IFRS Blog

IASB Funding

2010-02-10T10:15:37-08:00

The International Accounting Standards Committee Foundation (IASC Foundation) is expected to complete part two of its constitution review in the second quarter of 2010. Proposals for enhanced accountability issued last year did not include specific proposals on how the organization plans to achieve a stable, secure funding mechanism that will promote independence of the standard setting process. Share your thoughts on the importance of the IASB’s funding source. Do you believe it should be a component of the IASC Foundation’s constitution review?

Expected vs. Incurred Loss Models

2009-11-24T09:59:43-08:00

The International Accounting Standards Board issued an exposure draft on the amortized cost measurement and impairment of financial instruments in November. The exposure draft proposes an expected loss model for recognizing impairments on financial assets recorded at amortized cost. Do you believe that a move to an expected loss model would be a move in the right direction? Let us know what you think.

Tension in Europe

2009-10-21T11:46:59-07:00

While the U.S. continues its debate over a possible move to IFRS, eyes have been focusing on officials in Europe. Tension escalated last year when the European Union threatened carve-outs if the IASB did not make changes to fair value...

SEC Breaks Silence on IFRS

2009-09-22T09:02:24-07:00

For those waiting on the status of the SEC's IFRS roadmap, last week brought big news. Speaking at two separate gatherings, SEC chief accountant James Kroeker said the roadmap would be an important priority this fall. Chairwoman Mary Schapiro, speaking...

Waiting on the SEC.

2009-09-02T07:24:03-07:00

In a recent speech at the American Accounting Association annual meeting, Sir David Tweedie, chairman of the International Accounting Standards Board, asked, "Where is the USA?". He warned that if a commitment to IFRS does not come from the U.S....

Are You Bilingual?

2009-07-24T11:16:01-07:00

Many have expressed support for a move to one set of high-quality global accounting standards. Leaders of the Group of 20 nations have called for significant progress towards this goal. President Obama in recently released plans for regulatory reforms called...

IFRS for Small and Medium-sized Entities

2009-06-30T09:31:25-07:00

In February 2007, the International Accounting Standards Board (IASB) published an exposure draft of an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). A final standard is expected to be issued July 2009. Based on full...

IFRS: Convergence or Adoption

2009-05-18T13:35:23-07:00

Issuance of the SEC’s proposed IFRS roadmap has done a good job focusing arguments about the benefits of a global set of accounting standards. While many commentators of the roadmap had concerns about various aspects of the proposal, the majority...

IFRS or U.S. GAAP – Scenarios for the Future

2009-04-20T14:38:09-07:00

In developing its comment letter to the SEC on its proposed roadmap, the Financial Accounting Standards Board used the report "Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors."...

Fair Value, Political Pressure and Independence

2009-04-10T07:14:29-07:00

Tired of the fair value debate? Hope not, the International Accounting Standards Board is about to enter another round. On April 2, the day FASB announced their new guidance on fair market measurements and impairments, Trustees of the IASC Foundation...