General Information
- New translations available in Arabic and Brazilian Portuguese
April 2, 2013 - The IFRS Foundation is pleased to announce the publication of the following translations:
• Arabic translation of the 2012 International Financial Reporting Standards (Red Book).
• Brazilian Portuguese translation of the 2012 International Financial Reporting Standards (Red Book). (IFRS.org)- March IFRS for SMEs Update published
March 29, 2013 - The March 2013 IFRS for SMEs Update has been published. (IFRS.org)
- FASB provides more time to compare credit loss proposals
March 28, 2013 - The Financial Accounting Standards Board has extended the comment period of its expected-credit-loss proposal in its financial-instruments project to May 31. (Journal of Accountancy)
- IASB proposes simplified accounting for certain defined benefit contributions
March 25, 2013 An International Accounting Standards Board proposal would simplify accounting for contributions to defined-benefit plans under IAS 19, Employee Benefits. It provides an alternative when contributions payable in a particular period are linked just to the employee's service provided during that period. Comments are to be made by July 25. (Journal of Accountancy)
- FASB among 12 participants in IASB advisory forum
March 19, 2013 - The Financial Accounting Standards Board is one of 12 standard setters from around the world that will serve as an inaugural member of an accounting advisory group. The Accounting Standards Advisory Forum will provide technical advice to the International Accounting Standards Board (Journal of Accountancy)
- 2013 IFRS (Red Book)—now available
March 12, 2013 - The IFRS Foundation is pleased to announce that the 2013 International Financial Reporting Standards (Red Book) is now available. (IFRS.org)
- Kabureck’s Appointment to IASB Helps Assure Significant Representation on the Board by the U.S.
Kabureck’s Appointment to IASB Helps Assure Significant Representation on the Board by the U.S.
- IFRS Foundation Overseer Finalizes Membership Criteria
March 1, 2013 - IFRS Foundation’s Monitoring Board has chosen Masamichi Kono as its Chairman and has instituted a new approach to its membership criteria assessment, which will allow for greater participation of expanding markets. (AccountingToday)
- February IFRS for SMEs Update published
March 4, 2013 - The February 2013 IFRS for SMEs Update has been published. (IFRS.org)
- February 18, 2013
- Trustees publish revised version of the IFRS Foundation Due Process Handbook
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have published an updated version of the IFRS Foundation Due Process Handbook. (IFRS.org)
- February 7, 2013
- IFRS Foundation seeks candidates to fill Trustees vacancies
The IFRS Foundation seeks candidates to fill Trustees vacancies that will become available in July 2013 and January 2014. It is seeking Trustees from Asia-Oceania, South America and an “At Large” position. (IFRS.org)
- Webcast on proposed IFRS taxonomy 2013
Webcast on the proposed IFRS taxonomy 2013 recording is now available. (IFRS.org)
- Applications invited for IFRS Interpretations Committee vacancies
The Trustees of the International Financial Reporting Standards (IFRS) Foundation invite applications from suitable candidates to fill up to four vacancies on the IFRS Interpretations Committee. (IFRS.org)
- UK’s Financial Reporting Council Has Joined Other European Standard Setters to Focus on IASB’s IFRS Framework
Its goal, along with that of its counterparts, is to ensure that the views of the European stakeholders are adequately taken into consideration. (Economia)
- January 30, 2013
- IFRS Foundation publishes free teaching material
The IFRS Foundation today published the first part of its Education Initiative’s comprehensive Framework-based IFRS teaching material. (IFRS.org)
- January 30, 2013
- Speech by Hans Hoogervorst, Cass Business School, January 2013: 'The search for consistency in financial reporting'
On 17 January 2013, Hans Hoogervorst, IASB Chairman, delivered a speech entitled “The search for consistency in financial reporting” at a Centre for Financial Analysis and Reporting Research (CeFARR) briefing held at Cass Business School in London. (IFRS.org)
- January 3, 2012
- New French, Japanese, Kazakh and Spanish translations available online
The IFRS Foundation is pleased to announce the publication of these new translations. (IFRS.org)
- December 18, 2012
- Belarus to adopt IFRS in 2014
Belarus will adopt International Financial Reporting Standards in 2014, when its new reporting and accounting law goes into effect. All banks in the country as well as its 23 public companies must use IFRS. The law will help companies access international capital markets, said Finance Ministry chief Tatiana Rybak. BelTA News Agency (Belarus)
- December 13, 2012
- 'IFRS Resources' list updated
The IFRS Foundation Education Initiative has updated the list of English language resources about International Financial Reporting Standards (IFRSs) available to accounting practitioners, educators, students, and others who wish to study IFRSs. (IFRS.org)
- December 12, 2012
- New French translations available online
The IFRS Foundation is pleased to announce the publication of the following three new French translations: Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27); Exposure Draft Equity Method: Share of Other Net Asset Changes; and Exposure Draft Annual Improvements to IFRSs 2011–2013 Cycle (IFRS.org)
- April 12, 2012
- The Move to IFRS
Article discusses the reasons why companies should make the move to IFRS and outlines how to undertake the process for doing so. (Business Finance)
- July 30, 2012
- Spanish translation of the Request for Information: Comprehensive Review of the IFRS for SMEs
A Spanish translation of the Request for Information can be accessed online. The objective of the Request for Information is to seek public views on whether there is a need to make any amendments to the IFRS for SMEs and, if so, what amendments should be made. (IFRS.org)
- May 29, 2012
- English-language IFRS for SMEs training Module 31
The Education Initiative has posted Module 31 Hyperinflation of its training material on the IFRS for SMEs. (IFRS.org)
- May 9, 2012
- Spanish translations of IFRS for SMEs Q&As
Spanish translations of the following Q&As on the IFRS for SMEs can now be accessed online:
- Q&A 2011/01, Use of the IFRS for SMEs in a parent’s separate financial statements
- Q&A 2011/02, Entities that typically have public accountability
- Q&A 2011/03, Interpretation of ‘traded in a public market’ (IFRS.org)
- May 2, 2012
- Hebrew translation of IFRS for SMEs available
The IFRS Foundation is pleased to announce that the Hebrew translation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) has now been published online. (IFRS.org)
- April 24, 2012
- IFRS: A Summary
Article provides a broad summary of IFRS: background, benefits, potential impacts, and approximate timelines. (San Francisco Chronicle)
- April 19, 2012
- Arabic-language IFRS for SMEs training Module 33
The Arabic translation of Module 33 Related Party Disclosures of IFRS for SMEs training material is now available. (IFRS.org)
- April 17, 2012
- New Kazakh and Hebrew translations available online
The IFRS Foundation is pleased to announce the publication of the following translations:
- The Kazakh translation of the requirements of IFRS for SMEs
- The Hebrew translations of three standards
- April 3, 2012
- IFRS Taxonomy 2011 labels published in Spanish
The IFRS Taxonomy 2011 labels have been published in Spanish. (IFRS.org)
- March 19, 2012
- Chungwoo Suh appointed to the IASB
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced today the appointment of Chungwoo Suh as a member of the IASB for an initial five-year term from 1 July 2012 and renewable for a further three-year term. (IFRS.org)
- March 12, 2012
- Republic of Ecuador adopts IFRS for SMEs for all non-publicly accountable entities
The Republic of Ecuador has adopted the IFRS for SMEs for all non-publicly accountable entities for years ending on or after 31 December 2012. There are approximately 60,000 such entities in Ecuador. (IFRS.org)
- February 14, 2012
- New Azeri, French, Kazakh, Russian and Spanish translations available online
The IFRS Foundation is pleased to announce the publication, in translation, of several key resources. Please see website for details. (IFRS.org)
- February 13, 2012
- Representatives of the Accounting Standards Board of Japan and the Financial Accounting Standards Board Hold Biannual Meeting
Norwalk, CT, February 10, 2012—Representatives of the Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) met on February 6 and 7, 2012, in Norwalk, Connecticut. This meeting was the twelfth in a series of discussions between the FASB and the ASBJ. (FASB.org)
- January 31, 2012
- Summary of Board Decisions—FASB/IASB Joint Videoconference Board Meeting
Two broad topics were deliberated: Accounting for Financial Instruments—Classification and Measurement, and Accounting for Financial Instruments—Impairment. (FASB.org)
- January 30, 2012
- Summary of the January 2012 Trustees' meeting, Singapore
The Trustees of the IFRS Foundation, the body responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced the conclusions of their meeting in Singapore on 12 January 2012. (IFRS.org)
- January 30, 2012
- UK GAAP and SME Accounting
The UK's Accounting Standards Board has announced that it will make changes to its current proposals, in response to feedback on the related exposure drafts. While it will keep the present three financial reporting structures of IFRS, UK GAAP, and Financial Reporting Standards for Smaller Entities, it will implement a "middle tier" that must utilize IFRS for SMEs, instead of UK GAAP. (AccountancyAge)
- January 26, 2012
- French translation of 2011 standards now published
The IFRS Foundation is pleased to announce the publication of the 2011 French translations of International Financial Reporting Standards. These French files correspond to the text used for the adoption of IFRSs into law, and do not include the accompanying material such as the Bases for Conclusions and Implementation Guidance. (IFRS.org)
- January 25, 2012
- The IFRS Foundation Has Released New Publications Translated Into Seven Languages
Several important publications have been translated into the Finnish, French, Hebrew, Japanese, Kazakh and Spanish languages. (inAudit)
- January 20, 2012
- IFRS for SMEs Train-the-Trainers Workshop in Almaty, Kazakhstan
A five-day IFRS for SMEs train-the-trainers workshop was held in Almaty, Kazakhstan on 9–13 January 2012. There were 100 participants, mainly from Kazakhstan, with a few Eurasian Council of Certified Accountants and Auditors (ECCAA) participants coming from Kyrgyzstan and Uzbekistan. The event was sponsored by the World Bank, together with the Ministry of Finance Kazakhstan. (IFRS.org)
- January 20, 2012
- IASB's Hoogervorst Expresses Intent to See India's Implementation of IFRS Regain Momentum
The Chairman recently met with officials of India's Securities and Exchange Board and Reserve Bank of India to assess the country's preparedness. (moneycontrol.com)
- January 17, 2012
- IFRS Foundation Trustees and representatives from the Singapore Accounting Standards Council and local business community meet to discuss financial reporting matters
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), met with representatives of the Singapore Accounting Standards Council (ASC) and the local business community on 12 January 2012. (IFRS.org)
- January 9, 2012
- New Japanese and Spanish translations available online
The IFRS Foundation is pleased to announce the publication of the following translations:
Japanese translation of the exposure draft Revenue from Contracts with Customers, issued by the IASB in English in November 2011. Comments to be received by 13 March 2012. This document can be accessed via the Comment on a proposal webpage.
Spanish translation of the Basis for Conclusions of IAS 19 Employee Benefits, as issued in English by the IASB in June 2011.
Spanish translation of IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine, as issued in English by the IASB in October 2011. (IFRS.org)- January 6, 2012
- Kuala Lumpur To Be Site of IFRS Conference in March 2012
The Malaysian Accounting Standards Board and the IFRS Foundation will present a 1-day conference, which will enable participants to find out more about the implementation of IFRSs, become more familiar with the IASB's agendas and projects, and have a chance to hear presentations by Hans Hoogervorst, IASB Chairman, and other experts. (inAudit)
- January 5, 2012
- Arabic-language IFRS for SMEs training Module 30
The Education Initiative has posted Module 30 Foreign Currency Translation of the Arabic-language translation of its training material. In total, 25 Arabic-language modules are now available for download from the IFRS Foundation website (see www.ifrs.org/IFRS+for+SMEs/ArabicModules.htm). The IFRS Foundation is grateful to the Arab Society of Certified Accountants (ASCA) Jordan for facilitating and funding the translation of the training material. (IFRS.org)
- January 3, 2012
- Yong Li and Marco Onado appointed as Trustees of the IFRS Foundation
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today announced the appointment of Yong Li and Marco Onado as Trustees. The appointments, approved by the IFRS Foundation Monitoring Board, begin immediately and will expire on 31 December 2014. The terms are renewable once. (IFRS.org)
- December 6, 2011
- 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)
- November 4, 2011
- Representatives of IASB and ASBJ hold a biannual meeting
Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their fourteenth biannual meeting in London on 31 October and 1 November 2011. (IFRS.org)
- June 20, 2011
- 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)
- May 25, 2011
- Video: Hot Topics in Canada: Standards Change
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.
- March 28, 2011
- Russia Plans for 2013 IFRS Adoption
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)
- Februray 7, 2011
- 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)
- January 25, 2011
- 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)
- January 11, 2010
- Africa embraces IFRSs
Financial journalist Robert Bruce reports on IFRS adoption plans in Africa. (IFRS.org)
- December 14, 2010
- 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.
- October 29, 2010
- 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.
- October 15, 2010
- 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)
- May 27, 2010
- IASB Chairman Outlines Approach for Reconciling Financial Instrument Standards
May 25, 2010 - International Accounting Standards Board Chairman Sir David Tweedie on Tuesday outlined a possible approach for reconciling the divergent IASB and FASB models for financial instruments accounting. (Journal of Accountancy)
- April 26, 2010
- 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)
- April 2, 2010
- Press release from IASC Foundation Monitoring Board
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.
- March 3, 2010
- Japan’s Financial Services Agency - Publication of the Revision on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan
The Financial Services Agency (FSA) completed the public consultation and updated the list of Designated International Financial Reporting Standards (IFRSs), allowing all IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the International Accounting Standards Board (IASB) on or before December 31, 2009, to be used in the voluntary application of IFRS in Japan by certain Japanese listed companies ("Specified Companies") starting from the consolidated fiscal years ending on or after March 31, 2010. (mondovisione)
- February 22, 2010
- 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)
- January 4, 2010
- 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)
- December 21, 2009
- IPSASB Achieves Goal of Substantial Convergence With IFRSs
At its December 8-11 meeting in Rome, the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) achieved its strategic goal of substantial convergence with the International Financial Reporting Standards (IFRSs) dated December 31, 2008, with a series of new or improved standards. (IFAC.org)
- December 7, 2009
- IPSASB Issues Standard on Agriculture as Part of its Global Convergence Program
The International Public Sector Accounting Standards Board (IPSASB) has taken a further step in its global convergence program with International Financial Reporting Standards. (IFAC.org)
- November 20, 2009
- IFAC Presses for Action to Adopt and Implement Global Financial Standards
The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing. (IFAC.org)
- November 2, 2009
- Video: Impact of IFRS Adoption in Global Capital Markets
Paul A. Volcker, Chairman of the President's Economic Recovery Advisory Board, discusses the impact of adopting IFRS in global capital markets. (Journal of Accountancy)
- October 9, 2009
- IFRS Back in the News
Recent statements from Mary Schapiro and James Kroeker of the SEC about the SEC roadmap have renewed the IFRS discussion in the U.S., including some of the old criticisms. Sir David Tweedie Chairman of the IASB says many of the concerns expressed about IFRS are being addressed and resolved. CFO.com asks, "Is he right?"
- September 30, 2009
- New Accounting Standards for Private Enterprises in Canada Finalized
The Canadian Accounting Standards Board (AcSB) approved the final accounting standards for private enterprises in Canada. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early. The private enterprise standards give Canadian businesses the ability to choose to adopt new "made in Canada" standards or International Financial Reporting Standards (IFRSs). (acsbcanada.org)
- September 27, 2009
- G-20: Achieve Single Set of Global Accounting Standards by June 2011
In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on "international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011." (Journal of Accountancy)
- September 25, 2009
- G20 Calls for Convergence by June 2011
G20 leaders issued a statement from their Pittsburgh summit. Included in the statement is a call for accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process, and complete their convergence project by June 2011. (Leaders' Statement: The Pittsburgh Summit)
- September 23, 2009
- Monitoring Board for IASC Foundation Issues Statement
The Monitoring Board for the International Accounting Standards Committee Foundation on issues statement on principles for accounting standards and standard setting.
- September 8, 2009
- G20 Finance Ministers Issue Statement
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G20 finance ministers issued a "Declaration on further steps to strengthen the financial system". The statement says, "more needs to be done to maintain momentum". Reuters provides text of the Declaration.
- August 28, 2009
- Basel Committee Calls for Accounting Changes
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The Basel Committee on Banking Supervision calls for changes to fair value measurements and loan loss provisioning.
- August 19, 2009
- Details of FASB's Fair Value Proposals Expected Later this Year
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CFO.com reviews current fair value rules and proposals for fair value expansion, which are expected to be released late this year. Last week, the American Bankers Association released a white paper expressing concern over an expansion of mark-to-market, lack of due process and divergence between IASB and FASB.
- August 17, 2009
- Will G20 Meetings Refocus Move to Global Standards?
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Momentum toward a single set of global accounting standards has slowed this year. It may take upcoming meetings of G20 finance ministers and G20 heads of state to get accounting convergence back on track, according to a Reuters article. (Reuters)
- August 6, 2009
- "Where is the USA?"
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Speaking at the American Accounting Association's annual meeting, Sir David Tweedie, Chair of the International Accounting Standards Board, said, "That is a question I am asked all around the world." WebCPA reports on Chairman Tweedie's speech. He says that a commitment is needed from the U.S. by 2011. (WebCPA)
- July 31, 2009
- IFAC Calls for G20 to Adopt Global Accounting,
Auditing, and Independence Standards and to Enhance Government Transparency -
In a letter, the International Federation of Accountants has called for broad action by the G20 leaders at their September meeting in Pittsburg, PA. (IFAC.org)
- July 28, 2009
- Financial Crisis Advisory Group Publishes Wide-Ranging Review Of Standard-Setting Activities Following The Global Credit Crisis
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The Financial Crisis Advisory Group (FCAG), a high-level group of recognized leaders with broad experience in international financial markets, published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global financial crisis. (IASB.org)
- July 27, 2009
- IFAC G20 Accountancy Summit Issues Renewed Mandate for Adoption of Global Standards
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The International Federation of Accountants held a summit in London to achieve consensus on a series of recommendations to be made to the G20 leaders prior to their meeting in September.
- May 07, 2009
- National Standard Setters Meet in Johannesburg
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Insight, the journal of the IASC Foundation, reports that at their recent meeting in Johannesburg national accounting standard-setters from around the world emphasized their support for the International Accounting Standards Board (IASB) and its stance on holding firm over bank reporting.
- May 06, 2009
- IFAC President Says Government Bailouts
Bring International Public Sector Accounting Standards to the Forefront -
Speaking at a recent forum, Robert L. Bunting, President of the International Federation of Accountants (IFAC), described the enormous changes happening as a result of the global financial crisis and explained why convergence and implementation of international standards is needed to rebuild and sustain the global financial system.
- April 29, 2009
- FCAG Letter to G-20 Leaders
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The Financial Crisis Advisory Group (FCAG) has written leaders of the G-20 providing an update of their work. In their letter, the FCAG stresses the importance of work on the financial instruments and consolidation/derecognition projects.
- April 24, 2009
- IPSASB Moves Closer to Global Convergence
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The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) is proposing new financial reporting requirements to assist public sector entities in accounting for financial instruments.
- April 16, 2009
- 2009 Handbook of International Public Sector Accounting Pronouncements Available
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The International Public Sector Accounting Standards Board of the International Federation of Accountants announced that it has published the 2009 Handbook.
- April 8, 2009
- IFAC Supports G20 Objectives for Reform of Global Financial System
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The International Federation of Accountants (IFAC) endorses the proposals to enhance global financial regulation and improve the transparency of the international financial system that were issued in the G20 Communiqué on the world economic crisis on April 2 in London.
- April 3, 2009
- G-20 Committed to Global GAAP, Independence of Standard Setters
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Meeting in London, the Group of 20 on Thursday reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington.
- April 1, 2009
- IPSASB Moves Closer to Global Convergence
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The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft entitled ED 36 Agriculture which is part of the IPSASB's global convergence program with International Financial Reporting Standards.
- March 31, 2009
- Financial Crisis Advisory Group Distributes Report to G-20
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The Financial Crisis Advisory Group (FCAG) has issued a report for distribution to members of the G-20. The FCAG was established to advise the IASB and FASB about standard-setting implications of the global credit crisis.
- March 4, 2009
- IAASB Completes Clarity Project
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The International Auditing and Assurance Board (IAASB) has completed its Clarity Project with the release of the final seven clarified International Standards on Auditing (ISAs). The full suite of standards and resources are featured on a new web page.
- February 25, 2009
- IFAC focuses on credit crisis, needs of SME's
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Global accountancy leaders discussed the financial crisis, the needs of small- and medium- sized enterprises and the ways in which professional accountants can contribute to rebuilding economic stability at meetings hosted by the International Federation of Accountants.
- January 22, 2009
- IAASB Practice Alert Helps Auditors and
Management Assess Impact of Credit Crisis on Going Concern Assumptions -
The International Auditing and Assurance Standards Board has released a new practice alert entitled Audit Considerations in Respect of Going Concern in the Current Economic Environment.
- January 7, 2008
- Many European Banks Choose not to Reclassify Financial Instruments
- In October 2008, the International Accounting Standards Board amended its fair value rules by permitting reclassification of certain financial instruments. A January 2009, report issued by the Committee of European Securities Regulators (CESR) reveals that many banks decided not to use the eased accounting rule. The report states, "For the companies in the FTSE Eurotop 100 index almost two thirds of these companies did not reclassify any financial instruments in any of the categories".
Reuters UK | Mondo Visione | CESR Report
- Novemeber 15, 2008
- Declarations of the G20 Summit on Financial Markets and the World Economy
- November 15, 2008 - Leaders agree on common principles to guide financial market reform. Included in their declarations are goals that will strengthen transparency and accountability. Global accounting standards bodies should work to enhance guidance on valuation of securities, especially during times of stress. With a view toward promoting financial stability, the governance of the international accounting standard setting body should be enhanced, including a review of its membership, to ensure accountability and an appropriate relationship between this independent body and relevant authorities. The declarations from the meeting also stress that key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard.
- Novemeber 7, 2008
- Summary of IASC Foundation Meeting – October 2008
- The Trustees of the International Accounting Standards Committee Foundation announced the conclusions of their meeting in Beijing, China on October 9 and 10, 2008.
- May 19, 2008
- AICPA Publishes IFRS.com Website to Inform Members and Financial Professionals About International Accounting Standards
- The American Institute of Certified Public Accountants announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS).
- May 18, 2008
- AICPA Council Votes to Recognize the International Accounting Standards Board as a Designated Standards Setter
- The governing Council of the American Institute of Certified Public Accountants voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.
- IAASB Auditing Standards
- The International Auditing and Assurance Standards Board (IAASB) serves the public interest by setting, independently and under its own authority, high quality standards dealing with auditing, review, other assurance, quality control and related services, and facilitating the convergence of national and international standards.
- IPSASB Public Sector Standards
- The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve.
