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Stories that are tagged 'international financial reporting standards (IFRS)'

US Industry Warns Against Lease Accounting Proposals
2/23/2012
A coalition of several leading non-profit and commercial organizations, including the US Chamber of Commerce, has released a report warning against the introduction of the International Accounting Standard and the Financial Accounting Standard Boards' proposed lease accounting standard, noting the significant detrimental impact it would have on the United States' economy.
US Accounting Standards Subject To Review
2/22/2012
United States accounting standards governing financial reporting for business combinations, 'operating segments', and deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the Financial Accounting Foundation, the agency has announced.
ASB Maps Out Future Of UK Financial Reporting
2/3/2012
The UK Accounting Standards Board of the Financial Reporting Council has published financial reporting exposure drafts 46 to 48 setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.
Banks Need Bespoke Accounting Rules, BoE Says
1/25/2012
Andrew Haldane, the Executive Director for Financial Stability at the Bank of England, has called for a rethink of reporting requirements for the banking industry, due to inconsistencies in how banking assets are quantified when the market value is unknown.
UK Pension Schemes Divided On Accounting Rules
1/19/2012
UK pension schemes are divided over whether their pension liabilities should form part of their annual accounts and be subject to audit, according to a new KPMG survey.
GAAP Accounting Change Positive For Banking Investors
1/5/2012
Fitch credit ratings agency has said a new accounting rule change, requiring banks to book losses on loans sooner, will have a gradual positive affect on US bank income statements with the effect of insulating investors from risk.
FASB, IASB Set Disclosure Requirements On Offsetting
12/23/2011
The International Accounting Standards Board and the Financial Accounting Standards Board on December 16, 2011, issued common disclosure requirements that are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position.
Accounting Failures 'Exacerbated Banking Crisis'
12/6/2011
A new report, assessing the causes of the global financial crisis, claims that shortcomings in the accounting standards issued by the International Accounting Standards Board were a contributing factor to the instability experienced in the UK and Irish banking sectors, and subsequent taxpayer-funded bailouts.
Boards Consult On Revenue Recognition Standard
11/18/2011
The International Accounting Standards Board and the Financial Accounting Standards Board have released for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards and US accounting standards for revenue (and some related costs) from contracts with customers.
FAF Sets Out Convergence Agenda
11/17/2011
The Financial Accounting Foundation, which oversees the United States accounting standards setter the Financial Accounting Standards Board, has generally backed the Securities and Exchange Commission's proposed approach to converging United States Generally-Accepted Accounting Principles standards with International Financial Reporting Standards.
EU To Modify Transparency Directive
10/28/2011
The European Commission is proposing to modify notification requirements for acquirers when they reach a certain stake in a listed company, reduce burdensome reporting obligations for all listed companies, and simplify accounting rules for small- and medium-sized enterprises, to produce further cost savings for businesses.
FASB Consults On Investment Property Reporting Rules
10/26/2011
The US accounting standards setter, the Financial Accounting Standards Board has issued a proposed Accounting Standard Update intended to develop accounting guidance for investment property entities.
US Accountants Back IFRS Opt-In
10/24/2011
A majority of certified public accountants support optional adoption of the International Financial Reporting Standards by listed United States companies, according to a recent survey by the American Institute of Certified Public Accountants.
IFRS 9 Deferred As Convergence Talks Sour
8/9/2011
The International Accounting Standards Board has announced its intention in an exposure draft to defer the mandatory adoption of the IFRS 9 standard until January 1, 2015, following disagreement on convergence with the US standards setter, the Financial Accounting Standards Board.
IASB Consults On Direction Of IFRS
7/28/2011
The International Accounting Standards Board has announced the launch of a public consultation to seek broad input on the strategic direction and overall balance of its future work programme.
Bermuda Leads Adoption Of Insurance Reporting System
7/8/2011
Bermuda's role in the development of a new computer-based insurance reporting system has been recognised in a new report, leading its regulatory authority to stress the positive impact such software can have on the industry.
Trans-Tasman Accounting Convergence Work Completed
5/20/2011
The Australian Accounting Standards Board and the New Zealand Financial Reporting Standards Board have issued Australian Accounting Standards and New Zealand equivalents to International Financial Reporting Standards.
Israeli Government Publishes Financial Statements
5/12/2011
The Israeli Government’s financial statements for 2010 have just been published and for the first time units in all branches of the Government have been consolidated in the reporting process.
UK SMEs Eager For Accounting Switchover
4/28/2011
UK businesses strongly support the introduction of International Financial Reporting Standards and Financial Reporting Standards for small and medium-sized entities as a replacement for UK GAAP, believing that now is the right time to move towards the new model of financial reporting, a new survey from Ernst & Young shows.
UK Accountants Support Standards Convergence
4/18/2011
A new survey shows an overwhelming majority of UK accountants favour the convergence of the Generally Accepted Accounting Practice with International Financial Reporting Standards.
ICAS And NZICA Seek Reduced Disclosure Requirements
4/4/2011
The Institute of Chartered Accountants of Scotland and the New Zealand Institute of Chartered Accountants have launched a project with the aim of reducing the volume of disclosure requirements in International Financial Reporting Standards.
ASB Sets Out Standard For Public Benefit Entities
3/22/2011
The UK Accounting Standards Board of the Financial Reporting Council on March 18 published Financial Reporting Exposure Draft 45, setting out proposals to be included in a Financial Reporting Standard for Public Benefit Entities.
IASB Chair Urges US Adoption Of IFRS
3/16/2011
The outgoing Chairman of the International Accounting Standards Board has urged the United States to adopt International Financial Reporting Standards this year, rebuffing concerns that the international accounting rules will be subject to undue influence by foreign governments.
Indian Trade Body Urges IFRS Deferral
12/31/2010
The Federation of Indian Chambers of Commerce and Industry has urged the government to defer the date of implementation of compliance with International Financial Reporting Standards from April 1, 2011 to a date when companies are better equipped to deal with the envisaged new accounting concepts and standards.
Qatar Praised At Tax Seminar
12/13/2010
The general consensus at a seminar of business leaders held in Doha was that Qatar continues to be a significant player within the Gulf Cooperation Council and on the global stage.
IASB Proposes Improvements To Hedge Accounting
12/10/2010
The International Accounting Standards Board on December 9 published for public comment an exposure draft on accounting for hedging activities.
FASB Seeks To Improve Accounting For Repurchase Agreements
11/5/2010
The US Financial Accounting Standards Board has issued an Exposure Draft on its proposal to improve accounting for repurchase agreements.
SEC Progresses Work Plan For Global Accounting Standards
11/2/2010
The United States’ Securities and Exchange Commission has published its first progress report on the work plan aimed at providing the information needed to evaluate the implications of incorporating International Financial Reporting Standards into the financial reporting system for US securities’ issuers.
IASB Issues Guidance On Financial Liabilities
10/29/2010
The International Accounting Standards Board has issued guidance on accounting for financial liabilities to complete the classification and measurement phase of the project to replace IAS 39 Financial Instruments: Recognition and Measurement.
FASB Updates Guidance On Insurance Contract Acquisition Costs
10/18/2010
The Financial Accounting Standards Board has issued an update to Financial Services—Insurance, Topic 944, which provides guidance on accounting for costs associated with acquiring or renewing insurance contracts.
FASB Updates Accounting For Debt Restructuring
10/13/2010
The US Financial Accounting Standards Board has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
DFSA Signs MoU With Regional Standard-Setters
10/13/2010
The Dubai Financial Services Authority, the regulator of the Dubai International Financial Centre, on October 10 announced the signing of a Memorandum of Understanding with the Asian-Oceanian Standard-Setters Group, which took place in September.
IRS Planning For Potential Impact Of IFRS
10/8/2010
The United States Internal Revenue Service is preparing for the potential transition of US-based publicly-held companies to International Financial Reporting Standards, according to an audit report released by the Treasury Inspector General for Tax Administration.
Standards Setters Deal With Hyperinflation
The International Accounting Standards Board has published for public comment an exposure draft entitled 'Severe Hyperinflation, a proposed amendment to IFRS 1' which covers first-time adoption of International Financial Reporting Standards.
IASB Consults On Deferred Tax
9/13/2010
The International Accounting Standards Board has published for public comment an exposure draft entitled Deferred Tax: Recovery of Underlying Assets.
IASB Proposes Amendments To IFRS Adoption Procedure
8/31/2010
The International Accounting Standards Board has published for public comment proposed amendments to procedures for first-time adoption of International Financial Reporting Standards.
FASB Consults On Defined Contribution Pension Plan Update
8/27/2010
The US Financial Accounting Standards Board has issued for public comment an exposure draft of a proposed Accounting Standards Update on defined contribution pension plans.
HK Changes Tax Practice On Prepayments
8/26/2010
Hong Kong’s Inland Revenue Department has issued a new amendment to its practice notes to clarify, in the situation where a profits tax return is filed by a foreign company, what accounting standards are acceptable for the preparation of financial statements.
Directors Protest NZ Tax Changes
8/24/2010
According to a letter from a group of 19 senior company directors, the net profit after tax of New Zealand companies will be distorted by more than NZD1bn through the application of international financial reporting standards to the property tax changes announced in the budget in May this year.
UK Lease Association Concerned At IASB Proposals
8/23/2010
Proposals published by the International Accounting Standards Board, could mean that asset finance, the largest source of debt finance for UK businesses, will be more difficult to obtain, according to the UK Finance and Leasing Association.
Standard Setters Propose Lease Reporting Improvements
8/19/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published for public comment joint proposals to improve the financial reporting of lease contracts.
IASB Proposes Improvements To Insurance Accounting
8/2/2010
The International Accounting Standards Board has published for public comment an exposure draft of improvements to accounting standards for insurance contracts.
IASB Decides On Tax Accounting
7/30/2010
The International Accounting Standards Board in London made tentative decisions on accounting for income tax at its sessions on July 19 - 23, 2010. The US Financial Accounting Standards Board joined some sessions.
IASB, FASB To Resolve Fair Value Differences
7/2/2010
US and International accounting standard setters are working to ensure that their respective fair value measurement standards will be nearly identical, but with 'style' differences.
Accounting Standard Setters Shift Goalposts
6/4/2010
The international and US accounting standards boards have announced that they will be be unable to meet the June 2011 target date for the convergence of International Financial Reporting Standards with US Generally Accepted Accounting Principles.
Standard Setters Call For Public Input
6/1/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published simultaneously for public comment proposals to improve the consistency of how items of Other Comprehensive Income are presented. In addition the US board is consulting on its latest accounting standard update for for financial instruments.
Finance Executives Baulk At Convergence Complexities
5/24/2010
The Chairman of the Committee on Corporate Reporting of Financial Executives International, Arnold C. Hanish, has written to express concern at the unprecedented volume and complexity of proposed standards expected to be issued in the coming months.
Irish Accountants Urged On In Standards Debate
5/24/2010
The newly-appointed President of Chartered Accountants Ireland, Paul O’Connor, has urged Irish tax professionals to engage in debate on reforming auditing standards to improve transparency and financial reporting.
India Clarifies IFRS Convergence Issues
5/19/2010
The 'Core Group', constituted by the Indian Ministry of Corporate Affairs, to manage convergence of Indian Accounting Standards with the International Financial Reporting Standards from the year 2011, has published certain clarifications of earlier announcements about the changeover.
IASB Consults On Fair Value Aspects
5/13/2010
The International Accounting Standards Board has published for public comment its proposed changes to the standard for accounting for financial liabilities in an effort to respond to criticism about the 'counter-intuitive' effects of fair value accounting.
Standard Setters Discuss Disclosure
5/10/2010
The International Accounting Standards Board and the Financial Accounting Standards Board have discussed the overall disclosure principles, disclosures for consolidated subsidiaries, disclosures for unconsolidated structured entities and the disclosures related to investment companies at a joint board meeting.
Standard Setters Discuss Convergence In Japan
5/6/2010
The International Accounting Standards Board and the Accounting Standards Board of Japan have held their eleventh meeting to review preparations for the convergence with and intended adoption of International Financial Reporting Standards in Japan.
ECB Director Doubts Accounting Convergence
4/29/2010
Gertrude Tumpel-Gugerell, a Director of the European Central Bank, said in a Paris speech that policymakers should consider financial stability more when designing new accounting standards, and expressed doubts about progress towards worldwide convergence of accounting standards by mid-2011.
IASB Canvasses Opinions On Amortized Cost Measurement
4/27/2010
The International Accounting Standards Board has produced a questionnaire for financial statement users on amortized cost measurement and impairment of financial instruments.
Accounting Boards Seek Convergence
4/16/2010
On two major projects, financial instruments and insurance contracts, the US and International accounting standards bodies have reached different conclusions on some important technical issues. Addressing those differences in a way that promotes convergence could affect the project timetables.
IFRS For Extractive Industries Debated
4/9/2010
The International Accounting Standards Board has published a discussion paper, 'Extractive Activities,' which is already generating controversy about the level of disclosure that should be required of companies in mining and the oil and gas industry.
IASB Chairman Updates EU
3/18/2010
Sir David Tweedie, Chairman of the International Accounting Standards Board, has addressed a meeting of the Council of the European Union (Economic and Financial Affairs) on convergence and the classification and measurement of financial instruments.
FASB Issues Standards Update
3/16/2010
In an attempt to address queries about the intended breadth of the embedded credit derivative scope exception, the US Financial Accounting Standards Board has issued an Accounting Standards Update on Derivatives and Hedging.
Accountants Push For Adoption Of Global Standards
2/26/2010
Investors and all consumers of financial information deserve clear, reliable, and consistent information, organizations from around the world asserted in a survey by the International Federation of Accountants.
Channel Islands In Good Stead To Attract European Funds
2/25/2010
The Channel Islands swift adoption of International Financial Reporting Standards makes it better placed to meet the changing needs of the European investment fund industry, according to a survey by Ernst and Young.

 

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