International Accounting Standards Board

• A Common Framework for Accounting Standards

In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...

• Strategic Finance
• Vol. 92 Nbr. 5, November 2010

• A Review of the Persistent Reconciling Items Between Financial Statements Using U.S. Gaap and International Financial Reporting Standards for Three Auto Manufacturers

This paper investigates differences between the financial statements of Volvo Corporation, Daimler AG, and Fiat SPA as prepared under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) from 2004-2006. The application of IFRS generally resulted in higher net income than U.S. GAAP. Many differences have already been resolved by the convergence projects of the Financial Accounting Standards Board and the International Accounting Standards Board. However, significant and persistent reconciling items that are likely to affect U.S. automakers' financial statements include: pension and other post-retirement benefits expenses, capitalization of development costs, and minority interests reporting.

• International Management Review
• Vol. 6 Nbr. 1, January 2010

• Shaking up financial statement presentation: an early look at the FASB and IASB financial statement project.

Financial Accounting Standards Board, International Accounting Standards Board

• Journal of Accountancy
• Vol. 206 Nbr. 5, November 2008

• New Views On Lease Accounting

As a step toward improving and converging the existing lease-accounting standards, the Financial Accounting Standards Board and the International Accounting Standards Board recently issued a discussion paper titled "Leases: Preliminary Views" in which the Boards jointly propose several elements of a new model for lease accounting. This month's column will explain the key elements of the Boards' proposal and the potential impact of those elements on entities that must account for leases. The key elements of the Boards' proposal are: 1. the elimination of the finance/operating lease distinction, and 2. a requirement to represent all leases on the lessee's balance sheet through a combination of an asset and a liability. Specifically, they have concluded that a lessee's right to use leased ...

• Strategic Finance
• Vol. 90 Nbr. 11, May 2009

• International Accounting Standards Board Chairman Sir David Tweedie Addresses American Institute of Certified Public Accountants Governing Council.

Underscores the Importance of U.S. Participation in Global Standards SAN DIEGO -- Sir David Tweedie, the chairman of the International Accounting St...

• Business Wire
• May 25, 2010

• IFRS for most private companies goes live.

In July, the International Accounting Standards Board published the Internati...

• Financial Executive
• Vol. 25 Nbr. 7, September 2009

• The Ifrs Theme Park

For US CPAs looking to learn International Financial Reporting Standards (IFRS), the good news is that IFRS guidance is approximately one-tenth the length of US GAAP. The bad news is that IFRS is still more than 2,800 pages long. The author has developed an approach to learning IFRS that relies on four simple themes. These themes emerge from the International Accounting Standards Board's Framework for the Preparation and Presentation of Financial Statements (Framework) and recur across subject areas. The aim of the themes approach is not to classify differences between the two sets of standards, but rather to demonstrate the extent to which they are similar and to explain the logic underlying IFRS so that it can be applied by professionals to novel situations. These themes are: 1. more ...

• CPA Journal, The
• Vol. 80 Nbr. 12, December 2010

• The International Accounting Standards Board (IASB) issued a new standard on the classification and measurement of financial assets.

The International Accounting Standards Board (IASB) issued a new standard on the classification and measurement of financial assets. Publication of th...

• Journal of Accountancy
• Vol. 209 Nbr. 2, February 2010

• Aicpa Calls for Permanent, Independent Funding Source for International Accounting Standards Board

To: NATIONAL EDITORS Contact: William Roberts, AICPA, +1-202-434-9266, wroberts@aicpa.org

• U.S. Newswire
• October 06, 2009

• Dynamic Provisioning: A Countercyclical Tool for Loan Loss Reserves

The methodology to recognize loan losses set forth by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) is referred to as the incurred loss model and defined as the identification of inherent losses in a loan or portfolio of loans. As rapid provisioning to increase loan loss reserves made headlines, discussions of international regulatory banking reform included the method of dynamic provisioning as a potential alternative to the incurred loss approach. The authors begin this paper with a discussion of the current approach to loan loss reserves (LLR) in the US. They argue that, to a social planner who cares both about avoiding bank failures and the efficiency of bank lending, the current accounting and regulatory approach for LLR may...

• Economic Quarterly - Federal Reserve Bank of Richmond
• Vol. 95 Nbr. 4, October 2009