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.
21 /PRNewswire/ -- The Dow Chemical Company (NYSE: DOW) announced today that the impact of two new accounting standards
being adopted by the company will be reflected in its fourth quarter of 1992 results.
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.
The FASB today formally added to its agenda a project to reconsider the current accounting standards
Since 1995, the call to revise lease accounting standards
has risen from a number of regulatory groups, including the Financial Accounting Standards
Board (FASB), the UK Accounting Standards
Board (UK ASB) and the International Accounting Standards
This project will endeavor to select the best accounting standard
in the body of existing international and U.
Herz is beginning this high-visibility post at a turbulent time for accounting standard
setting, and just prior to his July 1 start date, he spoke candidly with Financial Executive's Managing Editor Ellen M.
Regulators often look to such an organization to help establish an industry position on an accounting standard