FASB receives primarily technical questions about revised revenue-recognition proposal | Survey suggests corporate finance trends | IASB and FASB host round tables in Brazil and Malaysia
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April 5, 2012
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FASB receives primarily technical questions about revised revenue-recognition proposal
The Financial Accounting Standards Board and International Accounting Standards Board are working to address any lingering questions or issues surrounding their proposal for revised revenue-recognition standards. The first exposure draft released by the agencies received a flurry of comments, but the second draft, released in November, has raised mainly technical questions. CFO.com (3/2), Journal of Accountancy online (3/13)
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Survey suggests corporate finance trends
A survey from the Financial Executives Research Foundation and Robert Half Management Resources is shedding light on finance practices among worldwide companies. The survey found that fewer U.S. companies outsourced their payroll function last year than did in 2009, while more companies saw their compliance costs rise. The number of U.S. companies using International Financial Reporting Standards increased from 5% in 2009 to 11% in 2011. Meanwhile, 45% of Canadian companies and half of French businesses reported using IFRS. CGMA Magazine (3/2012)
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IASB and FASB host round tables in Brazil and Malaysia
The International Accounting Standards Board and the Financial Accounting Standards Board hosted events in Brazil and Malaysia as part of their ongoing outreach efforts. The public round tables focused on topics including revenue recognition and consolidated financials for investment entities. The meetings are designed to give attendees an opportunity to ask questions and share their views on accounting proposals. CGMA Magazine (3/2012)
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Regulatory Developments
IASB responds to industry requests for "period of stability"
The International Accounting Standards Board is responding to industry requests to slow down the pace of changes. "Now we have most of the world on board, even a small change to a standard can be like dropping a pebble into still water," said Chairman Hans Hoogervorst. "Let's fix what needs fixing, and no more. The most common feedback is a request for a period of stability." Reuters (3/7), Accountancy Age (London) (tiered subscription model) (3/8)
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U.S. businesses could feel impact of lease accounting changes
U.S. companies in a variety of industries are awaiting a decision by the Financial Accounting Standards Board on changes to lease accounting standards. The changes are part of ongoing efforts to converge U.S. and international accounting standards. The new rules would change the way leases appear on companies' balance sheets, and could have huge implications for some companies, including businesses with multiple locations. Rochester Business Journal (N.Y.) (3/23)
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IFRS at Work
Tweedie: Shift to IFRS is a win-win
Sir David Tweedie, former chairman of the International Accounting Standards Board, writes that the use of International Financial Reporting Standards "significantly outweighs the loss of national standards." Financial Times (tiered subscription model) (3/29)
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Auditors must stick to IASB's rules, SEC warns
The Securities and Exchange Commission issued a notice to remind auditors to apply the International Accounting Standards Board's rules when auditing financial statements prepared under International Financial Reporting Standards. Auditors may not apply rules issued by other countries in auditing companies' financial statements in the U.S., the SEC said. Compliance Week/Accounting & Auditing blog (3/23)
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IASB looks for ways to improve IFRS adoption
International standard setters, such as the International Accounting Standards Board, are becoming more assertive about how their rules are being put into practice. For example, the IASB plans to monitor countries and report on their implementation of International Financial Reporting Standards as a way to improve compliance. The Globe and Mail (Toronto) (tiered subscription model)/Global Exchange blog (3/16)
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International Watch
Ireland gives U.S. companies more time on accounting switchover
The Irish government will give U.S. companies doing business there another five years before they must produce financial statements under Irish accounting principles or international standards. U.S. companies are allowed to use U.S. generally accepted accounting principles while doing business in Ireland. The move is designed to preserve Ireland's competitiveness as a destination for foreign corporations. The Irish Times (Dublin) (3/7)
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Nigerian banks move forward with IFRS
Nigerian banks are moving forward with plans to adopt International Financial Reporting Standards. The transition is being promoted as a way to make Nigerian companies more attractive to foreign investors. Banks that provide microfinance are also expected to make the switch over the next year. Leadership Nigeria/News Agency of Nigeria (3/26), BusinessDay (Nigeria) (3/16)
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China makes move toward IFRS as economy grows
Chinese officials are working to harmonize Chinese accounting principles with International Financial Reporting Standards. The decision represents a shift away from the historical-cost method of accounting and is expected to increase competitiveness and better integrate China into the world economy. China Daily (Beijing) (3/16)
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The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. The AICPA has long supported the goal of one set of high-quality global accounting standards for public companies throughout the world to improve consistency and comparability. In May 2008, the AICPA's governing Council voted to amend Rules 202 and 203 of the AICPA's Code of Professional Conduct to recognize the International Accounting Standards Board as an international accounting standard setter in the U.S.
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