The Financial Accounting Standards Board (FASB) had indefinitely postponed a
proposasl to revise its notoriously complex accounting rules for derivatives.
The FASB had planned to simplify the rules, known as FAS 133, and eliminate
differences between them and their International Financial Reporting Standards
(IFRS), IAS 139, Financial Week reports.
But the proposed revision to FAS 133 would have eliminated a number of
provisions which make it easier for companies to avoid having changes in the
fair value of their derivatives affect their earnings. This drew complaints from
preparers of financial statements and others and prompted the FASB to back down.
The board has withdrawn its proposal, and has not indicated if or when it
will re-introduce a revised version.
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