Coming up with one financial reporting model for expensing the wide variety of leases that exist today was difficult. So standard setters came up with a dual-recognition approach that may disappoint users who prefer one expense approach.
The first questioner US Securities and Exchange Commission (SEC) Chief Accountant Paul Beswick faced said the Egyptians built the pyramids more quickly than the SEC has decided on IFRS.
Integrated corporate reporting took a significant step forward with the release of a consultation framework draft by the International Integrated Reporting Council.
The UK’s financial services industry could be subject to greater scrutiny over the performance of its products and complaints procedures under proposed new regulator rules.
US public companies can use social media to make company announcements as long as they inform investors of the channels they will use to distribute the information.
The US Financial Accounting Standards Board (FASB) on Thursday voted to extend to May 31st the deadline for comments on its Proposed Accounting Standards Update (ASU), Financial Instruments—Credit Losses (Subtopic 825-15). The comment period originally was scheduled to end April 30th.
An International Accounting Standards Board (IASB) proposal is designed to simplify certain aspects of accounting for contributions to defined benefit plans under IAS 19, Employee Benefits.
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.
