Final standards await approval

Final standards await approval

Publication of the UK financial reporting standards on impairment and provisions awaits the outcome of an International Accounting Standards Committee board meeting in Kuala Lumpur this week.

Impairment is one of five final standards scheduled on the Malaysian agenda. ‘A lot of our programme is tied in with the IASC,’ said Allan Cook, the Accounting Standards Board’s technical director. ‘We’re ready to publish if the IASC is, but are waiting to see how it reacts.’

Pressure is mounting on the IASC to meet the amended November deadline for the core programme it agreed with the International Organisation of Securities Organisations. The international standards package is intended to be a ‘universal passport’ to global stock exchanges.

Final standards will also be considered for: intangible assets; business combinations; discounting operations; and provisions, contingent liabilities and contingent assets. An exposure draft still has to be agreed on financial instruments such as derivatives.

Mary Tokar, senior associate chief accountant with the US Securities and Exchange Commission, said SEC staff have reservations about the draft standard. ‘The proposed approach would, at best, be applied inconsistently.

At worst, it would permit manipulation of reported income,’ she said.

Share

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

1y Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

1y Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

4y Accountancy Age

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

1y Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article