Accounting standards

Wholesale adoption in the U.S. of International Financial Reporting Standards seems unlikely to occur in the near future as the Financial Accounting Standards Board and the International Accounting Standards Board continue to move away from full convergence of their standards, according to a Fitch Ratings report.

The International Federation of Accountants and the Chartered Institute of Public Finance and Accountancy have developed a new International Framework for Good Governance in the Public Sector to encourage more effective public sector governance.

The American Institute of CPAs’ Auditing Standards Board has issued two new auditing interpretations in response to the Governmental Accounting Standards Board’s new pension reporting standards.

A new academic study finds that fair value accounting was unfairly blamed for precipitating the 2008-2009 financial crisis, but acknowledges that some investors reacted positively to news that the rules would be relaxed in response to the crisis.

The Financial Accounting Standards Board and the International Accounting Standards Board are taking different approaches to setting standards for rate-regulated utilities, and a FASB board member sees little prospect for an agreement.

The International Accounting Standards Board announced its intention Monday to create a transition resource group that will focus on the upcoming new requirements for impairment of financial instruments under International Financial Reporting Standards.

The Financial Accounting Standards Board has issued a new accounting standards update for stock compensation.

The new converged revenue recognition standard from the Financial Accounting Standards Board and the International Accounting Standards Board could have an impact on not only financial statement preparers, but on tax practitioners and auditors as well.

The Governmental Accounting Standards Board has published two proposed statements to improve financial reporting by state and local governments of other post-employment benefits, such as retiree health insurance.

The Financial Accounting Standards Board has released a new accounting standard to address some of the problems with financial reporting on repurchase agreements, such as those that contributed to the demise of MF Global.

The Financial Accounting Standards Board has added two short-term projects to its agenda to simplify U.S. GAAP as part of its initiative to reduce complexity in accounting standards.

The Financial Accounting Standards Board issued an accounting standards update Tuesday to improve financial reporting for development-stage entities, eliminating the inception-to-date information and differences in consolidation guidance.

Thomson Reuters has released a special report on the newly issued accounting standard on revenue recognition from the Financial Accounting Standards Board and the International Accounting Standards Board.

The Financial Accounting Standards Board and the International Accounting Standards Board officially announced the formation Tuesday of a Joint Transition Resource Group for Revenue Recognition.

Some of the major accounting firms and the American Institute of CPAs are planning to publish materials to help accountants and companies deal with the new revenue recognition standards.

A roundup of resent news in audit and attest.

CPA firms are advising clients to begin to get ready for the newly released revenue recognition standards, even though they won’t be taking effect until 2017.

Changes in the proposed lease accounting standards that the Financial Accounting Standards Board and the International Accounting Standards Board are working to converge are expected to have an impact on approximately half of public companies, but less than 10 percent will see a major impact, according to new research by the IASB.

The Governmental Accounting Standards Board voted unanimously Wednesday to approve two exposure drafts proposing significant improvements to financial reporting by state and local governments of other post-employment benefits, such as retiree health insurance.

The Financial Accounting Standards Board and the International Accounting Standards Board have released their long-awaited converged standard on revenue recognition after more than a decade of effort.