The SEC approved disclosure rules designed to increase transparency around companies’ use of so-called “conflict minerals” and payments to governments for access to natural resources for extraction purposes. The rules, advocated by certain human rights groups, will implement two sections of the Dodd-Frank Wall Street Reform and Consumer Protection
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International Financial Reporting Standards
IFRS Foundation report says SEC’s concerns can be overcome
Three months ago, the SEC staff had its say on IFRS. Now the IFRS Foundation is providing its own analysis. The IFRS Foundation on Tuesday released a detailed, 84-page response to the SEC’s exhaustive, 127-page report on IFRS, which was released in July. The SEC’s report outlined concerns it had
U.S. leadership position among accounting bodies at stake if progress toward IFRS, convergence stalls, Melancon warns
The U.S. must keep pushing for convergence of U.S. GAAP and international standards, AICPA President and CEO Barry Melancon urged in a speech Monday. Melancon, addressing the AICPA governing Council, raised concerns that support is waning for convergence of international standards and U.S. GAAP, with talk of comparability rather than
ASB recommends scoping nonissuers out of “auditor commentary” requirements
An AICPA committee is weighing in on a recent International Auditing and Assurance Standards Board (IAASB) proposal that would require expanded commentary in auditors’ reports. Nonissuers, such as private companies and nonprofits, should be scoped out of requirements for “auditor commentary” when the IAASB’s proposed standard is developed, according to a
FASB, IASB keep time value of money in revenue recognition standard
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 last week tentatively affirmed a proposal in the
IASB to issue “targeted re-exposure” of insurance proposals
The International Accounting Standards Board (IASB) decided this week to re-expose its proposals for insurance contracts accounting. Although the project, which has been undertaken jointly with FASB, has been in progress since 2007, the IASB decided that re-exposure for public comment is appropriate because substantial changes—whose effects need to be
Still in flux: Future of IFRS in U.S. remains unclear after SEC report
The future of international accounting standards for U.S. public companies remains uncertain after the release in July of a long-anticipated SEC analysis of IFRS. In a 127-page report released on the final day of Chief Accountant James Kroeker’s tenure, the SEC staff said the global financial reporting community considers the
FASB takes new path in contentious financial instruments project
FASB is crafting a new expected credit loss impairment model in hopes of moving forward again in the joint accounting for financial instruments project the board is pursuing with the International Accounting Standards Board (IASB). In July, IASB Chairman Hans Hoogervorst reacted with consternation when informed that FASB intended to
FASB proposes presenting amounts reclassified out of accumulated OCI
A new FASB proposal would require preparers of financial statements to present in one place information about the amounts reclassified out of accumulated other comprehensive income (OCI). On Thursday, FASB issued a Proposed Accounting Standards Update (ASU) for public comment. The board presented a plan to require a tabular disclosure
IASB to develop IFRS guidance for ‘micro-sized entities’
Very small companies are expected to receive IFRS financial reporting guidance tailored to their needs. The staff of the International Accounting Standards Board (IASB) will develop guidance to help so-called “micro-sized entities” apply IFRS for Small and Medium-sized Entities (IFRS for SMEs) in their financial reporting. The IASB staff will
IFRS constitution change formally splits IASB chair, foundation CEO roles
The IFRS Foundation is changing its constitution to reflect the separation of the roles of the foundation’s CEO and the chairman of the International Accounting Standards Board (IASB). This move formalizes a separation that previously was implemented following an internal structure reorganization at the end of 2011. The chair of
“More than insignificant” is key judgment in leases proposal
CPAs may have difficulty at times determining what constitutes “more than insignificant” consumption of a leased asset by a lessee under a proposed standard being jointly developed by FASB and the International Accounting Standards Board (IASB), according to a webcast conducted by the boards on Thursday. On rare occasions, a
Lack of SEC decision on IFRS turns CPAs’ focus to convergence projects
As the wait for an SEC decision on IFRS continues indefinitely, CPAs can turn their international standards focus to the convergence projects on leases, revenue recognition and financial instruments, some experts say. An SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed
SEC report offers detailed look at IFRS
As expected, an SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed or required to adopt IFRS for their financial reporting. Although the long-awaited, 127-page report provides a thorough discussion of the issues regarding IFRS in the United States, the timing of
With SEC report looming, uncertainty over IFRS expected to linger
Although the release of a long-awaited SEC staff report discussing IFRS adoption is imminent, uncertainty over the issue appears certain to linger. Commission spokesman John Nester said early this week that the report on IFRS adoption for U.S. public companies is expected “soon,” but it will provide an analysis of
Decision on lessee model clears way for lease accounting project’s final act
Accounting standard setters agreed Wednesday on a lessee accounting approach, setting the stage for a lease accounting exposure draft in the fourth quarter this year. FASB and the International Accounting Standards Board previously agreed that leases should be recorded on the balance sheet, but have been debating the classification and
FASB and IASB narrow lessee accounting model options
FASB and the International Accounting Standards Board (IASB) have narrowed their focus in anticipation of a vote next month on a lessee accounting model in their joint convergence project on leases. During deliberation Thursday, the boards ceased consideration of two of the four lessee accounting models that had been proposed.
IASB proposes package of IFRS amendments
As part of its annual improvements project, the International Accounting Standards Board (IASB) published for public comment Thursday an exposure draft of proposed, narrowly scoped amendments to 11 IFRSs. Subjects of the proposals include short-term receivables and payables in IFRS 13, Fair Value Measurement; recognition of deferred tax assets for
FASB and IASB make progress on insurance project
FASB and the International Accounting Standards Board (IASB) reached tentative decisions on reinsurance and issues related to policy loans and contract modifications, including riders, in their ongoing, joint convergence project on insurance. The progress on insurance during last week’s joint board meeting was reported on FASB’s website, where the full
Tweedie: U.S. decision is key to future of international standards
Three former standard setters – who served the accounting profession through the early days of the financial crisis – talked at length Tuesday during a two-hour panel discussion in New York about the U.S. adoption of IFRS, integrated reporting, and the political pressure that standard setters can face. “Shaping the
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