The most recent IFRS & Standards articles from Accountancy Age

Financial markets must be ‘put back in its place’

AccountancyAge.com — 2008-05-15T08:22:00.000Z

AccountancyAge.com, Accountancy Age, Thursday 15 May 2008 at 08:22:00

Former IMF head has called for stricter regulation to put the global financial market ‘monster’ back in its place

In what has been described as the toughest comments by a leading European politician since the start of the subprime crisis, Horst Köhler, the German president and former head of...

> Read the full article

IFRS taxonomy ready for use shortly

AccountancyAge.com — 2008-05-08T12:47:00.000Z

AccountancyAge.com, Accountancy Age, Thursday 8 May 2008 at 12:47:00

The final version of an IFRS taxonomy soon ready for use, according to IASB chair

Gerrit Zalm, chairman of the foundation which oversees the International Accounting Standards Board, told the XBRL Conference yesterday, he was confident a final version of an International Financial Reporting Standards...

> Read the full article

Regulatory backlash from credit crunch falls short

AccountancyAge.com — 2008-05-07T07:54:00.000Z

AccountancyAge.com, Accountancy Age, Wednesday 7 May 2008 at 07:54:00

Only a handful of regulatory proposals to prevent another credit crunch will ever come to fruition

In a backlash from the credit crunch, regulators and industry groups have been eager to prevent similar problems from occurring again but their attempts may be thwarted....

> Read the full article

New disclosure rules for banks

Penny Sukhraj — 2008-05-06T09:50:00.000Z

Penny Sukhraj, Accountancy Age, Tuesday 6 May 2008 at 09:50:00

Auditors must make clear in their reports the precise relationship between a bank and 'off balance sheet' vehicles

Bank audits are expected to be crystal clear about the risks investors face – if improved disclosure rules go ahead....

> Read the full article

EC meddling could hit UK companies

Michelle Perry — 2008-05-01T16:55:00.000Z

Michelle Perry, Accountancy Age, Thursday 1 May 2008 at 16:55:00

European opt-outs from IFRS could leave UK companies with higher capital costs, says FRC

European opt-outs could leave UK companies stranded from the international accounting standards system and facing higher capital costs, if the EU frustrates International Accounting Standards Board plans, a financial watchdog...

> Read the full article

SEC: 'We'll be tough on IFRS numbers'

Alex Hawkes — 2008-05-01T09:42:00.000Z

Alex Hawkes, Accountancy Age, Thursday 1 May 2008 at 09:42:00

Wayne Carnall says restatement requests will be discussed with European regulators committee

The US Securities and Exchange Commission has vowed to be as tough when reviewing financial statements prepared under IFRS as it is on numbers issued under US GAAP, Reuters has...

> Read the full article

Use fair value but disclose more - Fitch

Penny Sukhraj — 2008-04-30T11:00:00.000Z

Penny Sukhraj, Accountancy Age, Wednesday 30 April 2008 at 11:00:00

Fitch suggests that better disclosure is required as to the rationale, assumptions and sensitivities behind these valuations

A global ratings agency has urged companies to make better disclosures in their accounting for assets at fair value in illiquid markets....

> Read the full article

Insurance world backs IASB over universal yardstick

AA Freelancer — 2008-04-29T10:45:00.000Z

AA Freelancer, Accountancy Age, Tuesday 29 April 2008 at 10:45:00

‘Whatever final insurance standard the IASB develops will result in a fundamental change in the finance and actuarial functions of many insurance companies' - E&Y

The insurance industry has given its backing for a global insurance standard despite different views on how it should be drafted....

> Read the full article

Standard setters outline response to credit crunch

Penny Sukhraj — 2008-04-29T09:32:00.000Z

Penny Sukhraj, Accountancy Age, Tuesday 29 April 2008 at 09:32:00

Once subprime mortgages were put into QSPEs, they were ticking time bombs - Herz

The accounting standard setters have resolved to kill qualified special purpose entities which allowed lenders to take assets off their balance sheets....

> Read the full article

IASB accelerates off balance sheet project

Penny Sukhraj — 2008-04-28T10:16:00.000Z

Penny Sukhraj, Accountancy Age, Monday 28 April 2008 at 10:16:00

'The IASB is committed to move the projects forward expeditiously' - Sir David

The international standard setter is to accelerate its projects which address off-balance sheet issues. Chairman of the International Accounting Standards Board, Sir David Tweedie, announced the moves on Friday in...

> Read the full article

MEPs call for greater transparency from IASB

Penny Sukhraj — 2008-04-25T09:59:00.000Z

Penny Sukhraj, Accountancy Age, Friday 25 April 2008 at 09:59:00

The report also called for impact studies among interested parties before adopting new accounting standards - along with consultations of parliament on the IASB's work schedule

The European Parliament has called for the international standard setter to improve its governance, saying it lacks in transparency and accountability as it is not under the control of any...

> Read the full article

KPMG LLP sets up IFRS Institute

AccountancyAge.com — 2008-04-24T00:00:00.000Z

AccountancyAge.com, Accountancy Age, Thursday 24 April 2008 at 00:00:00

KPMG LLP sets up IFRS Institute to encourage global stakeholder dialogue on adoption of IFRS in USA

KPMG LLP is planning to set up a KPMG IFRS Institute aimed at fulfilling the information needs of companies, investors, academics and others affected as US companies make the transition...

> Read the full article

EC lets US and Japanes keep their GAAPs

AA Freelancer — 2008-04-23T00:00:00.000Z

AA Freelancer, Accountancy Age, Wednesday 23 April 2008 at 00:00:00

Commission helps London stock exchange by allowing US and Japanese companies listed in Europe use home rules

US and Japanese firms listed in European Union can continue filing accounts under home rules and avoiding costly changes, the European Commission announced today....

> Read the full article

Key IASB project is 'not under-staffed'

Penny Sukhraj — 2008-04-17T00:00:00.000Z

Penny Sukhraj, Accountancy Age, Thursday 17 April 2008 at 00:00:00

The IASB has played down suggestions that it does not have enough staff to handle a key project looking at off-balance sheet accounting

The board accidentally published an ‘observer note’ on one of its meetings recently. The note, written by technical experts at the IASB, made candid admissions about how the project to...

> Read the full article

Banks face rules for 'strict and detailed' disclosure

AccountancyAge.com — 2008-04-17T00:00:00.000Z

AccountancyAge.com, Accountancy Age, Thursday 17 April 2008 at 00:00:00

IASB could make 'strict and detailed' rules mandatory for banks to disclose their off-balance interests

Sir David Tweedie, International Accounting Standards Board (IASB) chairman, has suggested international standards soon under consideration might make it mandatory for banks to disclose their off-balance sheet interests in a...

> Read the full article