The AICPA’s Financial Reporting Executive Committee (FinREC) commented on FASB’s Proposed Accounting Standards Update, Leases. The exposure draft was developed jointly with the International Accounting Standards Board (IASB). FinREC said it supports the boards’ overall objective to develop a single approach to lease accounting and to require assets and liabilities
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
IASB Amends Income Tax, IFRS Adoption Rules
The International Accounting Standards Board (IASB) on Monday issued amendments to IAS 12, Income Taxes, and what it called “narrow amendments” to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendments to IAS 12 were proposed in an exposure draft in September. IAS 12 requires an entity to
AICPA: Revenue Recognition Proposal Impractical
The AICPA’s Financial Reporting Executive Committee (FinREC) this week voiced extensive concerns with a joint FASB-IASB proposed standard on revenue recognition that is intended to apply across all industry sectors. “We agree with the theoretical merit of many of the concepts included in the proposed standard,” FinREC said in its comment
IASB Issues Guidance on Management Commentary
The International Accounting Standards Board (IASB) on Wednesday published an IFRS Practice Statement Management Commentary, which the standard setter said is a broad, nonbinding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs. The Practice Statement is not an IFRS, therefore, an entity
IASB Hedge Accounting Proposal Adds Disclosure, Presentation Requirements
The International Accounting Standards Board (IASB) on Thursday released a principle-based proposal on accounting for hedging activities that includes new presentation and disclosure requirements. The IASB said the changes in the proposal would enable companies to better reflect their risk management activities in their financial statements. The changes are intended
Schapiro, SEC Staff Want Companies to Have Ample Time for IFRS Adoption
The SEC will allow public companies a minimum of four years to adjust if it decides to mandate the use of IFRS, SEC Chairman Mary Schapiro said Monday. The remark came in response to a question from the audience at the AICPA’s National Conference on Current SEC and PCAOB Developments
FASB, IASB: Convergence Priorities on Target for June 2011
FASB and the International Accounting Standards Board (IASB) released a convergence progress report on Monday that said their priority projects are on target for completion by June 2011 or earlier. (For recent JofA coverage of the FASB-IASB convergence project, see “Convergence Milestone,” Aug. 2010, page 26.) The priority projects, which
Volunteer Your IFRS Expertise to Develop Questions for the Uniform CPA Examination
The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination. To qualify, volunteers must have a current CPA license or comparable internationally recognized credential, a minimum of three years of experience as
Financial Reporting
The SEC voted unanimously to propose measures that would require public companies to disclose additional information to investors about their short-term borrowing arrangements. The SEC’s proposal would shed greater light on a company’s short-term borrowing practices, including what some refer to as balance sheet “window-dressing.” The proposed rules are
International
The IASB published for public comment an exposure draft, Deferred Tax: Recovery of Underlying Assets (tinyurl.com/37dtuo4), that would amend one aspect of IAS 12, Income Taxes. The IASB said it set an exposure period of 60 days—shorter than its normal 120 days—because the amendments address a problem that needs to
IFRS Foundation’s Future Strategy Open for Discussion
The trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, on Friday published a first-stage consultation document to seek input on the foundation’s strategy as it enters its second decade. The trustees’ document, Status of Trustees’ Strategy Review, says the foundation has succeeded in establishing
Highlights
Unlike their discussion paper, Leases: Preliminary Views (available at tinyurl.com/lugqe2), published in March 2009, which focused primarily on lessee accounting, the exposure draft, Leases, would result in changes on both sides of a lease transaction. The proposal includes simplified accounting for short-term leases—leases having a maximum term of 12 months
Shaping the Future
Paul Stahlin is acutely aware that his term as AICPA chairman appears to be on course to intersect with a series of major changes for the profession. The year ahead holds the potential for a shift to different accounting standards for private companies. FASB and the International Accounting Standards Board
International
The IFRS Interpretations Committee, the interpretative body of the IASB, published proposed guidance on the accounting for stripping costs in the production phase of a surface mine. The committee was asked to consider how to account for the process of removing waste from a surface mine in order to
SEC Releases Update on IFRS Plan
In a progress report released Friday, the SEC staff details its progress thus far and remaining research and analysis to be done as the commission considers whether, when and how to allow domestic issuers in the U.S. to use IFRS. The SEC staff’s first update draws no major conclusions. It
IASB’s Additions to IFRS 9 Address “Own Credit” Problem
The International Accounting Standards Board (IASB) on Thursday issued requirements on the accounting for financial liabilities that address the problem of volatility in profit and loss (P&L) arising when an issuer measures its own debt at fair value—often referred to as the “own credit” problem. According to a news release,
FASB Seeking Input on the Costs of Convergence
FASB issued a discussion paper to gather input from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards, which are part of the FASB and International Accounting Standards Board (IASB) convergence projects, should be effective.
AICPA to SEC: Companies Will Need as Much as Five Years to Ready for IFRS Adoption
Giving companies enough time to carefully prepare for a move from U.S. GAAP to IFRS is critical, the AICPA told the SEC in a comment letter filed Thursday. The AICPA assembled members from business and industry with public company backgrounds to discuss questions the SEC posed in a recent request
Dutch Official to Succeed Tweedie at IASB
Hans Hoogervorst will become the next chairman of the International Accounting Standards Board (IASB). The Trustees of the IFRS Foundation, the IASB’s oversight body, named Hoogervorst as the successor to Sir David Tweedie, who will retire as chairman of the IASB at the end of June 2011. The trustees announced
International
The International Accounting Standards Board (IASB) published for public comment an exposure draft of improvements to the accounting for insurance contracts. The ED proposes a single IFRS that all insurers, in all jurisdictions, could apply consistently to all contract types. When the IASB was established in 2001, there were no
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