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HM Revenue and Customs has pointed out that the new accounting standard – International Financial Reporting Standards 16 Leases – issued by the International Accounting Standards Board in January this year, will necessitate changes to the existing tax rules for the leasing of plant or machinery in the United Kingdom. Read Full Story
On January 13, the International Accounting Standards Board issued a new Accounting Standard – IFRS 16 Leases - which will compel companies to report on their balance sheets current lease commitments, which are thought to total USD3.3 trillion. Read Full Story
Russell Golden, the Chairman of the Financial Accounting Standards Board, which is responsible for US Generally Accepted Accounting Principles, has confirmed that it will work towards global accounting standards that are as comparable as possible. Read Full Story
The International Accounting Standards Board, responsible for International Financial Reporting Standards, has published an exposure draft with proposed clarifications and transition reliefs for its new standard on the recognition of revenue from contracts with customers. Read Full Story
The Chairman of the International Accounting Standards Board, Hans Hoogervorst, has provided an update on the progress of International Financial Reporting Standards adoption around the world. Read Full Story
The Accounting and Auditing Organisation for Islamic Financial Institutions has indicated that it is now prepared to collaborate with the International Accounting Standards Board on the possible convergence of their corporate and financial accounting standards. Read Full Story
Full adoption by the United States of International Financial Reporting Standards appears unlikely to occur in the intermediate term as the major accounting standard setters continue to move away from full convergence of their standards, according to a Fitch Ratings report. Read Full Story
The International Accounting Standards Board, responsible for International Financial Reporting Standards, and the Financial Accounting Standards Board, responsible for United States Generally Accepted Accounting Principles, have issued a converged standard on the recognition of revenue from contracts with customers. Read Full Story
The International Accounting Standards Board has launched a consultation on limited changes to the classification and measurement requirements for financial instruments under International Financial Reporting Standards 9: Financial Instruments. Read Full Story
Accounting standards setter, the International Accounting Standards Board, has announced that is to hold an event in the New Year to discuss with preparers, auditors, regulators, and users of financial statements how to improve the usefulness and clarity of financial disclosures. Read Full Story
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