business and regulatory communities, the AICPA was publicly supporting the goal of a single set of high quality, global accounting standards
to be used in the financial reporting of public companies throughout the world.
Accordingly, setters of accounting standards
need to consider improvements to the accounting treatment that do not result in a disincentive to those who prudently use credit derivatives for risk-management purposes.
Lowe said the industry itself could make it easier to fashion a transparent accounting standard
for insurance contracts--perhaps even with a fair-value approach, if it could develop a single actuarial standard for reserving.
The cross-fertilization that's going on is the result of an agreement between the Financial Accounting Standards
Board (FASB) and the International Accounting Standards
Board (IASB) to make their existing financial reporting standards compatible with each other to better respond to the complexity of the world's markets (See "The Urge to Converge," page 70).
The exposure drafts reflect the progress that the FASB and International Accounting Standards
Board have made on a first phase of a joint short-term convergence project that was initiated in 2002.
IASB's International Accounting Standards
(IAS) and International Financial Reporting Standards (IFRSs) are adopted by various countries and mandatory (with certain exceptions) for listed companies in the EU effective 1.
In recent years, frequent political intervention has shown little regard for the long-term damage it can do to the profession's prerogative for self-regulation and to the integrity of its due process for setting accounting standards
He notes that FEI President and CEO Colleen Cunningham serves on the International Accounting Standards
Council (IASC) of the IASB and he serves on the Consultative Advisory Group of the International Auditing and Assurance Standards Board (IAASB).
In line with the commitment to international convergence of accounting standards
, the International Accounting Standards
Board (IASB) intends to issue this statement to its constituents in the form of a preliminary views document.
Before making this decision, the FASB consulted with its constituents, including the FASB's Financial Accounting Standards
Advisory Council (FASAC), its User Advisory Council (UAC), and the SEC staff.
The legislation also prohibits the SEC from recognizing any stock option-expensing accounting standard
set by a standard-setting body unless and until: 1) The standard recognizes the true expense of the stock option on a company's financial statement when the option is exercised, expires or is forfeited (a "truing up" requirement); and 2) a comprehensive economic impact study has been conducted by the Departments of Commerce and Labor.
To provide information and educated guidance to the ongoing discussion calling for the revision of the Financial Accounting Standard
for lease accounting, the Equipment Leasing Association (ELA) today announced the release of a new white paper, "Lease Accounting: Separating Myth from Reality; Are the lease accounting rules as bad as they say?
Regulators often look to such an organization to help establish an industry position on an accounting standard
This project will endeavor to select the best accounting standard
in the body of existing international and U.
The AICPA governing council last fall formally named the Federal Accounting Standards
Advisory Board the accounting standard
setter for the federal government.