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  • United States of America
    requirements associated with the fair value of financial instruments FASB to issue final standard on recognition and measurement of financial instruments in early January 22 Dec 2015 The US Financial Accounting Standards Board FASB has announced that it plans to issue its final standard on the recognition and measurement of financial instruments during the first week of January 2016 SEC speeches on IFRSs at the annual AICPA conference 10 Dec 2015 At the annual American Institute of Certified Public Accountants AICPA Conference on Current SEC and PCAOB Developments currently taking place in Washington D C representatives of the US Securities and Exchange Commission SEC spoke at surprising length about IFRSs in the United States SEC Commissioner believes it s time to take step forward 18 Nov 2015 In a speech at the 34th Annual Current Financial Reporting Issues Conference in New York SEC Commissioner Michael S Piwowar commented on the potential alternative of allowing domestic issuers in the U S to provide IFRS based information as a supplement to U S GAAP financial statements without requiring reconciliation FASB to issue final standards on leases and classification and measurement 12 Nov 2015 At its meeting yesterday the FASB finished redeliberations related to its upcoming standards on 1 leases and 2 classification and measurement Further the Board directed the staff to proceed with drafting two final Accounting Standards Updates for a vote by written ballot AICPA begins developing revenue recognition implementation guidance 03 Nov 2015 The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants AICPA has released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard FASB proposes clarifications to its new revenue standard 30 Sep 2015 The US Financial Accounting Standards Board FASB has issued a proposed ASU Narrow Scope Improvements and Practical Expedients that would amend certain aspects of the Board s May 2014 revenue standard ASU 2014 09 Revenue From Contracts With Customers SASB issues second set of provisional standards for consumption industries 29 Sep 2015 The SASB has issued a second set of provisional standards for consumption industries The standards are the ninth set in a planned series of industry related SASB standards on accounting for environmental social and governance issues that could be material to a corporation s performance The standards focus on material sustainability matters that corporations are already required to disclose in their Form 10 K or 20 F filings with the US Securities and Exchange Commission SEC SEC Chief Accountant speaks on convergence 18 Sep 2015 At a conference of the American Institute of Certified Public Accountants AICPA in Washington D C the Chief Accountant of the Securities and Exchange Commission SEC James Schnurr discussed convergence and explained that he was optimistic that I will be able to provide more clarity on the path forward in the next few months Report finds that failing to consider ESG issues in investment decisions is a failure of fiduciary duty 10 Sep 2015 The

    Original URL path: http://www.iasplus.com/en/jurisdictions/americas/usa (2016-02-10)
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  • FASB to issue final standard on recognition and measurement of financial instruments in early January
    Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Navigation News 2016 2015 January February March April May June July August September October November December 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Info FASB to issue final standard on recognition and measurement of financial instruments in early January 22 Dec 2015 The US Financial Accounting Standards Board FASB has announced that it plans to issue its final standard on the recognition and measurement of financial instruments during the first week of January 2016 The FASB finished redeliberations related to its upcoming standard in November 2015 and directed the staff to proceed with drafting a final Accounting Standards Update for a vote by written ballot Please click for the press release on the FASB website Related Topics Resources Financial Accounting Standards Board FASB Jurisdictions United States of America Other US GAAP Related news FASB adds four projects to research agenda 08 Feb 2016 FASB constituents of the TRG will continue to meet 02 Feb 2016 FASB and ASBJ hold biannual meeting 15 Jan 2016 FASB issues final standard on classification and measurement of financial instruments 05 Jan 2016 SEC speeches on IFRSs at the annual AICPA conference 10 Dec 2015 SEC Commissioner believes it s time to take step forward 18 Nov 2015 All Related Related Publications Heads Up FASB proposes guidance on cash flow classification 04 Feb 2016 Oil Gas Accounting Financial Reporting and Tax Update January 2016 03 Feb 2016 Accounting Roundup January 2016 02 Feb 2016 New revenue standard SEC staff remarks about transition resource group activities 02 Feb 2016 All Related Related Discussions Classification and measurement IASB and FASB 18 Jun 2013 Impairment 09 Apr 2013 IAS 36 narrow scope amendment Recoverable amount disclosures 17

    Original URL path: http://www.iasplus.com/en/news/2015/12/fasb-cm-january (2016-02-10)
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  • SEC speeches on IFRSs at the annual AICPA conference
    has now developed a recommendation for the Commission s consideration which staff will be discussing with all of the Commissioners so that we can determine the path forward SEC Chief Accountant James V Schnurr confirmed that t he staff will be in discussions with the Commissioners regarding certain regulatory changes that would facilitate the ability of domestic issuers to provide IFRS based information as a supplement to U S GAAP financial statements He also encouraged IASB and FASB to continue their work on convergence and added In my view continued collaboration is the only realistic path to further the objective of a single set of high quality global accounting standards Deputy Chief Accountant Julie A Erhardt gave the only speech that was entirely focused on the U S engagement with IFRSs and on the goal of a single set of high quality global accounting standards In addition to pointing out the shared origins shared knowledge and shared benefits of international accounting she also commented on the overseas perception of developments in the U S M y impression is that at least some overseas do not anticipate that within the foreseeable future the U S will decide to adopt IFRS for financial reporting by our domestic public companies My impression is that these individuals are not particularly resentful about this maybe more like disappointed because they recognize that for one reason or another IFRS is not seen in the U S as a realistic policy idea for this purpose at this time My sense is that they know from their own experiences that generally the acknowledged legitimacy of an idea is a necessary precursor to policy making However Ms Erhardt also makes out worries regarding U S involvement in and support of IFRSs Referencing back to the comments made by Chair White and Chief Accountant Schnurr she hints that a statement on the future of IFRS in the United States might provide some reassurance in this regard If U S involvement with IFRS is now to come in a completely ad hoc manner this could give rise to concerns that there is no memorialized intention or longer term plan for parties from the U S to stay engaged with and be supportive of IFRS A further statement by the Commission on global accounting standards as discussed by the Chair earlier today might help to provide reassurance and clarity in this regard Please click for access to all transcripts of all speeches cited on the SEC website Keynote address by Mary Jo White Remarks by James V Schnurr Remarks by Julie A Erhardt You can also access all SEC speeches given at the conference including many that are not IFRS related through the constantly updated SEC page with speeches by the Chair Commissioners and staff Related Topics Resources Adoption of IFRS by country US Securities and Exchange Commission SEC Jurisdictions United States of America Related news EU endorsement of IFRS 9 now expected in the second half of 2016 04 Feb 2016

    Original URL path: http://www.iasplus.com/en/news/2015/12/sec-speeches (2016-02-10)
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  • Oil & Gas — Accounting, Financial Reporting, and Tax Update (January 2016)
    Other United States publications Non English publications Third party publications IFRS e learning Info Oil Gas Accounting Financial Reporting and Tax Update January 2016 Published on 03 Feb 2016 This third annual publication from Deloitte United States discusses accounting tax and regulatory matters that O G entities will need to consider including updates to SEC FASB and tax guidance with a specialized focus on industry accounting topics affecting O G companies New in this year s publication is a focused discussion on accounting and reporting considerations related to the new leases standard expected to be issued in early February 2016 Certain sections of this publication are designed to help you understand and address potential challenges in the accounting for and reporting of topics on which the FASB has recently issued proposed standards or final standards that are not yet effective Our publication discusses such proposals and codified guidance and highlights nuances that could affect the O G industry helping you plan a roadmap for future regulatory and reporting environments Download Related Topics Publication series Other United States publications Jurisdictions United States of America Other US GAAP Related news FASB and ASBJ hold biannual meeting 15 Jan 2016 FASB issues final standard on classification and measurement of financial instruments 05 Jan 2016 FASB to issue final standard on recognition and measurement of financial instruments in early January 22 Dec 2015 SEC speeches on IFRSs at the annual AICPA conference 10 Dec 2015 SEC Commissioner believes it s time to take step forward 18 Nov 2015 FASB to issue final standards on leases and classification and measurement 12 Nov 2015 All Related Related Publications Heads Up FASB proposes guidance on cash flow classification 04 Feb 2016 Accounting Roundup January 2016 02 Feb 2016 New revenue standard SEC staff remarks about transition resource

    Original URL path: http://www.iasplus.com/en/publications/us/industry/og/annual-update (2016-02-10)
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  • New revenue standard — SEC staff remarks about transition resource group activities
    meetings for IFRS constituents The following are some key points from Mr Bricker s remarks on the new revenue standard and the TRG The SEC staff views the new largely converged revenue standard as an improvement in financial reporting for both domestic and foreign filers The TRG s objective to solicit analyze and publicly discuss stakeholder implementation issues remains relevant The SEC staff continues to support the TRG as a mechanism to promote more consistent application of the new revenue standard While the IASB will no longer attend TRG meetings the FASB will continue to address implementation issues and has scheduled three TRG meetings for 2016 Further TRG meeting participants should be prepared to view matters from a global perspective The SEC staff attends TRG meetings and will use the discussions as a basis to assess the appropriateness of domestic and foreign registrants revenue recognition policies Registrants should therefore monitor and consider TRG discussions and meeting minutes which are available on the standard setters Web sites in the development of reasonable revenue recognition accounting policies The SEC staff strongly encourages domestic and foreign filers to consult with the OCA if they anticipate selecting an accounting policy that is inconsistent with TRG discussions i e in which general agreement was reached and documented in meeting minutes 1 Issued as FASB Accounting Standards Update No 2014 09 Revenue From Contracts With Customers and IFRS 15 Revenue From Contracts With Customers 2 FASB IASB joint transition resource group TRG for revenue recognition See Deloitte s TRG Snapshot newsletters for more information about the TRG and summaries of TRG meetings Download Related Topics Publication series Accounting Journal Entries Resources US Securities and Exchange Commission SEC Jurisdictions United States of America Related news FASB constituents of the TRG will continue to meet 02 Feb 2016

    Original URL path: http://www.iasplus.com/en/publications/us/aje/2016/0201 (2016-02-10)
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  • Classification and measurement (IASB and FASB)
    disagreed with the proposed introduction of the third measurement category in to IFRS 9 However there were a range of views within each of these groups One Board member noted that some respondents were in favour of measuring all assets at FVTPL and asked the Staff if there had been any change in views amongst constituents The Staff said that this had been consistent throughout the project Another Board member noted the even spread of views and wondered how they would respond to such feedback At this point the chairman of the IASB interjected and said that this meant that the Board would have to show leadership The Staff paper included a specific section dealing with the feedback received from insurance analysts due to the interaction of the ED with the proposals for the insurance project The views expressed by other user respondents fell in to the same three broad groups but most insurance analysts expressed the view that measuring simple debt instruments at FVOCI would provide useful information when considered in combination with the proposal for the presentation of interest expense on insurance contract liabilities Over half supported the FVOCI category as proposed by the ED almost half supported a FVOCI category with a variation and only a few did not support the FVOCI category One Board member asked whether on the assumption that all respondents were in favour of reducing mismatches if the concerns of those who did not agree with the proposals as per the ED related to any remaining mismatches and if any of the alternatives proposed would eliminate those mismatches The Staff also noted that most of the users who expressed a view on the transition proposals supported the early application of just the own credit requirements for financial liabilities Some specifically requested that the own credit requirements are incorporated in IAS 39 so they can be adopted as early as possible Finally before handing over to the FASB staff the IASB staff emphasised that the key messages received from users by the FASB were consistent with those received by the IASB The FASB Staff then presented a detailed paper summarising the feedback received by the FASB on the ASU The comment period on the ASU ended on 15 May and the FASB had received 142 letters and had over 40 formal outreach meetings in which the IASB Staff also participated Respondents generally supported the notion of classifying financial assets on the basis of the cash flow characteristics of the instrument and the entity s business model for managing these instruments However many of the respondents raised concerns regarding the complexity and restrictive nature of the solely payments of principal and instruments test and suggested the retention of the existing clearly and closely related bifurcation requirements be retained as an alternative Most respondents expressed concern about the restrictive nature of the amortised cost business model because of the type of sales permitted from this classification category The FASB Staff also presented feedback in other areas

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2013/iasb-meeting-18-19-june-2013/classification-and-measurement (2016-02-10)
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  • Impairment
    in the US environment something that did not travel well beyond the US The FASB noted why it had chosen particular words or expressions clarifying some potential misconceptions In particular the FASB noted that a key difference between the IASB and FASB is that there is a difference in the base of the initial estimate At least in the US there is data available to suggest that on initial recognition losses are foreseeable for periods beyond 12 months hence the FASB s proposal Leslie Seidman confirmed that re deliberations and other post exposure activities would be conducted jointly and that every effort would be made to achieve common positions where possible ASAF members expressed a willingness to meet by conference call during the post exposure period to explore any areas of potential agreement Related Topics Resources Financial Accounting Standards Board FASB International Accounting Standards Board IASB Projects Financial instruments Impairment Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FASB adds four projects to research agenda 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Heads Up FASB proposes guidance on cash flow classification 04 Feb 2016 IFRS in Focus IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 Heads Up FASB proposes guidance on presentation of net periodic

    Original URL path: http://www.iasplus.com/en/meeting-notes/asaf/asaf-8-9-april-2013/impairment (2016-02-10)
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  • IAS 36 narrow scope amendment – Recoverable amount disclosures
    that one of the amendments made to IAS 36 potentially resulted in the disclosure requirements being broader than originally intended Instead of requiring the disclosure of the recoverable amount of impaired assets including goodwill as intended the amendment is perceived to require disclosure of the recoverable amount of any cash generating unit group of units for which the carrying amount of goodwill or intangible assets with indefinite useful lives allocated to that unit group of units is significant in comparison with the entity s total carrying amount of goodwill or intangible assets with indefinite useful lives As a result the staff proposed a narrow scope amendment designed to clarify relevant disclosure requirements The staff recommended the amendment outside the Annual Improvements project in an attempt to finalise the amendment as timely as possible given that IFRS 13 is effective from 1 January 2013 The staff intend for the effective date for the proposed amendment to be 1 January 2014 with earlier application permitted but not earlier than the date in which an entity first applies IFRS 13 The staff s proposed amendments would add to paragraph 130 e of IAS 36 a requirement to disclose the recoverable amount of assets including goodwill for which there was a material impairment loss recognised or reversed during the period i e moving the requirement from paragraph 134 c of IAS 36 add a requirement to paragraph 130 f of IAS 36 to disclose the following a description of the valuation technique that is used to measure fair value less costs of disposal of the impaired asset and if there has been a change in the valuation technique the reason for making it consistently with the requirements in paragraph 134 e and 134 e iiB of IAS 36 the level in the fair value hierarchy in which the fair value measurement is categorised in its entirety consistently with the requirement in paragraph 134 e iiA and for the fair value measurements that are categorised within Level 2 and Level 3 the key assumptions used in the measurement consistently with the requirement in paragraph 134 e i to remove from paragraph 134 c of IAS 36 the requirement to disclose the recoverable amount of any cash generating units with a significant carrying amount of goodwill or intangible assets with indefinite useful lives With little debate the Board tentatively agreed with the staff recommendations including that the proposed amendments should be effective from 1 January 2014 with early application permitted proposed amendments should be applied retrospectively but not earlier than when an entity first applies IFRS 13 and exposure draft for the narrow scope amendment should have a 60 day comment period Related Topics Resources International Accounting Standards Board IASB Projects IAS 36 Recoverable amount disclosures for non financial assets Standards IAS 36 Impairment of Assets IFRS 13 Fair Value Measurement Other US GAAP Related news Pre meeting summaries for the February IASB meeting 09 Feb 2016 2016 IFRS Red Book coming in March 09 Feb

    Original URL path: http://www.iasplus.com/en/meeting-notes/iasb/2012/december/ias-36-narrow-scope-amendment-recoverable-amount-disclosures (2016-02-10)
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