Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.
Accounting compliance and reporting (IFRS)
Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.
New high-profile accounting standards for revenue recognition, leases and expected credit losses have companies facing a heavy implementation burden. Here are tips that could ease the stress and make implementation smoother.
His first term brought significant new standards.
New lease accounting standards issued by FASB and the International Accounting Standards Board will result in substantial changes in recognition and presentation on the balance sheet for lessees.
The board responded to questions about changes in debt.
Convergence project puts more leases on books.
More situations arise that call for CPAs to be fluent in IFRS and U.S. GAAP.
Hans Hoogervorst will serve a second five-year term as chairman of the International Accounting Standards Board.
The board considers annual improvements and its investment property standard.
The option would permit U.S. issuers to provide information in addition to U.S. GAAP.
Full convergence is a goal.
Investors had requested more information about changes in companies’ debt.
The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet.
FASB also is working to clarify the concept for preparers.
FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.
The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.
A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.
In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.
The AICPA FinREC released nine working drafts for informal comment containing industry-specific considerations and illustrative examples related to implementation of the new revenue recognition standard.