Monitoring the Countdown to Convergence
Blame it on the collapse of the Enron, Worldcom, the financial crisis or globalization. The Financial Accounting Standards Board (FASB) has been under pressure to come up with the globally improved financial reporting standards. Anyone following U.S. GAAP needs to track the overhaul of the International Financial Reporting Standards (IFRS) as it converges U.S. GAAP [...]
Much has changed over the past year — market conditions, near-term convergence between IFRS and US GAAP, and the issuance of important new standards. IFRS is affecting US and non-US companies in a variety of ways and this will increase as non-US subsidiaries adopt IFRS elsewhere in the world and as key aspects of US [...]
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Off-balance-sheet arrangements are used by many financial and non-financial companies for a variety of reasons, including managing risk, reducing borrowing costs, and collaborating with other companies. The impact may reach beyond financial reporting to include current and future business ventures, financing, financial metrics, operations, stakeholder communications, internal controls, and IT systems. This edition of PwC’s [...]
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Quick Reference Guide to help you make the transition to the Codification
September 16, 2009 4 Comments
PwC has developed a Quick Reference Guide to help you make the transition to the Codification. This user-friendly Guide includes: • The structure of the Codification, including examples of the citation format • How new authoritative guidance will be released and incorporated into the Codification • Where to locate other PwC information and resources on [...]
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Highlights of the 2008 AICPA National Conference on Current SEC and PCAOB Developments
January 9, 2009 No Comment
Annually, the American Institute of Certified Public Accountants (AICPA) hosts a conference featuring speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB and professionals from various industries. The attached issue of Deloitte’s Heads Up extracts key insights from nearly 26 hours of material presented during this year’s AICPA National Conference on [...]
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The FASB concluded that it should defer the effective date of FAS 157 for one year for nonfinancial assets and nonfinancial liabilities that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis. This delay is intended to provide the Board additional time to consider the effect of certain implementation [...]
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The FASB decided to amend FAS 157 to exclude FAS 13, Accounting for leases and its related interpretive accounting pronouncements that address leasing transactions. The exclusion does not apply to fair value measurements of assets and liabilities recorded as a result of a lease transaction but measured pursuant to other pronouncements within the scope of [...]
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FAS 157, “Fair Value Measurements” (FAS 157), offers enhanced guidance for using fair value to measure assets and liabilities. It provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. FAS 157 specifies a hierarchy whereby [...]
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On August 27, 2008, SEC proposed the potential mandatory adoption of IFRS in the U.S. beginning in 2014. The proposed rule would also allow certain qualifying domestic issuers to use IFRS as early as fiscal years ending on or after December 15, 2009. The SEC proposal would permit early adoption of IFRS by a limited number of [...]
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The purpose of this Disclosure Checklist is to assist you in preparing financial statements in accordance with IFRS by identifying the disclosures required. The Disclosure Checklist reflects IFRSs in issue at 1 June 2008 that are required to be applied by an entity with an annual period beginning on or after 1 January 2008.
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