Michel Prada was appointed chairman of the Trustees of the IFRS Foundation, the IASB announced Monday. A former chair of the Executive and Technical committees of the International Organization of Securities Commissions, he has significant experience leading investor-focused international organizations. Prada’s three-year term begins Jan. 1. He succeeds Tommaso Padoa-Schioppa,
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
Letters to SEC Show Support of Global Standards, According to Official
Comment letters to the SEC revealed support for the idea of global standards but that further progress on convergence is desired before IFRS is incorporated in the United States, according to a key SEC official. In written remarks, SEC Deputy Chief Accountant Paul Beswick said the goal of a single
FASB, IASB Chiefs Agree New Convergence Model Is Needed
The heads of the U.S. and international accounting boards that have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective. FASB Chair Leslie Seidman said Tuesday at the AICPA National Conference on Current SEC and PCAOB
SEC Won’t Decide on IFRS for At Least a Few More Months
The SEC’s decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on
AICPA to IASB: Completion of Conceptual Framework Is Key
The AICPA’s senior technical committee for financial reporting advised the International Accounting Standards Board (IASB) to continue focusing on completion of a conceptual framework, including a presentation and disclosure framework. The IASB requested the feedback when it issued its Agenda Consultation 2011 in July. Richard Paul, chair of the AICPA’s
SEC Staff Reports Assess IFRS
The SEC staff on Wednesday released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP and IFRS requirements in specific areas. The first report, An Analysis of IFRS in Practice, is a 65-page joint effort by the SEC’s Division of Corporation Finance and Office of
FAF Weighs in on IFRS, Condorsement
The Financial Accounting Foundation (FAF), the parent organization of the U.S. standard setter FASB, has outlined its preferred path for incorporating IFRS into U.S. GAAP. In a letter to the SEC, FAF Chairman John Brennan described a number of recommended changes to the approach dubbed “condorsement.” The SEC floated the
Revised Revenue Recognition Proposal Unveiled
FASB on Monday released a revised exposure draft on the financial reporting requirements for recognizing revenue from contracts with customers. The proposed standard, which was released for public comment jointly with the International Accounting Standards Board (IASB), makes a number of changes to a joint ED issued in June 2010
Business Basics in Brazil
Brazil is a nation rapidly on the rise. In 2010, the country’s economy grew 7.5%, making it the seventh-largest in the world, according to the World Bank. In 2011, Brazil’s GDP is expected to grow 4.5%, slower than last year but still a healthy pace. And growth over the next
Moving the Needle
Greg Anton, CPATitle: Founding partner, Anton Collins Mitchell LLPCity: DenverEducation: Bachelor’s degree in accounting, University of Northern ColoradoDate of birth: Nov. 6, 1963Family: Wife, Julie; sons Cameron and JakeHobbies: Mountain biking, skiing, fly fishingDevice he can’t live without: iPadCaff or decaf: NeitherGood read: 212: The Extra Degree, by Sam ParkerEmail:
Financial Reporting
The AICPA recommended to the SEC that U.S. public companies be allowed the option of adopting use of IFRS as the commission weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system. The SEC requested the comments when it issued its staff paper, Work Plan
Survey Finds Most CPAs Support IFRS Option
A majority of CPAs support optional adoption of International Financial Reporting Standards (IFRS) for public companies, according to a recent AICPA survey. Optional adoption would let publicly traded U.S. companies use IFRS, while the SEC decides whether to incorporate the standards into U.S. reporting requirements. The choice also would apply
AICPA: Allow U.S. Companies the IFRS Option Now
AICPA President and CEO Barry Melancon called Thursday on the SEC to immediately allow U.S. companies the option of using IFRS. In a speech at the AICPA/IFRS Foundation Conference on International Financial Reporting in Boston, Melancon said having the option of using IFRS would be “an effective way for U.S.
IFRS Resources
With FASB and the IASB fast approaching their June 2011 completion deadline for major convergence projects, the CPA profession is poised to assimilate—at unprecedented speed—an array of profound changes to GAAP. As public companies watch the SEC for guidance on IFRS adoption, private companies have begun to examine whether the
International
The Chartered Institute of Management Accountants (CIMA) launched its advanced diploma in Islamic finance (CADIF) program July 7 at the Islamic Finance News 2011 Issues & Investors Europe Forum in London. The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body, according
International Committee Releases Draft Framework for Integrated Reporting
The International Integrated Reporting Committee (IIRC) calls for a new approach to corporate reporting in a discussion paper released Monday. The paper, Towards Integrated Reporting: Communicating Value in the 21st Century, discusses the rationale for integrated reporting, offers initial proposals for the development of an international integrated reporting framework, and
New IASB Leader Embraces Challenges
With more than 100 countries already using IFRS, a full standard-setting agenda and the SEC poised to decide in the coming months whether U.S. public companies will report under international standards, Hans Hoogervorst knows his challenges. But the second chairman of the International Accounting Standards Board (IASB) is no stranger
News Highlights for September 2011
FASB issued an Accounting Standards Update (ASU) that the board said is intended to increase the prominence of other comprehensive income in financial statements and to facilitate convergence of U.S. GAAP and IFRS. Simultaneously, the International Accounting Standards Board (IASB) issued amendments to IAS 1, Presentation of Financial Statements.
Financial Reporting
The International Accounting Standards Board (IASB) issued an amended version of IAS 19, Employee Benefits, that the board said completes its project to improve the accounting for pensions and other postemployment benefits and further aligns IFRS and U.S. GAAP by eliminating the so-called “corridor method.” The IASB said the
IASB Proposes to Exempt Investment Entities From Consolidation Requirements
The International Accounting Standards Board (IASB) published proposals Thursday to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10, Consolidated Financial Statements. Investment entities are commonly understood to be entities that pool investments from a wide range of investors
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