January 5, 2012 – SEC decision on IFRS is at least a few months away

  IFRS Update 

  • SEC decision on IFRS is at least a few months away
    The Securities and Exchange Commission staff will need a few more months to produce a final report on International Financial Reporting Standards, SEC Chief Accountant James Kroeker said Dec. 5 at the AICPA National Conference on Current SEC and PCAOB Developments in Washington. SEC members are not expected to make a determination on the use of IFRS for reporting by U.S. public companies until the staff’s work is complete. JournalofAccountancy.com (12/5), The Wall Street Journal (12/6), AccountingWEB (12/12) LinkedInFacebookTwitterEmail this Story

  • Comment letters support IFRS, call for more convergence work: The Securities and Exchange Commission said comment letters in response to a staff paper called “Exploring a Possible Method of Incorporation,” issued in May, expressed support for global accounting standards. But commenters also wanted the International Accounting Standards Board and the Financial Accounting Standards Board to make more progress on joint standards-setting projects before International Financial Reporting Standards are adopted as the U.S. standard. JournalofAccountancy.com (12/8) LinkedInFacebookTwitterEmail this Story

  • AICPA advises IASB to complete work on conceptual framework
    Richard Paul, chairman of the AICPA’s Financial Reporting Executive Committee, advised the International Accounting Standards Board in a letter to complete its work on a conceptual framework, including a presentation and disclosure framework. This framework will guide the board as it continues to develop International Financial Reporting Standards. The letter was sent in response to a request for feedback when the IASB issued its Agenda Consultation 2011 in July. JournalofAccountancy.com (12/1) LinkedInFacebookTwitterEmail this Story
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  Regulatory Developments 

  • FASB, IASB reach tentative decisions on aspects of lease accounting
    The Financial Accounting Standards Board and the International Accounting Standards Board announced progress in their ongoing, high-profile convergence project on leases. Although an exposure draft hasn’t been released, the boards reached tentative decisions regarding cancelable leases, and revenue recognition and disclosure for lessors with leases of investment property. They also reached an agreement on how to require banks to book losses on loans earlier than they do now. The boards will release the revised joint proposal on impairment in 2012, with the standard likely to be effective in 2015. JournalofAccountancy.com (12/15), Reuters (12/15) LinkedInFacebookTwitterEmail this Story

  • FASB, IASB issue new disclosure requirements on offsetting
    The Financial Accounting Standards Board and the International Accounting Standards Board issued on Dec. 16 common disclosure requirements on the effect or potential effect of offsetting arrangements on a company’s financial position. The new rules will require companies to disclose gross amounts subject to rights of set-off, amounts set off in accordance with the accounting standards followed, and the related net credit exposure, according to the IASB JournalofAccountancy.com (12/16) LinkedInFacebookTwitterEmail this Story

  • Key accounting-policy decisions are mired in uncertainty
    Details about whether and how International Financial Reporting Standards will be incorporated into the U.S. financial reporting system remain unclear, as Securities and Exchange Commission officials say they are still a few months away from deciding. The SEC has floated a “condorsement” approach, although the AICPA has urged the agency to give companies the option to adopt IFRS as issued by International Accounting Standards Board. Meanwhile, leaders of the Financial Accounting Standards Board and the IASB say the current convergence project model is likely to end when the priority projects are completed. AICPA Insights (12/28) LinkedInFacebookTwitterEmail this Story

  • Other News

  IFRS at Work 

  • How the switch to IFRS could affect M&A accounting
    The convergence of International Financial Reporting Standards and U.S. generally accepted accounting principles will have implications for the treatment of mergers and acquisitions, writes Brian Reed, CPA/CVA. For example, GAAP and IFRS take different approaches to measuring the fair value of business combinations, and in many cases, revenue is recognized sooner under IFRS. In general, IFRS offers fewer rules and less guidance. Corporate Finance Insider (12/2011) LinkedInFacebookTwitterEmail this Story

  • IFRS allows banks to inflate profits, report says
    Banks are using complex financial products to bolster profits under International Financial Reporting Standards, according to a report by the Adam Smith Institute that calls for changes. In particular, banks are able to recognize expectations of future income as current profits under IFRS. The Guardian (London) (12/13) LinkedInFacebookTwitterEmail this Story

  • IFRS rule led to misdiagnosis of financial crisis, U.K. group says
    Flaws in the IAS 39 International Financial Reporting Standards rule kept U.K. and Irish banks from booking potential bad loans during the 2008 financial crisis, leading to losses totaling $236 billion, according to a report by a pension fund lobby group. The accounting rule led to misdiagnosis of the root problem as one of liquidity, rather than solvency, the report said. Bloomberg (11/30) LinkedInFacebookTwitterEmail this Story
  International Watch 

  • Ireland eyes new deadline for U.S. multinationals to use IFRS
    U.S. companies operating in Ireland reportedly will have another five years before being required to prepare a second set of statements under either International Financial Reporting Standards or Irish generally accepted accounting principles, in addition to U.S. GAAP. A proposed law would allow U.S. companies to continue using U.S. GAAP until 2020. The measure is intended to encourage foreign businesses to invest in Ireland. The Irish Times (Dublin) (12/1) LinkedInFacebookTwitterEmail this Story

  • Other News

  AICPA News 

  • Register today: AICPA International Business Conference
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About accounting1st

Riandasa Anugerah Febrian adalah seorang akademisi di fakultas jurusan ekonomi UNSOED jurusan strata-1 Akuntansi dan sekarang menempuh Program Profesi Akuntansi. Dalam meyalurkan minat dan hobinya di dunia accounting dan finance, saya berbagi ilmu buat kalian yang berminat pula di bidang ini dengan jauh lebih mudah pembahasannya karena lebih menggunakan bahasa manusia bukan bahasa buku. please wellcome... :P

Posted on Januari 27, 2012, in IFRS and tagged . Bookmark the permalink. Tinggalkan komentar.

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