, 2011 - The IFRS Foundation today announced that it will publish supplementary tags for the IFRS (International Financial Reporting Standards) Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. (IFRS.org)
India: IFRS System Not Acceptable for Tax Reporting
The Financial Express reports that revenue secretary Sunil Mitra said that companies will have to continue using the historical system of accounting for tax purposes.
Antonio Zoido to serve as Trustee of the IFRS Foundation
The IFRS Foundation Trustees, the oversight body of the International Accounting Standards Board (IASB), today announced that the IFRS Foundation Monitoring Board approved the appointment of Antonio Zoido as a Trustee of the IFRS Foundation. (IFRS.org)
FASB Chairman Leslie F. Seidman's Testimony Before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee On Securities, Insurance, and Investment on April 6, 2011
Read full text of testimony. (FASB.org)
Basel Committee Calls for Continued Cooperation
The Chairman of the Basel Committee on Banking Supervision addresses letter to chairs of the IASB and FASB. (GFSNews.com)
AICPA: Financial Instruments Compromise Potentially Flawed
The AICPA's Financial Reporting Executive Committee (FinREC) on Thursday expressed a number of concerns on the supplementary document, Accounting for Financial Instruments and Revisions to the Accounting for Derivatives Instruments and Hedging Activities-Impairment. (Journal of Accountancy)
Regulators Stress Don't Rush Standards
Reuters reports on a meeting of the IFRS Foundation Monitoring Board on Friday.
AICPA Highlights Need for IASB Funding, Independence
The AICPA called on the SEC to contribute funds to support the International Financial Reporting Standards Foundation, the parent organization of the International Accounting Standards Board (IASB). (Journal of Accountancy)
AICPA FinREC Comments to FASB on 'Accounting for Financial Instruments and Revisions to the Accounting for Derivatives Instruments and Hedging Activities-Impairment'
The AICPA's Financial Reporting Executive Committee submitted a comment letter to the Financial Accounting Standards Board on its supplementary document, "Accounting for Financial Instruments and Revisions to the Accounting for Derivatives Instruments and Hedging Activities-Impairment."
Concerns over IFRS Taxonomy
Reuters reports on concerns about the scope of the IFRS Taxonomy. Hans Hoogervorst, incoming chair of the IASB, responds.
Financial Crisis Has Slowed Move to Global Accounting Standards
Bloomberg talks to Deloitte Touche Tohmatsu CEO James Quigley about global standards.
Canada: IFRS change Shouldn't Affect Investors
From the Financial Post, an equity analyst with UBS AG discusses how the switch to IFRS in Canada will affect businesses.
IFRS for SMEs Gains Momentum
For those companies that are nowhere near the complexity and size of a blue-chip organization, the IFRS for Small and Medium sized Entities is an accepted accountancy practice with international backing that many see as the only simplified alternative to "full" general accepted accountancy practice. (CPA Insider)
UK Bank Accounting Blamed for Contributing to Crisis
The Telegraph reports on an analysis of bank accounting results, which compared IFRS to pre-IFRS U.K. GAAP. Urgent Issues Task Force member Tim Bush prepared the analysis. He has been an outspoken critic of the IFRS system used by banks.
Russia Plans for 2013 IFRS Adoption
An official with the Finance Ministry said that public companies will start reporting consolidated results under IFRS by the first half of 2013. RIA Novosti reports that the plan is to officially approve the standards this year so companies can start using them in 2012.
Russia Plans for 2013 IFRS Adoption
An official with the Finance Ministry said that public companies will start reporting consolidated results under IFRS by the first half of 2013. RIA Novosti reports that the plan is to officially approve the standards this year so companies can start using them in 2012.
IFRS in Russia
The Moscow Times reports on IFRS discussions in Russia and how the international standards will be implemented starting in 2012.
Accounting Institutes To Study IFRS Disclosures
The Institute of Chartered Accountants of Scotland and the New Zealand Institute of Chartered Accountants will be studying IFRS disclosure requirements, according to a report at Voxy.co.nz.
Insurance Proposals Will Have Significant Impact
Finchannel.com reports on the findings from a KPMG report on Phase II insurance proposals from the IASB.
IASB and EFRAG review progress towards completion of major convergence projects
The International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG) met on 18 March 2011 to review the IASB's current work. (IFRS.org)
Fair Value and Comprehensive Income
Compliance Week reports that updated rules for fair value measurement and the statement of comprehensive income are expected soon.
AICPA Issues Comment Letter on 2011 IFRS Taxonomy Exposure Draft
March 2011 - In its comment letter, the AICPA recommended that expanded elements for commonly reported concepts and standard definitions be added to the IFRS Taxonomy in order for it to better meet the needs of filers and consumers of XBRL tagged data, not only under the SEC rules but around the world.
Provide Help to Japan through AICPA's CPAs in Support of America Fund
If you would like to contribute to relief efforts for Japan, consider the AICPA's CPAs in Support of America Fund, a 501(c)(3) entity.
Europe and IFRSs: six years on
Robert Bruce, a financial journalist, reports on IFRSs in Europe and the challenges ahead. (IFRS.org)
FASB Announces Joint FASB/IASB Public Roundtable Meetings on Proposed Standard on Offsetting
The Financial Accounting Standards Board (FASB) has announced it will host joint public roundtable meetings with the International Accounting Standards Board (IASB) to discuss the FASB's proposed Accounting Standards Update (ASU), Balance Sheet (Topic 210): Offsetting, and the IASB's Exposure Draft (ED), Offsetting Financial Assets and Financial Liabilities. The U.S. roundtable will be held on May 9 at the FASB offices in Norwalk, CT. (FASB.org)
Podcast: General Update from FASB Chairman on Progress of MoU Projects
March 16, 2011 - FASB Chairman Leslie Seidman presents an update on progress on the Memorandum of Understanding priority projects that are key to the global convergence of accounting standards. (FASB.org)
Survey: Companies Expect Major Impact from New Standards
Accounting Today reports on a new survey conducted by PricewaterhouseCoopers (PWC).
Companies Comment on Lease Proposals
CFO World asks, "Will transparency outweigh any negatives?"
IFRSs Need More Work
Peter Wyman, a former PwC partner, said that accounting standards followed by British banks contain flaws. The Telegraph interviewed Mr. Wyman, whose views will be in a book scheduled to be published later this week.
FASB Addresses Financial Liabilities
Compliance Week reports on communication from FASB's March 2 board meeting where it discussed classification and measurement of "plain-vanilla" financial liabilities.
Survey: IFRS Convergence Top Concern
CFO.com reports on the latest Duke University/CFO Magazine Global Business Outlook Survey. Convergence to IFRS was ranked as the most crucial accounting issue to be faced in 2011.
IFRS Transition for Canadian Banks Expected to Go Smoothly
A recent report from Moody's Investment Services suggests that IFRS should not affect Canadian bank credit ratings and indicates that it expects a general improvement in the quality of financial reporting. Investment Executive provides an overview of the report.
IFRS/US GAAP Convergence Creates Costs for EU Companies
The European Commission responds to the IFRS Foundation strategy review consultation document. (Accountancy Age)
Financial Accounting Foundation Announces Live Video Webcasting of FASB Education Sessions
The Financial Accounting Foundation (FAF) announced that it will begin live video webcasting of all education sessions hosted by the Financial Accounting Standards Board (FASB). (AccountingFoundation.org)
FASB Parent Creates Working Group on Private Company Reporting
FASB's parent organization, the Financial Accounting Foundation (FAF), said Friday it is forming a working group to review the adequacy and effectiveness of FASB's efforts in setting standards for the private company and nonprofit sectors. (Journal of Accountancy)
Financial Accounting Foundation Outlines Plans to Address Standard Setting for Nonpublic Entities
The Board of Trustees of the Financial Accounting Foundation (FAF) announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities. (AccountingFoundation.org)
Accounting for Leases
In August 2010, the IASB and the FASB jointly issued a draft standard on the accounting treatment of leases that intended to replace the current literature on leases under U.S. GAAP and IFRS. The Corporate Finance Insider provides an update on the project.
IFRS Quarterly Webcast Series – First Quarter 2011
Wednesday, March 9, 2011, 2:00PM - 4:00PM (EST) - The IFRS Series First Quarter will review IFRS standards on Leases, Revenue Recognition and Financial Instruments, including discussions on amortized cost measurement and impairment of financial instruments and financial asset and financial liability offsetting exposure drafts.
CPA Exam Slated for International Debut in August
The Uniform CPA Examination will be offered internationally for the first time during August in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates. (Journal of Accountancy)
Conclusions of the February 2011 Trustees' meeting
March 3, 2011 - A summary of the February 2011 IFRS Foundation Trustees' meeting, held on 10 and 11 February in Tokyo, Japan, is available at IFRS.org.
Will Standard Setters Scale Back Lease Proposals?
CoStar Group writes about recent discussions between the FASB and IASB on the lease accounting project.
Audit Committee Preparations for IFRS
Smart Business interviewed Wayne Williams, an audit partner with Crowe Horwath LLP, about how audit committees and executives should prepare for a possible transition to IFRS. (sbnonline.com)
ICAEW Comments on Future IASB Agenda
The Institute of Chartered Accountants in England and Wales says regulators should remain separate from standard setting. Going forward, the IASB needs to focus more on its own global constituents. (Accountancy Magazine)
India to Delay IFRS Implementation
The Financial Times reports that a government source said it will not oblige companies to start using IFRS on its original April 1 phased deadline. A government advisor said the new deadline would likely be April 2012; however, the government has not issued a new timeline. (FT.com, registration required)
Takatsugu (Tak) Ochi appointed as member of the IASB
February 25, 2011 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Takatsugu (Tak) Ochi as a member of the IASB for an initial five-year term from 1 July 2011 and renewable for a further three-year term. (IFRS.org)
India: IFRS Implementation Date to be set after Tax Issues Resolved
Moneycontrol.com reports that IFRS implementation dates will be set after tax issues are resolved. (Ministry of Corporate Affairs press release)
SME Implementation Group publishes draft guidance for public comment
February 24, 2011 - The SME Implementation Group, responsible for assisting the International Accounting Standards Board (IASB) on matters related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published today for public comment its first draft guidance on the IFRS for SMEs in form of a question and answer document (Q&A). (IFRS.org)
Will Standard Setters Backpedal on Leases?
FASB and IASB are considering a structure that would create two categories of leases. Compliance Week provides more information.
AICPA Comment Letter to FASB on Discussion Paper: Effective Dates and Transition Methods
The American Institute of Certified Public Accountants' Financial Reporting Executive Committee said there should be two different effective date and transition approaches for the projects covered by a recent Financial Accounting Standards Board Discussion Paper: one for public companies, and another for private entities.
Monitoring Board to hold round-table meetings on governance review
February 23, 2011 - The Monitoring Board has announced that public round-table meetings will be held on the governance review of the IFRS Foundation. (IFRS.org)
Study Looks at IFRS Adoption Errors
Tammy Whitehouse of Compliance Week reports on an academic study that examined adoption errors during an IFRS transition.
India May Have to Delay IFRS Deadline
Accountancy Age reports that India may miss its April 1 deadline for implementing IFRS. With just a few weeks to go before the deadline, India has not amended its Companies Act or otherwise formally authorized the use of IFRS.
Deloitte Survey: Companies Not Very Prepared for Lease Proposals
Deloitte releases results of a recent survey on FASB/IASB proposed changes to lease accounting. (Deloitte.com)
Representatives of the Accounting Standards Board of Japan and the Financial Accounting Standards Board Meet to Discuss Global Convergence
February 11, 2011 - Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on February 7 and 8, 2011, in Norwalk, Connecticut. (FASB.org)
IFRS Foundation to establish Asia-Oceania liaison office in Tokyo
The IFRS Foundation, the oversight body of the London-based International Accounting Standards Board (IASB), today announced its intention to open an office in Tokyo for enhanced liaison in the Asia-Oceania region. (IFRS.org)
FASB Discussion Paper Seeks Input on Issues about Hedge Accounting
February 9, 2011 - The Financial Accounting Standards Board (FASB) today issued a Discussion Paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities. (FASB.org)
U.K. Accounting Institute Calls For Single Implementation Date
The Institute of Chartered Accountants of England and Wales favors a "big bang" approach to implementing new standards set for completion in 2011. Accounting Today reports on the ICAEW's comments.
Incoming Chairman Says IASB Needs to Become More Open
Accountancy Age reports on incoming IASB chairman Hans Hoogervorst's speech at a European Commission conference.
Hoogervorst Addresses Credibility of Bank Tests
Incoming IASB Chairman Hans Hoogervorst speaks to the responsibility of regulators for maintaining stability in the financial system. Reuters reports on his remarks at a European Commission hearing.
Dick Sluimers, CEO of major asset management firm, joins IFRS Foundation Trustees
The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Dick Sluimers as a Trustee of the IFRS Foundation for an initial term beginning immediately and expiring on 31 December 2013. (IFRS.org)
Monitoring Board Releases its Report on Governance Review for Public Consultation
February 7, 2011 - The IFRS Foundation Monitoring Board today released a document "Consultative Report on the Review of the IFRS Foundation's Governance" for public comment. (IOSCO.org)
Standards Overseer to Consider Proposal for Private Company Financial Reporting
FASB's parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. (Journal of Accountancy)
Tweedie talks about the future
Sir David Tweedie's term as chairman of the IASB will end soon. He talks to CFO.com about IFRS and the future of accounting.
New Leadership at FASB and PCAOB
CFO.com writes about changes at the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.
FASB, IASB Address Offsetting Transactions, Impairment Models
FASB and the International Accounting Standards Board (IASB) took two more steps toward convergence with the release of joint proposals that address offsetting transactions and accounting for impairment of financial assets. (Journal of Accountancy)
FASB Chair Lays Out Priorities
CFO.com reports on a public appearance by FASB chair Leslie Seidman, where she discussed the board's highest priorities.
Updated AICPA IFRS Backgrounder
Get an introduction to the movement behind adoption of IFRS throughout the world. The AICPA's IFRS Backgrounder has been updated for developments through 2010 and is available for download.
Blue-Ribbon Panel Addressing Standards for Private Companies Submits Report of Recommendations to Financial Accounting Foundation
January 26, 2011 - The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements has issued a report of its recommendations to the Financial Accounting Foundation (FAF) Board of Trustees. (AccountingFoundation.org)
Live webcasts on offsetting exposure draft
On Monday 31 January the IASB will be hosting two live webcasts on the financial asset and financial liability offsetting exposure draft. The sessions will take place at 10am (UK time) and 3pm (UK time). (IFRS.org)
Debate Encouraged over UK SME Standards
UK Accounting Standard Board member Edward Beale said current plans to incorporate IFRS for Small and Medium-sized Entities could damage the ASB's reputation. The ASB's interim chair Roger Marshall encouraged debate. (Accountancy Age)
IAASB Explores Financial Statement Disclosures and Audit Quality; Releases Discussion Paper and Thought Piece
The International Auditing and Assurance Standards Board (IAASB) released for public comment a discussion paper exploring key issues relating to disclosures in financial statements. (IFAC.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.
"Condorsement" Idea Getting Some Attention
A Fitch report looks at the condorsement idea recently presented by SEC Deputy Chief Accountant Paul Beswick at a recent AICPA conference. Read more at the FT.com/alphaville Blog. Let us know what you think about the condorsement approach at the IFRS.com Blog.
Registration is Now Open for January 25 Webcast, 2011 Chairman's Outlook on the FASB with Leslie F. Seidman
This live, hour-long webcast begins at 1:00 p.m. on Tuesday, January 25, and will feature Chairman Seidman discussing the Board's priorities for 2011, including updates on top projects and progress on its joint agenda with the International Accounting Standards Board. (FASB.org)
IFRS Foundation publishes proposed IFRS Taxonomy 2011
January 18, 2011 - The IFRS Foundation today published for public comment an exposure draft of the IFRS Taxonomy 2011. (IFRS.org)
Stephen Cooper: Reforming hedge accounting
IASB member Stephen Cooper writes about hedge accounting proposals. (IFRS.org Investor Perspectives)
Financial Accounting Foundation Appoints New FASB Board Members
January 14, 2011 - The Financial Accounting Foundation (FAF) today announced the appointments of Daryl E. Buck and R. Harold (Hal) Schroeder to the Financial Accounting Standards Board (FASB). (AccountingFoundation.org)
IASB and US FASB to publish joint proposed approach to accounting for credit losses
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) intend to publish later this month a proposed joint approach on credit impairment of loans and other financial assets managed in an open portfolio. (IFRS.org)
Standard Setters Agree to Develop Joint Proposal of Credit Losses
Accountancy Magazine reports on the FASB/IASB decision to issue a joint proposal on credit losses.
AICPA and Going Concern Discuss CPA Exam
Going Concern met with members of the AICPA's examination team to learn more about the new CPA exam.
"Rules-Based" IFRS Criticized
UK House of Lords hears criticism that IFRS is pro-cyclical and contributed to the financial crisis. The Telegraph reports on the Parliamentary Committee hearings.
IFRIC Update January 2011
IFRIC Update is published as a convenience to the IASB's constituents. All conclusions reported are tentative and may be changed or modified at future IFRS Interpretations Committee meetings. (IFRS.org)
Africa embraces IFRSs
Financial journalist Robert Bruce reports on IFRS adoption plans in Africa. (IFRS.org)
Patricia McConnell: The objective of financial reporting and the qualitative characteristics of useful information — what investors should know
IASB member Patricia McConnell discusses changes to the conceptual framework. (IFRS.org)
IFRS.com Convergence Headquarters
Follow progress of convergence efforts between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board.
Adoption of IFRS and Human Capital Readiness
One of six key areas the U.S. Securities and Exchange Commission will be investigating in 2011. Is your firm ready? (Corporate Finance Insider)
Trustees set out next steps on Trustee Chair and their Strategy Review
January 7, 2011 - The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced steps to be taken following the tragic and untimely death of Tommaso Padoa-Schioppa (IFRS.org)
Trustees update timetable for Strategy Review
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), have updated the timetable for completing the ongoing Strategy Review. (IFRS.org)
AICPA, NASBA, and Prometric Announce Successful Launch of New Uniform CPA Examination
January 5, 2011 - The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy, and Prometric today launched the new Uniform CPA Examination, called CBT-e, which includes for the first time questions on International Financial Reporting Standards among other sweeping and significant changes.
India's April 2011 Deadline Will Be Met
Corporate Affairs Minister Salman Khurshid said India is on schedule to meet its IFRS implementation date. Business Standard reports on statements from the minister at a recent conference.
UK Supermarket Retailers Challenge Lease Proposals
Accountancy Age reports on comments from UK's Sainsbury and Tesco.
