The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today announced the appointment of Yong Li and Marco Onado as Trustees. The appointments, approved by the IFRS Foundation Monitoring Board, begin immediately and will expire on 31 December 2014. The terms are renewable once. (IFRS.org)
The Chairman, addressing "...the largest gathering of accounting professionals..." he has addressed since becoming Chair of the IASB, discusses "...the emergence of global financial markets..." and the case for global standards; the question of whether the U.S. system should now "evolve" to more closely reflect the "...new dynamics of capital markets...;" IFRS and emerging markets, particularly the BRIC countries; and the importance of the U.S. coming to the right decision in terms of IFRS. (IFRS.org)
Representatives of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) held their fourteenth biannual meeting in London on 31 October and 1 November 2011. (IFRS.org)
Japan's Financial Services Agency will meet later in the month to discuss a possible delay in the adoption of IFRS. Companies hit by the March 11 disaster have been calling for a delay. (Nikkei.com)
An official with the Finance Ministry said that public companies will start reporting consolidated results under IFRS by the first half of 2013. RIA Novosti reports that the plan is to officially approve the standards this year so companies can start using them in 2012.
Canada is having a big year for standards change, having converted to IFRS for public companies on Jan. 1 and revamping and streamlining financial reporting standards for private companies. Kevin Dancey, president and CEO of the Canadian Institute of Chartered Accountants, discusses those changes, Canada's adoption of international audit standards and the importance of working closely with the U.S. (Journal of Accountancy)
February 7, 2011 - The IFRS Foundation Monitoring Board today released a document "Consultative Report on the Review of the IFRS Foundation's Governance" for public comment. (IOSCO.org)
The International Auditing and Assurance Standards Board (IAASB) released for public comment a discussion paper exploring key issues relating to disclosures in financial statements. (IFAC.org)
Financial journalist Robert Bruce reports on IFRS adoption plans in Africa. (IFRS.org)
Reuters reports that listed China companies will be able to report using Chinese accounting standards from December 15. China has been working to converge its standards with IFRS.
The UK Accounting Standards Board (ASB) proposes a three-tier reporting framework and simplified UK standard based on IFRS for Small and Medium-sized Entities. Accountancy Magazine reports on the proposals.
The Monitoring Board welcomes the IFRS Foundation's appointment of Hans Hoogervorst as the next chairman of the IASB. (IOSCO.org/IFRS Foundation Monitoring Board)
May 25, 2010 - International Accounting Standards Board Chairman Sir David Tweedie on Tuesday outlined a possible approach for reconciling the divergent IASB and FASB models for financial instruments accounting. (Journal of Accountancy)
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)
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.
The Financial Services Agency (FSA) completed the public consultation and updated the list of Designated International Financial Reporting Standards (IFRSs), allowing all IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the International Accounting Standards Board (IASB) on or before December 31, 2009, to be used in the voluntary application of IFRS in Japan by certain Japanese listed companies ("Specified Companies") starting from the consolidated fiscal years ending on or after March 31, 2010. (mondovisione)
Global accountancy leaders want the International Federation of Accountants to increase pressure for adoption, implementation, and enforcement of standards. (IFAC.org)
The Financial Crisis Advisory Group (FCAG), an independent advisory body to the IASB and FASB, issued a letter to G-20 participants. (IASB.org)
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)
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)
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)
Paul A. Volcker, Chairman of the President's Economic Recovery Advisory Board, discusses the impact of adopting IFRS in global capital markets. (Journal of Accountancy)
Recent statements from Mary Schapiro and James Kroeker of the SEC about the SEC roadmap have renewed the IFRS discussion in the U.S., including some of the old criticisms. Sir David Tweedie Chairman of the IASB says many of the concerns expressed about IFRS are being addressed and resolved. CFO.com asks, "Is he right?"
The Canadian Accounting Standards Board (AcSB) approved the final accounting standards for private enterprises in Canada. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early. The private enterprise standards give Canadian businesses the ability to choose to adopt new "made in Canada" standards or International Financial Reporting Standards (IFRSs). (acsbcanada.org)
In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on "international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process and complete their convergence project by June 2011." (Journal of Accountancy)
G20 leaders issued a statement from their Pittsburgh summit. Included in the statement is a call for accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard setting process, and complete their convergence project by June 2011. (Leaders' Statement: The Pittsburgh Summit)
The Monitoring Board for the International Accounting Standards Committee Foundation on issues statement on principles for accounting standards and standard setting.
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.
The Basel Committee on Banking Supervision calls for changes to fair value measurements and loan loss provisioning.
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.
Momentum toward a single set of global accounting standards has slowed this year. It may take upcoming meetings of G20 finance ministers and G20 heads of state to get accounting convergence back on track, according to a Reuters article. (Reuters)
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)
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)
The Financial Crisis Advisory Group (FCAG), a high-level group of recognized leaders with broad experience in international financial markets, published its recommendations related to accounting standard-setting activities, and other changes to the international regulatory environment following the global financial crisis. (IASB.org)
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.
Insight, the journal of the IASC Foundation, reports that at their recent meeting in Johannesburg national accounting standard-setters from around the world emphasized their support for the International Accounting Standards Board (IASB) and its stance on holding firm over bank reporting.
Speaking at a recent forum, Robert L. Bunting, President of the International Federation of Accountants (IFAC), described the enormous changes happening as a result of the global financial crisis and explained why convergence and implementation of international standards is needed to rebuild and sustain the global financial system.
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.
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.
The International Public Sector Accounting Standards Board of the International Federation of Accountants announced that it has published the 2009 Handbook.
The International Federation of Accountants (IFAC) endorses the proposals to enhance global financial regulation and improve the transparency of the international financial system that were issued in the G20 Communiqué on the world economic crisis on April 2 in London.
Meeting in London, the Group of 20 on Thursday reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington.
The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft entitled ED 36 Agriculture which is part of the IPSASB's global convergence program with International Financial Reporting Standards.
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.
The International Auditing and Assurance Board (IAASB) has completed its Clarity Project with the release of the final seven clarified International Standards on Auditing (ISAs). The full suite of standards and resources are featured on a new web page.
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.
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.