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international financial reporting standards (IFRS) News

SEC Staff Report Lacks Timetable For Switch To IFRS

by Glen Shapiro,, New York

Wednesday, July 18, 2012

The final staff report from the United States Securities and Exchange Commission, evaluating the implications of incorporating International Financial Reporting Standards into the financial reporting system for US companies, has been criticized for not containing a recommended action plan or timetable. Read Full Story


US Industry Warns Against Lease Accounting Proposals

by Glen Shapiro,, New York

Thursday, February 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. Read Full Story


US Accounting Standards Subject To Review

by Mike Godfrey,, Washington

Wednesday, February 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. Read Full Story


ASB Maps Out Future Of UK Financial Reporting

by Jason Gorringe,, London

Friday, February 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. Read Full Story


Banks Need Bespoke Accounting Rules, BoE Says

by Jason Gorringe,, London

Wednesday, January 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. Read Full Story


UK Pension Schemes Divided On Accounting Rules

by Robert Lee,, London

Thursday, January 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. Read Full Story


GAAP Accounting Change Positive For Banking Investors

by Glen Shapiro,, New York

Thursday, January 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. Read Full Story


FASB, IASB Set Disclosure Requirements On Offsetting

by Mike Godfrey,, Washington

Friday, December 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. Read Full Story


Accounting Failures 'Exacerbated Banking Crisis'

by Jason Gorringe,, London

Tuesday, December 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. Read Full Story


Boards Consult On Revenue Recognition Standard

by Glen Shapiro,, New York

Friday, November 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. Read Full Story



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