FASB and the China Accounting Standards Committee (CASC) issued a Memorandum of Understanding articulating their commitment to strengthen cooperation and communication between the standard–setting organizations. The MOU calls for FASB and the CASC to, among other things, work to build the technical foundation for sharing views on convergence of
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
International
The International Accounting Standards Board (IASB), in a discussion paper on IAS 19, Employee Benefits , set out its preliminary views on how the accounting for some post-employment benefits, including pensions, could be improved. The discussion paper, developed in consultation with the IASB’s Employee Benefits Working Group, addresses the
How Will IFRS Affect Tax Practitioners?
M any companies are in the early stages of considering what impact the transition to International Financial Reporting Standards (IFRS) from U.S. GAAP will have on financial reporting. However, are they also thinking about the impact it will have on tax reporting? While practitioners may have focused on the
Interest Capitalization: One Small Step Toward Convergence
Convergence generally involves standard setters working together to achieve a standard that is superior to either of their existing standards. As a practical matter, in the short term, most changes have resulted in either the IASB or FASB modifying their standard to more closely conform to the standard of the
International
n The International Accounting Standards Board (IASB) published a discussion paper on the distinction between equity financial instruments and other financial instruments (non-equity instruments). The discussion paper is the first stage of the IASB’s project to improve and simplify the requirements in International Accounting Standard no. 32 (IAS 32), Financial
Adopting IFRS: One Nation’s Experience
Effective March 4, SEC rules allow foreign private issuers listing securities in the United States to report exclusively in International Financial Reporting Standards (IFRS) without reconciling their financial statements to U.S. GAAP. Israel is second only to Canada in the number of foreign private issuers that register with the SEC
International
n The International Public Sector Accounting Standards Board, an independent standard-setting board within the International Federation of Accountants, issued requirements to help governments and other public sector entities consistently report on international aid, development grants and other forms of external assistance. The disclosure requirements and recommendations are set out in
2007 in Review: Congressional Impact on CPA Profession
Last year, CPAs had plenty of reasons to pay attention to policymakers’ proposals. Legislation under consideration has the potential to improve tax practices, alter audit practices, and even pave the way for greater competition. AICPA VP Testifies Before Senate Panel on International Accounting Standards Last fall, the Senate Banking
Highlights
The SEC’s Committee on Improvements to Financial Reporting voted in January to support a slate of preliminary recommendations designed to make the information presented by U.S. public companies more useful to investors while reducing the complexity of the financial reporting system. The preliminary proposals included a call for
Auditing
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. “We were motivated to develop and issue this alert by the auditing challenges presented by the subprime credit situation and its effects
What the World Will Be Watching
With respect to accountants in business and industry, respondents to IFAC’s first annual Global Leadership Survey labeled several issues as “very important” over the next year, including: Applying new accounting standards (56%) Adopting good practice in internal control and risk management (50%) Perceptions of accountants’ integrity by the public and
Highlights
FASB tentatively approved a one-year delay in the effective date for FIN 48, Accounting for Uncertainty in Income Taxes, for private enterprises, including not-for-profit organizations. Acting on a request from the Private Company Financial Reporting Committee for a deferral, the FASB board is seeking public comment on a
Auditing
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The findings were based on inspections conducted between 2004 and 2006. The PCAOB released a report on the deficiencies to help
International
The International Auditing and Assurance Standards Board issued a consultation paper outlining its proposed strategy for 2009–2011. The document includes a list of possible actions the IAASB may take to implement its proposed strategy. The list includes developing assurance standards relevant to raising international capital and contributing to development in
Highlights
Japan and the International Accounting Standards Board (IASB) agreed to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRS). The two boards will seek to eliminate by 2008 major differences between Japanese GAAP and IFRS, with the remaining differences being removed on or before June 30,
Auditing
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The majority of investors (56%) said SOX was a good idea; 5% said it was a bad idea; and 30% said SOX
Banking
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The statement describes prudent safety, soundness and consumer protection standards that lending institutions should follow to ensure borrowers obtain loans they can
Simplifying Global Accounting
As chair of the London-based International Accounting Standards Board, Sir David Tweedie is championing an effort to develop a single set of global financial reporting standards that will be both understandable and enforceable. More than 100 countries now require or permit the use of International Financial Reporting
International
The SEC, the United Kingdom Financial Services Authority (FSA) and the United Kingdom Financial Reporting Council (FRC) signed a protocol for implementing the work plan between the SEC and the Committee of European Securities Regulators to share information on application of International Financial Reporting Standards (IFRS) by issuers listed in
International
The SEC released new rules that will make it easier for foreign companies to deregister from U.S. exchanges if there is not significant interest in their securities offerings. By eliminating conditions that had been considered a barrier to entry, the SEC says the amended rules will encourage participation in U.S.
Features
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