International Financial Reporting Standards

The converged proposal on financial reporting for leases continues to face resistance with the deadline for comment letters little more than one week away. FASB’s Investor Advisory Committee (IAC) last week declined to support the proposal, stating that the proposal is not an improvement to current accounting. And the Equipment

Creating an inventory for all leases is one of the first actions experts say companies should consider in preparation for the converged lease accounting standard proposed by FASB and the International Accounting Standards Board. Johnson & Johnson (J&J), the global health care products company, has received two distinct benefits from

The new, converged revenue recognition standard will include substantially less industry-specific, “bright-line” guidance than many U.S. companies are accustomed to. The standard that FASB and the International Accounting Standards Board are expected to issue this year will create the need for new judgments to be reached by financial statement preparers

FASB and the International Accounting Standards Board (IASB) plan to create a joint transition resource group to aid in implementation of the upcoming, converged standard on revenue recognition. The standard will have wide-ranging implications for many businesses, and the transition group will be tasked with keeping the boards up to

Two prominent standard-setting positions were filled when the International Accounting Standards Board (IASB) and Financial Accounting Foundation (FAF) announced additions Thursday. Terry Warfield, Ph.D., chair of the University of Wisconsin-Madison’s Accounting & Information Systems department, was named to the Financial Accounting Foundation (FAF) board of trustees. Warfield served as the

International Accounting Standards Board (IASB) Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies. Indeed, less than four hours after FASB and the IASB formally announced the revised proposal, the U.S. trade organization ELFA (the Equipment Leasing and Finance Association)

One of the most challenging international convergence projects attempted by FASB and the International Accounting Standards Board (IASB) cleared an important hurdle Thursday with the proposal of a revised financial reporting standard for leases. FASB and the IASB released nearly identical, revised exposure drafts that call for a dual-recognition approach

Moody’s Investors Service Managing Director Mark LaMonte offered a blunt assessment of the converged lease accounting proposal that is expected to be issued soon. “My personal view, I wouldn’t mind seeing this go away,” LaMonte said Thursday at the 12th annual Baruch College financial reporting conference in New York City.

FASB on Thursday voted to extend to May 31 the deadline for comments on its Proposed Accounting Standards Update (ASU), Financial Instruments—Credit Losses (Subtopic 825-15). The comment period originally was scheduled to end April 30. In comment letters, a handful of organizations asked FASB to extend the comment period to

FASB is one of 12 national and regional standard setters that will participate as an inaugural member of a group that has been formed to provide technical advice to the International Accounting Standards Board (IASB). The group, known as the Accounting Standards Advisory Forum (ASAF), was formed to improve cooperation

In a convergence project that has experienced divergence, the International Accounting Standards Board (IASB) on Thursday published its proposed financial instrument impairment standard. Although the IASB and FASB agreed that it is time to move from an incurred loss model to a more forward-looking expected loss model, they could not