The AICPA has 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
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
IASB Chairman: IFRS Adoption Is in “Economic Interest of U.S.”
Adopting IFRS would benefit the United States’ economy, the new chairman of the International Accounting Standards Board (IASB) said July 29 during his first official visit to China. Speaking to a gathering of the Ministry of Finance’s Accounting Regulatory Department in Beijing, Hans Hoogervorst said, “U.S. investors invest globally, and
Beyond Convergence
Nearly a decade after FASB and the International Accounting Standards Board (IASB) agreed to converge their standards in “The Norwalk Agreement,” the SEC staff floated a concept in May that would redefine convergence and establish FASB as an endorsement body for IASB standards in the U.S. The paper (available at
Financial Reporting
The large majority of CPAs in the United States have some knowledge of IFRS—the emerging, globally accepted set of accounting rules, according to a recent AICPA survey. The survey also indicated that many CPAs have begun to develop greater expertise, as American and world authorities work to converge U.S. standards
IASB Seeks Public Input on Direction of Future Work
The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program. Since the IASB’s creation in 2001, IFRS has increasingly become the internationally accepted financial reporting language. As the number of jurisdictions applying IFRSs increases, stakeholders have identified new accounting issues for
FASB, IASB Set to Re-Expose Leasing Proposals
FASB and the International Accounting Standards Board (IASB) announced Thursday they intend to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide an opportunity for comment on revisions the boards have made since the publication of an exposure draft on leasing in August 2010.
IAASB Chair: 70-Plus Countries Now Endorse Clarity ISAs
In the past year, the number of countries using or committed to using the Clarity International Standards on Auditing (ISAs) has grown from about 30 to more than 70, according to Arnold Schilder, chairman of the International Auditing and Assurance Standards Board (IAASB). Speaking at the CReCER 2011 financial reporting
FASAB Delays Oil and Gas Standard, Clarifies Application
The Federal Accounting Standards Advisory Board (FASAB) on Wednesday issued a technical bulletin that clarifies how federal entities should report the value of the federal government’s estimated royalties and other revenue from federal natural resources. The board also issued a final standard that delays for one year the effective date
Financial Reporting
A staff paper published in May by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so-called “condorsement” approach to incorporating IFRS into the U.S. financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the
SEC’s Casey Pushes to Incorporate IFRS
Calling the risks of not moving forward with IFRS for U.S. issuers “simply too great,” SEC Commissioner Kathleen Casey said the SEC “must decide to incorporate IFRS for U.S. issuers.” Addressing the Society of Corporate Secretaries and Governance Professionals’ 65th Annual Conference on Wednesday, Casey said that the SEC “can
AICPA Conference Tackles Hot Global Business Issues
As the world continues to grow closer together, the role that accountants play in helping companies develop and manage new global business opportunities will increase. This was a key theme of the AICPA’s International Business Conference held June 13–15 in New York City. Attended by more than 200 accounting and
IASB Proposes Several IFRS Amendments
The International Accounting Standards Board (IASB) on Wednesday published an exposure draft of proposed amendments to five IFRSs under its annual improvements project. The IASB said in a press release that the proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2009. The ED
AICPA Survey Tracks IFRS Readiness
The large majority of CPAs in the United States have some knowledge of IFRS—the emerging, globally accepted set of accounting rules, according to a recent AICPA survey. The survey also indicated that many CPAs have begun to develop greater expertise, as American and world authorities work to converge U.S. standards
FASB, IASB Align Presentation of Other Comprehensive Income
FASB on Thursday 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
IASB Amendments Zoom In on Post-Employment Liabilities
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 post-employment benefits and further aligns IFRS and U.S. GAAP by eliminating the so-called “corridor method.” The IASB said the amendments
Revenue Recognition Proposals to Be Re-exposed in Third Quarter
FASB and the IASB agreed Wednesday to re-expose their revised proposal for a common revenue recognition standard. The decision comes following joint deliberations on stakeholder feedback received from a June 2010 exposure draft that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The proposal, which
IASB, Japanese Board Provide Update on Standards Convergence
The leaders of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) pledged to deepen their cooperation in preparation for a decision expected in 2012 on the mandatory application of IFRS in Japan. During a meeting in Tokyo June 6–7, Sir David Tweedie, chairman of
Hong Kong, Beijing CPA Institutes Form Alliance
The Hong Kong Institute of CPAs and the Beijing Institute of CPAs signed a letter of intent May 28 to boost cooperation among small and medium-size accounting firms in both cities. By signing the letter, the institutes agreed to establish an alliance to foster communication and exchange technical knowledge, expertise,
International
The SEC, the Commodity Futures Trading Commission (CFTC) and the Federal Reserve are drawing attention to the release of a consultative report on Principles for financial market infrastructures (tinyurl.com/4pxhzgs), which the Bank for International Settlements (BIS) said contains new and more demanding international standards for payment, clearing and settlement systems.
SEC Staff Presents “Condorsement” as Possible Method for Move to IFRS
A staff paper published Thursday by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so called “condorsement” approach to incorporating IFRS into the U.S. financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the Commission
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