Accounting Standards
IFRS Trustees Reappoint Two Board Members to New Terms
The Trustees of the IFRS Foundation have reappointed Amaro Gomes (South America) and Pat Finnegan (North America) to serve second five-year terms as members of the IASB. The IFRS is responsible for the governance and oversight of the International Accounting Standards Board (IASB).
AICPA, CIMA Seek to Improve Business Forecasting and Decision Making
Two associations for accounting professionals have begun international consultation on draft management accounting principles to help CFOs, CEOs and company boards of directors drive better performance at their organizations.
Financial Accounting Foundation Names CPA As Chair of Advisory Council
The Financial Accounting Foundation has announced that Steven E. Buller, CPA, managing director and former chief financial officer of BlackRock, Inc., has been appointed chairman of the group's Advisory Council (FASAC). His term begins on February 1, 2014, and concludes on December 31, 2015.
IASB Issues Interim Standard on Rate-Regulated Activities
The International Accounting Standards Board (IASB) today issued an interim Standard, IFRS 14 Regulatory Deferral Accounts. The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities.
AICPA Commends FAF for Funding IASB
The American Institute of CPAs (AICPA) issued the following statement by President and CEO Barry C. Melancon, CPA, CGMA, in response to the Financial Accounting Foundation’s announcement that it will provide funding to the International Financial Reporting Standards Foundation to support the completion of international convergence projects:
FASB Issues New Accounting Guidelines for Goodwill and Interest Rate Swaps
The Financial Accounting Standards Board (FASB) today issued two updates to U.S. generally accepted accounting principles (GAAP) that provide alternatives for private companies on the subsequent accounting for goodwill and for interest rate swaps—specifically a simplified hedge accounting approach for certain types of swaps.
New Print Edition of FASB Accounting Standards Codification Available
The Financial Accounting Foundation (FAF) today released an updated print edition of the Financial Accounting Standards Board’s FASB Accounting Standards Codification, the single, authoritative source of U.S. Generally Accepted Accounting Principles (U.S. GAAP) for public and private companies and not-for-profit organizations.
International Federation of Accountants Seeks Convergence of Global Regulations
As Australia assumes the presidency of the G-20 for 2014, IFAC reiterated its call on global policymakers to refocus on regulatory convergence, and said their failure to do so is stifling business confidence, economic stability, and ambitions for a sustainable recovery.