Journal of Accountancy Large Logo

Search Results

International (IFRS/IAS)

Sort by: Show:
Page  1 | 2 | 3 | 4 | 5 >> 

1. 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.

2. 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.

3. Seven revenue recognition considerations   CPEDirect

BY Ken Tysiac
The prospect of preparing for a historic, game-changing revenue recognition standard at a huge, global public company is a bit daunting for GE Technical Controller Russell Hodge, CPA.“I’ll admit to it being a little bit overwhelming to us,” Hodge said. “We have $150 billion of revenue and so many diverse, different business models.

4. Transfer pricing and its effect on financial reporting   CPEDirect

BY John McKinley, CPA, CGMA, J.D., and John Owsley, Ph.D.
This article examines the relationship between transfer pricing and an entity’s tax and financial reporting. Due to increased IRS audit procedures, transfer pricing has become one of the riskiest areas for multinational corporations from both a compliance and tax planning perspective. Amazon, AOL, Adobe, Hewlett-Packard, Microsoft, and other multinationals have made headlines because of transfer-pricing disputes over potential adjustments to income ranging from tens of millions to upward of a billion dollars.

5. Financial reporting  

FASB issued a revised proposal that would provide a comprehensive framework for classifying and measuring financial instruments. The Proposed Accounting Standards Update (ASU), Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, would require financial assets to be classified and measured based on the asset’s flow characteristics and the entity’s business model for managing the asset, rather than on its legal form or whether the asset is a loan or security.

6. Financial reporting / International  

The IFRS Foundation’s departure from requirements initially proposed in November could clear the way for FASB membership in a new global forum of national and regional standard setters. Promoting IFRS adoption will not be a prerequisite for standard setters to participate in a new forum the IFRS Foundation is forming to advise the IASB on technical standard-setting issues.

7. What have IASB and FASB convergence efforts achieved?  

BY Paul Pacter, CPA, Ph.D.
For nearly 40 years, the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC), have been working to develop a set of high-quality, understandable, and enforceable International Financial Reporting Standards (IFRS) to serve equity investors, lenders, creditors, and others in globalized capital markets.

8. Financial reporting  

Adjustments for the time value of money, which have generated some opposition from stakeholders, are likely to remain a part of the converged revenue recognition standard that is being jointly developed by FASB and the International Accounting Standards Board (IASB). The boards tentatively affirmed a proposal in the 2011 exposure draft regarding the time value of money, according to an update posted on FASB’s site.

9. Financial reporting  

The SEC approved disclosure rules designed to increase transparency around companies’ use of so-called “conflict minerals” and payments to governments for access to natural resources for extraction purposes. The rules, advocated by certain human rights groups, will implement two sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, P.L.

10. Still in flux: Future of IFRS in U.S. remains unclear after SEC report   CPEDirect

BY Ken Tysiac
The future of international accounting standards for U.S. public companies remains uncertain after the release in July of a long-anticipated SEC analysis of IFRS. In a 127-page report released on the final day of Chief Accountant James Kroeker’s tenure, the SEC staff said the global financial reporting community considers the standards produced by the International Accounting Standards Board (IASB) to be of high quality despite areas that need further development.
Page  1 | 2 | 3 | 4 | 5 >> 
CPE Direct articles Web-exclusive content
AICPA Logo Copyright © 2013 American Institute of Certified Public Accountants. All rights reserved.
Reliable. Resourceful. Respected. (Tagline)