The FASB today moved a step further along its IFRS convergence journey with a
proposal that would allow companies the option of reporting financial assets and
liabilities at fair value.
Leslie F. Seidman, a FASB board member, said the proposal would help the FASB
achieve further convergence with the International Accounting Standards Board
(IASB). The IASB has already adopted a fair value option for financial
The FASB added that the change would simplify accounting and reduce earnings
volatility caused by differences in current accounting rules.
If implemented, the new standard will allow financial assets and liabilities
to be measured at fair value on a contract-by-contract basis. Companies will
have to display these values separately from those measured under different
attributes on the balance sheet.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner