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
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.
The IASB published a draft to help preparers determine which information is material and should be included in financial statements.
An upcoming, broader review may include more substantial simplifications.
Updates are intended to assist organizations that report electronically.
The IASB will propose temporary measures to address concerns about issues insurance companies are facing with implementation of the new financial instruments standard.