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  • FAF warns against written commitment to a single set of global accounting standards

    31 Dec 2012

    The US Financial Accounting Foundation (FAF) has submitted a letter of comment to the IFRS Foundation on its Invitation to Comment 'Proposal to Establish an Accounting Standards Advisory Forum'. In the comment letter, the FAF warns that written commitment to a single set of global accounting standards will exclude many jurisdictions and with them some major players from the proposed new advisory body.

  • EFRAG endorsement status report

    31 Dec 2012

    The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. The latest report follows the adoption of various new or amended IFRSs and of IFRIC 20.

  • Japan 'designates' additional IFRSs

    30 Dec 2012

    On 28 December 2012, the Financial Services Agency of Japan announced that additional IFRSs were designated for use by companies voluntarily applying IFRSs in Japan.

  • EU formally adopts various new or amended IFRSs and IFRIC 20

    29 Dec 2012

    The European Union has published Commissions Regulations endorsing the "package of five" standards on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011)), IFRS 13, IFRIC 20, and amendments to IFRS 1 (hyperinflation and fixed dates), IAS 12 (recovery of underlying assets) and IFRS 7/IAS 32 (offsetting). The "package of five" standards come with a European effective date of 1 January 2014. However, early application is permitted.

  • Recent developments in Islamic banking, finance and accounting

    27 Dec 2012

    The rapid global growth in Islamic finance has brought increased international attention to the questions of what Islamic finance is, how it differs from conventional finance and and whether accounting for Islamic and conventional finance transactions can be harmonised.

  • Paul Beswick named SEC Chief Accountant

    22 Dec 2012

    Paul A Beswick, the Acting Chief Accountant at the US Securities and Exchange Commission (SEC), has been named to the position permanently. Mr Beswick, so far the SEC Deputy Chief Accountant, had been serving as Acting Chief Accountant since James L Kroeker left the Commission in July.

  • Two new EFRAG draft comment letters published

    22 Dec 2012

    The European Financial Reporting Advisory Group (EFRAG) has issued draft comment letters on two items: the IASB’s Exposure Draft ED/2012/3 'Equity Method: Share of Net Asset Changes' and the IFRS Interpretations Committee’s tentative agenda decision on IAS 39 regarding the implications of negative interest rates for presentation in the statement of comprehensive income.

  • New IFRS for SMEs training module

    21 Dec 2012

    The IFRS Foundation Education Initiative has developed a training module for Section 9 of the IFRS for SMEs 'Consolidated and Separate Financial Statements'. This section defines the circumstances in which an entity presents consolidated financial statements and the procedures for preparing those statements. It also includes guidance on separate financial statements and combined financial statements.