Accounting compliance and reporting (IFRS)

Revenue recognition revisited

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).

Revenue recognition: New differences emerging

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.

Would companies use voluntary, additive IFRS option?

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?

IASB official: Global accounting standards are “achievable,” “inevitable”

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

Convergence unachieved after IASB publishes financial instruments standard

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

Revenue transition group debates difficult implementation issues

A lively discussion by a new revenue recognition transition resource group gave FASB and the International Accounting Standards Board (IASB) plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May. The resource group, which met for

Revenue recognition: No time to wait

A historic new revenue recognition standard promises at least some change for a key metric for virtually all organizations that use U.S. GAAP or IFRS for their financial reporting. Urgent preparation for the change may be needed, partly because companies that plan to do a full retrospective transition may need to have systems in place to capture data for dual reporting as soon as the beginning of 2015.

International forum aims for cohesion in corporate reporting

A new international forum is bringing together key players in corporate reporting to promote more coherence, consistency, and comparability between corporate reporting frameworks, standards, and related requirements. The Corporate Reporting Dialogue was introduced Tuesday by the International Integrated Reporting Council (IIRC). Along with the IIRC, participants in the Corporate Reporting

Substantial new disclosures required by revenue standard

A wide assortment of new disclosures is expected to be one of the biggest challenges for financial statement preparers as they implement the new revenue recognition guidance issued last month by FASB and the International Accounting Standards Board (IASB). Public companies today voluntarily provide investors with many disclosures about revenue

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.