The new, converged revenue recognition standard will include substantially less industry-specific, “bright-line” guidance than many US companies are accustomed to.
The US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) plan to create a joint transition resource group to aid in implementation of the upcoming, converged standard on revenue recognition.
Forward-thinking companies often look ahead to anticipate possible changes and work ahead so they don’t have to scramble when the standard takes effect. Some companies already are doing some of that work with leases, experts say.
The International Accounting Standards Board (IASB) plans to revise the concepts that govern the preparation and presentation of financial statements, and the principles the board uses to develop and revise IFRS.
Organisations need to think deeper about what measures drive value and reflect achieving the direction-setting strategic objectives of their executive team.
The UK Competition Commission decided against including mandatory audit firm rotation among the measures it proposed to promote competition in the statutory audit services market.
An alliance between the International Integrated Reporting Council (IIRC) and two organizations devoted to corporate environmental impact disclosures is the latest indication of growing momentum for integrated reporting.
Transitioning to IFRS was costly for Canadian businesses, but about half of them reported spending as much on preparing and auditing financial statements under IFRS as they did under Canadian GAAP.
A recent credit risk survey shows that overdue payments among Asian companies increased in 2012. Two finance directors discuss their credit management strategies in dealing with the challenge.
In an effort to improve guidance, the US Financial Accounting Standards Board (FASB) proposed an updated standard for the financial reporting of all insurance contracts, not just those written by insurance companies.
The American Institute of CPAs (AICPA) Financial Reporting Executive Committee (FinREC) expressed significant objections to the U.S. Financial Accounting Standards Board’s (FASB’s) financial instruments impairment proposal.
Finance executives in the United States expect modest difficulty implementing the sweeping, global changes in revenue recognition that are coming their way, according to a new survey.
Investors continue to rally for reduced information overload. Paul Druckman, CEO of the International Integrated Reporting Council, offers a call to action.
Accounting bodies and regulators across the globe are wrestling with the task of how to improve the usefulness and clarity of disclosures in financial statements.
International Accounting Standards Board (IASB) Chairman Hans Hoogervorst acknowledged the converged lease accounting proposal is bound to be unpopular with many companies.
One of the most challenging international convergence projects attempted by the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) cleared an important hurdle with the proposal of a revised financial reporting standard for leases.
