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1. IASB official: Global accounting standards are “achievable,” “inevitable”   WebExclusive

BY Neil Amato
The goal of global accounting standards will be achieved at some point, an International Accounting Standards Board (IASB) official said Wednesday in South Africa.Ian Mackintosh, vice-chairman of the IASB, called global accounting standards “desirable, achievable, and … inevitable” in a speech in Johannesburg.Although more than 100 countries have adopted IFRS, some large countries, including the United States, remain undecided.

2. Convergence unachieved after IASB publishes financial instruments standard   WebExclusive

BY Ken Tysiac
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB.IFRS 9, Financial Instruments, is the final element of the IASB’s response to the global financial crisis.

3. Revenue transition group debates difficult implementation issues   WebExclusive

BY Ken Tysiac
A lively discussion by a new revenue recognition transition resource group gave FASB and the International Accounting Standards Board (IASB) plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May.The resource group, which met for the first time Friday, does not issue interpretations or guidance.

4. Revenue recognition: No time to wait   CPEDirect

BY Ken Tysiac
It took more than 11 years for FASB and the International Accounting Standards Board (IASB) to develop a converged standard for revenue recognition, which first appeared on the boards’ technical agendas in 2002. At first glance, it seems as though the implementation date provides companies with plenty of time to get their systems ready for the changes associated with the standard, which was approved by both boards in December and was released May 28.

5. International forum aims for cohesion in corporate reporting   WebExclusive

BY Ken Tysiac
A new international forum is bringing together key players in corporate reporting to promote more coherence, consistency, and comparability between corporate reporting frameworks, standards, and related requirements.The Corporate Reporting Dialogue was introduced Tuesday by the International Integrated Reporting Council (IIRC). Along with the IIRC, participants in the Corporate Reporting Dialogue will be:CDP, a not-for-profit international sustainable economy advocate.The Climate Disclosure Standards Board.FASB.The Global Reporting Initiative.The International Accounting Standards Board.The International Public Sector Accounting Standards Board.The International Organization for Standardization.The Sustainability Accounting Standards Board.Huguette Labelle, the chair of Transparency International and an IIRC council member, will chair the

6. Substantial new disclosures required by revenue standard   WebExclusive

BY Ken Tysiac
A wide assortment of new disclosures is expected to be one of the biggest challenges for financial statement preparers as they implement the new revenue recognition guidance issued last month by FASB and the International Accounting Standards Board (IASB).Public companies today voluntarily provide investors with many disclosures about revenue in their news releases and earnings calls.

7. Revenue recognition transition issues to be tackled by new group   WebExclusive

BY Ken Tysiac
A new group devoted to dealing with transition issues related to the new, converged revenue recognition standard will meet twice in 2014 and four times in 2015.The Joint Transition Resource Group for Revenue Recognition will hold its first meeting on July 18 and will consist of financial statement preparers, auditors, and users representing a wide range of industries, geographical locations, and public and private companies and organizations.All meetings will be public and co-chaired by FASB Vice Chairman James Kroeker and International Accounting Standards Board (IASB) Vice Chairman Ian Mackintosh.The group will advise FASB and the IASB about

8. Revenue recognition: A new direction   WebExclusive

FASB and the International Accounting Standards Board (IASB) have developed a new, converged standard on revenue recognition that will have at least some effect on virtually all businesses that use U.S. GAAP or IFRS for their financial reporting. Learn more here from the Journal of Accountancy about best practices for implementation as well as the development of this important standard.

9. How preparers can make revenue recognition implementation smooth   WebExclusive

BY Ken Tysiac
Financial statement preparers are embarking on a daunting task as they begin to ramp up for implementation of the new, comprehensive, converged standard on revenue recognition.Reading and understanding the standard, which was released on Wednesday, is the first item of business for preparers, according to Brian Marshall, CPA, a partner in the National Accounting Standards Group at McGladrey LLP.

10. FASB, IASB release historic revenue recognition standard   WebExclusive

BY Ken Tysiac
The release of a highly anticipated financial reporting standard Wednesday marked a grand achievement in the effort to converge international accounting rules.FASB and the International Accounting Standards Board (IASB) released a standard on the recognition of revenue from contracts with customers that is designed to create greater comparability for financial statement users across industries and jurisdictions.“The revenue recognition standard represents a milestone in our efforts to improve and converge one of the most important areas of financial reporting,” FASB Chairman Russell Golden said in a news release.
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