IFRS Blog

Revenue Recognition and Customer Credit Risk

2010-07-21T09:37:00-07:00

On June 24, the U.S. Financial Accounting Standards Board and the International Accounting Standards Board issued a proposed new joint standard for revenue recognition. The core principle would require an entity to recognize revenue to depict the transfer of goods...

Contingent Liabilities: IASB Proposals Would Create New Differences between IFRS and GAAP

2010-04-01T14:39:35-07:00

The IASB has proposed amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets that will introduce new differences between IFRS and U.S. GAAP. The original exposure draft has been around since 2005, but the IASB is currently targeting amending the standard in the first half of this year.

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...