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Senin, 05 Juli 2010

IFRS News Clips

July 2, 2010

Fair value measurement comprehensive project summary published
July 2, 2010 - A comprehensive project summary, prepared by the International Accounting Standards Board (IASB) staff, has been published on the fair value measurement project page. (IASB.org)

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July 1, 2010

The IASB and FASB embark on additional outreach activities on their Financial Statement Presentation Project
July 1, 2010 - The IASB and FASB started today their programme of extended outreach to stakeholders on the joint project on financial statement presentation by posting a staff draft of proposed standards on their respective websites. (IASB.org)

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July 1, 2010

Differences Will Remain After Convergence Project
Differences will remain after the FASB and the IASB’s convergence project is complete. A CFO.com article highlights six of these differences.

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July 1, 2010

IASC Foundation to become IFRS Foundation on 1 July 2010
June 30, 2010 - On 1 July 2010 the IASC Foundation will formally change its name to the IFRS Foundation. The change represents the next step in a process to simplify the names in use across the organisation announced following the conclusion of the Constitutional Review in 2010. (IASB.org)

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June 30, 2010

FASB, IASB Propose Common Standard for Fair Value Measurement and Disclosure
FASB and the IASB on Tuesday issued separate exposure drafts intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and IFRS. (Journal of Accountancy)

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June 30, 2010

Move to Expected-Loss Model Would be Costly
The IASB has proposed a move from the incurred-loss to an expected-loss model for recognizing loan losses. Accountancy Age reports that banks believe implementation would be complicated and expensive.

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June 29, 2010

Standard Setters Propose Fair Value Changes
WebCPA reports on exposure drafts issued by the FASB and IASB on fair value measurements and disclosures.

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June 28, 2010

G20 Re-Emphasizes Support of Global Accounting Standards
Accountancy Age reports on latest communication from G20 leaders on global accounting standards.

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June 24, 2010

IASB and FASB update to G20 Leaders on modified convergence strategy
June 24, 2010 - The IASB and the FASB today wrote to the G20 Leaders outlining their modified strategy for completing their convergence work. The modified strategy retains the target completion date of June 2011 or earlier for the MoU projects for which the boards believe the need for improvement is the most urgent. (IASB.org, FASB.org)

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June 23, 2010

Planning for IFRS
CFO.com columnist Bruce Pounder outlines planning techniques for an uncertain future.

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June 22, 2010

6 July - Live webcast on IAS 39 replacement project
On 6 July 2010 IASB staff will be hosting a webcast on the IAS 39 replacement project. Discussion topics will include an update on the main outcomes of the Expert Advisory Panel and next steps in the impairment phase, an update on the hedge accounting phase, and a general update on timing for the project. (IASB.org)

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June 18, 2010

Volunteers needed to develop questions on IFRS for Uniform CPA Examination
June 18, 2010 - The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination.

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June 18, 2010

Tommaso Padoa-Schioppa to return as Chairman of the Trustees following the July Trustees’ meeting
The Monitoring Board today announced that it has approved the appointment of Tommaso Padoa-Schioppa, former Italian Minister of Economy and Finance, as Chairman of the Trustees. (IASC Foundation)

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June 18, 2010

FASB Proposal Generates Negative Comments
Compliance Week’s Tammy Whitehouse reviews early comment letters received on the FASB’s proposed changes to financial instrument accounting.

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June 17, 2010

Tweedie’s reconciliation proposal is not convergence
IASB Chairman David Tweedie has proposed a reconciliation model to bridge the gap between U.S. and International financial instrument reporting. An Accountancy Age article provides an overview, but notes that reconciliation is not the same as convergence.

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June 17, 2010

IASC Foundation Annual Report 2009 published
June 17, 2010 - The 2009 Annual Report of the IASC Foundation has been published today and is available for download from the IASB website. (IASC Foundation)

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June 17, 2010

AICPA to Host International Business, Accounting, Auditing and Tax Conference
Scheduled for June 23-24 at the JW Marriott in Washington, D.C., the conference is designed for CPAs in audit, tax and consulting; chief financial officers; controllers; and tax directors with international responsibilities.

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June 13, 2010

PCFRC Releases Meeting Highlights, Differential Accounting for Private Companies Discussed
At their April meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB). Issues discussed included nonpublic entity considerations in the standard setting process and prioritization of convergence projects. (PCFR.org)

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June 12, 2010

Survey: Investors Do Not Want Full Fair Value Model
Accountancy Age reports on a PwC survey. Respondents (analysts and investors) said that they preferred a mixed measurement model for valuing financial instruments.

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June 12, 2010

FASB Chairman Talks about Convergence
Compliance Week’s Tammy Whitehouse writes about FASB Chairman Robert Herz’s recent speech at a conference at the University of Southern California.

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June 11, 2010

EFRAG Investigation: IFRS for SMEs
A European Financial Reporting Advisory Group (EFRAG) investigation finds that IFRS for SMEs are incompatible with EU directives in multiple areas. Accountancy Age reports on the study and provides a link to the EFRAG report.

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June 11, 2010

Stephen Cooper: Revenue recognition and your mobile phone
The IASB and FASB will shortly issue an exposure draft of a revised standard for revenue recognition. (IASB.org Investor Perspectives)

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June 10, 2010

FASB Proposals Could Have Been Tougher on Banks
Bloomberg’s Jonathan Weil writes about FASB’s proposals for financial instrument accounting.

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June 10, 2010

Who is on the list of candidates to replace the IASB Chairman?
Accountancy Age reports on the search for a replacement for IASB Chairman Sir David Tweedie.

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June 10, 2010

Volker Critical of Financial Instrument Convergence
Accountancy Age reports that Paul Volker, senior economic adviser to the Obama administration, said that the IASB and FASB need to come together on financial instrument reform.

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June 10, 2010

What’s ahead for private company reporting?
Dan Noll, AICPA Director Accounting Standards, led a discussion regarding IFRS for Small and Medium-sized Entities and the future of private entity reporting at an AICPA conference. WebCPA provides coverage of the session.

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June 9, 2010

CPAs Facing Significant Changes
Robert Harris, Chairman of the AICPA, discussed the “changing landscape” facing the profession. WebCPA reports on Harris’ address at the AICPA’s Practitioners Symposium & Tech + Information Technology Conference.

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June 8, 2010

AICPA's IFRS Backgrounder updated through SEC work plan
Get an introduction to the movement behind adoption of IFRS for public companies throughout the world. The AICPA’s recently updated IFRS Backgrounder walks you through the regulators, standard setters and others who play a critical role and the timeline of convergence and adoption activities, including the SEC’s announcement of its work plan.

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June 8, 2010

Private Business Recognize Benefit of Greater Transparency
Emirates Business 24/7 reports on a Grant Thornton International Business Report that covered over 7,400 business owners in several countries.

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June 8, 2010

IFRS Interpretations Committee podcasts for download
June 4, 2010 - Following on from the success of the Board meeting audio summaries ('podcasts'), the IFRS Interpretations Committee (formerly called the IFRIC) is also trialing podcasts.

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June 4, 2010

IFRS in the U.S.
Will the U.S. ever be converged completely? Colleen Cunningham explores the question in the Corporate Finance Insider.

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June 3, 2010

IASB and FASB issue statement on their convergence work
June 2, 2010 - The IASB and the FASB today announced their intention to prioritise the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between IFRSs and US GAAP. Joint FASB and IASB Letter to G-20 (IASB.org)

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June 3, 2010

Replacement for IASB Chair Needs Wide Skill Set
Accountancy Age writes about the search for a replacement for Sir David Tweedie. The ideal replacement would be adept at both political and technical matters.

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June 3, 2010

Banks Express Concern about FASB Proposals
CFO.com reports that banks are questioning the logic of proposals in FASB’s exposure draft on accounting for financial instruments.

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June 1, 2010

Accounting Departments Stretched Dealing with Change
Finance and accounting staffs are becoming weary dealing with the amount of change, and more is coming. CFO Magazine writes about the pace of change and how some companies are coping.

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May 28, 2010

Leases on the Balance Sheet
CFO.com reports on the FASB/IASB’s joint lease project. An exposure draft is expected in June.

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May 28, 2010

IASB Proposes Changes for Other Comprehensive Income Reporting
WebCPA writes about the IASB’s recently issued exposure draft Presentation of Items of Other Comprehensive Income (Proposed amendments to IAS 1)

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May 28, 2010

ICAEW Expresses Concerns About FASB Financial Instrument Proposals
The Institute of Chartered Accountants in England and Wales has expressed concerns about classification and measurement proposals in the exposure draft, according to an Accountancy Age article.

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May 26, 2010

FASB Proposes Comprehensive Changes to Financial Instruments Accounting
FASB on Wednesday issued a much anticipated exposure draft intended to improve accounting for financial instruments. (Journal of Accountancy)

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May 26, 2010

IASB proposes improvements to the presentation of items of Other Comprehensive Income
May 27, 2010 - The International Accounting Standards Board (IASB) today published for public comment proposals to improve the consistency of how items of Other Comprehensive Income (OCI) are presented. (IASB.org)

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May 26, 2010

Request for comment: FASB Financial Instruments Exposure Draft
May 27, 2010 - On 26 May 2010 the FASB released a proposed Accounting Standards Update (ASU) that contains proposals for a new comprehensive standard on financial instruments. (IASB.org)

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May 25, 2010

Thursday 10 June – Live webcast on Lease accounting
On Thursday 10 June IASB staff will present a live webcast to provide updates to the proposals on accounting for lease contracts. (IASB.org)

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May 25, 2010

User questionnaire for Fair Value Option exposure draft
On 24 May 2010 the International Accounting Standards Board (IASB) produced a questionnaire for financial statement users on its May 2010 exposure draft Fair Value Option for Financial Liabilities. (IASB.org)

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May 25, 2010

FASB Chairman Testifies Before the U.S. House of Representatives Subcommittee
FASB Chairman Robert H. Herz Testifies Before the U.S. House of Representatives Financial Services Subcommittee On Capital Markets, Insurance, and Government Sponsored Entities on May 21, 2010. Read full text of testimony. (FASB.org)

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May 24, 2010

AICPA Survey Shows U.S. CPAs Gaining in Awareness of International Financial Reporting Standards
May 24, 2010 - U.S. Certified Public Accountants are gaining awareness about International Financial Reporting Standards and CPAs increasingly foresee a need to gain advanced, or expert knowledge as the U.S. moves toward global accounting standards over the next three to five years, according to a recent survey conducted by the American Institute of Certified Public Accountants.

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May 24, 2010

Survey: CPAs Growing More Familiar with IFRS
May 24, 2010 - Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey released Monday. (Journal of Accountancy)

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May 21, 2010

SEC Supports High Quality International Standards
Accountancy Age reports on SEC Chair Mary Schapiro’s speech at the CFA Institute’s annual conference.

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May 19, 2010

Too Much!
CFO.com writes about the coming wave of new standards coupled with the prospect of an SEC decision to require IFRS, and asks, “Will American companies have to go through a major accounting-standards overhaul twice?”

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May 19, 2010

SEC is not “dragging its feet” on IFRS
Speaking at the CFA Institute’s annual conference, SEC chair Mary Schapiro defended the Commission’s actions on IFRS. WebCPA reports on Chairwoman Schapiro’s remarks.

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May 17, 2010

Panel Expresses ‘Broad-Based Concerns’ for Private Company Financial Reporting
There are legitimate, broad-based concerns about whether current U.S. GAAP and the underlying standard-setting process are meeting the needs of private companies, and it is time to start exploring alternatives that have surfaced in other countries, the chairman of a blue ribbon panel told panel members Friday. (Journal of Accountancy)

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May 17, 2010

Focus on IFRS Risk Should Change
According to a CFO.com article, U.S. CFOs’ focus on IFRS risk is off target.

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May 17, 2010

Monitoring Board approves appointment of Vice-Chairs of the Trustees
The Monitoring Board of the IASC Foundation today approved the appointment of Robert Glauber (United States) and Tsuguoki Fujinuma (Japan) as Vice-Chairs of the Trustees for a term of three years. Both are existing Trustees. (IASC Foundation)

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May 13, 2010

Study Suggests that Rules-Based Standards Provide Better Protection from Litigation
CFO.com reports on an academic study that addresses the question whether or not rules-based standards provide better protection from lawsuits. The study’s conclusion suggests that rules based standards reduces the threat of litigation.

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May 13, 2010

Disagreements over derecognition
Recent proposals on accounting rules for derecognition have stirred an international debate. Which model is better – the one based on “risks and rewards” or the one based on “control”? Accountancy Age explores the debate.

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May 13, 2010

Blue-Ribbon Panel on Private Company Financial Reporting to Meet Friday
The blue-ribbon panel established to provide recommendations on the future of U.S. accounting standards for private companies will hold its second meeting Friday. (Journal of Accountancy)

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May 12, 2010

Europe “getting impatient” with U.S. Progress on Convergence
Accountancy Age reports on remarks made by Michel Barnier, EU Commissioner for Internal Markets and Services.

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May 11, 2010

IASB addresses ‘counter-intuitive’ effects of fair value measurement of financial liabilities
May 11, 2010 - The International Accounting Standards Board (IASB) today published for public comment its proposed changes to the accounting for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments). (IASB.org)

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May 11, 2010

Trustees publish report on the Second Part of the Constitution Review
May 11, 2010 - The Trustees of the IASC Foundation published today a report on the changes to the Foundation’s Constitution made as a result of the second part of their 2008-2010 Constitution review. (IASB.org)

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May 10, 2010

Canada: IFRS transition deadline drawing – state of readiness varies among companies: CICA/RBC Business Monitor
Many executive CAs believe their companies are well positioned for Canada’s transition to International Financial Reporting Standards (IFRS) but several enterprises remain in early stages of preparation, according to the latest CICA/RBC Business Monitor (Q1 2010). (CICA.CA)

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May 6, 2010

FASB Spending Most of Its Time on Convergence
Tammy Whitehouse at Compliance Week writes about the FASB’s first podcast in a series of podcasts covering international accounting convergence and other accounting topics.

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May 6, 2010

IASB concludes the 2008-2010 cycle of annual improvements to IFRSs
May 6, 2010 - The International Accounting Standards Board (IASB) today issued Improvements to IFRSs - a collection of amendments to seven International Financial Reporting Standards (IFRSs) - as its latest set of annual improvements. (IASB.org)

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May 6, 2010

Second meeting of AICPA/FAF/NASBA “Blue Ribbon” Panel on Standard Setting for Private Companies
The Panel will hold its second meeting on Friday, May 14, at the FAF offices at 401 Merritt 7, Norwalk, CT 06851. The public portion of the meeting, from 9:10 am to 4:00 pm, with a lunch break, will be webcast live through the AICPA and FAF websites. (FASB.org)

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May 5, 2010

Less Volatile Pension Proposals
CFO.com explores proposed IASB rule changes for pension accounting. Under the proposals, asset gains and losses would be recognized under other comprehensive income, not profit and loss.

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May 5, 2010

UK's ASB Critical of IASB’s Derecognition Proposals
Accountancy Magazine reports that the Accounting Standards Board expressed concerns that proposals could lead to more derecognition of financial assets than is allowed under current rules.

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May 5, 2010

FASB launches podcast series
FASB member Marc Siegel discusses international convergence of accounting standards and other topics. (FASB.org)

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May 5, 2010

Audio recordings on Financial Instruments and Leases projects posted
An audio recording on the exposure draft Financial Instruments: Amortised Cost and Impairment, and on the Leases project are now available on the project pages. In addition, the Lease project team now offers a project email alert to keep you up to date with the project progress. (IASB.org)

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May 4, 2010

Options for the Future of UK GAAP
The UK Accounting Standards Board is exploring reforms for its system of Generally Accepted Accounting Principles, including adoption of a three tier system. The ICAEW’s Nigel Sleigh-Johnson offers suggestions for the future in Accountancy Magazine.

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May 4, 2010

IFRS Interpretations Committee appointments
May 4, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation, oversight body of the International Accounting Standards Board (IASB), announced today an appointment and reappointments to the IFRS Interpretations Committee, formerly known as the IFRIC. (IASB.org)

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May 3, 2010

IFRS Impact Depends On Company
CFO.com reports on remarks a panel of financial executives at a Pace University accounting conference regarding the impact of IFRS on their companies and industries.

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May 3, 2010

Live web presentations on defined benefit plans and extractive activities
Project teams of the IASB will hold separate web presentations introducing the two recently published due process documents in the forthcoming week: the recently published exposure draft on defined benefit plans and the discussion paper on extractive activities. (IASB.org)

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Apr. 30, 2010

IASB and ASBJ meet to discuss convergence with and intended adoption of IFRSs in Japan
April 30, 2010 - The International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) have held their eleventh meeting to review preparations for the convergence with and intended adoption of IFRSs in Japan. (IASB.org)

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Apr. 30, 2010

IASC Foundation releases IFRS Taxonomy 2010
April 30, 2010 - The International Accounting Standards Committee (IASC) Foundation today released the International Financial Reporting Standards (IFRS) Taxonomy 2010. (IASB.org)

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Apr. 30, 2010

Stable, Secure Funding Needed to Underpin IASB
SEC Chief Accountant James Kroeker talks about the importance of a stable, secure, broad based funding system for the IASB. Reuters covers Mr. Kroeker’s remarks at a Baruch College conference yesterday.

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Apr. 30, 2010

IASB Responds to Fears Regarding Pension Proposals
Accountancy Age reports that IASB member Stephen Cooper says pension accounting proposals released this week will lead to “fairer and more transparent” reporting of pension costs.

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Apr. 29, 2010

Repo 105 Accounting at Lehman Highlights Need for Convergence
In remarks regarding Lehman Brothers bank use of Repo 105 transactions, Philippe Danjou, IASB board member, said, “From an IFRS perspective I would suspect that most transactions would have stayed on the balance sheet.” Reuters reports from the Reuters Global Financial Regulation summit.

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Apr. 29, 2010

IASC Foundation and IASB emphasise greater investor participation in the development of IFRSs
April 29, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation and the International Accounting Standards Board (IASB) launched today a programme to enhance investors’ participation in the development of International Financial Reporting Standards (IFRSs). (IASC Foundation)

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Apr. 29, 2010

IASB proposes improvements to defined benefit pensions accounting
April 28, 2010 - The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to IAS 19 Employee Benefits. (IASB.org)

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Apr. 28, 2010

SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011
While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the Journal of Accountancy Tuesday that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay.

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Apr. 27, 2010

Concerns over Move Towards Full Fair Value
Reuters reports that European Central Bank board member Gertrude Tumpel-Gugerell expressed concern about the U.S. push for full fair value. Concerns were also voiced about the IASB/FASB convergence project.

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Apr. 26, 2010

Impairment user questionnaire
April 26, 2010 - The International Accounting Standards Board (IASB) is seeking input from users of financial statements in the form of a questionnaire on the proposals regarding amortised cost measurement and impairment of financial instruments. (IASB.org)

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Apr. 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)

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Apr. 23, 2010

Difficulties in Measuring the Largest Banks
Writing for the Huffington Post, James Kwak, coauthor of 13 Bankers, notes that differences between U.S. GAAP and IFRS results in difficulties in comparing banks balance sheets, and that derivatives netting allowed by U.S. GAAP can mask the true size of banks. In his article, he refers to an article by Daniel Gross of the Centre for European Policy Studies, which can be found here.

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Apr. 22, 2010

Is Convergence Plan Too Ambitious?
The IASB and FASB recent progress report has raised concerns about the pace the two standard setters have set. Accounting Age reports that some are worried that the quality of international standards could be compromised.

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Apr. 22, 2010

IASB Work Plan
View the recently updated International Accounting Standard Board’s work plan. (IASB.org)

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Apr. 22, 2010

Challenges and Opportunities in Japan
Accountancy Age reports on IFRS preparations in Japan.

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Apr. 16, 2010

Korea Preparing for IFRS Deadline
IASB Chairman Sir David Tweedie was interviewed by JoongAng Daily regarding Korea's preparations for IFRS. He believes Korea is making good progress.

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Apr. 16, 2010

ICAEW Comments on Progress Report
Accountancy Magazine reports on comments made by ICAEW's Dr. Nigel Sleigh-Johnson regarding the FASB/IASB quarterly progress report on accounting convergence.

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Apr. 16, 2010

Paul Pacter Appointed to IASB
Accountancy Age provides a profile of Paul Pacter, who will fill the vacancy created by the retirement of Jim Leisenring.

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Apr. 15, 2010

Paul Pacter appointed to the IASB
April 15, 2010 - The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of Paul Pacter to the International Accounting Standards Board. (IASB.org)

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Apr. 15, 2010

Financial System Considerations in IFRS Conversion Projects
April 15, 2010 – Prepared by the Information Technology Section of the AICPA, this white paper explores information technology implications of an IFRS conversion, including the impact on financial and business reporting, implementation considerations and lessons learned from the European experience.

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Apr. 14, 2010

Financial Instrument Convergence Will Be a Challenge
Accountancy Age reports on the IASB and FASB joint progress report on accounting convergence.

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Apr. 13, 2010

Panel Meets to Discuss Private Company Financial Reporting
Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades. (Journal of Accountancy)

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Apr. 8, 2010

Repo Transactions to be Addressed by Rulemakers – April 8, 2010 - WebCPA reports that the FASB and IASB will meet to discuss derecognition and securitization issues.

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Apr. 8, 2010

Standard Setters Will Focus on Transparency – April 8, 2010 - Reuters reports on pending proposals on financial instrument accounting. Standard setters say they will continue to focus on transparency over stability.

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Apr. 7, 2010

IASB seeks feedback on extractive activities discussion paper – April 7, 2010 - The International Accounting Standards Board (IASB) published today the results of an international research project on a possible future International Financial Reporting Standard (IFRS) for extractive activities in the form of a discussion paper – Extractive Activities. (IASB.org)

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Apr. 7, 2010

Country Reporting Proposals for Mining and Oil Companies Not Enough – April 7, 2010 - The Publish What You Pay (PWYP) coalition said proposals for country-by-country reporting outlined in an IASB discussion paper for extractive activities are “too cautious”, according to an Accountancy Age article.

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Apr. 6, 2010

Bank Failures in U.S. Contributed to IASB Funding Shortfall – April 6, 2010 - Accountancy Age reports that the failure of Lehman Brothers and Bear Stearns contributed to a shortfall in funding for the International Accounting Standards Board.

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Apr. 6, 2010

EU Could Reduce IASB Funding – April 6, 2010 - According to a Financial Times article, Michel Barnier, EU internal market commissioner, suggested that future EU funding decisions could be tied to whether the IASB makes governance changes. Michael Cohn of WebCPA writes about the article.

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Apr. 5, 2010

International Financial Reporting Standards 2010 Bound Edition – April 5, 2010 - Through a special arrangement with the IASB, the Financial Accounting Foundation distributes the International Financial Reporting Standards 2010 Annual Bound Edition in the United States, U.S. possessions, Canada, and Mexico.

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Apr. 2, 2010

Press release from IASC Foundation Monitoring Board – April 2, 2010 - 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.

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Apr. 2, 2010

EC Regulator Still Concerned About IASB Governance – Michel Barnier says there are governance issues with the IASB. His remarks were made during an IASB monitoring board meeting. SEC chairman Mary Schapiro expressed concerns about ensuring consistent application of IFRS. Accountancy Age provides coverage.

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Apr. 2, 2010

IASB Needs to Pay More Attention to Emerging Markets – There is concern that that influence from Europe and the U.S. is overshadowing the interests of emerging markets. Reuters India reports on the IASC Foundation monitoring board meeting in London.

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Apr. 1, 2010

Concerns Expressed over Proposals to Amend Accounting for Legal Liabilities – Accountancy Age reports that there is growing concern over IASB proposals to amend IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. According to the article, the SEC said "serious concerns" remain over the IASB's approach.

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Apr. 1, 2010

IFRS Deadline Extended for India's Banks – Banks and non-banking finance companies will get two more years before being required to file IFRS compliant financial statements. The Economic Times reports on the extension.

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Mar. 31, 2010

Boards Consider Requirements for Sensitivity Analysis Disclosures BVWire News reports that the IASB and FASB are considering requirements for sensitivity analysis disclosures for financial instrument fair value measurements.

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Mar. 31, 2010

SEC and EU Regulators to MeetAccountancy Age reports that the SEC chairman Mary Schapiro will meet with Michel Barnier, EU commissioner for internal market and services. The two will discuss accounting matters.

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Mar. 29, 2010

Basel Committee Presents Loan Loss Proposals to IASB Risk.net reports that the Basel Committee on Banking Supervision has presented recommendations to the IASB on loan loss accounting. The IASB is receiving comments on its proposal to move to an expected loss model for recognizing loan provisions.

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Mar. 24, 2010

Liabilities – comment deadline extended – March 24, 2010 - In its March Board meeting, the IASB decided to extend the comment period for the exposure draft Measurement of Liabilities in IAS 37 to 19 May 2010. (IASB.org)

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Mar. 23, 2010

Live webcast on impairment phase of project to replace IAS 39 – On Tuesday 30 March IASB staff will present a live webcast on the impairment phase of the project to replace IAS 39, followed by a question and answer session. (IASB.org)

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Mar. 18, 2010

IASB Chairman Explains Regulatory Page – Sir David Tweedie talked to European finance ministers about a proposal to include regulatory data in financial statements. Accountancy Age provides coverage.

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Mar. 18, 2010

Convergence on Track, Stability to FollowWebCPA reports on IASB Chairman David Tweedie's ECOFIN address where he said convergence efforts with the U.S. are on track for June 2011. Upon completion, he promised "a period of stability of accounting standards for newly adopting countries".

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Mar. 16, 2010

New IFRS for SMEs Update newsletter – March 16, 2010 - The IASB today published the first issue of the IFRS for SMEs Update newsletter – a regular staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (IASB.org)

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Mar. 16, 2010

Chairman of the IASB addresses ECOFIN meeting – March 16, 2010 - Prepared Statement of Sir David Tweedie, Chairman of the International Accounting Standards Board, to the meeting of the COUNCIL OF THE EUROPEAN UNION (Economic and Financial Affairs) on 16 March 2010. (IASB.org)

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Mar. 15, 2010

Live Webcast on Classification and Measurement of Financial Liabilities – The IASB staff will present a webcast regarding the status of the Board's discussions about the classification and measurement of financial liabilities and the next steps in the project. The webcast will be on Monday 22 March 2010 at 10:30am and 3pm UK time.

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Mar. 12, 2010

FASB, IASB Proposal Seeks to Clarify Reporting Entity Concept – FASB and the IASB Thursday published an exposure draft, Conceptual Framework for Financial Reporting: The Reporting Entity, that is part of a joint project between the boards to develop a common and improved conceptual framework for developing future accounting standards. (Journal of Accountancy)

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Mar. 11, 2010

Convergence Timetable Too Risky – Writing for Accounting Today, professors Paul B. W. Miller (University of Colorado Springs) and Paul R. Bahnson (Boise State) express serious concerns about the FASB/IASB convergence timetable and want the SEC to step in and stop "this runaway train". (WebCPA.com)

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Mar. 11, 2010

Japan, Australia and New Zealand Adopting IASB Fair Value RulesAccountancy Age reports that Europe has still not endorsed IFRS 9, while other countries are deciding to adopt the new rules.

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Mar. 11, 2010

UK Regulator to Study IASB's "Regulatory Page" Idea – The IASB plan would include a separate regulatory page in financial statements, which reconcile reported net income to regulatory income. Accountancy Age reports on the UK Financial Services Authority early reaction to the proposal.

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Mar. 11, 2010

IASB and FASB publish proposals on reporting entity concept – The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) today published for public comment an exposure draft on the reporting entity concept. (IASB.org)

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Mar. 10, 2010

Presentation of items in OCI — status update – On 15 March and 19 March 2010 Stephen Cooper, Board member, Alan Teixeira, Director of Technical Activities and Henri Venter, Assistant Project Manager, will give a status update on the Board's deliberations about the presentation of items in Other Comprehensive Income (OCI) in a live webcast, followed by a question and answer session. (IASB.org)

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Mar. 9, 2010

Survey Shows Support for Early Adoption Option – According to a KPMG LLP survey, 49% of respondents said that they would like an option to adopt IFRS before 2015, if the SEC makes a decision to require or permit IFRS for U.S. companies. Reuters reports on the KPMG survey.

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Mar. 8, 2010

Japan will Allow IFRS 9 for Early Adopters – Japan will allow IFRS for certain “specified” companies starting with fiscal years ending on or after March 31, 2010. Accountancy Age reports on a Financial Times article, which says that the controversial standard IFRS 9 will be included in the standards available for use by Japanese companies.

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Mar. 3, 2010

IASB Proposes Adding Regulatory Page to Bank Financials – Accountancy Age reports that an IASB proposal would add a "regulatory page" to financial reports of financial institutions. This solution would supply information to regulators and relieve pressure to change accounting standards to meet regulatory goals.

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Mar. 2, 2010

IASC Foundation publishes second batch of training material for IFRS for SMEs – The International Accounting Standards Committee (IASC) Foundation published today the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (IASB.org)

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Mar. 1, 2010

More Time for IFRS Evaluation – The SEC extended the timeline for possible transition to IFRS. CFO.com writes about the SEC announcement on February 24 and offers feedback from financial executives.

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Mar. 1, 2010

Wednesday 3 March – live webcast on project to replace IAS 37 – On 3 March 2010, Robert Garnett, IASB member, and Joan Brown, project manager, will hold a live webcast on IAS 37. The webcast will focus on the revised measurement proposals but also address their interaction with the other requirements proposed in a working draft. (IASB.org)

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Feb. 26, 2010

AICPA/FAF/NASBA Announce Members of "Blue-Ribbon Panel" to Address Standards for Private Companies – The American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) today announced the members of the new "blue-ribbon panel" established to address how U.S. accounting standards can best meet the needs of users of private company financial statements. (FASB.org)

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Feb. 26, 2010

Going Slow, SEC Gets It Right – In a Bloomberg article, David Reilly writes that the "go-slower approach" outlined by the SEC in evaluating IFRS was the right decision.

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Feb. 26, 2010

SEC Plan on IFRS Lacks ClarityAccountancy Age reports that ICAEW head of financial reporting Dr. Nigel Sleigh-Johnson says that the SEC plan on IFRS lacks clarity on the U.S. commitment to adopting the international standards.

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Feb. 25, 2010

Countdown to Convergence – This article provides a synopsis priority convergence projects in the FASB and IASB Memorandum of Understanding. Because the projects are active and subject to change, updates will be posted periodically to the online version of this article at journalofaccountancy.com. (Journal of Accountancy)

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Feb. 25, 2010

SEC Announcement Keeps U.S. on Sidelines – Reuters reports that the SEC announcement of an IFRS work plan does not provide the clarity that some had wanted.

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Feb. 24, 2010

SEC Affirms Support for Single Set of Global StandardsWebCPA reports on the SEC's vote to issue a statement of support for a single-set of high quality global accounting standards and its approval to move forward with a work plan for possible incorporation of IFRS into the U.S. financial reporting system for U.S. issuers.

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Feb. 24, 2010

ICAEW Calls for US Clarity on IFRSAccountancy Age reports that the head of financial reporting faculty of the Institute of Charted Accountants in England and Wales has called for clarity from the U.S. on its commitment to global standards.

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Feb. 24, 2010

Journal of Accountancy IFRS Resources – The Journal of Accountancy has compiled links to several JoA news headlines, featured articles, videos, and other resources on IFRS, accounting convergence, private company reporting and other important developments.

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Feb. 23, 2010

SEC to Consider IFRS Statement – In its first formal action on IFRS since Chairman Mary Schapiro took office, the SEC plans to consider its policy on the use of IFRS by U.S. issuers at an open meeting Wednesday. (Journal of Accountancy)

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Feb. 23, 2010

CFA Institute Provides U.S. Investor Perspectives on Revised SEC Roadmap on IFRS Adoption – In advance of the U.S. Securities and Exchange Commission's (SEC) expected release of its revised roadmap on the potential adoption of International Financial Reporting Standards (IFRS) in the U.S., CFA Institute today recommended four key milestones to the SEC. (Vocus/PRWeb – CFA Institute.org)

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Feb. 23, 2010

Strategic Decisions in the IFRS Conversion Process – Why CPA firms should look closely at the first-time adoption Standard, IFRS 1, before making any decisions when applying IFRS. (CPA Insider)

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Feb. 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)

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Feb. 22, 2010

IFRS on Agenda for SEC Meeting on Wednesday, February 24 – The SEC has announced an open meeting for February 24. At the meeting, the Commission will consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers. (SEC.gov)

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Feb. 19, 2010

Working draft of proposed IFRS to replace IAS 37 is now available; live webcast on 3 March – The IASB has posted on its website a working draft of a proposed IFRS to replace IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (IASB.org)

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Feb. 19, 2010

IASC Foundation publishes proposed IFRS Taxonomy 2010 – The International Accounting Standards Committee (IASC) Foundation today published for public comment an exposure draft of the International Financial Reporting Standards (IFRSs) Taxonomy 2010. (IASB.org)

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Feb. 19, 2010

Vacancies: Member, International Financial Reporting Interpretations Committee – The Trustees of the International Accounting Standards Committee (IASC) Foundation invite applications from suitable candidates to fill up to four vacancies on the International Financial Reporting Interpretations Committee (IFRIC). (IASB.org)

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Feb. 19, 2010

AICPA Issues Letter to Senate Committee on Banking on Fair Value Accounting – The American Institute of Certified Public Accountants strongly believes that independent, unbiased standard setting of private sector accounting principles is critical to capital markets and investor interests.

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Feb. 18, 2010

FEI Provides Recommendations to FASB and IASB on Convergence Standards – Comment Letters Request Three-Year Implementation Period; Flexibility to Choose Adoption (PRNewswire/Financial Executives International)

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Feb. 18, 2010

CFA Institute Director Says Don't Rush Hedge AccountingAccountancy Age reports on the progress of planned changes to IAS 39 relating to hedge accounting. CFA Institute Director Vincent Papa says the IASB should not rush changes.

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Feb. 18, 2010

Standards Setters Continue Work on Fair ValueWebCPA provides an update on recent discussions between the IASB and FASB on efforts to improve fair value standards.

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Feb. 17, 2010

Will New IASB Chair Come from Asia? – As Asia influence grows, Reuters reports that candidates from the region may have an advantage to fill the chairman position, which will be vacant when Sir David Tweedie completes his second term in 2011.

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Feb. 16, 2010

Trustees clarify position on IFRS adoption objective and support for convergence – In a letter to the Financial Times, Gerrit Zalm, Chairman of the Trustees, responds to concerns that the constitutional emphasis on the objective of IFRS adoption globally represents a weakening of the Trustees' support for ongoing convergence efforts. (IASB.org)

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Feb. 16, 2010

Firms and Companies Continue Preparations for IFRSWebCPA reports that companies are preparing for IFRS "at a measured pace" as they wait on more guidance from the SEC.

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Feb. 16, 2010

Trustees reinforce defenses from political pressureABC News reports on changes announced by Trustees of the IASC Foundation that are associated with the second part of its constitution review. (ABC&nbspNews / Reuters)

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Feb. 12, 2010

More Clarity Needed from Government on IFRS Adoption in India – An article at livemint.com explains that accountants are looking for more clarity on requirements for net worth, comparative reporting and income tax calculations.

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Feb. 11, 2010

Banks Don't Like the Expected Loss ModelAccountancy Age reports that Banks that do not support recent IASB proposals for recognizing loan provisions complain that the proposals would be costly to implement and create pro-cyclical effects.

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Feb. 11, 2010

Accounting Convergence at Important Crossroads – Past and current challenges of U.S. and International accounting convergence are discussed in this Accountancy Age article.

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Feb. 9, 2010

GAAP Loses Weight – Marie Leone writes in the CFO.com Blog about a recent FASB update, which states that the general standards contained in the bound version of FASB's codification comprise approximately 2,900 pages of content. (FASB Update)

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Feb. 9, 2010

Japan Wants Larger Role – As Japan Moves towards IFRS adoption, it is seeking a larger role in the international standard setting process, according to a Reuters article.

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Feb. 9, 2010

IFRS Switch Presents IT Challenges – A COMPUTERWORLD article provides an overview of IT challenges associated with a conversion to IFRS.

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Feb. 8, 2010

Improvements Needed in IASB Governance – Regulators say more work is needed to improve governance over the International Accounting Standards Board (The New York Times / Reuters)

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Feb. 8, 2010

FASB Moving Toward More Fair Value – In an interview with Risk Magazine, FASB chairman Robert Herz discusses the extension of fair value accounting for financial instruments, despite the concerns expressed by bank regulators. (Risk.net)

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Feb. 8, 2010

Finance Executives Appointed to IASBCFO.com reports that Elke König, former CFO at Hannover Re Group in Germany, and Darrel Scott, CFO at FirstRand Banking Group in South Africa, have been appointed to the IASB for terms starting in 2010.

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Feb. 4, 2010

US Move to Global Standards at Important Juncture – Top accounting firm executives comment on pending action on the IFRS roadmap. They warn there could be delays and worry about how political the debate may become. Reuters reports on interviews conducted at the World Economic Forum in Davos.

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Feb. 4, 2010

Concerns Expressed Over Proposals to Replace UK GAAPAccountancy Age reports that certain large UK companies have challenged proposals to replace UK GAAP with IFRS for Small and Medium-sized Entities for unlisted companies. Concerns focused on how the proposals would affect subsidiaries of large listed companies.

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Feb. 4, 2010

Trustees appoint two leading financial executives to the IASB – The Trustees of the International Accounting Standards Committee (IASC) Foundation announced today the appointment of two leading financial executives to the International Accounting Standards Board (IASB). (IASB.org)

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Feb. 3, 2010

Groups Call for Slow Down in Move to Replace UK GAAPAccountancy Age reports that HM Revenue Customs has called for a delay in the move to replace UK GAAP with a three-tiered system of financial reporting standards. The Institute of Chartered Accountants in Scotland called the timetable "unrealistic".

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Feb. 2, 2010

Minding the GAAP – Moss Adams CEO Rick Anderson discusses his new role as head of a blue-ribbon panel on private company financial reporting. (Journal of Accountancy)

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Jan. 29, 2010

IASB Will Not Change Fair Value Standards Exclusively for EUReuters reports IASB chair Sir David Tweedie said, "This is global. We are the IASB, not the European accounting standard board". He also said that if the IASB disagrees with FASB on convergence, it will do what it believes is right for the international community.

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Jan. 29, 2010

U.S. GAAP Should Require Gross Presentation of Derivates Exposure on Balance Sheet – Daniel Gros, Director of the Centre for European Policy Studies (CEPS) in Brussels, writing for VoxEU.org, explains how full leverage for U.S. banks is masked by netting of derivatives. IFRS requires gross presentation of derivatives exposure on the balance sheet. Differences in the standards hamper international comparison of banks. (VoxEU.org)

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Jan. 28, 2010

UK Regulator Warns the Convergence Project Could Lead to Unnecessary ComplexityAccountancy Age reports that Adair Turner, head of the Financial Services Authority, has expressed concern about the IASB/FASB convergence project.

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Jan. 28, 2010

Proposals to Rewrite IAS 37 Spur Debate – Recent proposals on how to measure liabilities under IAS 37 Provisions, Contingent Liabilities and Contingent Assets have created concern that the proposed rules could prejudice court cases. Accountancy Age writes about the issues.

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Jan. 28, 2010

IASB issues limited exemption amendment to IFRS 1 – The International Accounting Standards Board (IASB) issued today a minor amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. (IASB.org)

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Jan. 27, 2010

Deloitte Report Recommends Creating Judgment Framework – The report focuses on how a judgment framework can help remove biases in financial decision making. (PR Newswire)

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Jan. 27, 2010

Japan Council to be Established to Study Accounting Standards for Unlisted Companies – Japan's IFRS Council, a private organization formed to facilitate IFRS implementation in Japan, has agreed to recommend establishment of a new council to consider accounting standards for unlisted companies, according to a news release on the Accounting Standards Board of Japan website.

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Jan. 26, 2010

FASB Improves Fair Value Disclosure RequirementsCFO.com provides coverage on FASB's Accounting Standards Update 2010-06 Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements. The update responds to constituent calls for more detailed disclosures and brings requirements more in line with international standards. (FASB ASU 2010-06)

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Jan. 26, 2010

The Transition to IFRS – Can the convergence project replace it? The CPA Insider addresses the question of whether accounting standard convergence is a substitute for adoption of IFRS.

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Jan. 26, 2010

Accounting Standard for Emissions Needed – Peter Williams writes in Financial Director about the accounting profession's effort to promote the need for a universal accounting standard for carbon emissions. The IASB is working on a standard for emission trading. An exposure draft is scheduled for the second quarter of 2010.

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Jan. 22, 2010

Boards Meet, Discuss Fair Value MeasurementsWebCPA reports that the FASB and IASB reached tentative decisions regarding fair value measurements, including a tentative definition of fair value.

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Jan. 22, 2010

Bank Bonuses Inflated By Fair Value Rules – Adair Turner, head of the UK Financial Services Authority, said accounting rules led to inflated bonuses at banks. (Accountancy Age)

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Jan. 22, 2010

Making financial reporting simpler and more useful: The way forward – The Global Accounting Alliance (GAA) has published its report Making financial reporting simpler and more useful: The Way forward which is based on a series of roundtable events held in London, Beijing and New York in 2009. (Global Accounting Alliance)

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Jan. 21, 2010

Regulators, Standard-Setters Need to Work Together – Lord Adair Turner, head of the UK’s Financial Services Authority, suggested there is a need to explore loan loss provisioning models that are forward looking and consider an economic loss provision. Citywirei> reports on Lord Turner's speech.

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Jan. 21, 2010

35 Countries Say They Will Use IFRS for SMEs Within Three YearsAccountancy Agei> reports that a recent poll indicates that more than 35 countries will require or permit the use of IFRS for Small and Medium-sized Entities within the next three years.

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Jan. 21, 2010

Take the Time to Get It Done Right – Speaking about the EU delay over endorsing changes to recently issued IASB changes to financial instrument accounting, the head of the UK’s Financial Reporting Council said, "It seems to me to make some sense. We need to take time on these things and we need to get them right." (Reuters India)

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Jan. 14, 2010

Confusion in UK Over When To Accrue Bonus Tax – According to a Financial Timesi> article, there is a lack of clarity under IFRS about when to accrue a recently announced super tax on bank bonuses. The tax was announced close to year-end, but is not expected to be enacted into law until later in 2010. (Tiered subscription model)

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Jan. 13, 2010

Panel in India May Recommend Partial IFRS Roll Out in 2011Dailey News & Analysisi> reports that a panel set up by the ministry of company affairs in India may recommend a phased adoption of IFRS starting with large corporations from April 1, 2011. A second phase would start in 2013 – 2014. (DNAindia.com)

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Jan. 12, 2010

Central Bankers Call for Accounting Reform – The oversight body of the Basel Committee on Banking Supervision has called for development of robust provisioning system using an expected loss model, but warns against the expansion of fair value. (Share.net)

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Jan. 12, 2010

Moss Adams CE0 to Head Blue-Ribbon Panel on Private Company Financial Reporting – Rick Anderson, CEO of Moss Adams LLP, on Monday was named chairman of the blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies. (Journal of Accountancy)

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Jan. 11, 2010

More Progress Needed on Reform ProposalsRisk Magazine reports on a meeting of the Basel Committee on Banking Supervision oversight board on January 10. More progress is needed in multiple areas, including development of a provisioning proposal based on an expected loss model. (Risk.net)

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Jan. 8, 2010

Chairman Tweedie Provides Clarification on FRC StudyAccountancy Age reports that Sir David Tweedie, in a letter to the Financial Times, said that the recently released FRC study on M&A accounting was conducted in 2008, before the current version of IFRS 3 became effective. According to Chairman Tweedie, "The revised standard addresses many of the application challenges referred to by the FRC study."

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Jan. 8, 2010

PCFRC Releases Meeting Highlights, Future of Private Company Reporting Discussed – At their December meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB) and the Small Business Advisory Committee (SBAC). A number of important issues to private companies were discussed, including the future of financial reporting for nonpublic companies. (PCFR.org)

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Jan. 7, 2010

IASB Issues ED for Contingent Liabilities – On January 5, the IASB issued an exposure draft which contains revised proposals for measuring liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. CFO.com writes about the proposed guidance on measuring contingent liabilities.)

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Jan. 7, 2010

FRC says improvements are needed in M&A accounting – A study by the UK’s Financial Reporting Council (FRC) says that quality improvements are needed in accounting and reporting for mergers and acquisitions. (frc.org.uk)

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Jan. 6, 2010

Tweedie Nominated as ICAS Vice PresidentAccountancy Age reports that Sir David Tweedie, Chairman of the IASB, has been nominated for vice president of the Institute of Chartered Accountants of Scotland. He will become president of the Institute in 2012.

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Jan. 5, 2010

IASB re-exposes proposals on measuring liabilities for asset decommissioning, legal disputes and similar items – The International Accounting Standards Board (IASB) today published for public comment an exposure draft of one section of a replacement for IAS 37 Provisions, Contingent Liabilities and Contingent Assets. (IASB.org)

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Jan. 5, 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)

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Jan. 5, 2010

IFRS 9 Will Lead to Abuses – According to an article at Risk.net, IASB member Jim Leisenring said that recently issued IFRS 9 Financial Instruments will "inevitably lead to abuses and accounting arbitrage". (Life and Pensions / Risk.net)

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Jan. 4, 2010

Panel Concerned About Application of IFRS 8Accountancy Age reports that The Financial Reporting Review Panel of the UK's Financial Reporting Council has expressed concern about application of IFRS 8 Operating Segments.

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Jan. 4, 2010

Companies Relocating to Ireland have IFRS Grace Period – Legislation gives foreign companies relocating headquarters to Ireland a grace period before being required to adopt IFRS. The Sunday Business Post Online (The Post.IE) reports on the legislation.

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Jan. 4, 2010

Private Equity Firms Concerned About Consolidated Reporting – An article in The Wall Street Journal comments on how convergence efforts could affect reporting of investments.

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Dec. 31, 2009

Japan Concerned about Move Toward U.S. Fair Value Position – The chief executive of the Tokyo Stock Exchange is concerned about different IASB and FASB positions on fair value. Movement toward the U.S. position could jeopardize Japan’s decision to adopt IFRS. (Financial Times, tiered subscription)

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Dec. 31, 2009

Chinese Accounting Standards May Be Accepted in Hong KongThe New York Times reports that Chinese companies listed in Hong Kong may be allowed to file reports using Chinese accounting standards in 2010.

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Dec. 30, 2009

Argentina to Require IFRS in 2012The Wall Street Journal reports that the National Securities Commission will require Argentine public companies to adopt IFRS starting in 2012. Companies will be given an option to adopt early in 2011.

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Dec. 30, 2009

Canadian Lawyers Need to Prepare for IFRS Transition – While mandatory adoption for Canadian companies occurs in 2011, Canadian counsel will have a lot of work to do in the year leading up to the transition. Westlaw Business (Reuters) highlights some of the challenges.

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Dec. 28, 2009

Accounting Stories in 2009CFO.com provides links to several of their best accounting and auditing stories in 2009, including stories on IFRS and accounting convergence.

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Dec. 28, 2009

Exploring Separate Standards for Private Companies – A blue-ribbon panel to be formed by the AICPA, the Financial Accounting Foundation and the National Association of State Boards of Accountancy will address standard setting for private companies. CFO.com writes about the panel and the debate ahead.

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Dec. 22, 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)

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Dec. 22, 2009

Convergence Less Important Than Improving Standards – The Financial Times reports on a CFA Institute survey. According to the article, a majority of respondents believe that improving standards so they are more useful for making investment decisions is "at least as important or more important" than reducing complexity or convergence. (Financial Times, tiered subscription)

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Dec. 17, 2009

EU Approves IAS 32 Amendment – The European Council of Ministers has approved an amendment to IAS 32 Financial Instruments: Presentation. The amendment, issued by the IASB in October, addresses the accounting for rights issues that are denominated in a currency other than the functional currency of the issuer. (Accountancy Age)

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Dec. 15, 2009

Politics in Wake of Financial Crisis Causes ProblemsOxford Analytica in a Forbes.com article addresses how politics have affected standard setting and accounting standard convergence.

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Dec. 15, 2009

IFRS Convergence – We're Back on Track! – Recent events signal that the U.S. GAAP and IFRS convergence process has been re-invigorated. (CPA Insider)

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Dec. 14, 2009

Harvey Goldschmid Named Trustee – CFO.com reports that Columbia University law professor and former SEC Commissioner Harvey Goldschmid has been named as a Trustee of the IASC Foundation Trustee. Goldschmid is looking for a more independent funding structure for the IASB, according to the article.

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Dec. 11, 2009

Politics and AccountingThe Wall Street Journal discusses the 2011 deadline for accounting convergence and the decision in Europe to not endorse IFRS 9.

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Dec. 11, 2009

Debate over IFRS 9WebCPA reports that IASB member Jim Leisenring told attendees at a New York conference to disregard the recently issued standard on recognizing and measuring financial instruments. Mandatory adoption is five years away and there may be changes as the FASB works on its standards for financial instruments.

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Dec. 11, 2009

Michael Barnier New EU Commissioner for Internal Markets – There is concern in the City of London over the appointment of Michael Barnier, including fear that his influence will create new challenges for the IASB, according to an Accountancy Age article.

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Dec. 10, 2009

AICPA and World Accounting Bodies Call for Single Standard for Climate Change Reporting – The American Institute of Certified Public Accountants joined with 12 major accounting institutes around the world and The Prince of Wales Accounting for Sustainability Project in an open letter to political leaders attending the Copenhagen Convention on Climate Change. (AICPA)

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Dec. 9, 2009

IASC Foundation Publishes 2010 Architecture for the IFRS and IFRS for SMEs Taxonomies - International Accounting Standards Committee (IASC) Foundation published The IFRS Taxonomy 2010 Architecture Draft for public comment. (IASB.org)

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Dec. 8, 2009

FASB Chairman Defends Fair Value, Calls for Separation from Banking Regulation - FASB Chairman Robert Herz on Tuesday delivered a rapid-fire policy speech that addressed head on criticism of the role of accounting standards in the financial crisis and called for GAAP to be "decoupled" from bank regulation. (Journal of Accountancy)

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IASC Foundation Announces Two Successors for Retiring Trustees - Following approval by the Monitoring Board, the International Accounting Standards Committee (IASC) Foundation announced the appointment of two Trustees, Yves-Thibault de Silguy from France and Harvey Goldschmid from the United States. (IASB.org)

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Dec. 8, 2009

Tweedie to Retire in 2011 - Reuters reports on the IASB announcement that it has started a search for a new chairman. Chairman Tweedie will retire at the end of his second term in June 2011.

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Dec. 8, 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)

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Dec. 7, 2009

Trustees Seek Nominations for Chairman of the IASB from 2011 - The Trustees of the International Accounting Standards Committee Foundation, the oversight body of the IASB, have launched a global search to identify a successor to Sir David Tweedie as Chairman of the IASB. Sir David Tweedie will retire on June 30, 2011 when he completes his second term. (IASB.org)

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Dec. 7, 2009

Financial Crisis Advisory Group Meeting - The Financial Crisis Advisory Group (FCAG) will be meeting on December 15, 2009 to discuss the IASB and US FASB actions in response to the FCAG's July 2009 report, as well as other developments in standard-setting and regulatory environments. (IASB.org)

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Dec. 3, 2009

Climate Reporting Framework Needed - A proper reporting framework is needed if sustainability is to become a priority for corporations. Many believe that the International Accounting Standards Board is best suited to develop accounting and reporting standards for emissions, according to Accountancy Age article.

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Dec. 3, 2009

Survey Shows Support for Common Private Company Standards in Europe - According to an article at Fresh Business Thinking, a Nexia International survey reveals support in Europe for a common set of accounting standards for non-listed companies.

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Dec. 3, 2009

Can Adoption of IFRS Lead To Compliance Driven Reporting - Accountancy Agei> reports on a study that suggests that since the adoption of IFRS in the UK, there has been an increase in non-GAAP measures and concern about movement toward compliance-driven reporting.

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Dec. 1, 2009

EU Regulator Questions Governance of IASB - According to a Reuters news release reported by FOREXYARD, the chairman of the Committee of European Securities Regulators (CESR) has expressed concern about the governance structure of the IASB and called for an overhaul.

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Dec. 1, 2009

Will Conversion Be Necessary? - CFO.com addresses the question whether conversion to IFRS will be necessary if convergence efforts between the IASB and FASB are successful.

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Dec. 1, 2009

IFRS for SMEs: The Next Standard for U.S. Private Companies? - IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. At approximately 230 pages, IFRS for SMEs is a simplified version of full IFRS. (Journal of Accountancy)

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Nov. 30, 2009

Some Companies May Defy EU Delay of Accounting Standard - The European Union delayed endorsement of the IASB's recently issued IFRS 9. The Financial Times reports that some companies may present proforma accounts in 2010, and may begin preparing accounts for internal use this year in accordance with the new rules. (Tiered Subscription)

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Nov. 30, 2009

IFRIC Issues Guidance on Extinguishing Financial Liabilities with Equity Instruments - The International Financial Reporting Interpretations Committee (IFRIC) issued an interpretation that provides guidance on how to account for the extinguishment of a financial liability by the issue of equity instruments. (IASB.org)

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Nov. 30, 2009

IASB Issues Minor Amendment to Pensions Accounting and Proposes Consequential Change for First-time Adoption of IFRSs - The IASB issued a minor amendment to its requirements on accounting for pension plans, and separately published for public comment a proposal to amend IFRS 1 First-time Adoption of International Financial Reporting Standards. (IASB.org)

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Nov. 25, 2009

Loan Proposal Move in Right Direction, But Too Restrictive - Speaking to Risk Magazine, U.S. Comptroller of the Currency John Dugan says an expected loss model for loan impairments is a move in the right direction. However, proposals introduced in the IASB's November 5 exposure draft may be too restrictive. (Risk.net) Read a related IFRS.com blog.

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Nov. 25, 2009

Insurance Analysts Want More Clarity - According to a PricewaterhouseCoopers survey, insurance analysts say that the IASB and FASB should work on a new framework and that insurance accounting is distinctive enough to have its own reporting model. Telegraph.co.uk reports on the survey.

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Nov. 23, 2009

House Panel Eases Threat to FASB Independence - The House Financial Services Committee on Thursday removed language from an amendment to the proposed Financial Stability Improvement Act (FSIA) (H.R. 3996) that would have given a new systemic risk regulator power to oversee FASB standard-setting activities. (Journal of Accountancy)

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Nov. 20, 2009

IFRS: Benefits are in Eyes of Beholder - Benefits of IFRS can vary greatly from company to company. CFO.com writes about a Financial Executives International conference roundtable discussion recently held in New York.

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Nov. 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)

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Nov. 19, 2009

Former SEC Chairs Warn Against Moving Oversight of Standards - In an article titled Don't Let Banks Hide Bad Assets in The Wall Street Journal, three former SEC chairmen warn about the risks of transferring accounting standards oversight to a systematic risk regulator.

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Nov. 18, 2009

Banker Critical of European Response to IFRS 9 - Accountancy Age reports on a letter to the Financial Times from Douglas Flint, CFO at HSBC. The letter is critical of Europe's decision to delay endorsement of the standard.

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Nov. 18, 2009

Bank Regulators Want More Control Over Accounting - According to CFO.com, SEC Commissioner Elisse Walter is fighting proposals that would subject FASB to bank regulator oversight.

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Nov. 18, 2009

SEC Commissioner Supports Global Standards - SEC Commissioner Kathleen Casey said she supports development of a single set of high quality global accounting standards, according to Reuters.

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Nov. 17, 2009

Herz Says IFRS Ball Is in SEC's Court - CFO.com reports that Robert Herz, FASB Chairman, said that the answer to "the $64,000 question", whether or not we are heading toward IFRS adoption, rests with the SEC at this point. The SEC is expected to provide more clarity on its IFRS roadmap by the end of fall.

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Nov. 17, 2009

Accounting Proposal Is a Bad Idea - Former Chair of the Federal Reserve Paul Volcker said that a proposal that would grant regulators the ability to block accounting standards "is a terrible idea". The New York Times provides coverage of Mr. Volcker'’s speech.

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Nov. 17, 2009

AICPA, CAQ Oppose Giving Control Over Standards to Bank Regulators - WebCPA reports that the AICPA and the Center for Audit Quality have communicated strong objections to proposed legislation that would give bank regulators control over accounting standards.

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Nov. 16, 2009

Business Model Important in IFRS 9 - The IASB uses a business model approach in IFRS 9 in determining whether a financial asset is recorded at amortized cost or fair value. CFO.com provides an overview IFRS 9 Financial Instruments, the first step in a three-part overhaul of financial instrument accounting.

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Nov. 16, 2009

Highlights of IFRS Research - The Journal of Accountancy is running a series of articles that samples research and distills key findings for busy practitioners and preparers. This article provides highlights of several IFRS research studies.

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Nov. 12, 2009

New Financial Instrument Standard Issued by IASB - Accountancy Age writes about the IASB's new standard for classification and measurement of financial assets. Work on the standard took priority this year as the IASB responded to the financial crisis. Europe's reaction to the new standard will be closely watched, according to the article.

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Nov. 11, 2009

Monitoring Board Supports Convergence Work - The IASC Foundation Monitoring Board issued a statement of support for the IASB and FASB plan to intensify their work on convergence projects. (Accountancy Age)

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Nov. 11, 2009

Live Web Presentation on IFRS 9 Financial Instruments - On Thursday November 12, staff of the IASB will present a webcast on the forthcoming IFRS 9 Financial Instruments.

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Nov. 10, 2009

Mechanics of Loan Loss Proposal Could Be Difficult - According to an article in U.S. Banker, the mechanics of applying an expected loan loss model could be difficult. The expected loss model was outlined in an IASB exposure draft issued on November 5.

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Nov. 9, 2009

Schapiro Acknowledges Convergence Project - CFO.com writes about SEC Chair Mary Schapiro's statement last week regarding convergence efforts of the IASB and FASB.

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Nov. 9, 2009

S&P Responds to Financial Statement Proposals - According to an article at Director of Finance Online, Standard & Poor's Ratings Services raises questions about the joint IASB/FASB Discussion Paper Preliminary Views on Financial Statement Presentation.

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Nov. 9, 2009

Convergence Has Not Eliminated All Differences - Past convergence efforts has not eliminated all differences in accounting standards. CFO.com explores examples of where past convergence efforts have left differences in the final rules issued by the FASB and IASB.

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Nov. 6, 2009

SEC Chair Encouraged By Convergence Efforts - According to Accountancy Age, SEC chairwoman Mary Schapiro released a statement of support for the IASB and FASB's reaffirmed commitment toward standard convergence.

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Nov. 6, 2009

SEC Struggles With Lack of Consensus - While many agree with the goal of a single set of global standards, there is a lack of consensus on how to get there. Reuters reports on comments from an SEC deputy chief accountant Julie Erhardt.

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Nov. 6, 2009

French May Seek Greater EU Control Over Accounting Standards - Accountancy Age reports that French finance minister Christine Lagarde may lobby for more political control over international accounting standards.

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Nov. 6, 2009

IASB Proposes New Accounting Model for Financial Instruments - The IASB on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost. (Journal of Accountancy)

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Nov. 5, 2009

IASB Will "Tread Carefully" - Accountancy Age reports on the IASB’s proposals on financial instrument impairments. The IASB has set aside an eight-month comment period and said it will seek input from a broad range of interests before deciding how to proceed.

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Nov. 5, 2009

IASB Moves Ahead With Expected Loss Proposal - According to a Financial News article reported by the Wall Street Journal, the IASB has issued proposals that introduce the use of an expected loss model for booking impairments on financial instruments. (Subscription)

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Nov. 4, 2009

Letter Encourages Congress to Retain SEC Oversight of FASB - A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. (Journal of Accountancy)

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Nov. 4, 2009

IASB Simplifies Requirements for Disclosure of Related Party Transactions - The International Accounting Standards Board (IASB) issued today a revised version of IAS 24 Related Party Disclosures that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. (IASB.org)

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Nov. 3, 2009

Will Some Leases Be Excluded from New Lease Accounting Standard? - CFO.com asks, "When is a lease a lease?" The impact of lease accounting proposals would have a significant impact on companies' balance sheets.

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Nov. 3, 2009

Live Web Presentation on Financial Instruments: Amortised Cost and Impairment Exposure Draft - On November 5, 2009, IASB staff will give a live web presentation on the exposure draft on Financial Instruments: Amortised Cost and Impairment. (IASB.org)

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Nov. 3, 2009

Better Compliance Needed with IFRS 7 Disclosures - Risk.net reports that the Committee of European Securities Regulators (CESR) says it "sees room for better compliance" in financial disclosures.

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Nov. 2, 2009

Summary of IASC Foundation Trustees Meeting - The Trustees of the IASC Foundation, the oversight body of the IASB, published the conclusions of their meeting in New York, USA on October 7 and 8, 2009. (IASB.org)

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Nov. 2, 2009

FASB and IASB Redoubling Efforts - Robert Herz and Sir David Tweedie announced that they would meet more frequently to work on joint projects. The two were speaking at a joint conference sponsored by the IASC Foundation and the AICPA. CFO.com reports on the conference, including comments from former Federal Reserve Board Chairman Paul Volcker.

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Oct. 29, 2009

Don't Wait on SEC, Keep Converging - Speaking at a joint IASC Foundation/AICPA conference, SEC Chief Accountant James Kroeker said standard setters should keep moving forward with convergence efforts. WebCPA provides coverage of Mr. Kroeker's speech.

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Oct. 29, 2009

Should American Standards Be Set By FASB or IASB? - CFO.com writes about a book to be released in November by Robert Pozen, the former chair of the SEC's Committee to Improve Financial Reporting (CIFR), which suggests that only the largest U.S. companies should consider IFRS.

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Oct. 29, 2009

Accounting Association Says EU Could Jeopardize Global Standards - European Voice reports that Michael Izza of the Institute of Chartered Accountants in England and Wales said that political interference from the EU could alienate the U.S, Japan, Australia and China.

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Oct. 28, 2009

Ireland to Introduce Legislation Allowing U.S. GAAP - According to Accountancy Age, the Republic of Ireland plans to introduce legislation that would allow certain companies to file using U.S. GAAP.

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Oct. 28, 2009

New AICPA Chairman Answers Questions - Accounting Today asks incoming AICPA Chairman Bob Harris about his upcoming year as Chairman of the AICPA and the challenges the profession will face.

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Oct. 27, 2009

FASB and IASB Still Apart on Fair Value - The two standard setters are at odds on how to value financial instruments. Reuters reports that the standard setters discussed exploring a presentation that would enable investors to reconcile between the two approaches, if they are not ultimately able to agree on a common model.

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Oct. 27, 2009

Exposure Draft on Rate-Regulated Enterprises - The issuance, last July, by the International Accounting Standard Board of its exposure draft on rate-regulated activities provides a perfect illustration of the convergence process between U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards. (AICPA CPA Insider)

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Oct. 27, 2009

Financial Executives Split on IFRS - Grant Thornton LLP releases results of a national IFRS survey conducted with CFOs and senior comptrollers. According to the survey, 40 percent said that they do not believe that U.S. companies should ever have to use IFRS. Another 39% said they believe IFRS should be required in 3 to 5 years. An additional 14% said IFRS should be required in 5 years or longer, while 7% said IFRS should be required immediately.

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Oct. 26, 2009

Standard Setters Will Meet, Discuss Differences - CFO.com reports that the IASB and FASB will meet this week. As each group gets closer to completion of the first phase of revising financial instrument accounting, differences in approach are emerging. The most recent appears to be differences in impairment models, with FASB favoring an incurred loss model and the IASB exploring an expected loss model.

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Oct. 26, 2009

PCFRC Meets, Discusses future of GAAP for Private Companies - The Private Company Financial Reporting Committee met in Charlotte last week. WebCPA reports that the group discussed a number of issues, including FASB’s disclosure project, confusion over Codification accounting standard updates and the future of private company accounting.

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Oct. 22, 2009

Accounting Standards Board of Japan Meets with Financial Accounting Standards Board to Discuss Global Convergence - (BUSINESS WIRE) Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) gathered this week in Norwalk, CT.

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Oct. 22, 2009

FASB Establishes Not-for-Profit Advisory Committee - The Financial Accounting Standards Board (FASB) announced the establishment of the Not-for-Profit Advisory Committee (NAC). The NAC is intended to serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations. (FASB.org)

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Oct. 22, 2009

Video: Excerpts from New AICPA Chairman's Inaugural Speech - Robert R. Harris, CPA, addresses the AICPA governing Council for the first time as AICPA Chairman. In his speech, he outlines key areas where he will focus during his tenure as AICPA Chairman. (Journal of Accountancy)

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Oct. 22, 2009

Candidates for Expert Advisory Panel Membership (Expected Cash Flow Approach) - The International Accounting Standards Board is seeking candidates to participate in an expert advisory panel (EAP) that will advise the Board on the operational issues surrounding the application of the Expected Cash Flow approach (ECF). (IASB.org)

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Oct. 21, 2009

New AICPA Chairman Outlines Goals, Council Releases GAAP Survey at Fall Meeting - Newly elected AICPA Chairman Robert R. Harris said he will focus on four key areas: IFRS, sustainability, reregulation and involving young CPAs in the profession. In other news, the AICPA released a poll of council members, which shows strong support for GAAP differences for private companies and non-profit organizations. (Journal of Accountancy)

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Oct. 21, 2009

IASB Moving Forward - WebCPA reports that IASB Chairman David Tweedie will deliver revised fair value rules in November and not wait on the FASB to finalize its own revisions. However, he says he is committed to working with FASB on bridging differences in approach.

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Oct. 20, 2009

Melancon: Issues Facing CPAs Include Globalization, Economic Recovery - AICPA President and CEO Barry Melancon, speaking at the fall meeting of the Institute's governing Council, gave an update on the impact of globalization on the profession, the AICPA's ongoing efforts to support members and the public during the economic downturn and recovery, and on new technology efforts on the horizon. (Journal of Accountancy)

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Oct. 20, 2009

Time to Consider Separate GAAP for U.S. Private Companies - Speaking at the AICPA's governing council meeting, Private Company Financial Reporting Committee Chair Judith O’Dell said, "Now is really the time to consider a separate GAAP." Accounting Today covers O'Dell's address. (WebCPA)

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Oct. 16, 2009

Insurance Group Expresses Concern about FASB Proposal - The Group of North American Insurance Enterprises (GNAIE) has raised concerns about FASB's proposed accounting standards update on improving fair value disclosures. The group believes that if the scope of the proposal is not revised, information among companies may not be comparable. (WebCPA)

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Oct. 16, 2009

Position Paper Warns IASB About Pension Changes - A position paper by EDHEC-Risk warns the IASB about the consequences of getting rid of the corridor approach in future pension accounting proposals. (CFO-news)

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Oct. 15, 2009

Europe Could Derail U.S. Adoption of Global Standards - Speaking to Accountancy Age, FASB Chair Robert Herz expressed concern about pressure being applied to the IASB from parts of Europe. The IASB's ability to withstand pressure from Europe will be a "critical" issue in the U.S. decision to adopt global accounting standards.

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Oct. 14, 2009

France Will Continue Voicing Dissatisfaction with Proposed Accounting Changes - According to a Reuters article reported by FOREXYARD, French Economy Minister Christine Lagarde said that revisions to IAS 39 "should not be revised in a sense that accelerates fair value".

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Oct. 13, 2009

FASB Chief Says SEC Will Re-Focus on IFRS - Accountancy Age reports that FASB Chair Robert Herz said that the SEC will begin to re-examine IFRS this fall. He said, "I think it will continue to be somewhat of a cautious and measured approach".

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Oct. 13, 2009

UK Regulator to Focus on Intangible Accounting - UK's Financial Reporting Council (FRC) will target 20 companies and review how the companies documented the acquisition of intangible assets. Accountancy Age reports on the program that will be conducted by the Financial Reporting Review Panel of FRC.

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Oct. 9, 2009

SEC Crafts Strategic Goals for 2010-2015 - The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment "to promote the establishment of high-quality accounting standards by independent standard setters" and support for "a single set of high-quality global accounting standards." (Journal of Accountancy)

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Oct. 8, 2009

SEC Chairwoman Shapiro Supports International Standards - According to AccountancyAge, Mary Schapiro expressed her "commitment" to global accounting standards in a speech delivered to the International Organization of Securities Commissions in Basel, Switzerland.

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Oct. 8, 2009

IASB Amends the Accounting for Rights Issues - The International Accounting Standards Board (IASB) issued an amendment to IAS 32 Financial Instruments: Presentation. The amendment addresses the accounting for rights issues (rights, options or warrants) that are denominated in a currency other that the functional currency of the issuer. (IASB.org)

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Oct. 8, 2009

Deloitte Survey: Respondents Want Roadmap Approved - WebCPA reports on a Deloitte IFRS survey, which was published on Monday. With over 150 financial executives participating, 51% responded that the SEC should approve the proposed roadmap, but consider pushing back the mandatory deadline a year, and 19% responded that the SEC should approve its proposed road map "as is". (WebCPA) (Deloitte Survey)

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Oct. 7, 2009

Accounting Leaders Recommend Changes to IASB's Constitution - Global accounting leaders met on Tuesday in New York as part of the constitution review process of the International Accounting Standards Committee Foundation (IASCF), the oversight body of the International Accounting Standards Board. (Journal of Accountancy)

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Oct. 6, 2009

Small Businesses Not Ready to Adopt IFRS for SME's - According to a CFO.com article, small businesses are not rushing to adopt IFRS for Small and Medium-sized Entities. The article discusses the need for a "culture shift" before companies are ready to move away from the rules-based U.S. standards. Acceptance by U.S. lenders, creditors and investors will also be important to adoption gaining traction in this country.

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Oct. 6, 2009

Live Web Update on Project to Replace IAS 39 Financial Instruments - On October 8, 2009, staff will present an update on the progress to replace IAS 39 Financial Instruments in two identical webcasts, at 10am and 2pm London time. (IASB.org)

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Oct. 6, 2009

FASB Webcast Series – The Investor: An Important Voice in Standard Setting - The webcast, scheduled for Thursday, October 15, 2009, will discuss the FASB's outreach efforts to investors for its standard-setting activities. (FASB.org)

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Sept. 30, 2009

IASB Disagrees with FASB's Approach on Fair Value - Reuters reports that IASB Chairman Sir David Tweedie said, "Their proposal is everything at fair value. I don't think that is acceptable worldwide and in some segments of the United States either." The different approaches raise concern about meeting a 2011 deadline for convergence called for by G20 leaders.

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Sept. 30, 2009

Interpreting IFRS - With the increasing acceptance of IFRS in the global economy and its possible adoption in the U.S., CPAs are keenly interested in developing a broader understanding of international standards. This Journal of Accountancy article will help you gain an understanding of the role of the International Financial Reporting Interpretations Committee (IFRIC).

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Sept. 29, 2009

IASB Chairman Addresses Europe's Economic and Monetary Affairs Committee - Sir David Tweedie tells the Committee of the European Parliament that fair value reforms are on track and that the IASB will not "blindly" follow the U.S. FASB. AccountancyAge reports on the Chairman's speech.

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Sept. 29, 2009

Implications of Capitalizing Development Costs - Why U.S. companies may need to consider the systems that are in place with a view to upgrading the level of data captured many years before the transition to IFRS. (AICPA CPA Insider)

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Sept. 29, 2009

"Last Chance for a Generation" - Sir David Tweedie, Chair of the International Accounting Standards Board, warned the European Parliament, "This is the last chance for a generation for global standards – we won't get another chance." The Financial Times reports that Tweedie said that the opportunity for establishing global standards is good. (Financial Times Tiered Subscription)

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Sept. 25, 2009

FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach - FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. (Journal of Accountancy)

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Sept. 25, 2009

IFRS for the United States: Making the Talent Transition - Although there is uncertainty regarding the IFRS roadmap, there are preliminary steps companies can take to prepare for the possibility that IFRS may be adopted in the U.S. Robert Half Management Resources has prepared a whitepaper with information on how your organization can start preparing for IFRS.

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Sept. 25, 2009

Live Web Presentation on IASB Proposals for Rate-Regulated Activities - On October 5, 2009 IASB, staff will give a live web presentation on the recently published exposure draft on the accounting for rate-regulated activities. (IASB.org)

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Sept. 24, 2009

International Concerns About Convergence Strategy - Accountancy Age reports that a senior member of the Institute of Charted Accountants in England and Wales says that IASB convergence efforts need to be kept under "close review", adding to growing international concerns about the convergence program with the U.S.

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Sept. 17, 2009

Renewed Focus on IFRS - According to CFO.com, James Kroeker, SEC chief accountant said that the financial crisis may have underscored the importance of IFRS. The global nature of the crisis highlights the need for global solutions.

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Sept. 17, 2009

Tech Companies Look at Revenue Proposals - Apple and other technology companies favor a move toward international rules in the area of bundled software and elimination of the requirement for vendor-specific objective evidence (VSOE). CFO.com writes about comments received on FASB rule proposals.

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Sept. 17, 2009

Live Web Update on IAS 39 Financial Instrument Replacement - On September 23, 2009, IASB staff will present two identical webcasts on the project to replace IAS 39. (IASB.org)

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Sept. 16, 2009

Standard Setters Moving on Different Paths - WebCPA writes how standard setters have adjusted to political pressure on fair value accounting proposals and the importance of the upcoming G20 meeting in Pittsburg for the rule makers.

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Sept. 15, 2009

Fair Value Measurement Round Tables - In November and December 2009 the IASB will hold round table discussions on its proposals for fair value measurement. Round tables will be held in North America, Asia and Europe. (IASB.org)

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Sept. 15, 2009

Registration for Upcoming Constitution Review Round Tables in New York and Tokyo Closing Soon - Following the Constitution Review round tables in London on 9 September 9 further round tables will be held in New York on October 6and Tokyo on October 21. The deadline for participation is approaching. (IASB.org)

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Sept. 15, 2009

FASB May Expand Fair Value Rules More than IASB - The Wall Street Journal reports on a round table discussion at the FASB headquarters. The two boards are trying to work together but there is a possibility convergence may not happen in this area. (Subscription required)

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Sept. 14, 2009

GNAIE Critical of IASB Direction on Insurance Contracts - The Group of North American Insurance Enterprises (GNAIE) criticized the measurement approach taken by IASB staff. Reuters reports on a September 9 letter to the IASB from the trade group.

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Sept. 14, 2009

PCFRC Releases Meeting Highlights, Discussed IFRS for SME's - At their August meeting, the Private Company Financial Reporting Committee (PCFRC) reviewed the IASB's IFRS for Small and Medium-sized Entities and discussed their impressions about the standard.

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Sept. 11, 2009

Survey: Financial Executives Believe Move to IFRS Will Occur - Reuters reports on a Deloitte survey. Almost 90% of respondents view mandatory conversion to IFRS to be highly likely, or somewhat likely in the U.S.

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Sept. 11, 2009

Who is the main audience for financial statements? - Bloomberg columnist David Reilly writes about the debate over proposed fair value accounting rules and how investor needs are at risk of becoming secondary.

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Sept. 11, 2009

ABA Urges Geithner and Bernanke to Raise Accounting Issues at Upcoming G-20 Meeting - The American Bankers Association cautions that accounting standard setters are currently moving in the wrong direction. (ABA.com)

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Sept. 10, 2009

Name Change Proposed for IASB - WebCPA reports on proposals released by the IASC Foundation Trustees aimed at enhancing accountability and stakeholder outreach. Included was a proposal to change the name of the IASB to the "IFRS Board".

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Sept. 10, 2009

France Wants Changes to Proposed Rules - According to EuropeanVoice.com, France has urged rejection of IASB proposed changes to financial instrument accounting rules if changes are not made. The exposure draft of proposals to improve financial instrument accounting was issued on July 14, and is open for comment until September 14.

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Sept. 10, 2009

Beam Me Up - In a recent Wall Street Journal interview, departing PCAOB board member Charles Niemeier compared the IFRS debate in the U.S. to a "Star Trek groupie thing. There is a world of people that are really into it." Gavin Hinks of Accountancy Age wonders which Star Trek character is most like an accountant. To read the WSJ interview, click here.

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Sept. 9, 2009

ASBJ and IASB Reaffirm Their Ongoing Cooperation in Achieving Convergence in Accounting Standards - The Accounting Standards Board of Japan (ASBJ) and the International Accounting Standards Board (IASB) have held their tenth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). (IASB.org)

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Sept. 9, 2009

Trustees Publish Proposals Aimed at Enhanced Accountability and Stakeholder Outreach - The Trustees of the International Accounting Standards Committee Foundation (IASC Foundation), the oversight body of the International Accounting Standards Board (IASB), today published for public comment proposals that form the second part of a two-part review of the IASC Foundation Constitution. (IASB.org)

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Sept. 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.)

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Sept. 8, 2009

Uniform Accounting is Key - European Central Bank Commissioner Christian Noyer stresses the importance of uniform accounting rules to the development of stronger prudential regulation. Commissioner Noyer's statements are covered in a Dow Jones story at Nasdaq.com.)

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Sept. 3, 2009

PCAOB Publishes Q&A on References to Authoritative Accounting Guidance - The PCAOB on Wednesday published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. (Journal of Accountancy)

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Sept. 2, 2009

Charles Niemeier Announces Intention to Leave PCAOB - CFO.com reports that Charles Niemeier, an outspoken critic of the SEC's proposal to move to IFRS, has announced his intention to leave the Public Company Accounting Oversight Board.

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Sept. 1, 2009

Companies Should Speak Up - Regulators and standard setters on both sides of the Atlantic wonder why more companies do not make their voice heard on important matters such as the proposed adoption of IFRS.

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Aug.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.

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Aug.27, 2009

Expected Loss Model Will Condense Losses During Down Cycle - The expected loss model for loan loss recognition would put pressure on balance sheets as sentiment changes at the beginning of a down cycle, warns Jane Fuller, co-director of the Centre for the Study of Financial Innovation (CSFI) in London. (Financial Times)

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Aug.27, 2009

Korean Companies Find IFRS Adoption Harder Than Anticipated - JoongAng Daily reports that Korean companies are concerned about the 2011 IFRS deadline. Some have expressed frustration with changes that will occur to the standards associated with the U.S. convergence program.

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Aug.25, 2009

IFRS Risk Planning and Controls Execution - Staff responsible for internal control over financial reporting (ICFR) under Sarbanes-Oxley (SOX) section 404 and operational audits will need to understand how your company plans to apply IFRS so they can take appropriate actions based on both operational risks and the risk of material weakness in ICFR. (Journal of Accountancy)

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Aug.25, 2009

Transition to IFRS for Smaller Entities - The AICPA CPA Insider poses five questions smaller companies should ask before making a switch to IFRS. According to the article, most comments on the complexity and the cost of an IFRS transition were made for public companies and may not be as relevant for smaller entities.

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Aug.25, 2009

30 Questions to be Resolved Before Convergence - In the Accounting Today column "The Spirit of Accounting", the authors pose 30 questions that should be answered before allowing further convergence.

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Aug.20, 2009

IASB Proposes to Amend the Discount Rate for Measuring Employee Benefits -The IASB published for public comment proposals to amend the discount rate for measuring employee benefits. The proposals respond to calls from stakeholders to address a problem that the global financial crisis has made increasingly significant. (IASB.org)

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Aug.20, 2009

Exposure Drafts on Insurance Contracts Coming Later This Year - Both the FASB and IASB are expected to issue exposure drafts on insurance contracts in the fourth quarter of 2009. Bloomberg reports that the impact of proposals in the exposure drafts could be significant.

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Aug.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.

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Aug.14, 2009

FASB Discusses Expansion of Fair Value Rules - In a meeting on Thursday, FASB discussed expansion of mark-to-market rules to loans and other securities. The FASB is expected to release an exposure draft in early 2010, according to Reuters.

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Aug.14, 2009

SEC Focused on Other Matters - A year after the Committee on Improvements to Financial Reporting issued their report, the SEC has not addressed some of the more important recommendations from the advisory group, according to an article at CFO.com.

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Aug.14, 2009

Proposed Changes to Lease Accounting are Significant - Boston/SF provides an overview of proposed changes to lease accounting included in the FASB/IASB joint discussion paper on leases.

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Aug.11, 2009

Private Company Group Looks at IFRS for SMEs - The Private Company Financial Reporting Committee (PCFRC) reviewed the recently issued International Financial Reporting Standard for Small and Medium-sized Entities at its meeting. WebCPA reports on the meeting.

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Aug. 11, 2009

UK GAAP Could Cease to Exist - The Accounting Standards Board (ASB) released proposals for a three-tier system that would eventually replace UK GAAP, according to an Accountancy Age article. Public companies would use IFRS. Non-publicly accountable entities would use IFRS for SMEs and smaller organizations would use the ASB’s Financial Reporting Standard for Smaller Entities (FRSSE).

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Aug. 7, 2009

Bankers Concerned About Direction of Standard Setters - The American Bankers Association has raised objections about proposed rules for recognition and measurement of financial instruments. WebCPA provides coverage of the ABA’s letter to the FASB and IASB.

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Aug. 7, 2009

IFRS Consulting Firms on Hold - Though momentum toward IFRS has slowed under Mary Schapiro’s SEC, firms providing IFRS services look forward to future opportunities. Accounting Today talked to executives of firms that provide IFRS services and shares their feedback.

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Aug. 6, 2009

Pressure from All Sides - Accountancy Age explains that EU internal market Commissioner Charlie McCreevy is receiving pressure from politicians, investor groups and international bodies.

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Aug. 6, 2009

IFRIC Proposes Guidance on Settling Financial Liabilities with Equity Instruments - August 6, 2009 - The International Financial Reporting Interpretations Committee (IFRIC) published for public comment a draft Interpretation, IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments. The proposal is open for public comment until October 5, 2009. (IASB.org)

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Aug. 6, 2009

IASB Publishes Proposals on the Classification of Rights Issues - August 6, 2009 – The International Accounting Standards Board Published for public comment proposals on the classification of rights issues. The proposals in the Exposure Draft are open for comment until September 7, 2009. (IASB.org)

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Aug. 6, 2009

Europeans Researching Whether SME Standards Comply with EU Directives - The UK and EU are determining whether the recently issued IFRS for SMEs complies with EU directives, according to an article from Accountancy Age. The UK may need EU approval before using the standard.

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Aug. 5, 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)

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Aug. 5, 2009

"We will never legislate accounting while I’m chairman", said U.S. Representative Barney Frank. WebCPA writes about comments Representative Frank made to participants at the American Accounting Association’s annual meeting.

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Aug. 3, 2009

Financial Instruments Round Tables - In September 2009 the IASB and the FASB will hold joint round table discussions on their proposals for financial instruments. Round tables will be held in North America, Asia and Europe. (IASB.org)

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Aug. 3, 2009

FCAG Report Addressed to CFOs Too - The recently published report from the Financial Crisis Advisory Group is not just aimed at regulators and standard setters, but also to corporate executives according to an article on CFO.com.

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Aug. 3, 2009

E&Y Report Inside IFRS The Opportunity for IT - WebCPA provides an overview of an Ernst & Young report, which addresses the complexity, challenges and opportunities for IT in an IFRS conversion.

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Aug. 3, 2009

IFAC Calls for G20 to Adopt Global Accounting, Auditing, and Independence Standards and to Enhance Government Transparency - On July 31, 2009, 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)

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Aug. 3, 2009

AICPA Business Brief – IASB Publishes IFRS for SMEs - On July 9, 2009, The International Accounting Standards Board (IASB) issued an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The standard is a result of a five-year development process.

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Jul. 31, 2009

International Fair Value Accounting Draft Cross-Referenced to U.S. Counterpart - The International Accounting Standards Board (IASB) on Wednesday published new resources to help stakeholders understand how its exposure draft on fair value measurement compares to the U.S. accounting standard upon which it is based.(Journal of Accountancy)

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Jul. 30, 2009

Summary of IASC Foundation Trustees’ Meeting – July 2009 - The Trustees of the International Accounting Standards Committee Foundation, the oversight body of the International Accounting Standards Board, have announced the conclusions of their meeting in Amsterdam. (IASB.org)

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Jul. 30, 2009

International Financial Reporting Standards 2009 Volume - Through a special arrangement with the IASB, the Financial Accounting Foundation distributes the International Financial Reporting Standards 2009 Annual Bound Edition in the United States, U.S. possessions, Canada, and Mexico. The 2009 edition is available for purchase from the FASB store.

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Jul. 29, 2009

Fair Value Measurement Exposure Draft Marked-Up Text and Questions and Answers - Marked up text to the exposure draft Fair Value Measurement has been posted on the IASB project website. It shows the wording differences between the exposure draft and FASB SFAS No. 157 Fair Value Measurements. (IASB.org)

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Jul. 28, 2009

Advisory Group Concerned about Pressure from Politicians - The New York Times reports on the recently issued report from the Financial Crisis Advisory Group. Accounting standards were not the root cause of the financial crisis according to the report.

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Jul. 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.

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Jul. 24, 2009

IASB Amends IFRS for First-Time Adopters, Releases Proposal on Rate-Regulated Activities - The Journal of Accountancy writes about recently issued amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and a new exposure draft on accounting for rate-regulated activities.

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Jul. 24, 2009

Deloitte Survey Indicates Support for Separate Standards for Small and Mid-Sized Private Entities - Deloitte announces the results of a new survey. More than half (51%) of the respondents from small and mid-sized entities (under $1 billion in revenues) indicated that they believe there should be separate accounting standards for public and private companies. (PRNewswire)

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Jul. 23, 2009

Standoff between IASB and European Commission - Accountancy Age reports that EU Commissioner Charlie McCreevy has not signed key documents associated with establishment of the recently created Monitoring Board.

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Jul. 23, 2009

What is a SME? - The recently issued IFRS for Small and Medium-sized Entities does not include quantified criteria as to revenue, employees or assets, but notes that many jurisdictions around the world have developed their own definitions. Accountancy Age writes about confusion over the definition of "SME".

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Jul. 21, 2009

Some Companies Push Back on Lease Proposals - CFO.com writes about comments received on the joint FASB/IASB Discussion Paper on lease accounting.

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Jul. 20, 2009

European Accountants Tell IASB to Reconsider Convergence Program - Neil Baker, Compliance Week’s London correspondent, writes about a policy statement issued by the Federation of European Accountants (FEE), titled Future Approach to Setting Global Financial Reporting Standards.

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Jul. 17, 2009

IASB Financial Instrument Proposals Are an Improvement - According to The Economist, recent proposals outlined in an exposure draft issued by the IASB will simplify accounting for financial instruments and are an improvement over existing rules.

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Jul. 17, 2009

Standard Setter Rushes Rule Changes - While it is never a great idea to rush accounting changes, changes are in fact needed in the area of financial instruments. Ultimately, the best defense against political pressure is development of a single set of global rules managed by an independent body, according to an article in The Economist.

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Jul. 17, 2009

FRC Chief Says Accounting Should Not Be Used as Public Policy Tool - The UK’s Financial Reporting Council Chairman Paul Boyle speaks out against proposals to use accounting as a public policy tool. (Accountancy Age)

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Jul. 16, 2009

Accounting Institutes Defend IASB - Accountancy Age reports that the ICAEW and CIMA stress the importance of keeping standard setting independent and allowing sufficient time to develop high quality standards.

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Jul. 15, 2009

Financial Instrument Exposure Draft Promises to Address Concerns - Accountancy Age reports on the IASB’s recently issued exposure draft Financial Instruments: Classification and Measurement. The proposals are designed to reduce complexity associated with existing rules under IAS 39.

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Jul. 14, 2009

IASB Proposes Improvements to Financial Instruments Accounting - The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposals to improve financial instrument accounting. (IASB.org)

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Jul. 09, 2009

New Option for Private Companies in Streamlined IFRS - The Journal of Accountancy writes about the International Accounting Standard Board’s recently released International Financial Reporting Standard for Small- and Medium-sized Entities.

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Jul. 09, 2009

AICPA Welcomes Issuance of IFRS for Private Companies - IASB Offers IFRS for Small and Medium Entities. The American Institute of Certified Public Accountants welcomes the issuance and use of International Financial Reporting Standards for private companies as issued by the International Accounting Standards Board in London.

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Jul. 02, 2009

IFRS for SMEs Expected Soon - Accountancy Age reports that in July, the International Accounting Standards Board will release its long awaited International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The article discusses the potential of the standard to change the way SMEs report financial results around the world.

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Jul. 02, 2009

Revenue Recognition Challenges - Comments on the FASB/IASB joint Discussion Paper on revenue recognition were due June 19. CFO.com writes about the project including the challenges associated with developing a single standard that would apply to all contracts with customers.

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Jul. 02, 2009

IFRS for SMEs Expected Soon - Accountancy Age reports that in July, the International Accounting Standards Board will release its long awaited International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The article discusses the potential of the standard to change the way SMEs report financial results around the world.

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Jul. 01, 2009

FASB Launches Accounting Standards Codificaton™ - The Financial Accounting Standards Board (FASB) launched the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. (FASB.org)

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Jul. 02, 2009

When Will the SEC Fill Its Chief Accountant Position? - Accountancy Age writes about the delay in filling the position vacated by Conrad Hewitt, who left the Commission in January 2009. Some wonder what the delay means for the direction of IFRS in the U.S.

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Jun. 30, 2009

Private Company Group Met to Discuss Several Topics - WebCPA reports that the Private Company Financial Reporting Committee (PCFRC) recently met and discussed a variety of topics, including joint FASB/IASB projects on revenue recognition and leasing. The committee also discussed the IFRS for Small and Medium-sized Entities, which is expected to be released in July.

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Jun. 29, 2009

Live Web Update on IAS 39 Financial Instruments Replacement - On July 3, 2009 and July 6, 2009 the IASB will be hosting the third in its series of live webcasts to keep interested parties up to date on progress of the project to replace IAS 39. This web update will focus on the recently published Request for Information on the feasibility of an expected loss model.

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Jun. 26, 2009

More Fair Value Controversy: Accounting for "Own Credit Risk" - This is an old debate, overshadowed by other fair value issues in recent months, but should heat up again with the recent issuance of a new Discussion Paper by the IASB. CFO.com provides an overview of the issue.

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Jun. 26, 2009

FASB Lobbies for Its Independence - Associated Press reports on lobbying efforts of the Financial Accounting Standards Board. The FASB's impact will likely be small compared to the financial industry, which spends significantly more on lobbying efforts. (Google)

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Jun. 25, 2009

IASB Seeks Input on Feasibility of Expected Loss Model - The International Accounting Standards Board (IASB) published a Request for Information on the feasibility of an expected loss model for the impairment of financial assets.

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Jun. 25, 2009

EU Commissioner Reluctant to Support IFRS for SMEs - The IASB is expected to issue its IFRS for Small and Medium-sized Entities in July. Accountancy Age reports that while EU Commissioner Charlie McCreevy has come to no formal position, he is reluctant to endorse the new standard.

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Jun. 25, 2009

Survey of Canadian Companies Shows IFRS Conversion Delays - Investment Executive reports on results of a survey conducted by the Canadian Financial Executives Research Foundation, the research institute of FEI Canada, and sponsored by PricewaterhouseCoopers (PwC).

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Jun. 24, 2009

Is IASB Guidance on Management Commentary Necessary? - The IASB recently issued guidance a proposed framework for management commentary. According to CFO.com, some board members question whether issuance of the proposal was a good use of resources.

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Jun. 24, 2009

FASB Oversight Body to Go on Listening Tour - Reuters reports that Financial Accounting Foundation trustees will seek input from various groups as they build a new strategic plan for their boards.

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Jun. 24, 2009

Concern about Valuation of Bank Loan Assets - Hans Hoogervorst, Co-Chair of the Financial Crisis Advisory Group and head of the Dutch market regulator AFM, said bank loan portfolios are probably overvalued, according to a Reuters article. Speaking at a conference, he encouraged the IASB to look at alternatives to the current incurred loss model.

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Jun. 23, 2009

Schapiro Supports Goal of Global Accounting Standards -BNA (June 22) reports that Securities and Exchange Commission Chairwoman Mary Schapiro said she supports having one set of global accounting standards, but that U.S. companies should retain high accounting standards and not need to compromise in the name of convergence. Schapiro's statement came on June 18 in response to a question about converging U.S. GAAP with IFRS while speaking at a New York Financial Writers Association event. (BNA Daily Report for Executives – Subscription Required - www.BNA.com)

Jun. 23, 2009

IASB Proposes Guidance for the Preparation and Presentation of Management Commentary - The International Accounting Standards Board (IASB) published for public comment a proposed non-mandatory framework to help entities prepare and present a narrative report, often referred to as management commentary.

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Jun. 23, 2009

Investor Group Raises Concern about Independence of the FASB - Reuters reports that the Investors Technical Advisory Committee has raised concerns about the independence the accounting standard setting process and the need for changes in the FASB’s governance structure.

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Jun. 23, 2009

Trade Groups Form Alliance to Provide Input to Standard Setters - WebCPA reports that nine industry groups representing financial, insurance, banking, real estate and other industries have formed a coalition to provide influence accounting standards.

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Jun. 22, 2009

Live Web Presentation Introducing the Exposure Draft on Fair Value Measurement - In May 2009, the IASB published an exposure draft on Fair Value Measurement. The IASB will introduce the exposure draft in a live web presentation on June 30, 2009.

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Jun. 22, 2009

"The days of preparing someone for a nationally-based career have gone" - says Michael Izza, Chief Executive of the Institute of Charted Accountants in England and Wales. Michael Izza was quoted in a Financial Times article about the challenges of global training of accountants. (Registration required.)

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Jun. 18, 2009

New Lease Proposal Could Prove Difficult for Airlines - The joint FASB/IASB lease accounting proposal would bring lease liabilities onto the balance sheets and expose the weak position of some airlines, according to an Accountancy Age article.

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Jun. 18, 2009

Will the New FASB Codification Change GAAP? - The FASB Accounting Standards Codification™ is scheduled to launch on July 1. CFO.com asks if the Codification will change accounting. The article also points out that the codification is another step toward convergence with Internal Financial Reporting Standards.

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Jun. 18, 2009

Obama Announces Broad Regulatory Reform Proposals - President Obama presented a plan for regulatory reforms on Wednesday. Included in the President’s proposal was a recommendation that accounting standard setters make substantial progress by the end of 2009 toward development of a single set of high quality global accounting standards.

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Jun. 18, 2009

IASB Seeks Views on Accounting for "Own Credit Risk" - The International Accounting Standards Board (IASB) published for public comment a discussion paper on the role of credit risk in liability measurement.

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Jun. 18, 2009

IASB Clarifies the Accounting for Group Cash-Settled Share-Based Payment Transactions - The International Accounting Standards Board (IASB) announced amendments to IFRS 2 Share-based Payment that clarify the accounting for group cash-settled share-based payment transactions.

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Jun. 17, 2009

Live Web Update on Project to Replace IAS 39 Financial Instruments - As part of its comprehensive review of IAS 39 Financial Instruments IASB staff will be hosting a series of short live webcasts to keep interested parties up to date on progress of the project to replace IAS 39. The second of these webcasts will be held at 10am (London time) on Tuesday June 23, 2009, and repeated at 4pm (London time) on the same day for the convenience of participants in different time zones.

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Jun. 17, 2009

Australian Survey: Rules Too Complex, Shows Support for IFRS for SMEs - Respondents to a survey in Australia say that accounting standards need simplification, especially for smaller companies. A large majority, 83%, support introduction of IFRS for Small and Medium-sized Entities. Brisbane Times reports on the survey, which was conducted by Grant Thornton.

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Jun. 17, 2009

CIO’s Need to Plan for IFRS - CIO writes about the need for IT Departments to start planning for the potential move to IFRS, including how current or future IT initiatives might be affected by adoption of the international accounting standards.

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Jun. 12, 2009

Japan Takes Major Step towards IFRS Adoption - The Business Accounting Council (BAC), a key advisory body to the Commissioner of Japan’s Financial Services Agency (FSA), approved a roadmap for the adoption of International Financial Reporting Standards (IFRSs) in Japan. The roadmap still requires the formal approval of the FSA, which is expected to take place by the end of the month.

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Jun. 12, 2009

FASB Webcast: Transitioning to FASB Codification - FASB has scheduled a free webcast for Monday, June 22, 2009, to discuss the transition to the FASB Accounting Standards Codification™.

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Jun. 11, 2009

IASB Chairman Responds to Concerns from EU Finance Ministers - According to Accountancy Age, IASB Chair Sir David Tweedie told European finance ministers that reforms to fair value and impairment rules are on track and that he would do a better job of keeping finance ministers informed. "A new standard that deals with your concerns will be in place by year-end," he said.

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Jun. 10, 2009

Asian-Oceanian Standards Setters Group Created - The Journal of the IASB and the IASC Foundation INSIGHT presents an article about the creation of a group of standard setters to represent the countries of Asia-Oceania. The Asian-Oceanian Standards Setters Group (AOSSG) had a first preparatory meeting in Beijing in April, according to the article.

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Jun. 9, 2009

Preparing for IFRS - Writing for Compliance Week, Tammy Whitehouse describes how two accounting officers are preparing for IFRS. In addition to accounting and reporting matters, identifying business issues is an important part of early preparation work.

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Jun. 9, 2009

Pressure from EU Finance Ministers to Speed Up Reforms - IASB Chair David Tweedie met with European finance ministers. According to a Reuter’s article reported by guardian.co.uk, Chairman Tweedie "reaffirmed that the first phase of the fair value rule revision would be completed in time for 2009 financial statements, signaling no chance to the board’s timetable".

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Jun. 9, 2009

Chairman of the IASB Addresses ECOFIN Meeting - Sir David Tweedie, Chairman of the IASB, addressed a meeting of European Finance Ministers (ECOFIN) in Luxembourg to provide an update of the IASB’s response to the financial crisis. The IASB released the Chairman’s prepared statement.

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Jun. 8, 2009

Webcast on Project to Replace IAS 39 Financial Instruments - As part of its comprehensive review of IAS 39 Financial Instruments IASB staff will be hosting a series of live webcasts to keep interested parties up to date on progress of the project to replace IAS 39. The first webcast will be held on Thursday June 11, 2009.

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Jun. 8, 2009

IFRS Adoption May Produce Limited Benefits - WebCPA reports on a new academic study that indicates benefits from adopting IFRS in the U.S. may be limited. According to Rodrigo Verdi of MIT, one of the study’s authors, "In countries like the U.S., there may be minimal room for improvement because U.S. GAAP is already considered a high-quality accounting regime".

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Jun. 5, 2009

Sign Up for Email Updates on Replacement of IAS 39 Project - The IASB is carrying out a comprehensive review of its standard on the recognition and measurement of financial instruments, IAS 39 that will result in IAS 39 being replaced. You can sign up for email updates at the IASB’s website.

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Jun. 4, 2009

UK Regulator Voices Concern about "Breakaway" Version of IFRS - According to Accountancy Age, Financial Reporting Council Chief Paul Boyle warns that there is possibility that the EU could adopt its own version of IFRS.

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Jun. 4, 2009

SEC Commissioner Comments on Move toward IFRS - At Compliance Week's annual conference, SEC Commissioner Luis Aguilar talked about the move toward IFRS and convergence of standards. Melissa Klein Aguilar writes about the Commissioner's remarks at the conference on IFRS and other matters. (Compliance Week)

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Jun. 4, 2009

More Convergence of Accounting Standards Needed - Business Spectator reports on concerns expressed by Financial Crisis Advisory Group Co-Chair Hans Hoogervorst associated with a second round of economic crisis.

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Jun. 1, 2009

IASB Progress Update on IAS 39 Replacement - On May 29, 2009, the IASB published an update on the progress of its comprehensive review of IAS 39 Financial Instruments. The IASB also posted an update of how it is responding to concerns previously raised by the European Commission in its letter of October 27, 2008 to the IASB.

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May. 29, 2009

IASB Fair Value Measurement Guidance Proposal Modeled After U.S. Rule - CFO.com analyzes the IASB's exposure draft on fair value measurement. The starting point for the IASB's proposal was FAS 157 Fair Value Measurements.

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May. 29, 2009

Finance Executives Surveyed about Revenue Recognition Proposal - WebCPA reports on results of a survey conducted by RevenueRecognition.com on the joint FASB/IASB proposal on revenue recognition in contracts with customers. According to the article, the survey resulted in a mixed response.

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May. 29, 2009

Live Web Presentation Introducing the Exposure Draft on Income Tax - In March 2009, the IASB published an exposure draft on Income Tax. The International Accounting Standards Board will be introducing the exposure draft in a live web presentation on June 3, 2009.

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May. 29, 2009

IASB Chair Invited to Attend EU Finance Minister Meeting - According to The Wall Street Journal, European Union finance ministers are frustrated with the pace of accounting reform and have invited IASB Chairman David Tweedie to attend their next Ecofin meeting. (Subscription Required)

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May. 27, 2009

UK Regulator Concerned Europe May Adopt Own Version of IFRS - According to Accountancy Age, the UK Financial Reporting Council (FRC) said in its annual report, "We continue to have significant concerns that the EU might adopt its own version of IFRS rather than the standards as published by the IASB."

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May. 27, 2009

Do You Have IFRS Training? - If not, read on. The AICPA CPA Insider explains why market participants need IFRS training today and how to prepare for IFRS in the future.

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May. 26, 2009

Standard Setters, FCAG Discuss Political Interference - CFO.com reports that political interference on standard setting was discussed during the open session of last week's Financial Crisis Advisory Group meeting in London.

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May. 26, 2009

Australian Survey Respondents Supportive of IFRS, but Want Simplification - According to the Brisbane Times, a Grant Thornton survey showed broad support of the adoption of IFRS in Australia, but said the rules are too complex.

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May. 22, 2009

FASB Has Concern over IASB's Approach - Reuter's reports on concerns expressed by FASB Chair Robert Herz about the IASB decision to approach revisions to rules covering financial instruments and fair value accounting in multiple steps.

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May. 22, 2009

IASB Decides to Accelerate Fair Value Revisions - According to Reuters, the IASB plans to divide fair value rule changes into three pieces and issue a draft proposal addressing classification and measurement in July. Originally, the IASB had planned to issue a comprehensive proposal in October.

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May. 21, 2009

Two Leading U.S. Analysts Appointed to the IASB - The Trustees of the International Accounting Standards Committee Foundation announced the appointment of two leading investment analysts to the International Accounting Standards Board.

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May. 21, 2009

Financial Statement Presentation Proposal Needs Changes - Compliance Week reports on comments received by the FASB and IASB on their joint Discussion Paper Preliminary Views on Financial Statement Presentation.

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May. 20, 2009

IASB Faces Critical Challenge - The Wall Street Journal reports on challenges facing the IASB from European finance ministers and the threat to global accounting standards. "The IASB has been placed in an impossible position," writes author Simon Nixon.

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May. 20, 2009

SEC to Hold Public Seminar on New Interactive Data Reporting Requirements - The SEC will conduct a public seminar on June 10, 2009, to help companies and preparers comply with new rules that require financial reports to be filed using interactive data (XBRL). The seminar will be conducted in Washington D.C. and will also be web cast via the SEC website.

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May. 18, 2009

Investors Critical of IFRS, Want Reform - The Telegraph reports that institutional investors in London are frustrated by the lack of speed exhibited by the IASB to address concerns. One of the chief criticisms is over how banks provision for losses under IFRS.

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May. 17, 2009

House of Commons Defends Fair Value, IASB - CFO.com reports that a U.K. House of Commons Treasury Committee report is critical of decisions made in the banking sector and says that fair value was not the cause of the credit crisis. The report also raised concerns about the carve-out power held by the European Commission over accounting standards.

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May. 13, 2009

Failure to Adopt IFRS Will Be Costly for U.S. - CFO.com reports on remarks made by IASB member John Smith regarding the IFRS debate in the U.S. Smith warns that the U.S. will be an "outlier" and that "it is in the interest of the United States to adopt IFRSs in the next five years".

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May. 13, 2009

Adoption vs. Convergence - Deloitte's D.J. Gannon in an article for Business Finance writes why convergence of U.S. GAAP with IFRS will fall short of adoption. Gannon says, "Without future SEC rule-making that adopts IFRS, we will most likely never reach a point at which there is a single set of high-quality, globally accepted accounting standards".

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May. 13, 2009

Will benefits exceed costs of financial statement changes? - According to WebCPA, a report by Fitch Ratings questions whether benefits of proposals outlined in the FASB/IASB joint discussion paper on financial statement presentation will outweigh costs.

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May. 11, 2009

The Long View on IFRS: Gerhard Mueller - Gerhard G. Mueller helped popularize the field of international accounting among academics and their students. Mueller was asked about the SEC's proposed road map for the adoption of IFRS for U.S. public companies and the proposal's implications for the profession. Read excerpts from the interview at the Journal of Accountancy's website.

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May. 8, 2009

"Financial Reporting in a Changing World" - John Smith, IASB Board member, addressed the European Commission Conference "Financial Reporting in a Changing World". An excerpt from the speech is reproduced on the IASB website and the full speech is also available to be downloaded.

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May. 8, 2009

Growing Concern about IASB Response to Economic Crisis - Neil Baker, Compliance Week's London Correspondent, writes about growing concern from European Finance Ministers about the IASB's response to the economic crisis. European Commissioner Charlie McCreevy threatens funding cuts according to the blog.

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May. 7, 2009

Deliberate IASB Response Not Sufficient - According to European Voice, EU finance ministers are concerned that recent U.S. fair-value rule changes put European banks at a disadvantage. Ministers threaten to summon a representative of the International Accounting Standards Board to their next meeting.

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May. 6, 2009

Live Web Presentation Introducing the Discussion Paper on Lease Accounting - In March 2009, the IASB and the FASB published their joint discussion paper Leases: Preliminary Views. The discussion paper will be introduced in live web presentations on May 13, 2009.

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May. 6, 2009

Political Pressure Causes Concern about Investor Confidence - In a Business Day article, Warren McGregor, IASB Board Member, expresses concern that political pressure prompted by industry lobbying will hurt investor confidence.

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May. 4, 2009

Uncertainty over the IFRS Roadmap - Now that the comment period has expired, accountants are waiting to hear what the SEC will do with its IFRS roadmap. WebCPA writes about uncertainty surrounding the roadmap and views from a group of accounting leaders.

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May. 1, 2009

FASB Head says U.S. should consider adopting IFRS in three to five yearsReuters reports on statements from FASB Chairmen Robert Herz at a recent conference. "I think the SEC needs to do a very thorough study from a public policy point of view of the impacts on our financial system and our economy," Herz said. "I am not clear that the public policy case has been made in this country yet for there to be an adoption type process."

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May. 1, 2009

Next Controversy: Off-Balance Sheet Items, Loan-Loss Provisioning – New guidance coming from the FASB and IASB on these topics will "change the financial-reporting landscape", said James Kroeker of the SEC. CFO.com reports on Kroeker's comments at a financial reporting conference sponsored by Baruch College.

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May. 1, 2009

Canadian proposal matches international standards, moves away from recent U.S. rule changesBloomberg writes about proposed revisions on impairment of debt instruments in Canada. Paul Cherry, Chairman of the Canadian Accounting Standards Board, said, "We want a system that has global recognition, global acceptance."

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May. 1, 2009

Grant Thornton Survey Show CFO's are Split Over IFRS –According to Acountingweb.com, a national survey shows about half of CFO's and comptrollers believe U.S. companies should be permitted to use IFRS, instead of U.S. GAAP, in financial statements filed with the SEC. The other half disagrees.

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Apr. 30, 2009

Canadian Accounting Board to Unveil Compromise – The Globe and Mail reports that Canada's Accounting Standard Board will present a compromise solution on mark-to-market rules that will provide banks new flexibility to avoid writedowns but stops short of recent U.S. rule changes. (ReportonBusiness.com)

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Apr. 30, 2009

Give Standard Setters Some Space – The Financial Times writes about political interference that has forced both the IASB and FASB to change their rules. "The IASB and FASB should not be forced into a downward spiral, a race to the bottom, where one of them is being pressured into a more lenient position and the other one then has to adjust equally," says Hans Hoogervorst, Co-Chair of the Financial Crisis Advisory Group. (Registration/subscription)

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Apr. 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.

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Apr. 28, 2009

Accelerated Convergence on Track – Tom Jones, IASB Vice Chairman, said "I don't think this fair value issue has derailed it (convergence) at all". Reuters reports from the Reuters Global Financial Summit in London.

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Apr. 27, 2009

Rejecting Calls for Rapid Easing of Rules – Tom Jones, Vice Chairman of the IASB, responds to calls for immediate action on changes to international rules on fair value. "You can't expect to have an independent standard setter that you expect to jump every time someone has a good idea, to cook the books to make things easier," said Jones. (Reuters)

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Apr. 27, 2009

EU Officials Concerned about IASB Decision – According to Reuters, EU officials have voiced concerns about the IASB's decision not to make immediate changes to fair value rules.

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Apr. 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.

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Apr. 24, 2009

Preparers Critical of Financial Statements Makeover – Writing about the joint FASB/IASB Discussion Paper on Financial Statement Presentation, CFO.com says the proposal received a rough reception from preparers and that a recent survey revealed that a majority of CFO's were not even familiar with the project.

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Apr. 23, 2009

EU Commissioners Losing Patience – Waiting on a response from the IASB regarding recent U.S. fair market value rule changes, EU Internal Market Commissioner Charley McCreevy told Reuters, "The frustration of some member states has reached the limit of their endurance, and they will expect some pretty immediate reaction from the IASB". (guardian.co.uk)

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Apr. 22, 2009

IFAC President: U.S. Needs SEC Commitment to Global Standards – "The problem in the U.S. is the lack of clear commitment to the road map from the new leadership at the SEC", said Robert L. Bunting, President of the International Federation of Accountants, in an interview with the Journal of Accountancy.

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Apr. 22, 2009

IASB announces round-table discussions as part of comprehensive review of off balance sheet activities – The discussions will take place in June 2009 and will be held in Asia, Europe and North America.

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Apr. 21, 2009

IASB Vice Chair Critical of U.S. Fair Value Accounting Changes – In an interview with the Financial Post, Tom Jones, Vice Chairman of the International Accounting Standards Board, warned of "a loss of credibility".

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Apr. 20, 2009

Convergence Could Take 10 to 15 Years – CFO.com reports on the Financial Crisis Advisory Group meeting in London. When asked when we can get convergence of accounting standards, FASB Chairman Robert Herz responded "ten to fifteen years".

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Apr. 20, 2009

CFO's Urging SEC to Table IFRS Project – According to CFO.com, comment letters from CFO's are expressing concerns about the proposed SEC roadmap for IFRS adoption and are urging the SEC to table mandatory adoption, focus on the financial crisis and allow continued convergence of global accounting standards.

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Apr. 17, 2009

Global Rules Needed for Global CrisisAccountancy Age reports that the Institute of Chartered Accountants in England and Wales has urged the SEC to decide quickly on an IFRS timetable.

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Apr. 16, 2009

IASB Concludes the 2007-2009 Annual Improvements – The International Accounting Standards Board issued improvements to IFRSs--a collection of amendments to twelve IFRSs--as its latest set of annual improvements. The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project.

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Apr. 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.

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Apr. 15, 2009

Fourth Meeting of Financial Crisis Advisory Group – The fourth meeting of the FCAG is taking place on April 20 in London at 10:30 AM UK time. The meeting will be live audio webcasted on the FASB website.

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Apr. 10, 2009

AICPA Supports IFRS Adoption, Recommend Changes to SEC Road Map – The AICPA submitted its comment letter to the SEC on its proposed road map for the use of IFRS. The Journal of Accountancy summarizes key points of the comment letter.

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Apr. 10, 2009

FASB Releases Final Versions of New Mark-to-Market Guidance – The Journal of Accountancy provides links to the final staff positions to improve guidance and disclosures on fair value measurements and impairments.

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Apr. 9, 2009

Deloitte survey shows support for move to single set of high-quality accounting standardsWebaCPA reports on Deloitte's 2009 IFRS Survey which was conducted with 150 respondents, including finance professionals, CFO's and finance managers. Survey results can be found here.

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Apr. 9, 2009

Accounting Rules Under Attack – Politicians and banks have attacked accounting rules. The Economist says the standard setters need to defend the rules and make it clear "that their job is not to regulate banks but to force them to reveal information".

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Apr. 8, 2009

SEC Chairwoman Remains Silent on Accounting Issues – Mary Schapiro has not expressed her views on the proposed roadmap since her confirmation hearing, CFO Magazine reports. At the IASC Foundation Monitoring Board meeting last week she reaffirmed the SEC's plan to move to a worldwide system of accounting standards, but did not comment on the timetable.

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Apr. 7, 2009

CFA Institute Members Support IFRS Adoption – According to Global Pensions, a recent poll conducted by the CFA Institute indicates "over 90% of CFA Institute members supported the idea of worldwide companies adopting IFRS to prepare general purpose financial statements".

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Apr. 6, 2009

EU Ministers say IASB Needs to Level Playing FieldBloomberg reports on a statement issued after a meeting of European finance ministers and central bankers in Prague. The ministers are concerned that recent FASB changes to mark-to-market rules will create a competitive disadvantage for European banks.

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Apr. 6, 2009

G-20 Committed to Global GAAP, Independence of Standard Setters – The Journal of Accountancy writes about the communiqué released after the G-20 summit in London.

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Apr. 3, 2009

FASB Approves New Mark-to-Market Guidance – The Journal of Accountancy reports that the Financial Accounting Standards Board voted to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions.

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Apr. 3, 2009

IASB "not expected to mimic" FASB's fair value rule change – according to Accountancy Age. The International Accounting Standards Board (IASB) is expected to continue full review of accounting for financial assets and issue proposals within six months.

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Apr. 3, 2009

IT Risk, IFRS and XBRL Top Internal Auditors' Concerns – (PRNewswire) – Protiviti announces results of recent survey. Gaining a better understanding of IT risk, IFRS and XBRL ranked high in the survey in areas where respondents wanted to improve knowledge.

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Apr. 2, 2009

Political Pressure Very Dangerous – Hans Hoogervorst, Co-Chair of the Financial Crisis Advisory Group, warns that political pressure on standard setters to change fair-value rules is a "very dangerous development". Accountancy Age writes about a letter to the Financial Times which stresses the importance of independence for regulators and standard setters.

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Apr. 2, 2009

Study Analyzes Proposed Shift to IFRSKnowledge@Wharton reports on the findings of Wharton accounting Professor Luzi Hail, and Professors Christian Leuz from the University of Chicago and Peter Wysocki of MIT. "Based on our study, it is not clear that such a major shift in standards would translate into large net benefits for most companies or the entire U.S. economy, as is often claimed," Hail says.

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Apr. 2, 2009

Standard Setting and Political Pressure –The FASB's rushed response on fair value guidance puts the IASB in a difficult position. CFO.com writes about political pressures both Boards are encountering.

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Apr. 2, 2009

UK Regulator Expresses Concern about U.S. Progress toward IFRS – According to Accountancy Age, Paul Boyle, Chief Executive of the U.K.'s Financial Reporting Council says the focus should be on what it will take for the SEC to allow use of IFRS for U.S. companies, not a target date for conversion.

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Apr. 1, 2009

IFRS Can be Opportunity to Transform Finance FunctionsAccountancy Age reports on an Accenture survey which indicates that while costly and complex many respondents believe an IFRS conversion will present an opportunity to make improvements within finance functions. A link to the Accenture survey can be found here.

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Apr. 1, 2009

IASB Proposes Changes to Income Tax Accounting Rules – According to an article on CFO.com, the recently proposed standard on income tax accounting issued by the IASB will simplify guidelines and could influence changes to U.S. rules.

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Mar. 31, 2009

U.S. Companies Expect to Pay More for IFRSCFO Magazine reports on survey conducted by Accenture that reveals U.S. executives expect to pay more than European companies did to convert to IFRS. Executives estimate they'll spend between 0.1% and 0.7% of their company's annual revenue to convert.

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Mar. 31, 2009

IFRS and Hedge FundsHedge Funds Review addresses misconceptions about IFRS conversion and the direction the SEC could take with registered investment companies and hedge funds.

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Mar. 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.

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Mar. 27, 2009

Standard Setters Address Bank Accounting IssuesCFO.com writes about joint projects being tackled by the Financial Accounting Standards Board and the International Accounting Standards Board and the relevance of this work heading into the G20 meeting next week.

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Mar. 26, 2009

Early Involvement of IT Personnel Important – An article in Canadian Underwriter addresses the importance of involving the Information Technology Department early in an IFRS conversion.

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Mar. 26, 2009

G20 Needs to Commit to IFRS – Michael Izza Chief Executive of the Institute of Chartered Accountants in England and Wales writes about the opportunity for the G20 to make a commitment to IFRS as the global accounting language in an article for Accountancy Age.

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Mar. 25, 2009

Proposals to replace standards on financial instruments are forthcomingReuters reports on decisions reached in a joint meeting between the IASB and FASB in London. The Boards announced their plan to issue proposals to replace standards on financial instruments "in a matter of months, not years".

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Mar. 25, 2009

Information Technology ChallengesIT World Canada writes about information requirements and challenges associated with conversion to IFRS.

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Mar. 25, 2009

Bankers call for common accounting standards – Members of the Banker community in the United Kingdom asked Prime Minister Brown to push the need for a common set of global accounting standards at the G20 summit.

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Mar. 24, 2009

IFRS Converges to U.S. GAAP on Segment Reporting – The Journal of Accountancy provides a summary of IFRS 8 Operating Segments. The new standard supersedes IAS 14 and closely resembles the "through the eyes of management" approach of FASB Statement No. 131.

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Mar. 24, 2009

Debate Over Dynamic Provisioning Heats Up – Standard Setters are under increasing pressure from prudential regulators to adopt rules that allow financial institutions to use dynamic provisioning, reports Financial Director.

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Mar. 20, 2009

Standard Setters Outline Possible Lease Accounting Approach – The Journal of Accountancy writes about the recently released joint IASB/FASB Discussion Paper on lease accounting.

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Mar. 19, 2009

AICPA Comments on the IASC Foundation's Constitution – The AICPA comments on the second part of the five-yearly review of the International Accounting Standards Committee Foundation's (IASCF) Constitution. In its comment letter, the AICPA applauds establishment of a Monitoring Board, stresses the need to find a permanent funding solution and addresses the future need for private-entity financial reporting constituency representation on the IASCF and Standards Advisory Committee (SAC).

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Mar. 18, 2009

Tension at IASB over U.S. Fair Value GuidanceCFO.com reports that the IASB was preparing to use the recently issued FASB proposals to improve guidance on fair value measurements and impairments as a starting point for its own guidance, but some members expressed concerns about the quality of the rushed U.S. proposals.

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Mar. 16, 2009

Narrative Skills Important in Using IFRSCFO.com writes about the importance of narrative skills in using IFRS. According to the article, footnote disclosures will fill in many of the details formerly supplied under U.S. GAAP.

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Mar. 13, 2009

Inaugural Meeting of Monitoring Board and IASC Foundation Trustees – The agenda for the inaugural meeting of the Monitoring Board and the IASC Foundation Trustees is now available.

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Mar. 13, 2009

AICPA's Melancon Comments on Fair Value, Other IssuesWebCPA reports that AICPA President and CEO Barry Melancon reiterates the AICPA's stance that fair value was not the primary cause of the credit crisis and that the private sector should be responsible for setting accounting standards.

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Mar. 12, 2009

AFASB Chairman Testifies on Mark-to-Market Accounting – Robert H. Herz Chairman of the Financial Accounting Standards Board testified about mark-to-market accounting before the U.S. House of Representatives Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Entities.

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Mar. 12, 2009

IASB clarifies the accounting treatment for embedded derivatives when reclassifying financial instruments – The International Accounting Standards Board (IASB) clarifies the accounting treatment of embedded derivatives for entities that make use of the reclassification amendment issued by the IASB in October 2008.

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Mar. 11, 2009

Are you ready for the Federal Accounting Oversight Board?, asks CFO.com. – The article explores the new house bill that would expand the government's oversight over accounting rules.

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Mar. 11, 2009

IFRS should be a concern for current studentsThe Guardian, Wright State University's Campus Newspaper, addresses the need for IFRS education. "I think our role as professors is to always make sure we teach what's current now and what will be current when students graduate," James Greenspan, professor and chair of accountancy said.

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Mar. 11, 2009

Resistance to IFRS stiffening – Michael Cohn, Editor-in-Chief of WebCPA writes about the "backlash against IFRS".

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Mar. 10, 2009

Early Adoption of IFRS Will Be Difficult – According to WebCPA, a report from Financial Executives International's Financial Executives Research Foundation and Resources Global Professionals says early adoption of IFRS will be difficult, if not impossible.

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Mar. 09, 2009

House bill would create new accounting oversight board. – Two U.S lawmakers have introduced legislation that would create the Federal Accounting Oversight Board to oversee the work of FASB, reports Reuters.

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Mar. 09, 2009

New York accountants critical of proposed IFRS roadmap, CFO Magazine reports. Among concerns outlined in their comment letter to the SEC are the quality of the international standards, conversion costs, contradictions between the two main benefits, eligibility criteria for early adopters, and a forthcoming version for use by private companies.

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Mar. 06, 2009

Must LIFO Go to Make Way for IFRS? – The international convergence of accounting standards jeopardizes the use of LIFO for financial reporting purposes. The Tax Adviser examines whether the time has come for Congress to sever the link between tax and financial reporting of inventory by modifying or eliminating the LIFO conformity requirement.

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Mar. 05, 2009

Former Chief Accountants Discuss IFRSCFO.com reports on a panel discussion featuring former SEC Chief Accountants Lynn Turner and Conrad Hewitt. Regarding IFRS, Conrad Hewitt supports creating a single worldwide set of accounting standards. Turner does not support IFRS and has concerns that they would make American companies less competitive.

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Mar. 05, 2009

Consideration of Niemeier for Chief Accountant draws opposition. WebCPA reports that consideration of Charles Niemeier for SEC Chief Accountant has drawn opposition from some. Niemeier is a member of the Public Company Accounting Oversight Board and a critic of International Financial Reporting Standards.

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Mar. 05, 2009

IASB amends fair value disclosure requirements, aligns rules more closely to U.S. standards. Reuters reports on the International Accounting Standards Board's decision to amend fair value measurement disclosures. Link

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Mar. 03, 2009

Standard Setters Propose Financial Statement Improvements – The Financial Accounting Standards Board and the International Accounting Standards Board have introduced proposed improvements to financial statement presentations. FASB's Marc A. Siegel provides an overview of the project for WebCPA.

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Feb. 26, 2009

The IASB Needs to Work More Effectively with Stakeholders – The Director of the Association of British Insurers Stephen Haddrill said that that the IASB risks political interference if it does raise its level of effectiveness with stakeholders, reports Accountancy Age.

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Feb. 26, 2009

Bernanke Wants Improvement in Fair value MeasurementsBloomberg reports that Federal Reserve Chairman Ben S. Bernanke said fair value rules are "a good principle in general", but accounting standard setters need to figure out how fair value rules should be followed when assets are illiquid.

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Feb. 26, 2009

Fair Value Measurement Guidance MakeoverReuters writes about the IASB's plan to issue an exposure draft on Fair Value Measurement Guidance in 2009. (Article) (IASB Project)

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Feb. 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.

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Feb. 25, 2009

SEC's Leap Toward IFRS - Is the move to IFRS in the U.S. over? Remi Forgeas, CPA and Partner for Mazars in the U.S., shares his thoughts about this question in the AICPA CPA Insider.

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Feb. 25, 2009

KPMG Survey Shows Support for Proposed IFRS Conversion Timeline - (PRNewswire) – KPMG LLP announces results of survey conducted with institutional investors, analysts and corporate executives who prepare financial statements.

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Feb. 23, 2009

Adoption of IFRS does not mean end of U.S. GAAP - In an article for WebCPA, Ian Mackintosh, Chairman of the Accounting Standards Board in the U.K., shares his views about what the situation might look like for U.S. GAAP, the FASB and the IASB after adoption of IFRS. He draws from his experiences in the U.K. and Europe.

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Feb. 23, 2009

Reforms Needed - In a story for Reuters, Victor Germack of RateFinancials Inc. calls for overhaul of accounting rules and practices. He addresses problems with the current rules-based system, fair value accounting, the move to IFRS and accountability of the FASB.

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Feb. 23, 2009

Private companies showing interest in IFRS (PRNewswire) – Deloitte releases poll results of 1,700 finance professionals, mostly from private companies. The poll was conducted during a recent webcast about IFRS for Private Entities and reveals that 14% would consider adopting the new standard in the near term and 26% would assess the costs and benefits of adoption.

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Feb. 19, 2009

NASBA Urges SEC to Withdraw Roadmap - The National Association of State Boards of Accountancy says that convergence with, rather than adoption of, International Financial Reporting Standards, is the right direction and urges the SEC to withdraw its IFRS Roadmap as early as possible.

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Feb. 19, 2009

Mary Schapiro's remarks cause concerns - Accountancy Age writes that remarks by the new SEC Chair have caused confusion about the direction of IFRS in the U.S. The author expressed concern about the possibility of an underlying protectionist attitude.

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Feb. 19, 2009

IASC Foundation Trustees announce appointments to the reconstituted Standards Advisory Council (SAC) - The SAC is the formal advisory body to the IASB.

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Feb. 19, 2009

PricewaterhouseCoopers LLP Announces $700,000 IFRS Grant - The accounting firm announced the awarding of $700,000 in grants to 26 universities and colleges to accelerate IFRS Curriculum.

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Feb. 17, 2009

Few Technology CFO's would adopt IFRS early if given the opportunity, according to a BDO Seidman LLP survey. MarketWatch reports that the survey reveals that only 21% of CFO's surveyed would adopt the standards early.

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Feb. 17, 2009

Niemeier is Reported Candidate for Chief Accountant – Tim Reason of CFO.com writes about the rumors that PCAOB member Charles Niemeier is a candidate for SEC Chief Accountant. Niemeier is a vocal critic of the move to IFRS.

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Feb. 17, 2009

Private company CFO keeps skills sharp, stays on top of IFRS. CFO.com interviews a private company CFO about the importance of keeping his skill set strong.

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Feb. 13, 2009

IASB Chairman Sir David Tweedie and SEC Chair Mary Schapiro met to discuss IFRS - WebCPA reports on what was described as an amicable meeting despite Schapiro's concerns with international standards. The IASB continues to work with the FASB on various convergence projects.

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Feb. 12, 2009

European Banking Federation asks IASB for CDO clarification - MarketsMedia Online reports that the International Accounting Standards Board has been asked by the EBF to urgently issue clarification that would allow some collateralized debt obligations to be accounted for at amortized cost in their entirety, consistent with proposed clarification language recently issued by the U.S. Financial Accounting Standards Board.

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Feb. 9, 2009

Uniting the Global Profession - International Federation of Accountants (IFAC) President Robert Bunting shares his vision for the future with the Journal of Accountancy.

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Feb. 4, 2009

IASB Oversight Body Responds to Call for Accountability - The Journal of Accountancy reports that the Trustees of the IASC Foundation announced constitutional amendments that are intended to enhance public accountability by establishing a link to a monitoring board of public authorities.

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Feb. 3, 2009

AICPA Supports Global Accounting Alliance's Clarity Initiative - The American Institute of Certified Public Accountants supports and is participating in an initiative undertaken by the Global Accounting Alliance to provide recommendations for improving financial reporting worldwide based on research and study.

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Feb. 3, 2009

Final Version of XBRL Rule Available - WebCPA reports that the SEC has posted the final version of its rule mandating use of eXtensible Business Reporting Language (XBRL). A link to the final rule is provided.

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Feb. 2, 2009

Proposed Changes to Financial Statement Presentation are Significant - In October 2008, the IASB and the FASB published a Discussion Paper on Financial Statement Presentation (news release). CFO.com writes about the project. FASB member Thomas Linsmeier said in a recent conference, "This particular project will change the face of financial statements in a very, very significant way." The Discussion Paper is open for comment until April 14, 2009.

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Feb. 2, 2009

WebCPA examines how firms are reacting to the pending IFRS transition - Howard Wolosky Editor-in-Chief of Practical Accountant writes that the SEC roadmap came at a very interesting time during an economic crisis and just before an administration change. Wolosky writes about how firms are reacting to the move towards IFRS.

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Jan. 30, 2009

Monitoring Board Enhances Public Accountability - Trustees of the IASC Foundation, the body that oversees the International Accounting Standards Board, amended their constitution to create a link to a Monitoring Board of Public Authorities. Accountancy Age writes about the decision.

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Jan. 28, 2009

IFRS for Private Entities -What are the implications for private entities in Europe and the U.S. as the IASB considers how IFRS should be made accessible to them? Steven Brice, partner with Mazars in the U.K., addresses this question in the AICPA CPA Insider.

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Jan. 27, 2009

Incoming SEC Chair Critical of IASB - WebCPA reports on Mary Schapiro's written responses to questions from Senator Carl Levin (D-Mich), which were submitted as part of her confirmation hearing. Regarding the IASB, she wrote, "American investors deserve and expect high standards of financial reporting, transparency, and disclosure -- along with a standard-setter that is free from political interference and that has the resources to be a strong watchdog. At this time, it is not apparent that the IASB meets those criteria, and I am not prepared to delegate standard-setting or oversight responsibility to the IASB".

WebCPA Article | Q & A

Jan. 27, 2009

Next Two Years Will Test IASB - Accountancy Age reports that according to Ian Mackintosh, Chair of the U.K. Accounting Standards Board, the International standard setter faces crucial two years.

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Jan. 26, 2009

Future of Accounting Rulemaking Uncertain - "The change in administration may mean we are taking a different route to [international financial reporting standards]", noted Allison Patti, an official from the SEC's Office of the Chief Accountant. The remarks were made at a recent SEC/FASB Conference sponsored by the New York Society of Certified Public Accounts. CFO.com reports on the Conference and noted that the FASB and IASB continue to move forward with work on converging U.S. GAAP and IFRS.

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Jan. 26, 2009

EU may fund private sector oversight. - The Associated Press reports that the European Commission has proposed European Union funding for private-sector oversight groups. The Commission's proposal includes funding for the International Accounting Standards Committee Foundation (IASC Foundation), the Public Interest Oversight Body (PIOB), and the European Financial Reporting Advisory Group (EFRAG).

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Jan. 23, 2009

New Leadership at SEC - May Schapiro was confirmed as SEC Chair on January 22, 2009 by the U.S. Senate. Business Finance writes about how Mary Schapiro might lead the SEC and her intentions on slowing down the move to IFRS.

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Jan. 23, 2009

IFRS has left many insurers reluctant to reveal how they manage risk - Business Report explains. Ilse French, an insurance technical director at PwC Southern Africa believes the onerous list of mandatory disclosures was discouraging greater insight. According to the article, insurers would be more willing to provide information if the IASB reduced the level of mandatory disclosures.

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Jan. 22, 2009

Accounting is about to get political - When asked about IFRS by Senator Jack Reed, Mary Schapiro said she would "proceed with great caution" although she does support the notion of a single set of global standards. Financial Times wonders if she was "playing to her audience, or is she really as chilly as she sounded last week on the notion of the U.S. switching to international accounting standards". Financial Times (free registration)

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Jan. 22, 2009

Lessons Learned - Newsfactor.com interviews Danita Ostling, Ernst and Young partner and Americas IFRS leader, about what U.S. companies can learn from Europe's conversion to International Financial Reporting Standards.

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Jan. 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.

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Jan. 21, 2009

There are more important issues than fair value - The Financial Crisis Advisory Group (FCAG) formed to provide counsel to the IASB and FASB met for the first time in London on January 20, 2009. CFO.com reports that panelists said consolidation and securitization issues are more important than fair value accounting.

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Jan. 21, 2009

Lending decisions, not accounting, tops list of factors contributing to financial crisis - Sir David Tweedie, Chair of the International Accounting Standards Board, talks to The Hindu Business Line about factors that contributed to the financial crisis.

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Jan. 21, 2009

IASB, FASB Focus on Impairment, Other Issues Raised by G-20 - The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington.

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Jan. 16, 2009

SEC Nominee Pledges to Revitalize Enforcement, Has Concerns About IFRS - The Journal of Accountancy reports on Mary Schapiro's testimony before the Senate Banking, Housing and Urban Affairs Committee. President-elect Obama's nominee for SEC chair said she would aggressively revitalize the SEC's enforcement efforts. In response to questions about IFRS, Shapiro expressed concerns. She said, "I will take a big deep breath and look at this entire area again carefully and will not necessarily feel bound by the existing road map that's out for comment".

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Jan. 15, 2009

Members of Obama's Economic Team Differ on IFRS - CFO.com reports that Paul Volcker endorses International Financial Reporting Standards, while Mary Schapiro has concerns. Mary Schapiro is President-elect Obama's nominee for SEC chair and said in Senate confirmation hearings, "I will not be bound by the existing roadmap that's out for public comment".

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Jan. 13, 2009

IFRS taxonomy for 2009 is now available for public comment. According to CFO Magazine, when complete, the IASB's XBRL project should make reporting financial results "easier, more accurate, and more easily compared." Some believe the tagging language of XBRL will help move companies toward IFRS.

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Jan. 13, 2009

2009 will be a pivotal year for accounting, WebCPA reports. A Fitch Ratings report on the global outlook for accounting and financial reporting shows that going-concern evaluations will be a major issue. "Outside the U.S., new segment reporting under IFRS will need to be explained well if analysts are to understand the financial performance of a company given everything else that is happening," said Fitch managing director Bridget Gandy.

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Jan. 13, 2009

IFRS 101 - Lesson 1: Follow EU's lead, but learn from their mistakes. AICPA Corporate Finance Insider writes about a recent AICPA Webcast titled IFRS 101: The Essentials. The article covers the history of IFRS, which countries are using the standards and the SEC proposed Roadmap for IFRS convergence.

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Jan. 8, 2009

Tax Departments Involved in IFRS Conversion Efforts. Financial Week reports on a PricewaterhouseCoopers survey that shows 60% of respondents have involved their tax departments in conversion efforts. Accounting issues receiving the most attention are revenue and expense recognition.

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Jan. 8, 2009

Converting to IFRS. The SEC's proposed roadmap for the potential use of IFRS could result in mandatory use of international financial reporting standards beginning in 2014. The Journal of Accountancy presents a summary of key activities that will contribute to a successful conversion.

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Jan. 6, 2009

Move to IFRS will be difficult and expensive. USA Today examines IFRS and the intentions of the SEC to adopt international rules in the U.S. "If companies don't prepare, if they don't start three years in advance, they're going to be in big trouble," Donna Street, business professor of the University of Dayton said.

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Jan. 5, 2009

FASB defers the requirements of FIN 48 for certain nonpublic entities, Compliance Week reports. FASB plans to develop the guidance necessary to apply FIN 48 to pass-through and not-for-profit organizations and amend disclosure guidance for nonpublic entities. IFRS have no equivalent requirements and the IASB does not agree with the model FASB has established.

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Jan. 2, 2009

Death of LIFO? –International Financial Reporting Standards do not permit the use of the last-in, first-out (LIFO) method of accounting for inventories. The proposed shift of U.S. public companies to IFRS could affect many companies currently using LIFO. The Journal of Accountancy explores the accounting and tax ramifications of a change from LIFO.

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Jan. 2, 2009

Key Accounting Issues for CFOs in 2009CFO.com writes about key accounting issues for 2009, including IFRS, XBRL, the joint FASB and IASB financial statement presentation project and accounting for contingent liabilities.

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Dec. 31, 2008

IFRS in 2008CFO.com presents their best IFRS stories from 2008, the year that marks the issuance of the SEC's proposed roadmap for transition to International Financial Reporting Standards.

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Dec. 31, 2008

SEC Study Says Improve, Do Not Suspend, Fair Value Accounting – The SEC released its congressionally mandated study on mark-to-market accounting. The report notes that investors generally believe fair value accounting increases transparency. The report also observes that fair value accounting did not appear to play a meaningful role in bank failures that occurred in 2008.

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Dec. 31, 2008

IASB and FASB Announce Membership of Financial Crisis Advisory Group – The Financial Crisis Advisory Group (FCAG) is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis.

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Dec. 30, 2008

Georgia Tech Financial Analysis Lab releases LIFO study. The Georgia Tech Financial Analysis Lab released a study titled The Potential Consequences of the Elimination of LIFO as part of IFRS Convergence. The study examines the income, balance sheet, cash flow and tax effects of a move from LIFO to FIFO.

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Dec. 30, 2008

IASB's credibility questioned after rule change. The Washington Post writes about IASB rule changes in October that were made in response to political pressure from the European Commission.

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Dec. 30, 2008

IASB wants companies to provide additional disclosures. According to WebCPA, the International Accounting Standards Boards has proposed amendments to IFRS 7, which would require additional disclosures for financial instruments.

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Dec. 23, 2008
IASB proposes additional disclosures for investments in debt instruments. The International Accounting Standards Board published proposed amendments to IFRS 7 that would require additional disclosures on all investments in debt instruments, other than those classified in the fair value through profit or loss category.

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Dec. 23, 2008
FASB and IASB issued a joint discussion paper on revenue recognition rules, CFO Magazine reports. The discussion paper focuses on customer contracts for products and services. The Boards' objective is to improve the guidance in both IFRSs and U.S. GAAP.

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Dec. 23, 2008
IFRS will have some companies paying higher tax bill, CFO Magazine reports. Advocates of convergence in the U.S. claim that global rules will make U.S. companies' financial statements look better. However, according to research done by the Georgia Tech Financial Analysis Lab, the elimination of LIFO will also raise the income tax bill for many U.S. companies.


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Dec. 22, 2008
IASB moves on issues demanded by G20 summit.. Gavin Hinks of Accountancy Age writes on the International Accounting Standard Board's moves on issues surrounding impairment, embedded derivatives and difference in accounting for securities investments between IFRS and US GAAP.

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Dec. 22, 2008
IASB proposes amendments to clarify the accounting for embedded derivatives..The IASB published for public comment proposals to clarify the accounting treatment for embedded derivatives.

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Dec. 19, 2008
Canadian Executives say they will be ready for IFRS. (CNW Group) A survey of Canadian Chartered Accountants in executive roles reveals that many are in the early stages of preparedness, but 80% believe they will be ready for the changeover to IFRS. The executives were surveyed in November as part of the fourth quarter 2008 CICA/RBC Business Monitor study.

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Dec. 19, 2008
Proposed IASB rule will force banks to account for risky assets properly, reports Reuters. The recently released proposed consolidation standard presents a principles-based definition of control that will be more difficult to evade through special structuring.

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Dec. 19, 2008
FASB postpones proposal to simplify FAS 133. According to Financial Week, the proposed revisions to FAS 133 would have eliminated the provisions that make it easier for companies to avoid having changes in the fair value of their derivatives affect their earnings. The proposed revisions would have also eliminated differences between the U.S. standard and international rules.

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Dec. 17, 2008
FASB will re-examine accounting for financial instruments. According to The Wall Street Journal, the use of mark-to-market accounting might be extended to a wider variety of securities, which could cause a battle between FASB, other regulators, companies and some legislators. However, according to Thomas Linsmeier, a FASB board member, investors said mark-to-market accounting is the "best approach."

View full article > | FASB Agenda Decisions – Financial Instruments >


Dec. 16, 2008
IFRS Taxonomy Module Manager released. The International Accounting Standards Committee Foundation announced the release of the IFRS Taxonomy Module Manager (ITMM 3.0) with Viewer functionality. Based on IFRS Taxonomy 2008, the license-free ITMM 3.0 offers taxonomy users many new features.

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Dec. 16, 2008
Regulator worried about independence of IASB - Accountancy Age reports that The Financial Reporting Council, the United Kingdom's independent regulator responsible for promoting confidence in corporate reporting and governance, has cited independence of the International Accounting Standards Board as a concern. The FRC is also worried that work on U.S. convergence will push the IASB towards a more rules-based approach to standard setting.

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Dec. 15, 2008
U.S. Accounting Rules "Equivalent" to IFRS – Bloomberg reports that the European Union formally recognizes accounting rules from the U.S., Japan, Canada, China, South Korea and India as equivalent to IFRS and will not require reconciliation to IFRS in EU filings.

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Dec. 15, 2008
Leading investor appointed as IASC Foundation Trustee. The International Accounting Standards Committee Foundation announced the appointment of Scott Evans, Executive Vice President, Asset Management and Chief Executive Officer of TIAA-CREF Investment Management LLC, as a Trustee of the IASC Foundation.

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Dec. 11, 2008
IASB Chairman David Tweedie discusses the year ahead and what it holds for global accounting. CFO Magazine reports on Tweedie's intentions to embark on joint projects with FASB including reducing the number of combined impairment tests in U.S. GAAP and IFRS to two or three tests. In reference to convergence, Tweedie said, "The markets will decide that the world does not need two sets of standards."

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Dec. 11, 2008
Chairman Tweedie says "FASB's not going away". WebCPA reports on a Pace University School of Business seminar where IASB Chairman David Tweedie discusses the importance of the FASB in the future standard setting process.

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Dec. 11, 2008
Fast track procedure could help IASB respond to future crisis. IASB Chairman Sir David Tweedie tells Reuters a fast track procedure could be added to the Board's Constitution. Recent pressure from Europe shows the need to formalize the process.

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Dec. 11, 2008
Accountancy Age discusses the past year and how the accounting profession will change in the next year. Gavin Hinks explains that 2008 was "a year high politics became preoccupied with accountancy standards and, especially, the fair value principle." He says we go into 2009 still uncertain about the future of fair value and the IASB. Hinks worries that if IASB fails to improve key areas the opportunity will arise for European banks to ignore key elements and a so called carve out of IFRS could occur.

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Dec. 10, 2008
European politicians forced the IASB into making rule change. Financial Week reports that IASB Chairman David Tweedie said, "We were trapped and felt we had to do it", referring to rule changes in October, which permit reclassification of financial instruments.

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Dec. 10, 2008
EU set to recognize U.S. GAAP. The European Union will recognize accounting rules from the U.S. and five other countries. Bloomberg reports that the formal recognition will be made in the next few days according to statements from Financial Services Commissioner Charlie McCreevy. The recognition allows companies with securities traded in EU markets to publish financial results under their local rules.

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Dec. 10, 2008
Accounting is not to blame. Reuters reports IASB Member James Leisenring said in a speech at the AICPA National Conference on Current SEC and PCAOB Developments that accounting should not be blamed for the economic crisis. "We are all worried and concerned about how to cope with accounting in this environment. But our concern should be translated into how do we improve confidence in financial reporting, not destroy it," said Leisenring.

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Dec. 08, 2008
SEC Chairman Christopher Cox addressed the AICPA national conference stating the Commission's intentions to finalize eXtensible Business Reporting Language (XBRL). Accountancy Age reports on Cox's speech, in which he explained that the proposed rule on XBRL would allow investors to read financial statements from any country in their native language. The Commission expects to finalize its proposed rule on XBRL later this month.

View full article > | Transcript >

Dec. 08, 2008
Zalm will stay at IASC Foundation. Gerrit Zalm, Chairman of the International Accounting Standards Committee Foundation tells Accountancy Age that he plans to remain on the Board and denies that his acceptance of a position leading a bank in Holland creates a conflict of interest.

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Dec. 08, 2008
The credit crisis is a regulatory problem not an accounting one. Gerrit Zalm, Chairman of the International Accounting Standards Committee Foundation tells CFO.com that the accountants duty is to record the "actual value" of corporate assets and liabilities. Zalm also believes that the appointment of Paul Volcker to President Obama's economic advisory team will make the move to IFRS "a little less rocky" in the U.S.

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Dec. 08, 2008
Trustees seek views on a broad range of constitutional issues. The Trustees of the International Accounting Standards Committee Foundation published for public comment a discussion document on the second part of the five-yearly review of the IASC Foundation's Constitution.

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Dec. 03, 2008
IASC Foundation chairman may have to step down, reports Accountancy Age. Gerrit Zalm, Chairman of the International Accounting Standards Committee Foundation has accepted a job leading a bank in Holland. This will lead to potential conflicts in his role serving the parent body of the International Accounting Stands Board.

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Dec. 03, 2008
Paul Cherry has been appointed Chairman of the Standards Advisory Council, effective January 1, 2009. The Standards Advisory Council (SAC) is a forum for the International Accounting Standards Board to consult a wide range of representatives from user groups, preparers, financial analysts, academics, auditors, regulators and professional accounting bodies that are affected by and interested in the IASB's work. Mr. Cherry is Chair of the Canadian Accounting Standards Board (AcSB), from which he will step down at the end of March 2009.

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Dec. 01, 2008
European and U.S. companies generally favor move to IFRS, WebCPA reports. A study conducted by professors Tim Buthe of Duke University and Walter Mattli of Oxford University found that CFO's favor international standards, but 40% question whether global standards are achievable. According to the survey, American executives have a much more favorable assessment of key aspects of the IASB standard setting process compared to their European counterparts.

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Dec. 01, 2008
Rule change to IFRS allows companies to hide their economic reality in their financial statements. Canadian Business reports on the rule change asked for by European lawmakers that allows companies to defer recognizing certain losses when assets are marked to market. Canada is also moving forward with international standards, which, according to Al Rosen, are "untested" and "inferior" to their current standards.

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Nov. 27, 2008
The quality of disclosure is improving for banks all over the world. Business Day reports on a study released by PricewaterhouseCoopers, which shows the improvement due to new accounting standards and the recent market conditions. Banks showed an increase in fair value disclosures and in the range and depth of structured finance transactions. In order to reach the desired full transparency, however, further improvement is needed.

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Nov. 27, 2008
IASB issues a revised version of IFRS 1. The International Accounting Standards Board issued a revised version of IFRS 1 First-time Adoption of International Financial Reporting Standards. The revised standard has an improved structure but does not contain any technical changes.

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Nov. 27, 2008
IFRIC issues guidance on distributions of non-cash assets to owners. The International Financial Reporting Interpretations Committee issued an Interpretation to standardize treatment of distribution of non-cash assets to owners. Under the Interpretation, an entity should measure the dividend payable at the fair value of the net assets to be distributed.

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Nov. 27, 2008
IASB updates reclassification amendment for financial instruments to clarify effective date. The IASB issued an updated version of the recent reclassification amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures.

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Nov. 26, 2008
Only a third of companies have prepped for IFRS, according to the results of a PricewaterhouseCoopers survey. Financial Week reports the findings of PwC's survey in which 43% of companies admitted that they haven't examined how international standards will impact their business. When asked what the greatest opportunity a successful conversion will provide, 57% said reduced complexity in applying accounting policy across business units and geographical areas.

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Nov. 25, 2008
Revenue recognition is not any easier under IFRS. Laurie Brannen reports in Business Finance on a 2008 survey conducted by RevenueRecognition.com covering complexities and risks associated with revenue reporting under U.S. and international rules. Survey link (registration required)

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Nov. 24, 2008
"We will see how the IFRS rules on goodwill impairment are applied in the current stock-market. The results could be ugly," economist Nicolas Veron warned. The Wall Street Journal reports that this year is the first that IFRS will be implemented against a sharp economic slowdown and heavy stock-market selloff, which could result in a severe hit for companies. Under IFRS, goodwill-impairment tests are carried out annually to determine whether value needs to be written down. (subscription required)

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Nov. 24, 2008
Accounting professionals believe IFRS is inevitable, according to CIO Today. The article examines IFRS and the SEC's recently released roadmap. More than 100 countries currently use international standards with 50 more expected to adopt within the next year.

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Nov. 20, 2008
G20 statement supports IASB and its mission. According to Accountancy Age, G20 nations support movement towards single set of global accounting standards. The G20 statement asked for financial stability to be a concern of the IASB through governance, not through standard setting.

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Nov. 20, 2008
SEC's short-term convergence option is "misguided", according to the Financial Times. With over 100 countries already committed to IFRS, the SEC's plan for the U.S. to adopt international standards is laudable. However, the option to early adopt could cause problems for companies considering there are still significant differences between US GAAP and IFRS.

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Nov. 20, 2008
SEC officials vague on IFRS transition - CFO Magazine reports on the reaction of some attendees at the Financial Executives International conference. The article claims that "some steam seems to have gone out of the [SEC's] push" towards IFRS. In his keynote address, chairman Christopher Cox made it clear that IFRS is not a done deal and will only happen, "if the commission believes it to be in the public interest and consistent with the protection of investors." According to the article, the decision to move forward with IFRS will hinge on progress made in the convergence between the U.S and international standard-setters, the level of IFRS education, and the stability of the IASB.

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Nov. 18, 2008
SEC Chairman speaks to future of international standards. In a speech at a conference conducted by Financial Executives International, SEC Chairman Christopher Cox says that "two thirds of American investors own securities of foreign companies". He states, "Whatever the future of IFRS for U.S. issuers, retail and institutional investors alike in our country are relying upon IFRS today". The answer to the question as to whether IFRS will serve as the single set of high-quality, global accounting standards depends on "how quickly both the accounting standards and the processes by which they are established and developed can be globally recognized as world-class."

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Nov. 18, 2008
Cost of convergence has companies hesitant to adopt early. Reuters reports on the necessary steps companies would need to take to prepare for IFRS, including running parallel sets of accounting books in U.S. GAAP and IFRS. "I don't think this is a particularly good time, given the economy to begin this massive…move to IFRS," Talia Griep, vice president and controller at Honeywell International said.

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Nov. 18, 2008
IASB and FASB to move at their own pace - Financial Week reports on Sir David Tweedie, chairman of the IASB, and Robert Herz's, chairman of FASB, desire not to rush projects. Both boards are under pressure from the G20 to help ease the financial crisis.

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Nov. 18, 2008
General Motors will not be an early adopter of IFRS. According to Financial Week, Nick Cyprus, controller and chief accounting officer at GM, believes there is no "first-mover advantage" to adopting early. His main concern with adopting early is the fact that rules could change even after early adopters transition to IFRS. "Convergence is key to me," he said. "There needs to be convergence before I lead. You won't see us trying to implement this thing too quickly."

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Nov. 17, 2008
Finding volunteers for early adoption of IFRS may be difficult. CFO.com explains that limitations and uncertainties with the SEC's early adoption plan may make it difficult for companies to elect early adoption. Deloitte & Touche partner D.J. Gannon expects the SEC to receive lots of suggestions from commentators wanting the SEC widen its early adoption allowance.

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Nov. 17, 2008
IFRS for early adopters will cost approximately $32 million. Financial Week discusses the SEC's estimated cost for each eligible early adopter of International Financial Reporting Standards.

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Nov. 17, 2008
IFRS requires more soft skills. Richard Fuchs, PricewaterhousCoopers partner and IFRS specialist explains in a CFO.com article that a move to IFRS will require training in soft skills.

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Nov. 17, 2008
G20 asks standard setter to promote financial stability. Accountancy Age reports on communique from G20 summit that asks the IASB to review its governance with a view toward promoting financial stability. G20 leaders also support work toward creating a single, high quality set of global accounting standards.

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Nov. 17, 2008
Effects of the fair-value accounting rule change showing in the earnings reports of banks. CFO Magazine explains the findings of a Moody's Investors Service report issued last week. Moody analysts take issue with changes to IAS 39, the standard related to valuing financial assets. The amended standard makes it harder for investors to compare banks' financial statements.

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Nov. 14, 2008
More and more countries are moving to IFRS. "No country is moving to US GAAP," Jane Wells said in a CNBC article. Wells reports on the move to adopt international standards by 2014. According to Rosalind Tyson of the SEC, the commission will be releasing a proposed roadmap for convergence "at any moment." Wells explains that "IFRS is supposed to be simpler, easier, more transparent, and provide a more accurate picture of a company's health."

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Nov. 14, 2008
Ian Mackintosh, Peter Holgate, and others urge the IASB to remain independent, a Financial Times article reports. The letter states, "The EU has the ability not to accept international standards for use in Europe, or to change them. We strongly believe that these powers should be used only in the most exceptional circumstances and that the present situation does not justify their use. We would not support another carve-out." The authors of the letter strongly believe that if the EU adopts its own version of IFRS, the advantages of global comparability will be lost.

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Nov. 13, 2008
Brussels threatens credibility of IASB. Interference from EU leaders could end movement toward global accounting system warns a group of investors and accountants. The Financial Times reports on a letter received from a broad group including the head of the UK Accounting Standards Board, representatives of the Big Four accounting firms and the head of the Association of British Insurers.

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Nov. 13, 2008
AICPA Review of IASCF Constitution - While expressing strong support for the objectives of the IASC Foundation and the IASB, the AICPA issued a comment letter on the review of the IASCF constitution. The comment letter was issued in September and supports creation of a monitoring group and believes the IASCF should increase private entity constituency representation. The Institute also supports operating protocols that fully maintains the IASBs independence, while providing sufficient oversight so individual countries do not have a basis for carve-out exceptions.

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Nov. 13, 2008
Sarkozy will lead the charge to transform the IASB and give it responsibly for ‘financial stability'. Accountancy Age reports the critical G20 meeting in Washington this weekend could be a platform to change the role of the IASB by adding financial stability to its responsibility. However, the idea has been criticized because it would conflict with the IASB's charge to ensure financial transparency.

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Nov. 13, 2008
Uproar over fair value accounting threatens move to IFRS. Business Week reports on move to international accounting standards. Critics say the International Accounting Standard Board's lack of independent funding and tendency to cave into political pressure are stumbling blocks.

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Nov. 13, 2008
Did IASB cave-in to political pressure? The International Accounting Standards Board has been under fire for reportedly submitting to political pressure after it suspended normal due process and issued amendments to fair value accounting rules. CFO.com reports on Parliamentary hearings where IASB Chief Sir David Tweedie was called to answer questions.

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Nov. 13, 2008
Obama presidency could boost fair value, but slow plans to converge accounting standards. Accountancy Age explains that an Obama administration might be inclined to defend fair value accounting principles. In the area of accounting convergence, criticism about the move to international accounting standards is likely to come from Democrats.

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Nov. 11, 2008
President Bush asked to support IASB independence. Trustees of the International Accounting Standards Committee Foundation ask President Bush and other international leaders to support independence of the International Accounting Standards Board. The Trustees believe that steps taken outside of the established accounting standards process would undermine confidence in financial markets.

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Nov. 11, 2008
European leaders call for reform to international financial system. The Washington Post reports on conclusions reached in meeting between European heads of state held on November 7, 2008. The leaders call for a 100 day deadline to draw up measures to decide on urgent reforms. The 100 days starts on November 15, 2008, the date of the international summit of G20 countries in Washington. Included in the conclusions released by the European Council, "standards bodies, in particular in the area of accountancy, will have to be reformed to allow a genuine dialogue with all the parties concerned, in particular prudential authorities".

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Nov. 11, 2008
Chairman Tweedie thought about quitting after damage done by allowing reclassification of financial instruments, reports Accountancy Age. A European Union carve-out proposal to international accounting standards covering fair value accounting would have derailed convergence efforts. The carve-out threat required suspension of normal due process in making changes to the standards.

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Nov. 11, 2008
"All signs point to changing our model in the U.S. to a more globally-focused one," D.J. Gannon, a partner at Deloitte said in an interview with BNet. When asked about the projected schedule for convergence, Gannon predicts that the "commission will adopt a staggered mandatory implementation." Gannon explains the difference between IFRS and US GAAP as being a change in mindset. "The issue isn't figuring out what paragraph to go to, it is applying the principle of what you are trying to do," he says of IFRS.

View full article >

Nov. 10, 2008
Accounting firms are committed to adopting IFRS by 2014 and are starting to prepare. Richard Stolz of WebCPA writes on the implications and preparations taking place as firms embrace the move to international accounting standards.

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Nov. 10, 2008
Will the credit crisis halt IFRS? Lora Bentley of IT Business Edge points out how different the current economic and political climate is from earlier in the year. She says because the SEC has not yet opened its plan for comment, there is no real way to determine what people think about it.

View full article >

Nov. 07, 2008
Report by Moody's Investor Service suggests IFRS may not actually help comparability. According to CFO Magazine, the credit rating agency found that there are benefits to using a single set of accounting standards, but the financial statements prepared using IFRS are not necessarily easier to compare. The report put out by Moody explains that IFRS loses some of its usefulness because it can create false volatility and undue complexity. Despite doubts, IFRS continues to move forward.

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Nov. 07, 2008
The SEC expected to release the roadmap for transitioning to IFRS. According to WebCPA, the SEC wants to publish the roadmap before the Obama administration takes office. While the current SEC will set the roadmap, the SEC under Obama administration will set the final rules.

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Nov. 07, 2008
The SEC's roadmap for IFRS will be release in a radically different economic and political environment. CFO Magazine reports that if the SEC publishes the roadmap today as expected, it will be about two months late. With Democrats in charge of both houses of Congress and the White House, many are expecting IFRS to be closely examined by the new administration.

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Nov. 07, 2008
Accounting for banks was better before the changes to the classification of financial instruments were made, Accountancy Age reports. "I think our accounting was better than the United States, they couldn't change at that particular stage so we had to move to them," Sir David Tweedie said in an interview with the Financial Times. The IASB made changes in order to level the playing field between US standards and international standards. It was an attempt by the IASB to stave off demands for wider changes to fair value.

View full article >

Nov. 06, 2008
Companies can't afford to procrastinate long on IFRS, John Cummings of Business Finance Magazine says. Many expect transition to international standards to slow under the Obama administration but with India, Canada, Korea and Brazil converging by 2011, Cummings says U.S. companies with operations in multiple countries will want to move to a single accounting language.

View full article >

Nov. 06, 2008
Oil and gas companies are not achieving full consistency under IFRS an Accountancy Age article reports. KPMG examined the financial statements of oil and gas companies from around the world and found flaws in accounting, classification and terminology. "The oil and gas industry is one of the most international and so stands to benefit significantly from the application of a consistent global accounting framework such as IFRS," Jimmy Daboo KPMG's Global Head of Energy & Natural Resources for auditing and accounting said.

View full article >

Nov. 05, 2008
SEC Set to Publish IFRS Roadmap. Accountancy Age reports that the Securities and Exchange Commission is expected to publish its IFRS roadmap today or tomorrow. Concerns have been raised about the shift as a result of the credit crisis and questions over fair value accounting, however, the move will force the issue before a new president takes office.

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Nov. 05, 2008
IFRS implementation may slow. Business Finance reports on the next steps of IFRS explaining that the current financial crisis and a new administration will likely alter the SEC's original roadmap. However, the switch to IFRS from U.S. GAAP appears inevitable as the reasons for moving to IFRS remain the same.

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Nov. 05, 2008
While public companies are expected to adopt IFRS by 2014, the outlook for private companies is still undecided. According to CFO Magazine, private companies aren't required to file audited financial statements with the SEC but they do prepare them for lenders, investors, and potential acquirers. Assuming the changeover eventually occurs for public companies, Ted Rose who runs an accounting-outsourcing firm believes IFRS for private companies will be inevitable.

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Nov. 05, 2008
Companies are not in a rush to adopt IFRS earlier than required. Business Finance Magazine reports the current economic environment may halt early adoption of IFRS. A Protiviti survey shows that 48% of respondents admitted that they have made no preparations for convergence. The survey sites cost, education and setting up initial reporting formats as the greatest barrier to IFRS adoption.

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Nov. 04, 2008
IASB announces web presentation to introduce discussion paper on Financial Statement Presentation. Two web presentations are scheduled on November 13, 2008. Registration is required to access the web events.

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Nov. 04, 2008
EFRAG plans to triple budget in effort to strengthen European contribution to the international accounting standard-setting process reports Jeremy Woolfe for Accounting Today at WebCPA. The increased budget will help the European Financial Reporting Advisory Group strengthen its influence and input in the agenda-setting process.

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Nov. 04, 2008
Deloitte helps the tourism, hospitality and leisure industries prepare for IFRS with a white paper. Accountancy Age reports that the report released by Deloitte is designed to provide the THL industry with specific practical insights on IFRS. Deloitte believes that developing a plan around IFRS implementation is crucial in effectively positioning THL companies for the future.

View full article >

Nov. 03, 2008
AICPA president and CEO Barry Melancon defended fair value accounting. At a securities industry conference, Melancon defended fair value accounting standards, admitting, though, they could be improved, according to WebCPA. The controversy over fair value accounting has complicated the SEC's roadmap for convergence to IFRS. Despite delays due to the current economic crisis, fair value and the presidential elections, Melancon believes convergence is inevitable.

View full article >

Nov. 03, 2008
The SEC's delay in releasing convergence plans has many wondering if efforts have stalled. The SEC is more than a month behind in producing a specific timetable for convergence to supplement the roadmap that was published in August CFO Magazine reports. "If the credit crisis and recessions start spreading and are longer than people are expecting, the SEC will be reluctant to do a major financial reporting change," Edward Riedle a Harvard Business School professor said. The SEC says it is planning to move forward with convergence and that the timetable should be published next week.

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Nov. 03, 2008
The IASB answers questions about fair value accounting in an 84-page document. According to CFO Magazine, the document discusses key controversies, including characteristics of inactive markets and the relevance of judgment in uncertain markets.

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Oct. 31, 2008
Upcoming election will impact accountants. An Accountancy Age article by Joseph Goldstein explains that an Obama administration could stall the US's expected shift to IFRS. Some see his pro-labor posture against free trade as a signal of his possible reluctance for IFRS. McCain has said that fair value could be to blame for the current credit crunch which leads some to believe that a McCain administration would also oppose convergence if IFRS is identified as being more committed to fair value.

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Oct. 30, 2008
Deutsche Bank Records Profit Instead of Loss. CFO.com reports that recent accounting rule amendments issued by the International Accounting Standards Board allowed the Frankfurt based bank to reclassify some assets for accounting purposes which enabled the bank to record a profit for the quarter instead of a loss. Reported by Marie Leone of CFO.com.

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Oct. 30, 2008
What could an Obama Presidency mean to the Accounting Profession? October 30, 2008 - In a series of articles, writers for Accountancy Age probe a number of areas that will be affected by the next U.S. President's administration. The writers explore how an Obama administration might influence important issues, including U.S. GAAP convergence with International Financial Reporting Standards.

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Oct. 30, 2008
It's time to slow the international accounting convergence movement according to Jack Ciesielski in an article for the Financial Times. He said, "Instead of a rush-job convergence during the worst financial crisis since the Depression, maybe what is needed is a few more years of friendly competition between standard-setters". Jack Ciesielski is publisher of the Analyst's Accounting Observer.

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Oct. 30, 2008
Taiwan regulators are keen to align reporting standards with IFRS practices, and are studying adoption by 2014 according to an article in Asian Investor. Fair value rules, however, are expected to spark debate.

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Oct. 29, 2008
New activities in the marketplace will affect IT Managers from a compliance and legal perspective. Jerry Norton of Wise Technology explains how new standards and rules, such as IFRS, will affect IT departments depending on their industry. He says it is only a matter of time before U.S. companies will need to completely convert to IFRS.

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Oct. 28, 2008
IASB Chief has been summoned to Westminster to discuss fair value accounting, reports David Jetuah of Accountancy Age. Sir David Tweedie, chairman of the International Accounting Standards Board, will answer questions from MPs on November 11, 2008.

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Oct. 27, 2008
Fair-value accounting is "lousy" but better than the alternatives, Thomas Jones, vice-chairman of the International Accounting Standards Board said. CFO Magazine reports Jones beliefs that fair value is not a great system but it is better than the alternatives. Many are blaming fair value accounting for aggravating the current credit crisis, however, Jones doesn't think moving away from fair value is a viable solution.

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Oct. 27, 2008
"IFRS is in its infancy and decades behind the rules currently used in the U.S. and Canada," Al Rosen contributing writer for Canadian Business believes. Rosen is concerned about adopting IFRS in Canada citing problems encountered with international standards so far in the EU and Australia. Despite the reasoning of some, Rosen thinks IFRS will worsen comparability, "because of the excessive management leeway that is inherent in the new rules."

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Oct. 26, 2008
Experts warn about results of accounting-standards push. Experts say that because international financial reporting standards are more principles-based than U.S. generally accepted accounting principles, they do not offer specific guidance on compliance. Therefore, auditors will likely require more disclosure before they sign off on results. The increased disclosure may lead to a revealing of trade secrets, experts at a recent industry conference warned.

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Oct. 22, 2008
One in five CFOs and senior controllers have experience preparing financial statements according to IFRS, according to a recent Grant Thornton survey. Fifty-five percent of the 688 CFOs and senior controllers surveyed by Grant Thornton said that U.S. companies should be permitted to use international standards instead of U.S. GAAP. When asked about the SEC's decision to permit foreign firms to file financial statements prepared according to IFRS without reconciliation to U.S. GAAP, 59 percent disagreed.

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Oct. 21, 2008
There are two sides to every coin. Press coverage of a survey conducted by Proviti on U.S. companies' preparedness to adopt IFRS was split. Financial Week reported the survey found a significant number of companies are unprepared for IFRS and are taking a "wait-and-see approach taken." WebCPA pulled out the idea that, if given a choice, more than 40 percent of surveyed companies would choose IFRS over U.S. GAAP.

Oct. 20, 2008
The U.S. transition to IFRS may be moving too fast says Ed Trott, former member of the Financial Accounting Standards Board said in a CFO Magazine article. "My issue is the speed and arbitrariness of the SEC making decisions for…political reasons rather than for the benefit of the capital markets," Trott says. While the SEC proposed a roadmap to place the U.S. on par with the rest of the world, many are worried about the SEC's rush towards replacing US GAAP.

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Oct. 20, 2008
Deloitte is helping U.S. universities and business schools incorporate IFRS into their curriculums through the newly formed IFRS University Consortium. According to a Financial Times article, the new program "will develop course materials such as classroom guides and case studies to help professors and students understand the international reporting guidelines." There is currently little IFRS content in existing curriculums but with transition to IFRS on the horizon as soon as 2014, professors are pushing to create course materials.

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Oct. 14, 2008
"Going from multiple choice to an essay"is how , Dmitri Shiry, a Deloitte & Touche partner describes the change that will be required in accounting curricula at U.S. universities in a staff written Pittsburgh Business Times article. Professors are now faced with the task of how to best prepare students for convergence. "Kids that are going to school now will graduate having to do this. It may be a niche now, but it is going to be the standard in a few years," KPMG audit partner Pete Mendes said, according to the Business Times article, which could lead to a change in the kind of students that go into accounting.

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Oct. 13, 2008
IASB weighs in, lightens up on fair-value accounting, Financial Week's Marine Cole reports The International Accounting Standards Board agreed to allow companies to reclassify certain financial instruments which will impact the bookkeeping treatment of those instruments and may allow some companies to avoid using fair-value accounting. By amending IAS 39 on recognition and measurement of financial instruments, the IASB allowed reclassifications that were already permitted under U.S. generally accepted accounting principles in "rare" circumstances.

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Oct. 13, 2008
As Canada prepares to adopt IFRS by 2011, the Ottawa Business Journal's David Lowdon writes about material differences between IFRS and Canadian GAAP. "Changing from Canadian GAAP to IFRS will be a significant undertaking that may materially affect a reporting issuer's reported financial position and results of operations," Lowdon said.

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Oct. 10, 2008
With convergence expected in the next few years, companies will likely have to change their IT systems. "CIOs, of all people in the organization, may need to be thinking of this now versus later, because of the timeline of making changes to accounting systems and infrastructure around how transactions are accounted for through the system," Rebecca Albarelli, global leader of finance operations at Jefferson Wells said in a CIO article.

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Oct. 10, 2008
The International Accounting Standards Board is working to eliminate the differences between IFRS and US GAAP's classification of financial instruments at fair value. Many blame fair-value accounting as a cause or an accelerant of the current financial crisis. Because of this, bank lobbyists, trade groups, lawmakers, and the Bush administration have called for a suspension of fair value accounting, according to CFO Magazine. In addition, the SEC is conducting a 90-day study on the effects of fair-value accounting as part of the $700 billion Wall Street bailout package.

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Oct. 10, 2008
"Should unrealized gains and losses be disclosed separately and accounted for in a different manner than what is currently prescribed?" questions Navin Agrawal in a Live Mint article. The biggest controversy with IFRS is its extreme bias towards fair value. The markets are never perfect, as they continually move from extreme optimism to extreme pessimism and the bias towards fair value may result in sharp fluctuations in earnings.

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Oct. 10, 2008
The Implementation of IFRS in the UK, Italy and Ireland: A research report published by The Institute of Charted Accountants of Scotland suggests that the transition to IFRS has had significant impact on the profits and net equity of companies. The study identified which standards had the most impact on financial statements of the companies in the study and which standards were the most problematic to implement.

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Oct. 09, 2008
The International Accounting Standards Board is revisiting its fair-value rules because of the credit crisis, according to CFO Magazine. Prior to the meltdown on Wall Street, the U.S. was positioned to adopt IFRS in the coming years. The SEC released a timeline for convergence in August, but has not published a final roadmap. The SEC is now involved in clarifying how to apply controversial fair-value standards, which have been blamed for creating a downward effect on the economy.

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Oct. 09, 2008
Upcoming IASB meeting will address possible amendments to IFRS. According to a CFO.com article by Stephen Taub, the IASB has called a special meeting for Oct. 2 to discuss fair-value accounting and off-balance-sheet accounting. The meeting comes in light of the current crisis rocking the global financial world, and is the first meeting of its kind ever called by the IASB.

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Oct. 09, 2008
The SEC's road map for IFRS has some questioning the rationale for convergence. In a CFO Magazine article by Marie Leone that touches on PCAOB Board Member Charles Niemeir's opposition to IFRS. SEC spokesman John Nester's answer is "the Commission's proposal comes directly in response to the fact that more U.S. investors are investing in more foreign companies in more international markets than ever before." The SEC's timetable proposed 2014-2016 as the expected transition period for all public companies to move to IFRS. Robert Pozen thinks the conversion process is starting too fast and will drag on too long.

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Oct. 09, 2008
More than a third of US retailers CFOs say they are considering switching to IFRS, according to the new BDO Seidman Retail Compass Survey picked up by Marketwatch. The study found that IFRS are becoming more popular, with 28% of CFOs considering the switch, while over half of CFOs at top 100 retailers are evaluating or currently switching to the standards. The findings on IFRS are just one part of the study, which surveyed major retailers across the country during August and September 2008.

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Oct. 09, 2008
The implementation of IFRS will mean a new era in accounting according to Brian Downey, partner and co-director of the Technology Group at Amper, Politziner & Mattia who gave an interview to the online legal newsletter The Metropolitan Corporate Counsel. Downey explains the implications of IFRS. He explains the steps in the roadmap proposed by the SEC and suggests management start preparing now, saying, "This change will be one of the most fundamental changes in U.S. business in decades and the planning needs to begin sooner rather than later."

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Oct. 09, 2008
How the accounting world is becoming ‘flat.' In his column in The CPA Technology Advisor, Gregory L. LaFollette examines the ways in which technology and the rise of IFRS are changing the way the accounting world functions for firms of all sizes. He says, "The professional accounting educational system has already begun incorporating IFRS into its curricula, and the AICPA has announced that the CPA exam will soon include IFRS as part of the "body of knowledge."

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Oct. 09, 2008
Deloitte issues IFRS Real Estate Roadmap. In order to allow real estate companies to begin considering implications and strategies for making the tiered switch to IFRS in 2014, Deloitte recently issued "IFRS in Real Estate: More Than Just Accounting & Reporting." "Real estate is increasingly global, whether it's capital-raising activities, foreign property portfolios or international operations. Moving toward IFRS today sets in motion a process that will eventually open the door to a truly global real estate marketplace," said Robert O'Brien, Deloitte's U.S. head of Real Estate IFRS.

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Oct. 09, 2008
British Parliament takes steps towards implementation of IFRS, according to a European Parliament press release. The Parliament has taken a stand in the past against the regulation system in place for implementing IFRS, which currently consists of the IASB overseen by trustees of the International Accounting Standards Committee Foundation (IASCF). Earlier this year the Parliament called for greater accountability in that area, and voted this week in favor of the IASCF's proposal for implementing a Monitoring Group to provide more oversight.

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Oct. 09, 2008
Is this the end of fair value? That is the question posed by Gavin Hinks and David Jetuah in their article in Accountancy Age. Not since the Enron scandal has accounting played such a critical role in a worldwide crisis. Politicians on both sides of the Atlantic are blaming fair value and mark-to-market accounting as they try to stem the credit crisis, according to the article. "One regulator told Accountancy Age: 'Fair value is being used as a political football by people that don't know what they are talking about. It's political support for the distortion of the truth. It will cause regulators and auditors trouble."

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Oct. 09, 2008
UK government departments rush to issue new balance sheets as public sector transitions to IFRS. Full transition to IFRS is set for the end of 2009, with the first deadline scheduled for the end of September, according to an Accountancy Age article by David Jetuah. Many large public divisions, including the Department for Transport and Ministry of Defense, will be pushed toward adoption of the standards, though there is worry that the balance sheets could prove problematic because the valuation of complex financial instruments are a key and controversial requirement.

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Oct. 09, 2008
Will the SEC's roadmap promote world domination for the IASB? That is the question posed by Fergus Condon in his column in Accountancy Ireland. He discusses the implications of the SEC's proposed roadmap for the United States' switch to IFRS in light of the reprioritization of the IASB agenda to adjust its standards to prompt approval from the SEC.

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Oct. 09, 2008
The impact of IFRS on Canadian Registrants. As of January 1, 2011, IFRS will apply to certain Canadian registrants. In his article in Mondaq, Barry J. Myers explains which firms will be affected, the CSA staff position on registrants, and the implications for the registrants.

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Oct. 09, 2008
A transition to IFRS in India will affect the manner of accounting and presentation of financial instruments, according to Navin Agrawal who has been writing incisive columns about IFRS for LiveMint.com an online news joint venture between the Wall Street Journal and the Hindustan Times. Contracts that give rise to financial assets in entities with corresponding liabilities are defined as financial instruments and will need to be classified into four categories under IFRS. Agrawal believes this will have significant relevance for banks, non-banking finance companies and financial houses.

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Oct. 02, 2008
IASB to discuss fair-value, off-balance-sheet accounting. As the global credit crisis continues, the International Accounting Standards Board plans to address two controversial accounting issues at a special meeting on Oct. 2. The IASB will discuss amendments to the rules regarding fair-value accounting and off-balance-sheet risk. "The IASB has already accelerated its work on these two issues in response to the recommendations of the Financial Stability Forum, and holding the additional meeting will enable the staff to make faster progress on those projects," the IASB said.

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Oct. 02, 2008
FASB Chairman Robert Herz Delivers Insights about Current Financial Crisis in Speech to Diverse Group of Executives. FASB releases speech, Lessons Learned, Relearned and Relearned Again from the Credit Crisis – Accounting and Beyond. In his speech, Chairman Herz shares his views on the credit crisis and addresses a number of accounting matters which have received attention in recent weeks, including fair value measurement and off balance sheet risk.

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Oct. 02, 2008
IASB responds to the credit crisis, Chairman defends accounting. The International Accounting Standards Board provides a response to the credit crisis, focusing on acceleration of work in the areas of off balance sheet accounting, fair value in illiquid markets and disclosures. Commenting on the update, IASB Chairman Sir David Tweedie says accounting is not the cause of the credit crisis, but it is important that market participants should have confidence in the information presented in the financial statements.

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Oct. 02, 2008
Upcoming IASB meeting will address possible amendments to IFRS fair value standard. According to a CFO.com article by Stephen Taub, the IASB has called a special meeting for Oct. 2 to discuss fair-value accounting and off-balance-sheet accounting, while specific attention will be given to IFRS 7. The meeting comes in light of the current crisis rocking the global financial world, and is the first meeting of its kind ever called by the IASB. IFRS 7, Financial Instruments: Disclosures, pertains to fair-value measurement and off-balance-sheet risk, issues which have become "lightening rods" in the current global credit crisis, according to the article.

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Sep. 26, 2008
CFO Magazine Reports Delay in SEC timetable for switch to IFRS has some wondering whether the conversion will stall. According to an article by Alix Stuart, the delay is due to the current crisis on Wall Street. An SEC spokesperson states that a timetable is expected to be out "in a couple of weeks, if not sooner."

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Sep. 26, 2008
The American Institute of CPAs' Private Company Financial Reporting Committee met to discuss IFRS and the implications of private companies making the switch. Judy O'Dell, chair of the PCFRC, said in a WebCPA article that "the main goal is to get the dialogue started and see which way people might go." The committee also discussed FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" and whether FASB would be granting an exemption for private companies. O'Dell says, "If they're going to grant the exemption, we would like to know as soon as possible."


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Sep. 26, 2008
European Internal Market Commissioner Charlie McCreevy spoke last week about the EU's policy response to the financial market turmoil, according to The Malta Business Weekly. Amongst his comments regarding financial turmoil he spoke about the IASB's work on off-balance-sheet items, focusing on the question of when one entity should be brought onto another entity's balance sheet. "It should not have escaped people's attention that banks in Spain were better placed to withstand the turmoil because they had not yet adopted the relevant IFRS Standard. There is a lesson there that needs to be drawn."

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Sep. 26, 2008
William and Mary School of Business Master of Accounting Program one of the few programs to incorporate IFRS. "Given the SEC's proposed road map for requiring IFRS adoption by US publicly traded companies, it is imperative that educators emphasize the importance of such standards," said Professor Rama Ramamurthy, who has been at the forefront of IFRS education.

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Sep. 26, 2008
Forty percent of CEOs agree with SEC's decision to permit foreign firms to file statements using IFRS, according to a Grant Thornton LLP national survey. "We supported the SEC's decision to remove the costly and, increasingly less relevant reconciliation requirement for foreign companies," notes Gary Illiano, Partner-in-Charge of International and Domestic Accounting. "More and more, people are starting to become familiar with IFRS, which is clearly the wave of the future."

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Sep. 26, 2008
Barbados taking steps in conjunction with the Institute of Chartered Accountants of the Caribbean (ICAC) to switch to IFRS, according to an article in the Barbados Advocate.

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Sep. 26, 2008
WebCPA reports FASB asked industry leaders about whether the accounting profession was ready for a switch to IFRS. Robert H. Herz, Chairman of FASB, says FASB's discussions with different groups show that there is a fairly widespread support for movement to international standards.

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Sep. 26, 2008
The Institute of Chartered Accountants of India proposed a plan for convergence in 2011. According to The Economic Times, about 180 industries recently attended a workshop on IFRS to prepare for the switch which ICAI Vice-Chairman Atul Parikh believes is significant now that IFRS is mandatory for all companies in the European Union.

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Sep. 26, 2008
UKgovernment departments rush to issue new balance sheets as public sector transitions to IFRS .Full transition to IFRS is set for the end of 2009, with the first deadline scheduled for the end of September, according to an Accountancy Age article by David Jetuah.

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Sep. 26, 2008
Dr. Kamal Gupta, former Technical Director of the Institute of Chartered Accountants of India (ICAI) believes convergence is good for India. In an interview with The Hindu Business Line, Dr, Gupta said, "If the U.S. does it, the UK does it, Brazil, China, Russia. How can India be left?" He believes India must accept IFRS first, before dealing with the challenges that will come with convergence.

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Sep. 18, 2008
Debates on adopting IFRS in Japan are heating up. If Japan stays with its current standards, some believe it could become isolated internationally. "The accounting standards environment has changed greatly. If things remain the same, Japan will be frozen out," said Koichi Masuda, chairman and president of the Japanese Institute of Certified Public Accountants, in a Daily Yomiuri article. Others, however, fear that Japanese corporate cultural will not fit with the European-led standards. Japan's accounting standards board reached an agreement in 2007 with the IASB to convert to IFRS by 2011.

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Sep. 18, 2008
A Business Intelligence Network article argues that transitioning to IFRS will be similar in terms of needed system adjustments to the Y2K technology fix many companies faced. Craig Schiff writes that while some programmers may have anticipated Y2K and coded their systems to handle the event without modifications, there are no systems in the U.S. coded to support IFRS at this moment without some changes. "I believe the move to IFRS will drive significant purchases of new software, more so than Y2K did," Schiff adds.

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Sep. 17, 2008
"Buckle Up", Straight Talk book issued by Deloitte, addresses the most significant changes in U.S. financial reporting. "With the SEC's proposed IFRS Roadmap and rule that would permit certain U.S. companies to prepare financial statements using IFRS, this book couldn't be more timely, since some companies will be eligible to adopt it in their 2009 financial statements," D.J. Gannon, a partner with Deloitte & Touche LLP said in press release carried by Marketwatch.com. The book discusses the challenges U.S. companies will face when implementing IFRS.

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Sep. 17, 2008
More students expected to seek the CA in India due to convergence to international standards according to Jamil Khatri, executive director of KPMG which does auditing in India through BSR & Co. and who tells The Hindu Business Line that more people in India will take up accounting as the convergence of accounting standards across the globe was gaining momentum. The Institute of Chartered Accountants of India released a concept paper on convergence with IFRS in India, detailing the strategy and road map for convergence from Indian GAAP to IFRS.

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Sep. 17, 2008
Are Indian Banks Ready? Debating the impact and the challenges of moving to IFRS. According to the Economic Times, the successful adoption of IFRS is based on flexibility and acceptability of IFRS by Reserve Bank of India. The article authored by KPMG outlines the areas of difference between India's current standards and IFRS. Convergence is likely to pose significant challenges for banks but a successful transition is definitely attainable with proper planning and execution.

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Sep. 16, 2008
International standards are necessary for creating seamless global markets but IFRS pitfalls, according to the National Center for Policy Analysis, a right-leaning think tank based in Washington, D.C. that promotes free-market policy solutions. U.S. public companies are expected to make the switch by 2016. Some companies could begin their transition as early as 2010, allowing investors to compare a Silicon Valley technology company with one in Germany or Japan. International principles tend to be broad, which could lead to wide variances in profit reporting, the center said.

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Sep. 16, 2008
IFRS, if adopted, could result in significant cost savings, according to the International Herald Tribune which outlines the SEC's plan to allow U.S. companies to switch to IFRS by 2016. The transition is expected to be difficult with increased confusion for investors who are only familiar with U.S. GAAP, according to the Paris-based IHT. The decision to converge comes from the realization that U.S. GAAP was not obviously superior to IFRS in terms of effectiveness at revealing issues related to subprime crisis, the IHT says.

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Sep. 16, 2008
IFRS will change the way biotech and other life science companies account for mergers and acquisitions, according to NJBiz "Due to the complexity of life science business transactions, it will be especially important for companies to understand and evaluate the impact of IFRS on these transactions," said Scott Bruns, senior manager at Ernst & Young's New York office.

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Sep. 15, 2008
The International Accounting Standards Board and the Financial Accounting Standards Board published a new memorandum to iron out differences between US GAAP and IFRS by 2011. According to Markets Media, addressing the differences will help pave the way for IFRS adoption by the SEC. "The boards are aware that continued progress toward convergence is a factor that the Securities and Exchange Commission will consider in evaluating its recent proposal to permit or require use of IFRS in the U.S.," FASB Chairman Robert Herz said.

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Sep. 15, 2008
Many express concerns over IFRS. A Financial Week article explains the feeling of some regulators who believe the SEC's plan for convergence is moving too fast. FASB and the IASB are currently working to eliminate differences in the two standards. So far, the boards have completed convergence projects by making US GAAP equal with IFRS in such areas as fair value and business combinations. They plan to continue on other projects that will iron out differences in how IFRS and GAAP deal with income taxes. A major concern for investor advocates, according to the article, is that IFRS will be more lenient than U.S. rules which they believe could be detrimental to shareholders.

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Sep. 15, 2008
In a column in the Portland Business Journal, lawyer Jim Verdonik outlines the differences between IFRS and US GAAP, claiming that IFRS assumes it's impossible to anticipate every fact situation and therefore, it's better to apply broad conceptual standards. He explains, as securities trading markets have globalized, the need to agree on a worldwide financial reporting approach has increased. Even though the transition to IFRS is not yet mandatory, Verdonik says that big accounting firms are already "holding a funeral" for US GAAP.

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Sep. 15, 2008
Sixty-two percent of professors have not taken any significant steps towards building IFRS into their curriculum, according to an American Accounting Association and KPMG survey reported by AccountingWeb. Only 17 percent of 2010 graduates and 9 percent of the class of 2009 are expected to have exposure to IFRS by their graduation dates. Textbooks and case studies, which are not expected to be available until the 2010-2011 academic year, are the main barrier to incorporating IFRS into university programs.

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Sep. 15, 2008
Charles Niemeier says the switch to IFRS could impede the ability of the regulators and auditors to do their jobs. An Accountancy Age article states Niemeier's opinion that Sarbanes-Oxley had gone a long way toward improving US markets and that IFRS would leave the U.S. with rules that are more difficult to enforce. Niemeier is an active member of the Public Company Accounting Oversight Board whose term ends next month. He is, however, expected to remain on the board until his replacement is appointed.

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Sep. 15, 2008
Malaysia is expected to go for full convergence with IFRS by January 1, 2012, according to Bernama. KPMG is urging Malaysian listed companies to plan for the transition that will allow a local listed company to be on par with other international companies. Thong Foo Vung, a technical partner of KPMG, believes the establishment of IFRS is imperative to ensure Malaysia is not left out of the globalization wave.

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Sep. 15, 2008
Financial statement preparation, leases and revenue recognition are the major issues set for convergence in 2011. A WebCPA article states that convergence is being sped up due to the SEC's proposed roadmap. The state of convergence between GAAP and IFRS will be one of the milestones that the SEC will take into account in 2011 before finalizing the roadmap.

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Sep. 15, 2008
Floyd Norris of the New York Times writes on the rush to International Accounting. He says, "International rules are generally good, in my opinion, and the board that writes them is dedicated to high quality standards despite political pressure in Europe to not offend powerful companies." What is unknown, according to Norris, is how uniformly IFRS rules will be applied. If they are not applied consistently, he says, then it is unlikely the move will make it easier to compare companies.

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Sep. 11, 2008
The Council of Institutional Investors Urges Delay in the SEC's Proposed Roadmap. The Council questions whether IFRS will be as rigorous and useful as GAAP and raises concerns about the independence of the International Accounting Standards Board. "We urge the SEC to make the switch when, and only when, international standards meet or exceed the high level of investor protection that current U.S. standards afford," CII's General Counsel Jeff Mahoney said in Risk and Governance Blog.

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Sep. 11, 2008
Charles Niemeier, PCAOB member, was vocally critical of IFRS at a New York City conference. He says moving away from GAAP will "put in jeopardy the thing that gives the U.S. a competitive advantage." According to CFO Magazine, Neimeier believes no country is as effective as the U.S. given that we have the lowest cost of capital in the world. He also argues that U.S. regulation gives the country a competitive advantage by boosting investor confidence, resulting in a lower cost of capital. SEC spokesman John Nester responded to Niemeier's allegations, stating that the "proposal comes directly in response to the fact that more U.S. investors are investing in more foreign companies in more international markets."

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Sep. 11, 2008
Despite looming challenges and uncertainties, IFRS gets the go ahead from some. In response to a September 8th Wall Street Journal article, Professor of Accounting James Largay says "go for it" regarding the switch to international accounting standards. Leonard Steinberg from West Windsor, N.J. believes the tax implications facing businesses adopting IFRS is a concern and urges businesses to prepare now.

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Sep. 11, 2008
NYSE Euronext will adopt international accounting standards in order to increase the competitiveness of U.S. equity markets. "It would be inappropriate for me not to volunteer to do IFRS," Duncan Niederauer, chief executive of the transatlantic exchange operator said in an Easy Bourse article. The New York Stock Exchange's role in overseeing U.S. equity markets as well as the experience of Euronext with IFRS before its merger with NYSE makes it a natural candidate for the switch.

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Sep. 11, 2008
Hospitality Financial leaders plan to discuss how IFRS will impact the hospitality industry. According to Hotels, the Hospitality Financial and Technology Professionals is hosting a roundtable made up of top global hospitality financial leaders and accounting consulting firm representatives this Fall to determine the implications of these changes on the industry.

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Sep. 11, 2008
Insurance companies headed for early adoption of IFRS have to prepare immediately, according to Anthony O'Donnell in Insurance & Technology. Switching to IFRS is especially complicated for insurers due to the nature of insurance contracts. Companies should first review their financials systems and decide if new software is necessary to support the transition.

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Sep. 11, 2008
Compensation and benefit plans "high profile" area affected by IFRS, according to Deloitte Tax partner Grace Melton in a CFO Magazine article. The article suggests companies compare the treatment of specific pay programs under IFRS and GAAP in order to determine if compensation agreements need to be rewritten.

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Sep. 11, 2008
IFRS used to combat fraud scandal. An article from today's Eye of Dubai highlights a growing pressure to use certain measures, such as IFRS, to combat fraudulent practices among large UAE firms.

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Sep. 11, 2008
PricewaterhouseCoopers is encouraging companies to prepare early for the transition to IFRS. The company released a series of publications and consultations aimed at guiding business and accounting professionals through the switch. Currently IFRS is used by a significant number of global companies and will replace U.S. GAAP in the next few years.

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Sep. 08, 2008
Differences between IFRS and GAAP will force accountants to rethink their jobs writes L. Gordon Crovitz of
The Wall Street Journal
. While IFRS is based on principles, GAAP is based on rules. Despite the challenges, such as rewriting business school texts and retraining corporate finance departments, having a single set of accounting rules will make it easier to compare companies around the world.

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Sep. 08, 2008
Many employers believe improvements to pension accounting standards are needed, but most are not in favor of IASB's proposals. Investor Daily.com reports the findings of a survey by Watson Wyatt Worldwide which says the new defined benefit accounting rules proposed by the International Accounting Standards Board are opposed by 80% of employers. "The IASB's proposal would make significant changes to the way retirement benefits are accounted for under the International Financial Reporting Standards," Watson Wyatt Australia head of benefits practice Brad Jeffrey said.

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Sep. 08, 2008
IFRS will not leave Indian banks with much leeway for cheap loans, according to The Economic Times of India. Banks will have to transparently reflect the impact of political loans on their bottom line when India adopts IFRS in 2011.

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Sep. 04, 2008
With IFRS on the horizon, professors are grappling with how to teach the new standards. The class of 2011 will most likely be the first class to have a substantial amount of IFRS, according to a survey of accounting faculty conducted by the American Accounting Association and KPMG. Part of the challenge for professors is to make sure that their upperclassmen have some knowledge of IFRS before they leave campus, Phillip M. J. Reckers, Ph.D., vice president of the American Accounting Association and professor of accountancy at the Carey School of Business, Arizona State University, said in a press release.

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Sep. 04, 2008
The move to IFRS raises questions about the IASB's governance. Accountancy Age magazine's Penny Sukhraj writes the International Accounting Standards Board has been told by politicians to reform its processes. Senator Jack Reed worries that allowing an external, less-aggressive regulator like the IASB to oversee accounting rules could put U.S. investors at risk. To offset these concerns, the SEC backed proposals for an international monitoring group with representations from different regions to oversee the work of the IASB.

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Sep. 04, 2008
Changes need to be made before the U.S. can fully adopt IFRS, according to Anthony Clifford of Ernst & Young who writes in an International Financial Law Review article that U.S. firms will now get very interested in lobbying where changes are being made to IFRS. Off-balance-sheet asset rules could have a big effect on securitization in the U.S.

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Sep. 04, 2008
The SEC's roadmap signaled the end of an era KPMG chief Timothy Flynn writes in a Financial Times column. Accounting professionals will now be labeled a GAAPer or post GAAPer depending on what standards you follow, Flynn says. Despite a 75-year relationship with generally accepted accounting principles (GAAP,) Flynn believes it is time for the U.S. to move forward with IFRS as the single, common language of financial reporting.

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Sep. 04, 2008
Still wincing from SOX. IT departments will be an integral part in the switch to IFRS. Reporter Sarah Johnson writes in CFO.com that chief financial officers will need help from their colleagues in information technology to fulfill the switch to IFRS. Johnson quotes Terri McClements, a partner at PricewaterhouseCoopers recommending "It's incumbent on the CFOs to include the IT teams as well as the operational teams in the initial dialogue to ensure they all get a seat at the table early to avoid the challenges we saw with Sarbanes-Oxley." The Sarbanes-Oxley Act, officially titled the Public Company Accounting Reform and Investor Protection Act of 2002, was enacted by Congress in 2002.

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Sep. 03, 2008
Accounting will never be the same again after the SEC issued its IFRS roadmap writes US Banker magazine's Joseph Rosta who talks to Ernst & Young partner Lisa Filomia-Aktas. "There's a perception that IFRS is so much easier but that's not really true," Filomia-Aktas says. For example, IFRS requires more consolidation on company balance sheets of special purpose entities such as mortgage-backed securities than U.S. GAAP does now. For most U.S. companies, three years is a reasonable time frame for converting to IFRS. Better start revving your pencils, Rosta concludes.

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Sep. 03, 2008
Accounting profession leaders didn't get the "date certain" for transition to IFRS they were asking from the SEC, writes Michael Cohn of WebCPA. While the SEC's proposed roadmap provides more concrete details than previously given, it looks a whole lot more like an obstacle course than a date certain. "The SEC is still leaving some wiggle room. In 2011, it will hold a meeting to assess how well IFRS, the IASB, FASB, academia and corporate America are adjusting," Cohn writes.

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Sep. 03, 2008
Japanese CPAs switch course, now backing international standards. According to an item on Japan's Jiji Press wire, Japan's certified accountants proposed Monday that all listed companies conform to international accounting standards as well. Following the U.S. SEC's proposal of a timetable to adopt IFRS, Koichi Masuda, chairman of the Japanese Institute of Certified Public Accountants, told a press conference that Japan needs to create a roadmap as well. Japan's accounting standards board had reached an agreement in 2007 with the IASB to convert to IFRS by 2011. Separately the accountants' group had previously pushed for resolving gaps between Japanese and international standards while maintaining Japan's own standards, according to Jiji.

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Sep. 02, 2008
In an article drawing comparisons between the adoption of IFRS and the implementation of Sarbanes-Oxley rules, CFO.com's Marie Leone suggests that smaller U.S. companies may play something of a waiting game rather than prepare early for a transition to international standards. "They've been through this drill before — in 2002 when the Securities and Exchange Commission issued the Sarbanes-Oxley Act rules — and this time, the SEC proposal is not yet a foregone conclusion," Leone writes.

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Sep. 02, 2008
CFO.com also published an interview, conducted in late July, with International Accounting Standards Board Chairman Sir David Tweedie. In the article by Tim Reason, Tweedie says, "During the next three years, FASB and the IASB will make some major changes to financial reporting. So CFOs really want to get engaged, especially in the next 12 months, because that's when the discussion papers and early exposure drafts will come out."

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Sep. 02, 2008
Deloitte released whitepapers offering guidance on IFRS conversion for three industry sectors—insurance, oil and gas and real estate, according to a company press release on MarketWatch. The papers provide an overview of impacts of IFRS implementation, including process and statutory reporting, technology infrastructure, and organizational issues. The papers also explore specific potential differences in technical accounting and the implications of such differences when converting to IFRS from U.S. GAAP.

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Aug. 29, 2008
Pensions & Investments picked up on FASB's support of the recently released SEC plan for a transition to IFRS by U.S. public companies. "By setting a proposed road map, the SEC has provided forward momentum to the goal of setting high-quality accounting standards both in the U.S. and internationally, and we've been strongly committed to this goal since 2002," FASB spokesman Neal McGarity said in the report by Doug Halonen.

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Aug. 29, 2008
M.P. Vijay Kumar, CFO of the Indian Internet company Sify, tells Howrah News Service that India will be on a more level playing field with Europe and the U.S. in the world of accounting and finance once the country's conversion to IFRS is complete. "Accounting literature is prepared by the U.S. community and representatives from the European Union," Kumar says in the article by Goutam Das. "Today, even though our accounting body is the second largest in terms of the number of chartered accountants in the world, we still don't have an opportunity to influence the standard setting process. Once we adopt IFRS, Indian talent can represent the International Accounting Standards Board," he said. India is working toward convergence with IFRS by 2011.

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Aug. 28, 2008
The SEC signaled the end may be near for U.S. accounting standards, The Wall Street Journal and CFO.com reported following the commission's meeting Wednesday. The SEC started a process that could ultimately require all publicly listed American companies to follow international financial reporting standards instead of U.S. GAAP. "Introduced in two steps, the shift could eventually cut costs for companies and smooth cross-border investing," the Journal's Kara Scannell and Joanna Slater reported.

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Aug. 28, 2008
In its coverage of the SEC's proposed roadmap, The Washington Post picks up on SEC Chairman Christopher Cox's belief that speaking one international language would improve investor confidence. "The world's capital markets have long searched for a single set of high-quality accounting standards that could be used anywhere on Earth. An international language of disclosure and transparency would significantly improve investor confidence in global capital markets," Cox said in the Post article by Christopher Twarowski.

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Aug. 28, 2008
Writing about a potential move from U.S. GAAP to IFRS, The Economist says big companies have been "long been preparing for it with enthusiasm." It could mean greater profits, and will make things easier on investors, as it will, for example, make the comparison of a French drug company with a U.S. rival clearer, according to the article.

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Aug. 26, 2008
A recent study by the Institute of Management Accountants found significant convergence by Chinese accounting firms to IFRS since 2006, though there is "still diversity in actual practice, including costing practices," according to WebCPA.

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Aug. 26, 2008
Transition to IFRS is a necessary step, and one that must involve all stakeholders, writes Kaushik Dutta in India's Business Standard. The business scandals of recent years reinforced the need for a universal standard of principles to provide transparency and uniformity regardless of culture or geography, writes Dutta, national leader, IFRS practice, for PricewaterhouseCoopers. He examines the complexities posed by the push to make uniform accounting principles and what approach India has taken thus far.

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Aug. 26, 2008
Income tax project indefinitely halted by FASB. Crain's Financial Week's Marine Cole reports on the suspension of deliberations on the project to improve the accounting for income taxes and merge the U.S. system with similar international ones. Deliberations were suspended on Aug. 12 after FASB concluded that "it may revisit the project after the International Accounting Standards Board further develops its replacement for IAS 12, the international standard for income taxes," according to the article.

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Aug. 26, 2008
More U.S. employees of accounting firms moving outside the country; in part to become more familiar with IFRS. A Philadelphia Inquirer article by Jane M. Von Bergen features KPMG partner Malcolm Dahn, who moved to South Korea for three years on an assignment. According to the article, "part of what is driving the global push for the big accounting firms is the likelihood that IFRS, or international financial reporting standards, will become the norm for U.S. accounting, instead of GAAP."

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Aug. 25, 2008
SEC appears ready to unveil IFRS roadmap. The SEC will meet Wednesday to review a proposed timeline to begin a conversion from U.S. GAAP to IFRS. The SEC is considering a roadmap for allowing U.S. publicly-held companies to issue financial reports using IFRS, the international standards set by the London-based International Accounting Standards Board. As part of the roadmap, the commission will consider whether to propose amendments to various rules and forms that would allow early use of IFRS by a limited number of U.S. issuers. Reuters reported that SEC Chairman Christopher Cox said he expects a final rule this fall. CFO.com's Sarah Johnson also reported on the plans to reveal the long-awaited timeline.

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Aug. 22, 2008
Indian blue-chip companies are making the switch to IFRS ahead of time, according to a Financial Express article by Neha Pal. The switch by several companies three years ahead of the mandatory date is because IFRS is mandatory for listing in European markets after 2007, and because IFRS provide stiffer provisions for mark-to-market losses, or AS-30 standards, according to Pal. The switch is also a proactive move for companies in order to increase transparency which will in turn raise capital for those with exposure in European markets through equity or debt.

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Aug. 22, 2008
KPMG report shows major impact of IFRS on Indian banks. According to The Economic Times, the KPMG report recommended that the banks should start preparing for the April 2011 switch, which will have the most impact in areas like loan loss provisioning, financial instruments and derivative accounting. "This is likely to have significant impact on financial position and financial performance, directly affecting parameters like capital adequacy ratios and outcome of valuation metrics that analysts use to measure and evaluate performance," the report said.

Note: The KPMG press release on the report's issuance can be seen here.

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Aug. 22, 2008
Changing the rules for auditors. Between the JSE's new listings requirements and the trade and industry department (DTI) continual tweaking of companies' legislation, the rules for auditors are shifting, according to an article in South Africa's Business Day. Additionally, the JSE plans to establish a register for auditors – any firm that wants to audit a listed company will have to be on the register. The idea is to ensure that those allowed to audit listed firms know and understand IFRS.

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Aug. 22, 2008
Auditors less-than-thrilled about new JSE requirements. "We really fail to see why it must be auditors who must be IFRS specialists and not listed companies themselves," said Garth Coppin, an audit partner at Ernst & Young, in an article by Sanchia Temkin in today's Business Day. The new requirements call for auditors to have registered specialists in IFRS to audit listed companies. To become registered, an auditor must prove that they have 800 hours of working knowledge of IFRS, or members of an audit team must show that they have 500 hours of working knowledge of IFRS. Coppin said that since listed companies are responsible for complying with IFRS, they themselves should employ a specialist.

Note: This story was also covered by UK's Management Consultancy, and can be found here.

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Aug. 21, 2008
Audit regulators must also be held to one global, standard language, says Financial Times columnist Jennifer Hughes in her column about major accounting firms taking steps to align their member firms more closely. She says that firms are really a series of national partnerships operating under a "thin global umbrella" organization, which she says is organized in that way so as to protect auditors from conflicts of interest with clients. And as more than 100 countries prepare to adopt IFRS, Hughes says, "It is a little ironic that accounting is on course to become one of the most globally unified pieces of business infrastructure, using a single set of rules, but that the other end of the process, the audit, is still a regulatory jigsaw."

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Aug. 20, 2008
Impact of IFRS on technology systems should not be overlooked. Such was the recommendation of a paper released by Deloitte, according to a PR Newswire release on the MarketWatch Web site. Deloitte's paper, "Technology Implications of IFRS Adoption for U.S. Companies," warns that viewing IFRS as simply a reporting change can lead to negative outcomes such as costly rework at a later date. "Adoption of IFRS is not just about understanding technical accounting differences. Companies will need to understand the impact such differences have on technology and information systems," says D.J. Gannon, a Deloitte & Touche LLP partner and leader of its IFRS Solutions Center, in the release.

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Aug. 20, 2008
FASB proposal stirs debate over who should have authority to make rules. A recent FASB proposal to amend FASB Statement no. 5, Accounting for Contingencies, has stirred debate about whether companies should have to disclose estimates about potential losses they face from lawsuits and has also prompted discussion over whether FASB should even write new accounting rules. In a CFO.com article, Tim Reason reports that several companies are of the opinion that because of the anticipated switch from U.S. GAAP to IFRS, FASB should no longer "unilaterally issue" accounting rules.

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Aug. 20, 2008
South African exchange issues new listing requirements demanding IFRS expertise. The new requirements, outlined in an article in MoneyWebTax by Clifford Amoils, a partner and head of audit at Grant Thornton Johannesburg, concern financial directors and auditors of listed entities. JSE, the South African securities exchange, cited the increasing complexity of IFRS as one of the factors behind the tightened rules. Any firm that wants to audit listed companies on JSE must register with the exchange, which could mean listed many companies may need to search for new auditors, Amoils says. Under the rules, also covered by Business Day, listed companies must have financial directors with appropriate expertise and experience and audit firms must have registered IFRS specialists, Amoils says.

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Aug. 19, 2008
The Confederation of Indian Industry creates Journey to IFRS. The Financial Express' Corporate Bureau reports that CII, in collaboration with Ernst & Young, has developed a guide aimed at helping make the transition from Indian GAAP to IFRS easier. The paper is intended to raise awareness about the challenges that the switch could present. Journey to IFRS: A Guide on Transition to IFRS "is a key initiative to map the process of integrating internationally recognized financial standards with the financial statements as presented in India," according to the article.

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Aug. 19, 2008
Ernst & Young partner Dolphy D'Souza writes in The Hindu Business Line that the most crucial aspect of converting from local GAAP to IFRS is restating "the opening balance sheet as if the new accounting framework was always followed." D'Souza outlines differences between accounting for fixed assets under Indian GAAP and IFRS, including areas such as component accounting and treatment of residual values.

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Aug. 18, 2008
IFRS could cause PPE practice pain for some Indian companies. Under Indian GAAP, the rules for the accounting for property, plant and equipment are not drastically different from those in IFRS. But differences exist between India's existing guidelines and practices followed by many businesses, including listed companies, Asish K. Bhattacharyya writes in India's Business Standard. "The pain in transition from the Indian GAAP to IFRS will vary between enterprises," Bhattacharyya says.

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Aug. 18, 2008
Conversion to IFRS beneficial but challenging. In a report in The New Zealand Herald, PricewaterhouseCoopers' global and regional valuation strategy leader Andreas Mackenstedt discusses lessons learned from the conversion to IFRS in his home country, Germany. Mackenstedt tells the Herald's Tamsyn Parker that the change although beneficial, had come at a huge cost to businesses that have had to retrain staff who previously worked only on an accountancy basis. PWC New Zealand partner Justin Liddell adds that in New Zealand, where companies had until January 2007 to convert to IFRS, the two biggest issues revolved around valuing intangible assets of a new business when an acquisition took place and valuing financial instruments.

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Aug. 18, 2008
Varun Gupta, managing director of the Indian arm of the valuation advisory firm American Appraisal, says the implementation of IFRS in India, expected by 2011, is driving opportunities for fair valuation work there. Gupta, formerly of Deloitte Financial Advisory Services India, tells Ashish K. Tiwari and Satish John of DNA (Daily News & Analysis) that he sees a reasonable level of awareness of IFRS in India and he expects that speaking the same language as global companies will deliver benefits. "Currently the discount rate for valuations of Indian companies is much greater than IFRS-compliant companies," he says. "There is a very clear distinction.

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Aug. 15, 2008
CFO magazine picks up findings in a report by PwC. Banks' Disclosures Lack Substance. Based on 2007 Financial Reports, investors could have a hard time understanding global banks' risk positions and fair value measurements, according to the accounting firm writes CFO reporter Sarah Johnson. 2007 was the first time European banks applied IFRS 7, the International Accounting Standards Board's rule for disclosures related to financial instruments. The rule was issued under the premise that it would lead to better transparency about firms' financial risks. PwC contends most banks "did not take the opportunity to present a truly comprehensive and clear picture of how they manage risk, opting instead to focus on achieving compliance with IFRS 7 minimum requirements."

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Aug. 15, 2008
Coming revolution in accounting: Rule change would shake everyone from CFOs to ordinary investors. Ted Pincus, an adjunct professor at DePaul University, writes in the Aurora Beacon News in suburban Chicago. "Bean counters at public companies in Chicago and elsewhere are preoccupied with soft markets and tight credit, when perhaps they should be focused on an even bigger problem: a seismic change in their own ground rules," says Pincus who quotes Ben Resch, a partner at Deloitte and "a Chicago accounting wizard whose mission is to teach American companies the new ropes and guide them through the maze" of IFRS.

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Aug. 14, 2008
Move to boost Europe's voice on standards. The UK's Accountancy Age reports on a move by the European parliament to create a pan-European accounting standards body to boost the EU's representation at the IASB. "Experts have answered the call of Europe's parliament and proposed a pan-European accounting standards body for stronger representation of the continent," writes Penny Sukhraj at Accountancy Age. "The European Financial Reporting Advisory Group, which advises the European Parliament in endorsing IFRS, is proposing to beef up its own resources and structures so it can confer on international standards, on equal terms with the International Accounting Standards Board." Sulhraj reported on calls by European commissioners for a term limit for the chairman of the IASB and cited Sir David Tweedie's reaction in the UK Telegraph, an interview that reverberated through the accounting profession.

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Aug. 14, 2008
Dr. Ashwinpaul "Tony" Sondhi, who served as an advisor to the FASB on its project comparing US and IFRS reporting, will do a free, live executive webcast on Aug. 26 for Softrax Corporation, a Canton, Mass.-based provider of enterprise revenue management and billing, on how U.S. GAAP accounting guidance for compares to international standards and practice and implications for revenue recognition. Dr. Sondhi is a current member of the Emerging Issues Task Force (EITF) of the FASB and co-author of the 2008 Revenue Recognition Guide.

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Aug. 12, 2008
UK Telegraph newspaper's talented business reporter Yvette Essen lands an interview with IASB's Chairman Sir David Tweedie who says he's confident that the U.S. is poised to adopt International Financial Reporting Standards. "The mood in the U.S. is it will happen," Tweedie says. "The debate in the US is not if, but when. There are 112 countries using our standards and in three years will be 150, with Canada, India and Japan switching in 2011. There is one major economy that is out - that is the US. It cannot be the only one left out." Essen writes a glowing feature about Sir David, an "affable Scot" who "seems to take pride in his fearsome reputation" and laughs off a "string of insults and calls for his resignation from industry bodies." The centerpiece of Sir David's agenda in his second term as IASB chairman ending in 2011 is to bring the U.S. under IFRS, make airline companies carry leased planes on their balance sheets, rationalize pension fund valuations and update insurance accounting presently a "blackhole," Tweedie says.

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Aug. 12, 2008
Deloitte CEO Jim Quigley tells India's NDTV Profit reporter Vijay Ganeshan in a Q&A interview: "I am committed to a global set of accounting standards. Our global capital markets will be better served once we have a single set of high quality global accounting standards. That's true in the emerging markets as well as the developed markets. I totally support the move that is underway for the adoption of International Financial Reporting Standards (IFRS) and encourage countries like India to move towards adoption of IFRS." Link.

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Aug. 12, 2008
Kate Plourd of CFO magazine reports the Chamber of Commerce is "speaking out sharply" against the Financial Accounting Standards Board proposal to change accounting for contingent liabilities. The Chamber says FASB's plan would force companies to provide immaterial or confidential information, and boost the ability of plaintiff lawyers to win lawsuits. Instead, the Chamber says FASB should synchronize revisions with the International Accounting Standards regulation that governs contingent liabilities and contingent assets (IAS 37.)

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Aug. 12, 2008
Fitch Ratings issued a special report, entitled 'IFRS and their Impact on the Chilean Banking System', saying the introduction of IFRS should significantly increase transparency within the Chilean banking industry. The impact on balance sheets is expected to be lower for Chilean banks than it has been for most European banks, as Chilean banks have already been using fair value accounting for their investment portfolios and derivative contracts. IFRS is being phased in for Chilean banks in 2008 and 2009.

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Aug. 08, 2008
FASB's revised proposed standard on earnings per share, issued Aug. 7, drew coverage in the U.S.'s WebCPA and the UK's Financial Director. The Financial Accounting Standards Board is seeking views on whether it has achieved its goal of simplifying an accounting rule which sets out how to calculate earnings per share (EPS), so that differences between the U.S. and international standard are eliminated, Financial Director said. The EPS proposal seeks to simplify the method of calculating EPS while providing for the convergence of U.S. and international accounting standards, reconciling FASB Statement 128 with International Accounting Standard 33, according to WebCPA.

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Aug. 08, 2008
Wall Street Technology magazine's blog carries an item from Ernst & Young advising U.S. Firms Must Start Preparing Now for Massive IFRS Reform. The U.S. Conversion from GAAP to International Financial Reporting Standards (IFRS) should take place in 2013, the entry says. But if financial firms want to be ready, they must start preparing now. Calling it the most significant financial/accounting reform since Sarbanes-Oxley, Ernst &Young says the standard will impact all facets of financial service firms, not just accounting.

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Aug. 08, 2008
India's respected daily newspaper the Business Standard editorializes that some India companies are using a contradiction between two sets of rules (one on accounting standards, and another provided under company law) to improve the profits that they report. Foreign exchange losses on capital assets should be booked in the profit and loss account, the paper argues. "That is what India's accounting standards ask you to do. That is what the U.S. accounting standards ask you to do. And that is what the international accounting standards ask you to do."

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Aug. 07, 2008
Jim Hamilton, an analyst at Wolters Kluwer Law & Business, reports in his blog the Big Four Voice Strong Support for Mandatory IFRS at SEC Roundtable As the SEC holds a roundtable on how IFRS performed during the recent market turmoil, there is a growing consensus that the Commission should allow US issuers to use IFRS in preparing their financial statements, Hamilton says. PricewaterhouseCoopers believes that the SEC should prepare a detailed roadmap to IFRS, including a mandatory date for all domestic issuers to convert to IFRS. KPMG said the SEC should establish a timeline with clear action steps with the goal of requiring all domestic issuers to apply IFRS within a reasonable transition period.

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Aug. 07, 2008
Darla Sycamore, a trustee at the Canadian Financial Executives Research Foundation and a blogger who calls herself the IFRS exorcist, reported on Monday's SEC hearing. A majority of the participants were of the view that IFRSs have stacked up very well against US GAAP, Sycamore writes As well, the IASB is seen as being responsive to issues surrounding the credit crisis. The IASB initiatives in process are discussed on its Web site. Concerns were expressed about the lack of maturity of IFRSs as a body of Standards. There were also concerns about the absence of specific rules in IFRS when compared with US GAAP.

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Aug. 06, 2008
Sify.com, an India Web portal, announces PricewaterhouseCoopers (PwC) and the Indian Institute of Management, Calcutta (IIM-C) have joined hands to develop executive training programs for IFRS. The aim is to meet huge demand of IFRS-trained professionals that India will need once the Institute of Chartered Accountants of India (ICAI) adopts IFRS on April 1, 2011.

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Aug. 06, 2008
How did we get here? The South African Insurance Times and Investment News runs an interview with Adrian Dadd, technical partner at PricewaterhouseCoopers SA, who says that while IFRS have become "extremely complex" the IASB is pursuing a principles-based approach to improving clarity. "It is key that International Financial Reporting Standards setters clarify their vision, and in the short-term," Dadd says. "Otherwise we run the risk of adopting an excessive amount of U.S. Generally Accepted Accounting Principles as if they are IFRS guidance and it will be difficult to regain this lost ground."

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Aug. 06, 2008
Calgary-based Agrium Inc., (NYSE:AGU) a $5.8 billion supplier of nitrogen and phosphate for agricultural and industrial markets throughout the Americas, noted Canada's 2011 conversion to IFRS: "We are currently completing an analysis of the impact of the transition from Canadian GAAP to IFRS on our consolidated financial statements. Upon completion we will develop our IFRS changeover plan, which will include project structure and governance, resource planning and training, and a phased plan to assess accounting policies under IFRS."

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Aug. 06, 2008
As the SEC debates its next move, Deloitte issued a "whitepaper" Aug. 5 advising corporate leaders need to understand IFRS enterprise-wide impact for a successful transition. "In light of the regulatory landscape, the time is now for companies to develop a plan for the accounting switch," according to Deloitte.

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Aug. 06, 2008
CFO magazine writer David M. Katz reads the tea leaves at Monday's Securities and Exchange Commission hearing on IFRS and concludes the is in no hurry to flip the switch from U.S. GAAP for U.S. filers. Global Standards: Jilted at the Altar? Despite glowing words for International Financial Reporting Standards, Securities and Exchange Commission Chairman Christopher Cox seems no closer to pulling the trigger on U.S. conversion. "A word of advice," writes Katz, "to those holding their breaths" until the SEC issues a deadline for U.S. companies to convert from GAAP to IFRS: "exhale."

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Aug. 05, 2008
Harder to keep assets off books in IFRS Says UK's Boyle. Reuters interviewed Paul Boyle, the chief executive of the UK's Financial Reporting Council, an independent regulator of accounting and auditing standards at yesterday's Securities and Exchange Commission hearing on IFRS vs. U.S. GAAP. International accounting standards will make it harder for banks to keep assets off their balance sheets, Boyle said, as the United States mulls whether to broaden its use of foreign rules.

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Aug. 05, 2008
WebCPA reported on Monday's SEC hearing in story titled "SEC Holds Panel on Subprime Accounting." The SEC roundtable was a discussion on the performance of International Financial Reporting Standards and U.S. generally accepted accounting principles during the subprime crisis, fair value accounting and the treatment of off-balance-sheet items, according to WebCPA. The SEC's two newest members, Luis Aguilar and Troy Paredes, were in attendance after they were sworn in last week. They will be helping to set the roadmap for the convergence of IFRS with U.S. GAAP, WebCPA said. "What we hope to learn today is a bit more about the reasons why companies are using IFRS," said SEC Chairman Christopher Cox. "We cannot speak about financial reporting in 2008 without paying heed to current times. We all know what's going on in the capital markets."

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Aug. 05, 2008
The South African Institute of Chartered Accountants spoke to the South African Insurance Times and Investments News about the IASB's issuance of amendments IAS 32 (AC 125) to improve accounting for financial instruments, unit trusts, private equity and hedge funds. The amendments respond to requests from entities around the world, among them South African financial institutions, unhappy with the required accounting under IFRS. Tonia Jackson, project director – financial services at the SAICA says that the main feature of the instruments in question is that they have characteristics similar to ordinary shares but are at present classified as financial liabilities.

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Aug. 04, 2008
SEC unveils guest list for IFRS and US GAAP summit, David Jetuah of Accountancy Age notes Paul Boyle, the chief executive of the UK's Financial Reporting Council, will sit on the financial services industry sector panel at the Securities and Exchange Commission's "summit" today to determine whether the recent capital The SEC roundtable has been organized into two panels. Envoys from Grant Thornton, KPMG and BP will be part of the second panel.

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Aug. 04, 2008
India Govt to Adapt IFRS to Domestic Needs, New Dehli – The EconomicTimes of India reports a government official said on Saturday India "would not blindly follow" the norms but adapt them to domestic conditions. "We are distinguishing between full convergence and outright adoption," Secretary of Corporate Affairs Anurag Goel said while speaking at a seminar adding that the country would adopt International Financial Reporting Standard subject to the condition of reviewing it in the national perspective.

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Aug. 01, 2008
SEC Announces Panelists, Agenda For August 4 Roundtable On Performance Of IFRS, U.S. GAAP During Subprime Crisis, Washington, D.C. – The Securities and Exchange Commission today announced the panelists and agenda for its August 4 roundtable concerning the performance of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP) during the recent period of market turmoil.

SEC Chairman Christopher Cox will begin the roundtable with opening remarks at 1 p.m. ET, followed by brief introductory comments about IFRS by John Smith, a Board Member of the International Accounting Standards Board.

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Aug. 01, 2008
The Edge Daily, the financial and business daily of Malaysia reports Kuala Lumpur's Financial Reporting Foundation (FRF) and Malaysian Accounting Standards Board (MASB) are targeting 2012 to bring Malaysia to full convergence with International Financial Reporting Standards. MASB Chairman Datuk Zainal Abidin Putih said: "Since 1978, we have been incorporating the provisions of the international standards into local accounting standards, and today we are convinced that by becoming fully IFRS-compliant, Malaysia's capital and financial markets will be further enhanced".

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Aug. 01, 2008
The Economic Times of India reports on a "power-packed panel" discussion that included Deloitte CEO James Quigley, Kevan Watts, president of DSP Merrill Lynch, YM Deosthale, CFO of Larsen & Toubro, Gautam Vir, CEO of the Development Credit Bank and Keval Handa, MD at Pfizer. The discussion was "engaging and the conversation veered around current issues like the impact of the rising price of crude and the implementation of the International Financial Reporting Standards against the framework of the theme for the evening — Globalisation of Capital Markets and the Facilitation of Cross-Border Investment".

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Aug. 01, 2008
SEC Associate Chief Accountant Sondra L. Stokes Joins Deloitte's Audit & Enterprise Risk Services Practice, New partner in SEC services practice will specialize in IFRS. Deloitte's press release headline reads: Addition of Former SEC Associate Chief Accountant Bolsters Deloitte's IFRS Service Offering. "It's all about talent, and we're extremely fortunate to welcome such a high-caliber professional as Sondra Stokes to Deloitte," said Christine Davine, national partner in charge of Deloitte & Touche's SEC Services Group. "Sondra brings hands-on experience from the SEC, which is at the forefront of one of the most significant developments in financial reporting since its creation -- adoption of IFRS. Sondra's wealth of knowledge in this arena will serve Deloitte and its clients very well."

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July 31, 2008
SEC to Hold Hearing on IFRS, GAAP Role in U.S. Stock Market Declines, The Securities and Exchange Commission plans a hearing Aug. 4 to analyze the performance of International Financial Reporting Standards versus U.S. generally accepted accounting principles during the U.S. credit crunch and subprime mortgage meltdown.

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