Ernst & Young research identified four areas in which high-performing companies did a better job handling the challenges of the harsh global economic conditions. Find out what lessons can be learned from high performers worldwide.
The mechanisms for continuing to facilitate global comparability in accounting standards will change over the next few years. But the leaders of two major standard-setting boards said during a meeting in New York City that the commitment to global comparability remains.
With proposed new requirements coming for the auditor’s report and new initiatives such as integrated reporting emerging, international auditing standards appear likely to undergo a period of substantial change.
A greater percentage of companies are giving raises to the internal audit department, which reflects the increasing role in recent years as regulatory demands have also increased. An Institute of Internal Auditors survey also showed that those with specialty skills were likely to be paid more.
Globalisation is less advanced than perceived, research by Deutsche Post DHL and the IESE Business School in Spain suggests. The DHL Global Connectedness Index highlights some opportunities for improvement.
Western Europe and North America are still attractive to foreign investors, but not as attractive as the top five emerging market hot spots. Even lesser-known emerging economies are gaining ground.
As another year appears ready to pass without a US commitment to IFRS, an IFRS Foundation trustee and a UK accounting body say separately that the International Accounting Standards Board (IASB) needs to wrap up its current convergence projects with FASB. But the trustee, James Quigley, said the IASB’s cooperation with FASB should continue after the projects are finished.
Few multinationals can resists the lure of big, fast-growing BRIC markets such as Russia. Educational attainment in the country is good, but with the market economy still comparatively new, a hangover of old cultural attitudes persists. There is a dearth of leadership skills and employees seek short-term pay hikes over long-term career development. In the first CGMA panel discussion in Moscow, finance leaders from top companies address the talent challenge in emerging markets.
IASB Chairman Hans Hoogervorst used a speech as an opportunity to push for the US Securities and Exchange Commission (SEC) to allow US public companies to adopt IFRS for their financial reporting. On the same stage, FASB Chairman Leslie Seidman said US financial reporting needs clearer guidance than the IASB has offered.
Annual reports continue to get longer but not necessarily better, a Deloitte UK report indicates. The survey shows that while the quality of reports has risen, so too has the quantity, and that’s not always a good thing.
The cumulative amount of revenue entities recognise under a new converged standard should not be subject to a significant revenue reversal or downward adjustment under guidance tentatively approved this week by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).
The new Current Expected Credit Loss (CECL) model FASB is developing for financial instruments treats impairment as the amount that an entity is not expecting to collect. FASB member Lawrence Smith said that is a significant change from existing GAAP, which recognizes impairment as the result of an incurred loss event whose occurrence is probable as of the reporting period. An exposure draft is expected before the end of the year.
Billy Atkinson, the chair of the new Private Company Council, said he favours embracing differential accounting standards for private companies only after first exploring with FASB whether changes can be made to the standards to accommodate all companies.
A report released by the IFRS Foundation staff examines the concerns expressed by the US Securities and Exchange Commission (SEC) staff about IFRS adoption in a report in July.
The new US Private Company Council (PCC) will hold its first public meeting December 6th at the offices of the US Financial Accounting Foundation (FAF) in Norwalk, Conn.
China’s slowing productivity growth is weighing down economic growth in the world’s second largest economy. Political leaders are addressing the problem in the current five-year plan, and the policy changes are affecting how companies will do business in China.
A new model for impairment of financial instruments is clearing hurdles as the US Financial Accounting Standards Board (FASB) pursues a different path than its international counterpart on expected credit loss.
An American Institute of Certified Public Accountants committee is weighing in on a recent International Auditing and Assurance Standards Board (IAASB) proposal that would require expanded commentary in auditors’ reports.
