IASB amends standards on depreciation and amortization
The International Accounting Standards Board amended IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets, to clarify acceptable methods of depreciation and amortization. The accounting body stated that for both types of assets, depreciation should be calculated by the expected pattern of consumption of an asset's future economic benefits and that revenue-based methods were not appropriate. The amendments are effective for annual periods starting on or after Jan. 1, 2016, though early application is permitted. Journal of Accountancy online
(5/12), CPA Practice Advisor online
(5/13)
IASB publishes new rules for acquisitions of interests in joint operations
The International Accounting Standards Board last month published amendments to IFRS 11, Joint Arrangements, specifying the appropriate accounting treatment for an acquisition of an interest in a joint operation that constitutes a business. The IASB clarified that entities acquiring interests in joint operations should apply the principles on business combinations accounting in IFRS 3, Business Combinations, and other International Financial Reporting Standards, that don’t conflict with the guidance in IFRS 11. CGMA Magazine
(5/2014)
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FAF releases annual report
The annual report of the Financial Accounting Foundation includes a summary of developments in 2013 and its audited financial statement. It noted the appointment of new chairmen, Russell Golden and David Vaudt, to the Financial Accounting Standards Board and the Government Accounting Standards Board, and the appointment of James Kroeker as FASB vice chairman, a new role. The document also described developments in the relationship between the FASB and the International Accounting Standards Board on international convergence issues, and on work done by the GASB and FASB on new accounting statements, frameworks and GAAP taxonomy. AccountingWEB
(5/9)
IASB publishes updated charter establishing cooperation with national standard setters
The International Accounting Standards Board published an updated charter that establishes principles for the accounting body’s cooperation with other national standard-setters, as represented by the International Forum of Accounting Standard Setters. The updated charter outlined the relationship of the IASB to national standard-setters and other standard-setting bodies and focused on ways that staff and members of the accounting bodies can cooperate. Journal of Accountancy online
(5/7)
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IFRS convergence languishing in U.S.
U.S. adoption of International Financial Reporting Standards was seen as a given in 2008, but convergence has hit a rocky road, this blogger writes. While Securities and Exchange Commission chair Mary Jo White has said that adopting IFRS is a priority, the SEC's chief accountant, Paul Beswick, has called the process a "steep learning curve" for people in the agency without an accounting background. A related article covers White's appearance at a Financial Accounting Foundation Trustees event where she said that while further incorporating IFRS into the U.S. financial reporting system is a priority, the agency has to consider U.S. investors' interests first. Bloomberg BNA (free content)/Accounting Blog
(5/12), The Accountant online
(5/22)
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Your go-to resource for information on the revenue-recognition standard
Visit the AICPA revenue-recognition Web page, where you will find an overview of the revenue-recognition standard, implementation tips and tools. A free webcast will be held on June 16 to discuss how to prepare for the transition to the new standard.
Recently updated: IFRS Certificate Program
The AICPA has relaunched the IFRS Certificate Program with major updates, including the latest international standards and technical guidance issued thru 2013. The program’s 25 online courses include the basic training, knowledge and guidance that are necessary in today's global business environment. Enroll today.
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The
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is the world’s largest member association representing the accounting profession,
with more than 394,000 members in 128 countries and a 125-year heritage of serving
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