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Tag >> IFRS
Nov 16
2010

CFOs: Do they really want accounting convergence?

Posted by dbedell in XBRLUS GAAPIFRSFASBcompliance

dbedell

US CFOs are not really keen to see convergence of US GAAP and IFRS come to fruition, according to a survey conducted by chartered accountant and management consultant firm Grant Thornton.

The survey, which polled more than 500 US chief financial officers and controllers, found that more than a quarter of respondents felt IFRS adoption in the US should never happen, while half felt that it should be held off until full convergence is reached—so not for another five or seven years.

Oct 19
2010

Input wanted: International accounting convergence

Posted by dbedell in US GAAPSecurities and Exchange CommissionRiskIFRSIASBFASBcomplianceaccounting convergence

dbedell

International accounting standards convergence has taken another small step forward with the FASB's announcement on Tuesday of a request for input on the timing of new accounting and reporting standards.

Comments on the board's discussion paper on convergence timing must be in by January 31 next year, although comments on certain sections of the current convergence plan must be in sooner than that.

Aug 16
2010

A welcome end to operating leases

Posted by Ron F in leasingIFRSIASBGAAPfinancingFASBcost of capitalcomplianceCapitalbalance sheetAccounting

Ron F

I see that FASB is sticking to its schedule for ending most off-balance-sheet treatment for leases, and so is the IASB. It's about time, frankly, if only to spare us poor, I mean, intrepid financial journalists from having to sort through the particulars of the current accounting treatment a moment longer than necessary.

I speak from personal experience here, having wrestled with the false distinction between capital and operating leases for a sidebar to a piece I wrote for CFO Magazine way back when. The article delved into the details of a particularly complex variation that companies were using to finance real estate, called synthetic leases.

Jun 04
2010

SEC doesn't mind latest delay in global accounting rules

Posted by Going Concern in Securities and Exchange CommissionMary SchapiroIFRSIASBGAAPFASBconvergencecomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Earlier in the week we heard the devastating news that the FASB and IASB's convergence efforts, despite a good hustle, would not meet the G20's deadline of June 2011.

Jun 02
2010

Another step backward on global accounting standards

Posted by mcole in RiskIFRSIASBFASBfair valuecomplianceAccounting

mcole

When it comes to convergence of accounting standards between the US and the rest of the world, it's often one step forward, two steps back.

Last week, as part of global convergence, the Financial Accounting Standards Board and the International Accounting Standards Board released a joint proposal to change accounting and reporting of financial instruments and the statement of comprehensive income. It was the first of a series of joint proposals to come from the two boards by the third quarter of 2010, representing an important push toward global accounting convergence.

Apr 12
2010

Will private companies finally get their own accounting rules?

Posted by mcole in IFRSGAAPcomplianceAccounting

mcole

A blue ribbon panel on private company accounting is holding its inaugural meeting Monday, to assess how financial reporting standards can best meet the needs of users of US private company financial statements, which are mostly for bankers and other types of lenders.

The panel, formed by the Financial Accounting Foundation, the American Institute of Certified Public Accountants and the National Association of State Boards of Accountancy, will meet five times throughout the year and will issue a report with recommendations on the future of standard setting for private companies by the end of the year.

Apr 02
2010

Fuzzy numbers a ‘certainty’ with IFRS, says accounting prof

Posted by Going Concern in IFRSglobal standardsfinancial reportingcomplianceCFOsAccounting

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

Ed. Note: This is the second installment of Going Concern's dialogue with experts on International Financial Reporting Standards. See their first post with IFAC President Bob Bunting here and if you are an IFRS expert interested in joining the discussion, please contact them at tips@goingconcern.com

It's appropriate to disclaim that The Summa's Professor David Albrecht is a friend of Going Concern and for the most part he and I share similar views on the US conversion to IFRS. If you have not read any of our previous rants on the subject, you're too far behind to catch up but I might suggest this?

Mar 03
2010

Global accounting standards may fail over interference

Posted by Ron F in Securities and Exchange CommissionIFRSIASBFASBcomplianceAccounting

Ron F

Our editorial partner, Going Concern, has a post up today on convergence of global accounting standards that encouraged me to take a closer look at what the SEC had to say last week, when it decided to add another year at minimum to the transition period before US companies would be required to report their results according to international rules. (Now it will be 2015 at the earliest.)

I certainly agree that convergence may be a pipe dream, but not for the reason that Adrienne Gonzalez focuses on. Yes, cost may be an issue. But from what I see in the SEC statement, what really raised the commission's eyebrows were complaints about how easily the International Accounting Standards Board caved to political pressure during the financial crisis to ease its fair value reporting rules for banks.

Feb 23
2010

New bureaucratic low: SEC to meet on whether to issue statement

Posted by Going Concern in secroadmapIFRSfinancial reportingcompliancebureaucracyAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Remember how James Kroeker said how the Commission was "turning our focus back to the proposed roadmap"? No? Well, he did. And apparently he was serious because the SEC is having a meeting tomorrow about said roadmap. The whole time we've been reading about this map to godknowswhere, we just figured it was a figment of our imagination.

But a meeting! A meeting to decide whether or not the SEC will publish a statement! That's somewhat encouraging, isn't it? Here's exactly what's on the docket for the Sunshine Act Meeting:

Feb 10
2010

Would Geithner back IFRS to heal the banks?

Posted by Going Concern in Timothy GeithnerstandardsIFRSGAAPfinanacial reportingcomplianceBanksAccounting

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

Tim Geithner has inadvertently given his endorsement to standardized financial regulation around the globe, so is he also giving the adoption of IFRS in the US his approval?

Possibly, since he told ABC that "he wasn't worried that tighter financial regulation would put U.S. banks at an international disadvantage. ‘I'm very confident we can make sure that we are working very closely to raise global standards around the world so we have a level playing field,' Geithner said." His motivations are only slightly suspect. Why?

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