Twelve national and regional standard-setters will participate as inaugural members of a group that has been formed to provide technical advice to the International Accounting Standards Board.
The UK Financial Reporting Council (FRC) completed a fundamental modernisation of UK and Irish accounting standards for unlisted entities with the issuance of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The International Accounting Standards Board issued a proposed financial instruments impairment standard that, as expected, contained a different mechanism for reporting expected loss than the proposal FASB issued in December.
The US Financial Accounting Standards Board (FASB) amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets.
UK investors and company executives favour reporting for director and executive remuneration that is simpler than what UK regulators have proposed, according to a new report by the UK Financial Reporting Council (FRC) financial reporting lab.
A new Financial Reporting Council (FRC) public document provides guidelines for FRC Disciplinary and Appeal tribunal members as they determine sanctions for FRC members or member firms that commit misconduct or fail to meet certain obligations.
A much awaited summary of provisional findings of the UK Competition Commission (CC) stated that companies are reluctant to change auditors because they have difficulty comparing alternatives with their existing auditor, prefer continuity, and face significant costs in switching auditors.
Businesses will have a longer-than-usual transition period between the issuance and the effective date of a new, converged revenue recognition standard.
Gary Kabureck, CPA, the chief accounting officer of Xerox, has been appointed to the International Accounting Standards Board (IASB) and will increase US representation on the board.
The movement toward integrated reporting appears to be gaining steam after the International Integrated Reporting Council announced a cooperative agreement with the International Accounting Standards Board. The IIRC also is scheduled in April to release a consultation draft of an integrated reporting framework.
European finance executives who have taken part in recent mergers and acquisitions stress that planning is critical for the integration of accounting functions – before the deal is complete. But a survey by Ernst & Young showed that 39% of respondents said their companies began planning for the accounting integration after the deal had been completed.
The IFRS Foundation has dropped a proposed requirement that would have insisted that participants in its new forum of national and regional standard setters agree to promote the adoption of IFRS. The move clears the way for FASB’s participation in the forum.
Experts say companies need to conduct early-stage planning for the effects of the new revenue recognition standard that FASB and the International Accounting Standards Board are developing. Although the effective date of the new standard is expected to be years away, proposed retrospective application requirements may make it wise for companies to begin tracking the new numbers early.
The US Federal Reserve has issued guidance to encourage US banks with more than $10 billion in total assets to have their internal audit functions report to the chief executive – a move that could influence similar changes in other industries, observers of the profession say.
An Accounting Standards Update (ASU) issued Thursday by the US Financial Accounting Standards Board (FASB) makes it clear that a 2011 standard on offsetting disclosures does not apply to ordinary trade receivables and receivables. ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and
Financial statement preparers’ concerns about disclosure overload came through loud and clear in a survey recently conducted by the International Accounting Standards Board (IASB).
UK researchers reported inconsistencies in compliance with certain impairment disclosure requirements across jurisdictions in Europe in a study released this month, indicating that IFRS are not being evenly applied.
The International Auditing and Assurance Standards Board (IAASB), one of many organisations attempting to tackle this challenge, has issued a consultation paper, A Framework for Audit Quality, that it hopes will generate discussion and actions that will improve audits.
