The FAF proposal runs counter to the recommendations of the Blue Ribbon Panel on Standard-Setting for Private Companies, which earlier this year recommended establishing an autonomous board to set
accounting standards for private companies, rather than having FASB oversee them.
For the past three decades it has become increasingly vocal in its support of a single set of robust
accounting standards that would be used worldwide.
When asked what pleases him about his first term as International
Accounting Standards Board (IASB) Chairman, far and away, Sir David Tweedie talks about the progress made towards converging
accounting standards between IASB and the U.
Updates and clarifies text regarding contract pricing matters and cost
accounting standards.
Thus, there are growing demands for the development of a single set of high quality international
accounting standards.
The National Fiduciary
Accounting Standards includes six broad principles, with detailed explanation and a sample report.
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.
Debate between the London-based International
Accounting Standards Board and insurance trade groups, and between both and the European Commission--the EU's executive body--heated up last year to the point where, early this year, the IASB decided to put off bringing insurance contracts into the fold until it has time to explore more fully the implications of IFRS for insurers.
The FASB will hopefully follow the full international harmonization of
accounting standards in other countries by no more than two years, and is currently emphasizing the crucial role of current value reporting of assets and liabilities in corporate financial statements.
The International
Accounting Standards Board and Canada recently issued requirements to expense share-based payments, including employee stock options.
Two Statements of Financial
Accounting Standards (SFAS) were issued: Number 116 -- Accounting for Contributions Received and Contributions Made, and Number 117 -- Financial Statements of Not-for-profit Organizations.
The FAF is responsible for the oversight, administration, and finances of both the Financial
Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental
Accounting Standards Board (GASB).
INTERNATIONAL STANDARDS MAY CHANGE to follow
accounting standards in a particular country.
1 (CON1)--issued by the Financial
Accounting Standards Board (FASB) in 1978--that forms the underpinning for FASB's Conceptual Framework (CF), reads: "Financial reporting is not an end in itself, but is intended to provide information that is useful in making business and economic decisions.
Another area of change relates to the role of the Financial
Accounting Standards Board and
accounting standard setting.
