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News bulletins

This reflects news as I stumble across it, not necessarily when it was released! A more topical list may be found at News by topic and/or at industry

2013

July

July 27th the Boards are creating a task force to assist in the implementation of the Netherlands new revenue recognition standard. One concern is that US companies might find the principle-based standard difficult to apply.

May

May 8th The European Parliament is apparently going to try to rein in the IASB on grounds that it is (a) too influenced by accountants and (b) has too much US influence when the US refuses to implement its standards.See EurActiv for more details.

March

March 22 From CFO.com an interesting article on the problems that companies are having in implementing XBRL and whether it is actually getting used by investors.

January

January 28 Rachael Singh reports in AccountancyAge that a study by the IASB shows that auditors fail to see financial reports as models of communication but rather as required compilations of data. As a result, they make little effort to make the reports meaningful to users.

2012

December

The FASB will be issuing an ED on a one-bucket approach to dealing with credit losses as an alternative to the IASB's three bucket approach.

August 2012

August 8 Noticed that the FASB has dropped its controversial loss contingency project leaving (non-)disclosure of lawsuits and the like intact as is.

August 10 FASB tentatively decides that sale and repurchase agreements should be accounted for as a secured borrowing.

August 12 FASB has issued ASC Update 2012-02 that simplifies testing impairment of indefinite-lived intangible assets by providing for a qualitative test.

August 14 Just noticed that at a July meeting the Board's continued re-deliberations on their revenue proposal and hope to have a revised draft out by the end of the year.

August 24 Floyd Norris reports on the number of problems that the PCAOB is uncovering in audits

July 2012

July 2 The IFRS Foundation has asked for feedback on its IFRS for SME's.

July 13 So the SEC has still not taken a decision on whether to adopt international standards. It does seem increasingly unlikely that it will although the possibility of “endorsing” IASB standards as Europe, Australia and others have done seems a possibility. My own reading is that the US will endorse some but not all and that convergence will proceed in fits and starts.

July 19 The Boards are moving toward issuing a revised draft of their lease proposal but there are apparently a number of dissenters, including three of the seven members of the FASB. This does not seem to bode well.

July 20 The Boards had decided on a three-bucket approach to loan impairment that would recognize expected losses rather than just incurred losses. The FASB has now stepped back citing “confusion” among its constituents. HH fears the whole project will unravel. For the exchange.

July 21 Insight into the problems of convergence are found in Deloitte's discussion of the segment accounting controversy.

July 27 The directorship of the IFRS Foundation and the chairmanship of the IASB have been separated in the interest of good governance. Hans Hoogervorst keeps the latter and an Israeli Yael Almog will take the executive director position.

July 31 IASB will produce a scaled down version of IFRS for micro-companies – those with less than 10 employees – seemingly oblivious to the fact that IFRS was established for external users of which there are none at this level.

June 2012

June 5 Hoogervorst predicts that an asset impairment standard that will recognize expected losses will appear soon. This revision of IFRS 9 “Financial Instruments” appears to be largely motivated by the problems of sovereign debt. Hoogervorst simultaneously questioned whether an expected rather than an incurred loss approach would have made much difference with banks undercapitalized and under political pressure not to disclose their losses.

June 6 The staff presented a plan to begin examining ways in which not for profit financial statements might be improved.

June 7 Constituents in May rejected the Board's latest proposed ways offered in February to get around the front-loading of expenses in leases, sending the staff back to think again.

June 13 The Board's have effectively decided to continue to distinguish between operating and capital leases. The distinction now will be based on how much of the value of the underlying asset is conveyed during the term of the lease.

June 22 The EITF agreed that a NFP should report contributed services that it receives from an affiliate.

May 2012

May 5 The boards have apparently been discussion a “fourth” approach in which the right-to-use asset will be set equal to the lease payable at inception and at each point thereafter. The lease expense will equal the lease payment. This is nothing more than a fancy way of hiding the fact that they are using an interest-rate amortization method for the leased asset. Also see March 8th bulletin.

May 7 KPMG has issued a very useful summary of the status of several convergence projects. I shall try to integrate these into my topical notes. FIXME

May 8 The trustees of the IFRS Foundation have published proposed enhancements to their Due Process Handbook intended to ward off problems like those that arose when governments and others demanded that they do something right away about mark-to-market accounting after the financial crisis of 2008. The trustees have also decided to expand the work of the Interpretations Committee and make it more transparent.

May 9 The IFRS proposes narrow amendments to eleven standards. None of these change the substance of the standard.

April 2012

April 11 John Plender raises some serious questions about the IFRS and draws a response from David Tweedie.

March 2012

March 1st Dutch announce mandatory rotation of auditors every eight years. This has now been ratified by the Dutch Parliament.

March 8th There has been an apparent divergence of views on the subject of leasing. More on this at Divergence of Opinion

February 2012

February 22 A quiet month with just a rechewing of the revenue recognition cud by most. Now a few comments about the will we-won't we conversation, involving the IASB, the SEC and the FASB.

January 2012

january 9th Hans Hoogervorst: “there is one question in particular which for me remains troubling, especially in the current environment. This question is: ‘What will it take before governments around the world take their own financial responsibilities seriously?’ This is not to suggest that none do, but I do believe that there is a systematic, pervasive, though possibly not deliberate, ignorance of the critical value and importance of good accounting to governments.”

January 11th The FASB has decided to leave the determination of going concern as a matter for auditors and not for financial accounting standards.

January 14th The IASB is making some tweaks to its transition guidance for IFRS 10 Consolidated Financial Statements.

January 19th Leslie Seidman on accounting for non-public companies and a replacement for the PCFRC.

January 23rd Wonkish! IFRS has published an Exposure Draft of their 2012 XBRL Taxonomy. Technical yes very; still important yes.

January 24th Hoogervorst tells the Russians that he is more optimistic about convergence than he was a month or two ago. “They need us,” he says!

news_bulletins 2011

news_bulletins.txt · Last modified: 2013/07/27 15:07 by gushippo