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1. IASB seeks improvement for macro hedging accounting   WebExclusive

BY Ken Tysiac
An effort to create a more accurate depiction of risk management activities known as “macro hedging” in financial reporting is reflected in a discussion paper released Thursday by the International Accounting Standards Board (IASB).The IASB is inviting comment on a possible new approach to accounting for macro hedging because it says the existing requirements of IAS 39, Financial Instruments: Recognition and Measurement, are difficult to apply.“Current requirements make it difficult to faithfully represent dynamic risk management in entities’ financial statements and can increase operational complexity,” IASB Chairman Hans Hoogervorst said in a news release.

2. IASB proposal designed to improve disclosures   WebExclusive

BY Ken Tysiac
Amendments proposed by the International Accounting Standards Board (IASB) on Tuesday are designed to play a role in the board’s effort to reduce disclosure overload.Proposed amendments to IAS 1, Presentation of Financial Statements, are the result of one of several short-term projects under the IASB’s broader Disclosure Initiative.

3. No easy answers in key leases standard debate   WebExclusive

BY Ken Tysiac
FASB and the International Accounting Standards Board (IASB) are struggling to find common ground in their efforts to create a converged standard for financial reporting on leases.While meeting together Tuesday at FASB’s headquarters in Norwalk, Conn., the two boards came to different conclusions in preliminary votes on financial reporting guidance for lessees and for lessors.The boards will meet again Wednesday in an effort to resolve their differences and move forward together with the difficult project, which was first placed on their agendas in 2006.

4. How the lease accounting proposal may change   WebExclusive

BY Ken Tysiac
Acknowledging that the converged leases project poses difficulties for standard setters, International Accounting Standards Board (IASB) Chairman Hans Hoogervorst described some possible solutions Wednesday during a speech in Tokyo.The IASB and FASB are involved in new deliberations on their converged leases project after receiving feedback from financial statement preparers that said implementation costs would be high and benefits would be low if a proposal released in May is approved.“We take these concerns very seriously,” Hoogervorst said.

5. SEC plans to consider whether global standards are achievable   WebExclusive

BY Ken Tysiac
The SEC plans to consider whether a single set of high-quality global accounting standards is achievable, according to one initiative described in a draft of the commission’s strategic plan for 2014 to 2018.An initiative described on page 8 of the 39-page document, which was released Monday, says the SEC will continue to promote the establishment of high-quality accounting standards by independent standard setters.

6. IASB gives rate-regulated activities guidance, reviews business combinations rules   WebExclusive

BY Ken Tysiac
The International Accounting Standards Board (IASB) on Thursday issued an interim standard on rate-regulated activities for use by first-time IFRS adopters while the board works to develop a permanent standard.Previously, IFRS did not contain any guidance for rate-regulated activities. The IASB has a plan to consider the broad issue of rate-regulated activities and plans to issue a discussion paper on the topic this year.The interim standard, IFRS 14, Regulatory Deferral Accounts, will guide financial reporting of rate-regulated activities while the permanent standard is developed.

7. FAF to pay up to $3 million to help IASB’s convergence work   WebExclusive

BY Ken Tysiac
The IFRS Foundation will receive assistance for work on international convergence projects from its U.S. counterpart, the Financial Accounting Foundation (FAF).FAF announced Tuesday that it will make a nonrecurring contribution of up to $3 million in 2014 to the IFRS Foundation to support the work by the International Accounting Standards Board (IASB) on the four joint projects it is completing with FASB.The joint projects are underway in an attempt to achieve converged financial reporting standards for revenue recognition, leases, financial instruments, and insurance.

8. Financial instruments convergence in doubt after FASB decisions   WebExclusive

BY Ken Tysiac
FASB took what appears to be two steps back from convergence with the International Accounting Standards Board (IASB) last week with a pair of major tentative decisions in its project on accounting for financial instruments.In the classification and measurement portion of the project, the board decided not to continue to pursue its proposed “solely payment of principal and interest (SPPI)” model to determine the classification and measurement of financial assets.The fundamental principles of FASB’s proposed SPPI model were aligned with the IASB’s model, although the boards already differed in other areas on classification and measurement.FASB instead decided

9. IASB proposes amendments to IAS 27 to allow equity method   WebExclusive

BY Ken Tysiac
Narrow-scope amendments to IAS 27 proposed Monday by the International Accounting Standards Board (I

10. IASB makes change to defined benefit contribution accounting   WebExclusive

BY Ken Tysiac
Small-scale changes to financial reporting rules for employee benefit plans were published Thursday
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