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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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
IASB Proposes Amendment to Aspect of Deferred Tax Accounting
The International Accounting Standards Board (IASB) on Friday published for public comment an exposure draft, Deferred Tax: Recovery of Underlying Assets, that would amend one aspect of IAS 12, Income Taxes. The IASB said it is setting an exposure period of 60 days—shorter than its normal 120 days—because the amendments
Financial Reporting / International
For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects. “We re-emphasized the importance we place on achieving a single set of high quality improved
International
The IASC Foundation, the parent body of the IASB, on July 1 formally changed its name to the IFRS Foundation. The name change is designed to reflect more clearly what the foundation does, namely the publication and promotion of International Financial Reporting Standards (IFRS). The International Financial Reporting Interpretations Committee
Proposed Amendments Ease First-Time Adoption of IFRS
The International Accounting Standards Board (IASB) on Thursday published proposed amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of “1 January 2004” with “the date of transition to IFRS.” As a result, entities
Proposal Would Require Most Leases to Appear on the Balance Sheet
FASB and the International Accounting Standards Board (IASB) today unveiled a joint proposal to revamp lease accounting. The proposal would result in a single “right-of-use” approach applied consistently to lease accounting for lessees and lessors. Among other changes, the approach would result in the liability for payments under all lease
SEC Looking for Feedback on IFRS Plan
The SEC is calling for comments on certain aspects of its IFRS work plan. In one release Thursday, the SEC asked for feedback regarding investor knowledge of the international accounting standards and what it might take–in time and logistics–to improve investor understanding of IFRS. A second release is focused on
Accounting Groups Back Integrating Sustainability, Financial Reports
A new international committee formed Monday by the Prince of Wales’ Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) will work to integrate the way companies report on strategy, risk, governance, financial performance and sustainability. The International Integrated Reporting Committee (IIRC), whose high-profile members include the heads
Too Soon for IFRS Testing?
The AICPA should be applauded for being at the forefront requiring U.S. accountants to understand IFRS by including IFRS on the CPA Examination (“CPA Exam to Undergo an Evolution,” May 2010, page 54). The confluence of global and U.S. events is rapidly moving the world into using “a single set
Convergence Milestone
FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they gave themselves an extra six months to complete the ambitious project. In what is potentially their most far-reaching joint proposal to date, the boards
IFRS/International
Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey. Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been cut in
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting Monday, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo. All of the remaining models under consideration by the panel would result in differences
News Highlights for July 2010
While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the JofA in April that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a
G-20 Reiterates Call for Convergence
For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects. “We re-emphasized the importance we place on achieving a single set of high quality improved
FASB, IASB Propose Common Standard for Fair Value Measurement and Disclosure
FASB and the IASB on Tuesday issued separate exposure drafts intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and IFRS. The EDs are the result of the boards’ joint efforts to ensure that fair value will have the
Big Changes Proposed for Revenue Recognition
FASB and the IASB on Thursday released a proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. The new standard would also require businesses to
IFRS Article Appreciated
I wanted to let you know that I thought the article “Countdown to Convergence” (March 10, page 24) was very good. I participated in the AICPA IFRS revenue recognition task force and I am helping write IFRS questions for the 2011 CPA exam, so I have a particular interest in
Financial Reporting
FASB and the IASB published an exposure draft, Conceptual Framework for Financial Reporting: The Reporting Entity, that is part of a joint project between the boards to develop a common and improved conceptual framework for developing future accounting standards. The ED discusses what constitutes a reporting entity, which in different
IASB Asks Constituents to Comment on FASB Proposal
The International Accounting Standards Board (IASB) on Thursday asked its constituents to comment on the financial instruments accounting proposals FASB released Wednesday. The IASB said that because FASB’s proposal is part of the global convergence project, it is important for FASB to receive feedback on the proposed model from the
IASB Chairman Outlines Approach for Reconciling Financial Instrument Standards
International Accounting Standards Board Chairman Sir David Tweedie on Tuesday outlined a possible approach for reconciling the divergent IASB and FASB models for financial instruments accounting. With FASB’s comprehensive exposure draft on financial instruments expected any day, Tweedie said during a JofA exclusive interview at the AICPA Council meeting
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