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.
Accounting compliance and reporting (IFRS)
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.
The IASB is seeking to provide more information to investors and reduce diversity in practice through narrow-scope amendments to pension accounting standards.
The IASB plans to do more research on certain areas of its business combinations standard as a result of a post-implementation review.
Numerous changes, including a proposed delay in the effective date, are in play for the new revenue recognition standard. Here’s what preparers need to know and why they need to work toward implementation.
The International Accounting Standards Board is updating the conceptual framework underpinning financial reporting under IFRS.
The International Accounting Standards Board (IASB) published its proposal to delay by one year the effective date of the new revenue recognition standard.
The International Accounting Standards Board agreed to propose delaying by one year the effective date of the converged revenue recognition standard, with early application permitted.
A reexamination of new revenue recognition rules has led to tinkering with the standard that is considered the biggest achievement of the convergence efforts of FASB and the International Accounting Standards Board (IASB).
Convergence between U.S. GAAP and IFRS may diminish as the FASB and the IASB pursue different proposed changes in response to implementation concerns.
FASB and the IASB voted to propose the changes, which add to clarifications they agreed in February to propose.
International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.
FASB and the IASB decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.
An IASB proposal issued Tuesday is designed to improve presentation in financial statements by clarifying how entities classify debt, particularly when it is coming up for renewal.
The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.
SEC Chief Accountant James Schnurr’s idea for possibly allowing voluntary, supplemental IFRS information in U.S. GAAP financial statements has accountants wondering: Would companies actually bear the costs to take the option?
The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr.
The goal of global accounting standards will be achieved at some point, an International Accounting Standards Board (IASB) official said Wednesday in South Africa. Ian Mackintosh, vice-chairman of the IASB, called global accounting standards “desirable, achievable, and … inevitable” in a speech in Johannesburg. Although more than 100 countries have
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB. IFRS 9, Financial Instruments, is the final element of the IASB’s response