Full convergence is a goal.
Accounting compliance and reporting (IFRS)
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.
The International Accounting Standards Board (IASB) is reviewing whether it moved too quickly on narrow-scope amendments to IFRS 10 and IAS 28.
Taxonomy updates to reflect new reporting standards were proposed by the IFRS Foundation. Comments can be made through Oct. 30.
Project would alter the foundational underpinning for IFRS financial reporting.
Clarifications and transition relief the IASB proposed for the new revenue recognition standard are designed to address financial statement preparers’ concerns.
The delay keeps IASB’s effective date in line with that of FASB, which also voted in favor of a one-year deferral earlier this month.
FASB and the IASB voted to seek public comment on proposed changes to the converged revenue recognition standard that would give financial statement preparers additional guidance on the principal versus agent analysis.
IFRS are largely supported by companies and investors in the European, but also have room for improvement, according to a report adopted by the European Commission.