Businesses will have a longer-than-usual transition period between the issuance and the effective date of a new, converged revenue recognition standard. Entities will be required to apply the new standard for reporting periods beginning on or after Jan. 1, 2017, according to a summary of board decisions posted on FASB’s
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
Xerox’s Kabureck appointed to IASB, adds to U.S. representation
Gary Kabureck, CPA, the chief accounting officer of Xerox, has been appointed to the International Accounting Standards Board (IASB) and will increase U.S. representation on the board. Kabureck will join the IASB in April and serve an initial term that ends June 30, 2017, and is renewable for three additional
IFRS Foundation eases way for FASB to join global forum
The IFRS Foundation’s departure from requirements initially proposed in November could clear the way for FASB membership in a new global forum of national and regional standard setters. Promoting the adoption of IFRS will not be a prerequisite for standard setters to participate in a new forum the IFRS Foundation
What have IASB and FASB convergence efforts achieved?
For nearly 40 years, the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC), have been working to develop a set of high-quality, understandable, and enforceable International Financial Reporting Standards (IFRS) to serve equity investors, lenders, creditors, and others in globalized capital markets. When the
Revenue recognition: Time for early-stage planning
Experts say it’s time for CFOs and other finance professionals to engage in early-stage planning for how they will handle the changes necessary to comply with the new revenue recognition rules. It might be tempting for financial statement preparers to push their analysis of the proposed converged revenue recognition standard
Study by UK researchers shows inconsistency in IFRS application
A new report by U.K. researchers found inconsistencies in compliance with certain impairment disclosure requirements across jurisdictions in Europe, which suggested that IFRS are not being evenly applied across jurisdictions. International Accounting Standards Board Chairman Hans Hoogervorst said more consistent application remains a worthwhile goal that requires the attention of
Preparers tell IASB: Disclosure requirements too extensive
Financial statement preparers’ concerns about disclosure overload came through loud and clear in a survey recently conducted by the International Accounting Standards Board (IASB). Most preparers participating in the survey said the primary problem with the way financial information is disclosed is that disclosure requirements are too extensive, and more
International public-sector framework IDs primary financial statement users
The International Public Sector Accounting Standards Board (IPSASB) released the first four chapters of its conceptual framework for public-sector general-purpose financial reporting. The chapters describe the objective of financial reporting by public-sector entities as providing information to users for accountability and decision-making purposes. The partial release identifies service recipients and
“Exciting and challenging times” coming for auditors
International auditing standards appear set for a period of substantial change as investors seek more information, new forms of reporting emerge, and companies look to provide assurance on additional items. The International Auditing and Assurance Standards Board (IAASB) plans to release an exposure draft in June in its ongoing project
New mechanisms eyed by FASB, IASB in long march toward global comparability
The mechanisms for continuing to facilitate global comparability in accounting standards will change over the next few years. But the leaders of two major standard-setting boards said Thursday during a meeting in New York City that the commitment to global comparability remains. With their joint board meetings and convergence projects
FAF wants U.S. represented in IASB standards advisory group
The Financial Accounting Foundation trustees are advocating for broad membership, including a possible U.S. role, in a forum of national and regional standard setters that is being formed to advise the International Accounting Standards Board. In a letter dated Dec. 27, Financial Accounting Foundation (FAF) Chairman Jeffrey Diermeier encouraged the
Seidman hopeful for converged expected loss approach despite differing FASB, IASB proposals
FASB released Thursday an expected credit loss proposal that is likely to differ from the approach to be recommended by the International Accounting Standards Board (IASB). But FASB Chairman Leslie Seidman said she has not given up on the idea of convergence in the project, which involves impairment of financial
Conceptual framework among IASB priorities
The International Accounting Standards Board (IASB) plans to complete a new conceptual framework by September 2015. In addition, the board plans to have its technical program focus on implementation and maintenance, including post-implementation reviews and a small number of IFRS projects. The IASB announced that it has mapped its future
IFRS Foundation Trustee: Don’t wave white flag on cooperation
The remaining convergence projects facing FASB and the International Accounting Standards Board (IASB) need to be wrapped up soon – even if the boards fall short of completely harmonizing their standards, an IFRS Foundation trustee and a U.K. accountancy body said separately this week. The Institute of Chartered Accountants in
FASB, IASB union fragile amid SEC indecision on IFRS
The difficulties the world’s most prominent accounting standard setters face in convergence were unmistakable as FASB Chairman Leslie Seidman and International Accounting Standards Board Chairman Hans Hoogervorst spoke on the same stage Tuesday. During a speech at the AICPA Conference on Current SEC and PCAOB Developments in Washington, Hoogervorst pushed
Financial reporting
Adjustments for the time value of money, which have generated some opposition from stakeholders, are likely to remain a part of the converged revenue recognition standard that is being jointly developed by FASB and the International Accounting Standards Board (IASB). The boards tentatively affirmed a proposal in the 2011
IASB proposes limited classification, measurement changes to financial instruments standard
Limited changes to IFRS standards for classification and measurement of financial instruments were proposed Wednesday in an International Accounting Standards Board (IASB) exposure draft. The proposal would change IFRS 9, Financial Instruments, as part of a larger convergence project with FASB as the boards reform accounting for financial instruments, which
FASB, IASB tentatively change revenue recognition constraint
The cumulative amount of revenue entities recognize under a new converged standard should not be subject to a significant revenue reversal or downward adjustment under guidance tentatively approved this week by FASB and the International Accounting Standards Board (IASB). The boards met Monday by videoconference to discuss elements of the
IASB to add member from U.S.
U.S. representation on the International Accounting Standards Board (IASB) won’t decrease with the end of Paul Pacter’s term, as another U.S. representative, Mary Tokar, has been appointed to the board. Tokar, a CPA, has served more than 10 years as the global leader for KPMG’s international financial reporting group, helping
IASB creating forum; FASB extends private company comment deadline
The International Accounting Standards Board (IASB) is proposing the creation of a 12-member forum of national standard setters and regional bodies. In an Invitation to Comment (ITC) issued Thursday, the IASB proposed that the Americas, Asia-Oceania and Europe each should get three automatic seats on the forum, which will provide
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