International Accounting Standards Widely Used: IFRS

by Glen Shapiro, Tax-News.com, New York

Thursday, July 28, 2016

The IASB, responsible for International Financial Reporting Standards, and the IFRS Foundation that oversees its work, have estimated that more than 25,000 of the approximately 48,000 domestic listed companies on the 85 major securities exchanges in the world use its accounting standards. Read Full Story

FASB Joins IASB In Lease Accounting Reform

by Mike Godfrey, Tax-News.com, Washington

Tuesday, March 1, 2016

The Financial Accounting Standards Board, which is responsible for US Generally Accepted Accounting Principles, has issued an Accounting Standards Update to require all lessees to report their current lease commitments on their balance sheets. Read Full Story

US Accountants Consider New Revenue Standards

by Mike Godfrey, Tax-News.com, Washington

Friday, November 6, 2015

The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants has released working drafts on issues relating to the new accounting standard on the recognition of revenue from contracts with customers. Read Full Story

IASB Updates On Global IFRS Use

by Leroy Baker, Tax-News.com, New York

Tuesday, April 21, 2015

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

India Provides Roadmap To New Accounting Standards

by Mary Swire, Tax-News.com, Hong Kong

Monday, January 5, 2015

In pursuance of a proposal in the 2014-15 Budget statement in July 2104, India's Ministry of Corporate Affairs, has drawn up a revised road map for companies, other than bank, insurance and other finance companies, for implementation of new Indian Accounting Standards that are to be largely in line with International Financial Reporting Standards. Read Full Story

FASB, IASB Issue New Revenue Recognition Rules

by Mike Godfrey, Tax-News.com, Washington

Monday, June 2, 2014

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

NZ To Simplify Financial Arrangements Rules

by Mary Swire, Tax-News,com, Hong Kong

Thursday, December 20, 2012

The New Zealand government is to simply the financial arrangements rules for agreements relating to the sale and purchase of property or services. Read Full Story

IASB Tinkers With IFRS 9: Financial Instruments

by Robert Lee, Tax-News.com, London

Wednesday, December 5, 2012

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

IASB To Examine 'Disclosure Overload'

by Jason Gorringe, Tax-News.com, London

Monday, November 19, 2012

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

UK Reduces Business Accounting, Reporting Requirements

by Robert Lee, Tax-News.com, London

Thursday, September 13, 2012

Reduced auditing and reporting requirements could save the UK's businesses millions of pounds in annual accountancy and administration costs, the Business Secretary has said. Read Full Story

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