February 2, 2012 – Schapiro: SEC has questions to consider before its decision on IFRS

IFRS Update

Schapiro: SEC has questions to consider before its decision on IFRS
Securities and Exchange Commission Chairman Mary Schapiro said the agency must resolve some issues before it decides whether to incorporate International Financial Reporting Standards into the U.S. reporting regime. The SEC must consider the independence of the International Accounting Standards Board and “the quality and enforceability of standards,” Schapiro said. Bloomberg Businessweek (1/6)  LinkedIn Facebook Twitter Email this Story

U.S. “will come on board” with IFRS, IASB chairman predicts
Hans Hoogervorst, the chairman of the International Accounting Standards Board, said that he believes the Securities and Exchange Commission ultimately will adopt International Financial Reporting Standards for U.S. issuers. Hoogervorst was optimistic, even though he said he doesn’t have any privileged insight into the SEC’s decision. In December, SEC Chief Accountant James Kroeker said the commission will need at least a few more months to prepare a final report that will guide the SEC on IFRS. JournalofAccountancy.com (1/24)  LinkedIn Facebook Twitter Email this Story

IASB and FASB issue proposal on revenue recognition
The Financial Accounting Standards Board and the International Accounting Standards Board released a joint proposal adopting a consistent approach to revenue recognition under U.S. GAAP and International Financial Reporting Standards. The revised proposal, which requires more information to be disclosed about revenue and corrects inconsistency, is based on feedback from constituents in response to a draft proposal released in 2010. Journal of Accountancy (1/2012)  LinkedIn Facebook Twitter Email this Story

Fitch says IFRS is coming to U.S., but slowly
Fitch Ratings predicted that the U.S. will incorporate International Financial Reporting Standards into U.S. GAAP, but the pace will be “prolonged, cautious and incremental.” In a report, the credit rating agency said an emphasis on convergence, along with a need to re-expose updated proposals, have slowed several joint projects of the Financial Accounting Standards Board and the International Accounting Standards Board. Global Financial Strategy (1/19), Accounting Today (1/19)  LinkedIn Facebook Twitter Email this Story

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Regulatory Developments

FASB and IASB propose rules for balance sheet offsetting
The Financial Accounting Standards Board and the International Accounting Standards Board have finalized proposals for the offsetting of derivative instruments and financial instruments. The rules, which take effect in 2013, should make it easier to compare statements under U.S. GAAP and International Financial Reporting Standards. InAudit.com (1/10)  LinkedIn Facebook Twitter Email this Story

IASB delays IFRS 9 start date by 2 years
The International Accounting Standards Board has extended the deadline for companies to switch to International Financial Reporting Standard 9 by two years, to Jan. 1, 2015. The delay will give IASB time to coordinate the rule on financial instruments with similar efforts by the Financial Accounting Standards Board and U.S. GAAP. Compliance Week (12/29)  LinkedIn Facebook Twitter Email this Story

FASB, IASB add project on classification and measurement for financial instruments
The Financial Accounting Standards Board and the International Accounting Standards Board announced Friday that they are working together to reduce differences in their classification and measurement models for financial instruments. The boards will explore the models jointly, and then decide whether to propose amendments to International Financial Reporting Standards and U.S. GAAP. JournalofAccountancy.com (1/27)  LinkedIn Facebook Twitter Email this Story

IFRS Foundation unveils draft of Taxonomy 2012
The International Financial Reporting Standards Foundation has released an exposure draft of its IFRS Taxonomy 2012. The taxonomy includes eXtensible Business Reporting Language formatting for all international reporting standards released as of Jan. 1, 2012, and a consolidation of interim releases from 2011. InAudit.com (1/20)  LinkedIn Facebook Twitter Email this Story

Other News

IFRS Foundation names Yael Almog as executive director
InAudit.com (1/23)  LinkedIn Facebook Twitter Email this Story

IFRS Foundation makes Advisory Council appointments
InAudit.com (1/11)  LinkedIn Facebook Twitter Email this Story

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IFRS at Work

U.S. companies might have to give up LIFO under IFRS
Companies that transition to International Financial Reporting Standards might have to stop using the last-in-first-out method for inventory accounting, writes Michael Redemske, CPA. The option for LIFO accounting could remain if regulators made it acceptable under IFRS, if the Internal Revenue Service made an exception to the LIFO conformity requirement, or if Congress repealed the LIFO conformity requirement, he writes. The Tax Insider (1/12)  LinkedIn Facebook Twitter Email this Story

Commentary: Start preparing for new fair-value accounting
Implementation of the new fair-value accounting standards, or IFRS 13, is just a year away. Managers should prepare for IFRS 13 by taking steps such as determining how it will affect valuation policies; showing regulators and outside auditors that they grasp the change; and discussing the change with vendors, appraisers investment advisers and investment custodians, writes Francisco Roque A. Lumbres of SGV & Co. BusinessWorld (Philippines) (1/23)  LinkedIn Facebook Twitter Email this Story

IFRS could be a boon to Canadian banks
Canadian banks could be rewarded with higher earnings for switching to International Financial Reporting Standards from Canadian GAAP. The nation’s banks could see a 1% to 2% uptick in earnings in 2012 after adopting IFRS, according to an analyst from RBC Capital Markets. Royal Bank of Canada reported a 2% increase when it released its 2011 results last month. Financial Post (Canada) (1/20)  LinkedIn Facebook Twitter Email this Story

Canadian mining companies work together to switch to IFRS
Canada’s mining industry worked collaboratively to make the switch to International Financial Reporting Standards and to address concerns specific to the 1,000-plus companies in the industry. Deena Lu, a chartered accountant and IFRS analyst at CCH Canadian, recommends that companies in other industries work together as they transition to IFRS, keeping up with what their peers are doing so they are interpreting standards the same way. The Globe and Mail (Toronto) (1/19)  LinkedIn Facebook Twitter Email this Story

Other News

U.K. official calls for “crisis-neutral” bank accounting rules
The Telegraph (London) (1/19)  LinkedIn Facebook Twitter Email this Story

Survey: Only 53% of Indian companies know about IFRS
The Economic Times (India)/Press Trust of India (1/19)  LinkedIn Facebook Twitter Email this Story

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AICPA News

Examine the reporting practices of companies that have adopted IFRS
IFRS Accounting Trends & Techniques — U.S. Edition presents carefully selected reporting examples from the audited annual reports of 170 international public companies across 43 industries and 38 countries to illustrate current reporting techniques and various presentation and disclosure practices. This edition adds more survey companies and includes five new countries of incorporation — Argentina, Chile, Panama, Philippines and India. Purchase today.  LinkedIn Facebook Twitter Email this Story

IFRS.com Convergence Headquarters
Follow the progress of convergence efforts between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board on IFRS.com’s Convergence Headquarters.

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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 April 8, 2012, in IFRS and tagged . Bookmark the permalink. Tinggalkan komentar.

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