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IFRS 9 advances in committee
It may seem strange, given the many commonalities in the preparation of the balance sheet and income statement, that there is quite significant divergence on how these documents should be presented. This manifests itself partly from a regulatory..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
FASB chairman at congressional committee
The question of whether financial reporting standards are too complex, and whether, as a corollary, regulators should reduce the burden on smaller listed companies, is very little discussed. There is, however, a cost/benefit argument that suggests..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Death of standard-setting veteran
FASB chairman Russ Golden gave testimony in September to a congressional committee which is reviewing the programmes of regulators and standard-setters in the financial area. Aside from setting out the structure of the FASB, and its due process, he..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Should regulators address complexity issues?
The question of whether financial reporting standards are too complex, and whether, as a corollary, regulators should reduce the burden on smaller listed companies, is very little discussed. There is, however, a cost/benefit argument that suggests..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Ongoing standard-setting activities
FASB chairman Russ Golden gave testimony in September to a congressional committee which is reviewing the programmes of regulators and standard-setters in the financial area. Aside from setting out the structure of the FASB, and its due process, he..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Presentation in financial statements
It may seem strange, given the many commonalities in the preparation of the balance sheet and income statement, that there is quite significant divergence on how these documents should be presented. This manifests itself partly from a regulatory..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Defining the reporting entity
The IASB has made several attempts to define the reporting entity, but it seems that a workable definition is elusive. The standard-setter is reluctant to stray into the area of providing a definition of what is an entity, but it is hard to define a..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Focus on small public companies
The standard-setter has issued a proposed amendment to the Accounting Standards Codification (ASC) that would shorten the amortisation period on debt, where the debt can be called earlier than its full contractual term. The aim is to do away with..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Slow progress on conceptual framework
Steven Maijoor, together with the presidents of the other European Supervisory Authorities, delivered a verbal report to the Economic and Monetary Affairs Committee of the European parliament in September. The ESMA chief said it was essential for..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Access to corporate filings
The European Commission published at the end of August a regulation which requires the European Securities and Markets Authority (ESMA) to set up a web portal through which corporate filings held by national enforcement bodies can be accessed. The..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Expansion of Monitoring Board
In August the Chinese Ministry of Finance became a member of the IFRS Foundation Monitoring Board. The appointment might be seen as sensitive, given that China does not use IFRS as such.
In its 2012 review of governance, the Monitoring..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Editorial
Despite the two-month seasonal gap since the last issue, things seem fairly quiet on the standard-setting front. The International Accounting Standards Board (IASB) seems to be pursuing its policy of restricting the number of active projects and..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Presentation proposal
The board published in August a draft new chapter for the conceptual framework. The proposed Chapter 7 of Concepts Statement 8 addresses presentation in financial statement. It aims to set objectives rather than prescribe a particular presentation...
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Proposed change to premium amortisation
The standard-setter has issued a proposed amendment to the Accounting Standards Codification (ASC) that would shorten the amortisation period on debt, where the debt can be called earlier than its full contractual term. The aim is to do away with..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
Plea to support CMU
Steven Maijoor, together with the presidents of the other European Supervisory Authorities, delivered a verbal report to the Economic and Monetary Affairs Committee of the European parliament in September. The ESMA chief said it was essential for..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
FASB issues new hedge accounting proposals
The IASB has made several attempts to define the reporting entity, but it seems that a workable definition is elusive. The standard-setter is reluctant to stray into the area of providing a definition of what is an entity, but it is hard to define a..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016
SWATCH GROUP: why we don’t use IFRS
At a European accounting research conference in Switzerland, Thierry Kenel told participants what had induced Swatch Group to switch from IFRS in 2013, and how that had worked out. He pointed to IFRS importing market volatility into the balance..
Online Published Date:
01 November 2016
Appeared in issue:
19.8 - 01 November 2016