IFRS Trustees Propose Amendments to Constitution
In an effort to extend the tenures of the IFRS Foundation’s trustee chair and vice-chairs, the Foundation’s trustees are proposing slight amendments to the Constitution. Outlined in the Exposure Draft Amending the Terms of Appointment for the IFRS Foundation Trustee Chair and Vice Chairs , the proposed changes would increase the trustee chair’s maximum tenure to nine years (currently six years), three three-year terms, counting any prior period that they might have served as a trustee. Additionally, the Exposure Draft lists an amendment that gives the option to appoint the chair from among the trustees or externally. Also noted in the amendments is that the vice-chairs would be appointed from the trustees and can serve a. Read More.
SEC Staff Revises FAQs on IFRS Taxonomy
The Securities and Exchange Commission (“SEC”) staff recently updated the Frequently Asked Questions (“FAQs”) section regarding the International Financial Reporting Standards (“IFRS”) Taxonomy. The revised guidance addresses how IFRS Taxonomy should be used in company filings. It also includes an access link to XBRL submissions prepared through the IFRS Taxonomy in financial statement and footnote data sets. Read the updated FAQs at SEC.gov.
IFRS Foundation Issues Draft Guidance for SMEs
The International Financial Reporting Standards (“IFRS”) Foundation is requesting feedback related to its draft guidance regarding the IFRS for SMEs (small and medium-sized enterprises) Standard. Announced in a June 26 press release , the draft guidance is in a question-and-answer format and was authored by the SME Implementation Group. The draft guidance includes answers on how a parent company should disclose a financial guarantee in its financial statements. Comments on the draft guidance are due Friday, September 1.
The New Revenue Recognition World
By: Michael Brown, Senior Manager The effective date for the new revenue recognition standard is fast approaching and will be here before we know it. By now, you have probably heard speculation about the impact of the standard to your company. Speculation has been from no impact at all to the world is going to be entirely different post implementation. As always, the reality is somewhere in the middle. Generally speaking, for the government contracting industry, the end result of when and how much revenue is recognized will be similar as in the past or at least should not significantly. Read More.
Standard Setters Still at Odds over Lease Project
At their July 23rd joint meeting, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) resumed efforts to converge U.S. GAAP and IFRS. In particular, the top focus was FASB’s Proposed Accounting Standards Update (ASU) No. 2013-270, Leases (Topic 842), and IASB’s Exposure Draft (ED) No. 2013-6, Leases. Conflicted on recognizing the gains for sale-leaseback transactions, the boards continue to have opposing attitudes toward their lease accounting project. During the meeting, FASB agreed to allow sellers of assets to recognize the full gain from the time of the transaction. On the conflicting end, IASB agreed to let. Read More.
Corp Fin’s Higgins Responds to Lawmakers’ IFRS Questions
With tension mounting among lawmakers requesting the U.S. Securities and Exchange Commission (“SEC”) propose a rule on IFRS adoption, Keith Higgins addressed the agency’s consideration of the international standards. At the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises on July 24th, the director of SEC’s Corporation Finance Division referenced Mary Jo White’s May speech by reiterating her expectations to use IFRS more aggressively and have a clear strategy on the standards by year’s end. Higgins, however, did not mention whether U.S. companies would have the option to adopt IFRS. Reflecting a letter sent by members of. Read More.
Topics: Congressional Caucus on CPAs and Accountants, Corporate Finance Division, House Financial Services Subcmmittee on Capital Markets and Government Sponsored Enterprises, IFRS, International Standards, U.S. Securities and Exchange Commission "SEC"