General International Information

May 27, 2010

IASB Chairman Outlines Approach for Reconciling Financial Instrument Standards

May 25, 2010 - International Accounting Standards Board Chairman Sir David Tweedie on Tuesday outlined a possible approach for reconciling the divergent IASB and FASB models for financial instruments accounting. (Journal of Accountancy)

April 26, 2010

IPSASB Publishes Proposals for Amendments under Its Annual Improvements Project

The International Public Sector Accounting Standards Board (IPSASB) released for comment exposure draft (ED) 44, Improvements to International Public Sector Accounting Standards (IPSASs). (IFAC.org)

April 2, 2010

Press release from IASC Foundation Monitoring Board

The Monitoring Board, established by public authorities in January 2009 to enhance the public accountability of the International Accounting Standards Committee Foundation (IASCF), met yesterday for the first time with the IASCF Trustees.

March 3, 2010

Japan’s Financial Services Agency - Publication of the Revision on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan

The Financial Services Agency (FSA) completed the public consultation and updated the list of Designated International Financial Reporting Standards (IFRSs), allowing all IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the International Accounting Standards Board (IASB) on or before December 31, 2009, to be used in the voluntary application of IFRS in Japan by certain Japanese listed companies ("Specified Companies") starting from the consolidated fiscal years ending on or after March 31, 2010. (mondovisione)

February 22, 2010

IFAC Global Survey Says International Standards Crucial to Investor and Financial Stability

Global accountancy leaders want the International Federation of Accountants to increase pressure for adoption, implementation, and enforcement of standards. (IFAC.org)

January 4, 2010

Financial Crisis Advisory Group issues letter to G-20 on IASB and FASB progress

The Financial Crisis Advisory Group (FCAG), an independent advisory body to the IASB and FASB, issued a letter to G-20 participants. (IASB.org)

December 21, 2009

IPSASB Achieves Goal of Substantial Convergence With IFRSs

At its December 8-11 meeting in Rome, the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) achieved its strategic goal of substantial convergence with the International Financial Reporting Standards (IFRSs) dated December 31, 2008, with a series of new or improved standards. (IFAC.org)

December 7, 2009

IPSASB Issues Standard on Agriculture as Part of its Global Convergence Program

The International Public Sector Accounting Standards Board (IPSASB) has taken a further step in its global convergence program with International Financial Reporting Standards. (IFAC.org)

November 20, 2009

IFAC Presses for Action to Adopt and Implement Global Financial Standards

The International Federation of Accountants' (IFAC) 32nd annual Council meeting in Washington, D.C., this week emphasized the urgency of achieving global adoption and implementation of financial standards, especially for accounting and auditing. (IFAC.org)

November 2, 2009

Video: Impact of IFRS Adoption in Global Capital Markets

Paul A. Volcker, Chairman of the President's Economic Recovery Advisory Board, discusses the impact of adopting IFRS in global capital markets. (Journal of Accountancy)

October 9, 2009

IFRS Back in the News

Recent statements from Mary Schapiro and James Kroeker of the SEC about the SEC roadmap have renewed the IFRS discussion in the U.S., including some of the old criticisms. Sir David Tweedie Chairman of the IASB says many of the concerns expressed about IFRS are being addressed and resolved. CFO.com asks, "Is he right?"

September 30, 2009

New Accounting Standards for Private Enterprises in Canada Finalized

The Canadian Accounting Standards Board (AcSB) approved the final accounting standards for private enterprises in Canada. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early. The private enterprise standards give Canadian businesses the ability to choose to adopt new "made in Canada" standards or International Financial Reporting Standards (IFRSs). (acsbcanada.org)

September 27, 2009

G-20: Achieve Single Set of Global Accounting Standards by June 2011

In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on "international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011." (Journal of Accountancy)

September 25, 2009

G20 Calls for Convergence by June 2011

G20 leaders issued a statement from their Pittsburgh summit. Included in the statement is a call for accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process, and complete their convergence project by June 2011. (Leaders' Statement: The Pittsburgh Summit)

September 23, 2009

Monitoring Board for IASC Foundation Issues Statement

The Monitoring Board for the International Accounting Standards Committee Foundation on issues statement on principles for accounting standards and standard setting.

September 8, 2009

G20 Finance Ministers Issue Statement

G20 finance ministers issued a "Declaration on further steps to strengthen the financial system". The statement says, "more needs to be done to maintain momentum". Reuters provides text of the Declaration.

August 28, 2009

Basel Committee Calls for Accounting Changes

The Basel Committee on Banking Supervision calls for changes to fair value measurements and loan loss provisioning.

August 19, 2009

Details of FASB's Fair Value Proposals Expected Later this Year

CFO.com reviews current fair value rules and proposals for fair value expansion, which are expected to be released late this year. Last week, the American Bankers Association released a white paper expressing concern over an expansion of mark-to-market, lack of due process and divergence between IASB and FASB.

August 17, 2009

Will G20 Meetings Refocus Move to Global Standards?

Momentum toward a single set of global accounting standards has slowed this year. It may take upcoming meetings of G20 finance ministers and G20 heads of state to get accounting convergence back on track, according to a Reuters article. (Reuters)

August 6, 2009

"Where is the USA?"

Speaking at the American Accounting Association's annual meeting, Sir David Tweedie, Chair of the International Accounting Standards Board, said, "That is a question I am asked all around the world." WebCPA reports on Chairman Tweedie's speech. He says that a commitment is needed from the U.S. by 2011. (WebCPA)

July 31, 2009

IFAC Calls for G20 to Adopt Global Accounting,
Auditing, and Independence Standards and to Enhance Government Transparency

In a letter, the International Federation of Accountants has called for broad action by the G20 leaders at their September meeting in Pittsburg, PA. (IFAC.org)

July 28, 2009

Financial Crisis Advisory Group Publishes Wide-Ranging Review Of Standard-Setting Activities Following The Global Credit Crisis

The Financial Crisis Advisory Group (FCAG), a high-level group of recognized leaders with broad experience in international financial markets, published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global financial crisis. (IASB.org)

July 27, 2009

IFAC G20 Accountancy Summit Issues Renewed Mandate for Adoption of Global Standards

The International Federation of Accountants held a summit in London to achieve consensus on a series of recommendations to be made to the G20 leaders prior to their meeting in September.

May 07, 2009

National Standard Setters Meet in Johannesburg

Insight, the journal of the IASC Foundation, reports that at their recent meeting in Johannesburg national accounting standard-setters from around the world emphasized their support for the International Accounting Standards Board (IASB) and its stance on holding firm over bank reporting.

May 06, 2009

IFAC President Says Government Bailouts
Bring International Public Sector Accounting Standards to the Forefront

Speaking at a recent forum, Robert L. Bunting, President of the International Federation of Accountants (IFAC), described the enormous changes happening as a result of the global financial crisis and explained why convergence and implementation of international standards is needed to rebuild and sustain the global financial system.

April 29, 2009

FCAG Letter to G-20 Leaders

The Financial Crisis Advisory Group (FCAG) has written leaders of the G-20 providing an update of their work. In their letter, the FCAG stresses the importance of work on the financial instruments and consolidation/derecognition projects.

April 24, 2009

IPSASB Moves Closer to Global Convergence

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) is proposing new financial reporting requirements to assist public sector entities in accounting for financial instruments.

April 16, 2009

2009 Handbook of International Public Sector Accounting Pronouncements Available

The International Public Sector Accounting Standards Board of the International Federation of Accountants announced that it has published the 2009 Handbook.

April 8, 2009

IFAC Supports G20 Objectives for Reform of Global Financial System

The International Federation of Accountants (IFAC) endorses the proposals to enhance global financial regulation and improve the transparency of the international financial system that were issued in the G20 Communiqué on the world economic crisis on April 2 in London.

April 3, 2009

G-20 Committed to Global GAAP, Independence of Standard Setters

Meeting in London, the Group of 20 on Thursday reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington.

April 1, 2009

IPSASB Moves Closer to Global Convergence

The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft entitled ED 36 Agriculture which is part of the IPSASB's global convergence program with International Financial Reporting Standards.

March 31, 2009

Financial Crisis Advisory Group Distributes Report to G-20

The Financial Crisis Advisory Group (FCAG) has issued a report for distribution to members of the G-20. The FCAG was established to advise the IASB and FASB about standard-setting implications of the global credit crisis.

March 4, 2009

IAASB Completes Clarity Project

The International Auditing and Assurance Board (IAASB) has completed its Clarity Project with the release of the final seven clarified International Standards on Auditing (ISAs). The full suite of standards and resources are featured on a new web page.

February 25, 2009

IFAC focuses on credit crisis, needs of SME's

Global accountancy leaders discussed the financial crisis, the needs of small- and medium- sized enterprises and the ways in which professional accountants can contribute to rebuilding economic stability at meetings hosted by the International Federation of Accountants.

January 22, 2009

IAASB Practice Alert Helps Auditors and
Management Assess Impact of Credit Crisis on Going Concern Assumptions

The International Auditing and Assurance Standards Board has released a new practice alert entitled Audit Considerations in Respect of Going Concern in the Current Economic Environment.

January 7, 2008

Many European Banks Choose not to Reclassify Financial Instruments

In October 2008, the International Accounting Standards Board amended its fair value rules by permitting reclassification of certain financial instruments. A January 2009, report issued by the Committee of European Securities Regulators (CESR) reveals that many banks decided not to use the eased accounting rule. The report states, "For the companies in the FTSE Eurotop 100 index almost two thirds of these companies did not reclassify any financial instruments in any of the categories".

Reuters UK | Mondo Visione | CESR Report

Novemeber 15, 2008

Declarations of the G20 Summit on Financial Markets and the World Economy

November 15, 2008 - Leaders agree on common principles to guide financial market reform. Included in their declarations are goals that will strengthen transparency and accountability. Global accounting standards bodies should work to enhance guidance on valuation of securities, especially during times of stress. With a view toward promoting financial stability, the governance of the international accounting standard setting body should be enhanced, including a review of its membership, to ensure accountability and an appropriate relationship between this independent body and relevant authorities. The declarations from the meeting also stress that key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard.

Novemeber 7, 2008

Summary of IASC Foundation Meeting – October 2008

The Trustees of the International Accounting Standards Committee Foundation announced the conclusions of their meeting in Beijing, China on October 9 and 10, 2008.

May 19, 2008

AICPA Publishes IFRS.com Website to Inform Members and Financial Professionals About International Accounting Standards

The American Institute of Certified Public Accountants announced the introduction of IFRS.com, a new Web site developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS).

May 18, 2008

AICPA Council Votes to Recognize the International Accounting Standards Board as a Designated Standards Setter

The governing Council of the American Institute of Certified Public Accountants voted to designate the International Accounting Standards Board in London as an accounting body for purposes of establishing international financial accounting and reporting principles.

IAASB Auditing Standards

The International Auditing and Assurance Standards Board (IAASB) serves the public interest by setting, independently and under its own authority, high quality standards dealing with auditing, review, other assurance, quality control and related services, and facilitating the convergence of national and international standards.

IPSASB Public Sector Standards

The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve.