Bringing leases into view
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.
International Financial Reporting Standards
IASB requires disclosures about debt financing
The board responded to questions about changes in debt.
IASB issues leases standard; FASB to follow
Convergence project puts more leases on books.
The bilingual CPA
More situations arise that call for CPAs to be fluent in IFRS and U.S. GAAP.
Hoogervorst reappointed as chairman of IASB
Hans Hoogervorst will serve a second five-year term as chairman of the International Accounting Standards Board.
IASB proposes 4 amendments
The board considers annual improvements and its investment property standard.
SEC discusses supplemental IFRS plan
The option would permit U.S. issuers to provide information in addition to U.S. GAAP.
China explores ways to expand IFRS use
Full convergence is a goal.
IFRS amendments require disclosures about debt financing liabilities
Investors had requested more information about changes in companies’ debt.
IASB issues leases standard; FASB to follow
The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet.
IASB presents its view of materiality
FASB also is working to clarify the concept for preparers.
Revenue recognition clarifications affirmed by FASB, IASB
FASB and the IASB have agreed to clarify principal vs. agent guidance contained in the converged revenue recognition standard.
SEC discussing supplementary IFRS option for US issuers
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.
China explores ways to expand IFRS use
A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.
IASB proposes annual improvements, change to investment property standard
In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.
FinREC issues revenue recognition working drafts for informal comment
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.
IASB proposal would guide management on materiality
The IASB published a draft to help preparers determine which information is material and should be included in financial statements.
IASB may delay new rules for transactions with associates, joint ventures
An upcoming, broader review may include more substantial simplifications.
IFRS Foundation proposes taxonomy updates
Updates are intended to assist organizations that report electronically.
IASB to propose temporary measures for insurance companies
The IASB will propose temporary measures to address concerns about issues insurance companies are facing with implementation of the new financial instruments standard.
