International Financial Reporting Standards

Political decisions that may affect cross-border business policies in the United States and the United Kingdom have so far had no effect on international accounting standards, Hans Hoogervorst said.

Knowledge and understanding of IFRS is important in the United States even though FASB’s standard-setting process best serves U.S. capital markets, SEC Chief Accountant Wes Bricker said.

Hans Hoogervorst will serve a second five-year term as chairman of the International Accounting Standards Board.

Investors had requested more information about changes in companies’ debt.

The International Accounting Standards Board issued a new accounting standard that will bring all lease assets and liabilities onto the balance sheet.

The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.

A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.

In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.