Category Archives: IFRS
April 5, 2012 – FASB receives primarily technical questions about revised revenue-recognition proposal
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- FASB receives primarily technical questions about revised revenue-recognition proposal
The Financial Accounting Standards Board and International Accounting Standards Board are working to address any lingering questions or issues surrounding their proposal for revised revenue-recognition standards. The first exposure draft released by the agencies received a flurry of comments, but the second draft, released in November, has raised mainly technical questions. CFO.com (3/2), JournalofAccountancy.com (3/13)
- Survey suggests corporate finance trends
A survey from the Financial Executives Research Foundation and Robert Half Management Resources is shedding light on finance practices among worldwide companies. The survey found that fewer U.S. companies outsourced their payroll function last year than did in 2009, while more companies saw their compliance costs rise. The number of U.S. companies using International Financial Reporting Standards increased from 5% in 2009 to 11% in 2011. Meanwhile, 45% of Canadian companies and half of French businesses reported using IFRS. CGMA Magazine (3/26)
- IASB and FASB host round tables in Brazil and Malaysia
The International Accounting Standards Board and the Financial Accounting Standards Board hosted events in Brazil and Malaysia as part of their ongoing outreach efforts. The public round tables focused on topics including revenue recognition and consolidated financials for investment entities. The meetings are designed to give attendees an opportunity to ask questions and share their views on accounting proposals. CGMA Magazine (3/22)
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- IASB responds to industry requests for “period of stability”
The International Accounting Standards Board is responding to industry requests to slow down the pace of changes. “Now we have most of the world on board, even a small change to a standard can be like dropping a pebble into still water,” said Chairman Hans Hoogervorst. “Let’s fix what needs fixing, and no more. The most common feedback is a request for a period of stability.” Reuters (3/7), Accountancy Age (London) (3/8)
- U.S. businesses could feel impact of lease accounting changes
U.S. companies in a variety of industries are awaiting a decision by the Financial Accounting Standards Board on changes to lease accounting standards. The changes are part of ongoing efforts to converge U.S. and international accounting standards. The new rules would change the way leases appear on companies’ balance sheets, and could have huge implications for some companies, including businesses with multiple locations. Rochester Business Journal (N.Y.) (3/23)
- Other News
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- Tweedie: Shift to IFRS is a win-win
Sir David Tweedie, former chairman of the International Accounting Standards Board, writes that the use of International Financial Reporting Standards “significantly outweighs the loss of national standards.” Financial Times (tiered subscription model) (3/29)
- Auditors must stick to IASB’s rules, SEC warns
The Securities and Exchange Commission issued a notice to remind auditors to apply the International Accounting Standards Board’s rules when auditing financial statements prepared under International Financial Reporting Standards. Auditors may not apply rules issued by other countries in auditing companies’ financial statements in the U.S., the SEC said. Compliance Week/Accounting & Auditing blog (3/23)
- IASB looks for ways to improve IFRS adoption
International standard setters, such as the International Accounting Standards Board, are becoming more assertive about how their rules are being put into practice. For example, the IASB plans to monitor countries and report on their implementation of International Financial Reporting Standards as a way to improve compliance. The Globe and Mail (Toronto)/Global Exchange blog (3/16)
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- Ireland gives U.S. companies more time on accounting switchover
The Irish government will give U.S. companies doing business there another five years before they must produce financial statements under Irish accounting principles or international standards. U.S. companies are allowed to use U.S. generally accepted accounting principles while doing business in Ireland. The move is designed to preserve Ireland’s competitiveness as a destination for foreign corporations. The Irish Times (Dublin) (3/7)
- Nigerian banks move forward with IFRS
Nigerian banks are moving forward with plans to adopt International Financial Reporting Standards. The transition is being promoted as a way to make Nigerian companies more attractive to foreign investors. Banks that provide microfinance are also expected to make the switch over the next year. Leadership Nigeria/News Agency of Nigeria (3/26), BusinessDay (Nigeria) (3/16)
- China makes move toward IFRS as economy grows
Chinese officials are working to harmonize Chinese accounting principles with International Financial Reporting Standards. The decision represents a shift away from the historical-cost method of accounting and is expected to increase competitiveness and better integrate China into the world economy. China Daily (Beijing) (3/16)
- Other News
- Singapore won’t make 2012 deadline as efforts to converge with IFRS slow
Today (Singapore) (3/2)
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- Discover the IFRS Certificate Program from the AICPA
The AICPA’s IFRS Certificate Program is a comprehensive curriculum of online training, research tools and practice aids designed to help CPAs and accounting professionals understand, implement and apply International Financial Reporting Standards. Courses cover revenue recognition, leases, impairment, intangible assets, inventories, EPS and more. Enroll today.
Get practical insights and solutions on today’s complex global economy
The AICPA International Business Conference, to be held June 11 and 12 in Washington, D.C., reveals information on a number of important topics that affects your international business. This stellar program will address today’s economic issues, the fundamentals and fine points of international business, including how to do business in particular regions of the world.
March 1, 2012 – SEC’s chief accountant hints at move to IFRS
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- SEC’s chief accountant hints at move to IFRS
The Securities and Exchange Commission is nearing a decision on whether to adopt international accounting standards in the U.S., according to SEC Chief Accountant James Kroeker. “I’m hopeful that we’re on track for a few months’ time,” he said in a speech last month. The transition would involve the Financial Accounting Standards Board endorsing international financial standards for use by U.S. companies. JournalofAccountancy.com (2/21), The Wall Street Journal (2/21)
- SEC chairman says U.S. won’t be rushed into IASB rules
Mary Schapiro, chairman of the Securities and Exchange Commission, said the U.S. won’t be rushed or forced into adopting international accounting standards. “I don’t feel any pressure at all to go along with anybody,” Schapiro said. “I feel pressure to do the right thing for U.S. markets and U.S. investors.” More than 100 nations use the International Accounting Standards Board’s accounting rules. Learn more about International Financial Reporting Standards at IFRS.com. Reuters (2/24)
- U.S. could be dropped from IASB after governance review
The Monitoring Board and the trustees of the International Financial Reporting Standards Foundation have made suggestions for improving the foundation’s governance after independent reviews. The reviews offer a road map for strengthening the work of the foundation and the International Accounting Standards Board. One of the groups’ recommendations was to limit IASB membership to nations that use international accounting standards. The change could threaten the U.S.’s role in the organization if IFRS isn’t adopted by next year. InAudit.com (2/12), The Wall Street Journal/CFO Journal (tiered subscription model) (2/10)
- Other News
- Former Deloitte CEO James Quigley joins IFRS Foundation’s board of trustees
Accountancy Age (London) (2/13)
| Try IFRS on Checkpoint for 30 days! Get the IFRS answers you need now – with comprehensive research, guidance and tools from WG&L® on Checkpoint®. You can even link to the IASB standards right from the analysis for complete and easy access. Get a complimentary 30 day trial of IFRS content on Checkpoint. 1.800.950.1216 |
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- FASB and IASB will hold meetings on revenue-recognition rules
The Financial Accounting Standards Board and the International Accounting Standards Board will hold a series of round-table meetings on their revenue-recognition proposals. The meetings, which will take place around the world this spring, are part of the organizations’ efforts to gather input on the proposals. Accounting Today (2/17)
- IASB and FASB reach out to public on “investment company” rules
The Financial Accounting Standards Board and the International Accounting Standards Board are holding a series of four public meetings to discuss proposed rules for investment companies. The changes, which would expand the definition of “investment company,” are aimed at making entities more comparable under U.S. generally accepted accounting principles and international standards. The first meeting was held in Toronto last month. JournalofAccountancy.com (2/17)
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- IFRS transition goes smoothly for Canadian banks
All Canadian banks except Laurentian reported their 2011 annual earnings using both Canadian generally accepted accounting principles and International Financial Reporting Standards. The transition went smoothly and profits weren’t significantly different between the two accounting systems. Book values were lower by about 8% under IFRS, but RBC analyst Andre-Philippe Hardy says earnings under IFRS should be higher for some banks. The Globe and Mail (Toronto) (2/13)
- Study predicts improved earnings quality if IFRS is mandated in U.S.
There is evidence that earnings quality could improve for U.S. public companies if the Securities and Exchange Commission decides to mandate the use of International Financial Reporting Standards, according to a study by accounting professors at the University of Windsor and the University of Auckland. “Our results indicate that IFRS could improve earnings quality if U.S. firms adopted IFRS by reducing target beating and increasing earnings persistence,” the authors wrote. Compliance Week/Accounting & Auditing blog (2/3)
- Lease-accounting proposals could affect property values, study says
Lease-accounting proposals being considered by the International Accounting Standards Board and the Financial Accounting Standards Board could affect commercial real estate companies, according to a study commissioned by several associations and conducted by Chang & Adams Consulting. “A failure to fully understand the economic ramifications of these accounting changes or to address these issues may harm businesses that own, invest, or rent commercial real estate or use leases for other purposes, from office equipment to construction machinery,” says Boyd Zoccola, chairman of the Building Owners and Managers Association International. CoStar Group (2/22)
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- IASB says companies should apply rules uniformly
The International Accounting Standards Board could see its influence grow following the Greek debt crisis, Adam Jones writes. The organization is considering ways to influence companies to apply its rules consistently. Financial Times (tiered subscription model) (2/9)
- Europe gives Indian companies more time on IFRS transition
The European Commission is giving companies in India that list shares on European exchanges until the end of 2014 to adopt international accounting standards. The three-year extension follows India’s decision to delay implementation of IFRS. Learn more about the lease-accounting project in this updated AICPA Financial Reporting Brief. LiveMint.com/The Wall Street Journal (India) (2/12)
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- Register today: Stay informed on IFRS
The IFRS Quarterly Webcast Subscription Series — First Quarter 2012, to be held 2 to 4 p.m. on March 15, will cover in detail significant standards within the International Financial Reporting Standards and literature, and contrast the IFRS approach with U.S. GAAP. These practical, down-to-earth sessions will keep you “plugged in” to what’s important. A must for both preparers in public companies and practitioners who have public company clients, this is where to be when it comes to knowing about the areas of IFRS implementation. Register today.
Discover the IFRS Certificate Program from the AICPA
The AICPA’s IFRS Certificate Program is a comprehensive curriculum of online training, research tools and practice aids designed to help CPAs understand, implement and apply International Financial Reporting Standards. Courses cover revenue recognition, leases, impairment, intangible assets, inventories, EPS and more.
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
Organizational Privacy Architecture and Assessment
This checklist for Ecommerce, Web Development and Design, and Direct Marketing professionals enables you to gauge your organization’s privacy compliance and best practice levels. Thousands of companies leave the intricacies of privacy management to TRUSTe, the 13-year-old leader in online privacy. Gain an overview of the program today.
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.
Download Ebook Intermediete Accounting Kieso Versi IFRS
Selamat pagi,..
bagi rekan yang mencari buku akuntansi menengah karangan kieso bisa di download disini. Demi menghargai ilmu pengetahuan, silakan rekan beli buku aslinya yaaa…
Link Download: http://www.4shared.com/rar/SI7AsLie/materi_kieso_intrmediete.html
Download Ebook Wiley IFRS Workbook and Guide
Dear rekan semua,..
Saya kemarin tidak sengaja mengobrol dengan alumni SMA saya di Facebook yang kebetulan beliau sangat mumpuni dibidang akuntansi. Kami sempet ngobrol-ngobrol panjang mengenai akuntansi hari ini mulai dari kasus Century s.d kekurangantusiasan para CFO perusahaan di Indonesia yang ternyata mereka belum Ngeh bahwa IFRS itu wajib diimplementasikan tahun ini. Diakhir perbincangan saya meminta rekomendasi buku yang paling bagus mengenai teori dan praktik mengenai IFRS dan alhasil saya mendapat rekomendasi buku yang rekan bisa download sendiri dibawah. Saya dapatkan pula dari hasil penjelajahan saya mencari buku tersebut dan saya baca memang luar biasa isinya. Silakan download disini, demi menghargai ilmu pengetahuan, selalu membeli buku yang aslinya yaaaa… cerio.. ;P
Download:
January 5, 2012 – SEC decision on IFRS is at least a few months away
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- 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)
- 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)
- 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)
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- 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)
- 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)
- 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)
- Revised FASB proposal could change revenue-recognition timing
The timing of revenue recognition for certain companies could be affected by revised accounting proposals from the Financial Accounting Standards Board and the International Accounting Standards Board. The new rules also would bring other changes, such as increased disclosure requirements. AICPA members can download an updated Revenue Recognition Accounting Brief from AICPA.org. Accountancy Age (London) (12/12)
- Other News
- Amendments aim to clarify transition guidance for IFRS 10
InAudit.com (12/23)
- IASB pushes mandatory effective date for IFRS 9 to 2015
InAudit.com (12/26)
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- 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)
- 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)
- 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)
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- Commission: U.K. local authorities handled switch to IFRS well
U.K. local authorities handled the transition to International Financial Reporting Standards well in 2010, the Audit Commission found. However, some filed late accounts because of the change, with 18 of the 457 local bodies without auditors’ opinions by Oct. 31, compared with seven in 2010-11. PublicFinance.co.uk (U.K.) (12/15)
- 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)
- Other News
- Official: Russia’s public companies will switch to IFRS by 2013
Bloomberg (12/13)
- CPA Exam to be given in South America under AICPA deal with Brazil
Accounting Today (12/9)
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- Register today: AICPA International Business Conference
The AICPA International Business Conference, to be held June 11 and 12 in Washington, covers the latest hot topics, including global strategies that can affect your international business. International Accounting Standards Board and Financial Accounting Standards Board updates, using International Financial Reporting Standards in practice, doing business in Europe and India, facilitating access to international markets, SAS 70 Audits and much more will be covered. Register today.
Discover the IFRS Certificate Program from the AICPA
The AICPA’s IFRS Certificate Program is a comprehensive curriculum of online training, research tools and practice aids designed to help CPAs understand, implement and apply International Financial Reporting Standards. Courses cover revenue recognition, leases, impairment, intangible assets, inventories, EPS and more. Enroll today.
Pertama Kali Mengadopsi IFRS
Selamat Pagi,
Selamat menyambut hal baru yang telah mengubah para akuntan dan calon-calonnya yaitu apalagi kalau bukan IFRS. OK guys, saya sekarang mau sedikit membahas nih sebenarnya apa saja sih yang harus dilakukan ketika akan mengadopsi IFRS untuk pertama kalinya? Nih saya mau agak serius membahasnya. OK, check it out!
IFRS pertama kali diterbitkan pada bulan juni 2003 tepatnya pada IFRS 1, IFRS dibuat sedemikian rupa sehingga bertujuan agar memudahkan para penggunanya ketika para pengguna mulai mengadaptasi IFRS tersebut dan pula ketika menghadapi perubahan di masa depan. Pada saat pertama kali mengadopsi IFRS, entitas diharuskan untuk mengungkapan pernyataan secara eksplisit bahwa entitas tersebut telah patuh dalam IFRS.
Pada umumnya, sebuah entitas mulai mengefektifkan IFRS pada akhir periode akuntansinya atau awal periode berikutnya. Starting point yang harus entitas persiapkann dalam pertama kali mengadopsinya dalam laporan keuangannya adalah pertama yaitu dengan mengakui semua aset dan liabilitas (dalam IFRS istilah kewajiban berubah menjadi liabilitas) seperti yang diminta IFRS, kedua yaitu tidak mengakui item sebagai aset dan liabiitas dimana item tersebut tidak diperbolehkan IFRS , ketiga yaitu mereklasifikasi item yang sebelumnya diakui oleh GAAP sebagai salah satu item dari aset, liabilitas, ataupun komponen dari ekuitas tetapi yang berbeda dengan item yang di akui sebagai aset, liabilitas, ataupun bagian dari komponen ekuitas yang diakui oleh IFRS. Keempat yaitu memakai IFRS dalam mengukur semua aset dan liabilitas yang diakui.
Wooww.. lumayan juga nih awal-awal. OK Guys, semoga dikemudian hari saya bisa diberi kesempatan untuk menyentuhnya secara langsung agar bisa share kasus terbaru dari IFRS ini. Sebagai referensi, saya sertakan file IFRS yang terbaru bisa di download di bawah sini:
ifrs5 Non-current Assets Held for Sale and
Di file selanjutnya juga saya akan menyisipkan dokumen yang menceritakan bagaimana beberapa negara yang telah menerapkan IFRS, cekidot..
Konsep Sederhana Fair Value
Selamat pagi rekan semua, selamat mengawali tahun baru dengan penuh target dan perencanan yang ajib. Sekarang mari kita sedikit membahas topik fair value, apa sih fair value itu? nama kebijakan kah? atau nama seperti jakarta fair?hehe..
Mari saya beri gambaran dengan contoh, pada tahun 2011 saya memiliki sebidang tanah dengan nilai 100 juta dan diatas tanah tersebut saya mempunyai ternak sapi senilai 10juta dan saya catat itu dalam buku inventaris saya. Setahun kemudian pada tahun 2012 diketahui nilai pasar atau nilai wajar tanah tersebut adalah 110 juta dan ternak tersebut 11 juta. Apabila saya menggunakan konsep Historical Cost maka saya akan tetap mencatat nilai tanah tersebut 100 juta dan ternak tersebut 10 juta. Kebetulan saya sudah belajar akuntansi internasional pada waktu itu jadi saya catat nilai tanah itu dengan konsep Fair Value yaitu senilai 110 juta dan nilai ternak 11 juta, setiap kenaikan itu saya catat sebagai kenaikan revaluasi. hehe..
Simpel kan? tulisan ini saya ilustrasikan dari konsep fair value yang saya ikuti dan adaptasi kemudian diterjemahkan dari definisinya Deloitte. Bila ada pandangan lain bisa di share disini. Akuntansi itu menyenangkan, trust me..
Apakah IFRS itu? “Deloitte Version”
Berikut ini adalah komentar dari pemimpin KAP Delloit dalam memberikan pandangan mengenai IFRS:
December 1, 2011 – SEC staff releases reports as part of IFRS work plan
IFRS Update
SEC staff releases reports as part of IFRS work plan The Securities and Exchange Commission staff on Nov. 16 released reports analyzing the current reporting practices of 183 companies that report under International Financial Reporting Standards and comparing U.S. GAAP and IFRS in 29 different areas. Journal of Accountancy(11/2011) FASB parent highlights concerns about “condorsement” approach to IFRS The Financial Accounting Foundation, the parent organization of the U.S. standards-setting Financial Accounting Standards Board, outlined on Nov. 15 its favored path for incorporating International Financial Reporting Standards into U.S. GAAP. In a letter to the Securities and Exchange Commission, the FAF listed a number of recommended changes to the approach dubbed “condorsement.” The FAF pointed to concerns about condorsement, including that it could affect the quality of financial reporting in the U.S. and elsewhere. JournalofAccountancy.com(11/15) U.K. accounting group head warns U.S. against condorsement: The head of the Financial Reporting Faculty at the Institute of Chartered Accountants in England and Wales warned the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board that the so-called condorsement approach to International Financial Reporting Standards could be risky. Nigel Sleigh-Johnson said a mandatory transition date has proven to be more effective for U.K. public companies than a gradual transition for private companies. The AICPA supports an adoption option for public companies. Read the comment letter for more information. Accounting Today(10/28) IASB plans to rework IFRS Rule 9 even as it is used in some countries International Accounting Standards Board Chairman Hans Hoogervorst announced Friday that International Financial Reporting Rule 9 will be reworked, despite its adoption in some countries, such as Australia. He said a reworked IFRS 9 rule would more easily integrate with insurance accounting reform and the U.S. fair value accounting rule reform. Reuters(11/25)
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Regulatory Developments
New rules proposed for revenue recognition The Financial Accounting Standards Board and the International Accounting Standards Board responded Nov. 14 to calls by the AICPA and others for changes to a 2010 proposed joint standard on revenue recognition. The new proposal contains a number of changes from the previous plan, including added guidance on how to determine when a good or service is transferred over time and simplified proposals on warranties. Find resources and get up-to-date information on this and other convergence projects on IFRS.com. JournalofAccountancy.com(11/14) FASB could take up pension accounting rules again Investors want the Financial Accounting Standards Board to revisit pension accounting rules and make changes that go beyond the International Accounting Standards Board’s new standards, Chairman Leslie Seidman says. “That is a pressing matter we’re going to have to take seriously in terms of adding to the agenda,” she said. The FASB changed pension accounting rules in 2006 but has deferred a second phase of revisions. The Wall Street Journal/CFO Journal(11/14) New lease accounting proposal will still have controversial requirement The Financial Accounting Standards Board and the International Accounting Standards Board are considering the comments on an initial exposure draft for lease accounting and plan to release a revised draft early next year. Officials made several concessions in response to criticism of the first exposure draft but left one of the most controversial of the proposed changes: a requirement that companies split their rent expenses on the income statement into an amortization expense and an interest expense. Learn more about the lease accounting project and others at IFRS.com. CFO Magazine(11/2011) Retailers, banks oppose front-loading in lease accounting proposal: Financial institutions, retailers and airlines are pushing the International Accounting Standards Board and the Financial Accounting Standards Board to change a proposal to use front-loading to record leases on balance sheets. Companies have accepted that the centerpiece of the proposed lease accounting standard, which treats leases as a new kind of asset, is unlikely to change, but they say the front-loading issue is particularly sensitive to their operations. The Wall Street Journal/CFO Journal/CFO Report blog(11/16) Hoogervorst dismisses idea of more convergence work with FASB International Accounting Standards Board Chairman Hans Hoogervorst said that ongoing convergence between the IASB and the Financial Accounting Standards Board would not be in the best interests of either standard-setting authority or of the investors they represent. Late last year, the Securities and Exchange Commission floated a compromise approach to transitioning to International Financial Reporting Standards that would retain U.S. GAAP and avoid a “big bang” adoption that small companies believe would be very costly. The Wall Street Journal/CFO Journal/The CFO Report blog(11/25) Other News FASB launches new fair value reporting requirement project The Wall Street Journal/CFO Journal/The CFO Report blog(11/29)
IFRS at Work
Goodwill write-down could cost European banks $270 billion European banks may be forced to write down much of the $270 billion in goodwill on acquisitions made before the financial crisis. Under International Financial Reporting Standards, entities are required to write down certain assets to reflect changes in market value after their purchase. Bloomberg data show that European bank stocks are trading at about 58% of their book value. Bloomberg(11/18)
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International Watch
European officials criticize international standards for small businesses Some European accounting regulators are pushing back against International Financial Reporting Standards for small businesses. There is no possibility of FRSME in Germany, said Liesel Knorr, president of the German Accounting Standards Board. France’s Jérôme Haas, chairman of accounting standard setter the ANC, called the proposed standards “jargon,” and David Loweth, technical director of the ASB in the U.K., emphasized small-business concerns about the standard. The standards have more traction outside Europe; more than 80 countries are on board. Accountancy Age (London)(11/7) IASB, IFAC agree to cooperate more closely The International Accounting Standards Board and the International Federation of Accountants agreed to more closely cooperate on standards development for both the private and public sectors. The boards have worked together in the past, but the new agreement is meant to ensure more consistency and transparency in their activities. Accounting Today(11/22) Other News IASB, ASBJ meet to continue work on convergence InAudit.com(11/8) Malaysia preps for IFRS rollout in 2012 Star Publications (Malaysia)(11/22) Romania says switch to IFRS will start in January Business Review (Romania)(11/15)
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AICPA News
Re-launched international interest area on AICPA.org is a valuable resource The re-launch of the AICPA’s International Interest Area creates a single, time-saving source for CPAs and accountants to find international information, such as compendiums of organized guides and links, including a growing National Fact Sheets library of nation-specific links. Students and aspiring CPAs will find up-to-date information about international administration of the U.S. CPA Exam, and AICPA members can access compiled links to U.S. income treaties and an extensive list of international accounting communities. The re-launched interest area also features Numbers That Shape Our World, which takes a lighter-side look at international statistics. Learn more in this AICPA blog post. Register today: Learn the areas of IFRS implementation Every calendar quarter, the IFRS Webcast Series, to be held from 2 to 4 p.m. Eastern time Dec. 19, offers practical and down-to-earth sessions that will keep you “plugged in” to what’s important about IFRS standards — including the differences and similarities between IFRS and U.S. GAAP, and updates on the current convergence efforts. Register today.
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