GM and Chrysler plan more cutbacks Oct 24, 2008
The privately held Chrysler, citing differences in international accounting standards, disputed a report from its minority owner, Daimler, that put the quarterly loss at about $772. 5 million. (International Herald Tribune)
Mark-To-Model, Into The Twilight Zone Oct 24, 2008
Under heavy lobbying from major banks and European politicians notably French President Nicolas Sarkozy the Expert Advisory Panel of the International Accounting Standards Board made its recommendations on Oct. 10, and they were endorsed by the IASB.. Under the new IASB rules, it will become easier for companies to throw current market prices to the winds and replace them with values based on amortized costs. (Investors Business Daily)
Quick accounting shift draws fire Oct 23, 2008
When the International Accounting Standards Board switched its accounting rules closer to those in the US, Australia had no choice but to follow. The changed rules mainly apply to the valuation of financial securities such as debentures or loans. (Sydney Morning Herald -- Business)
Astrapak's earnings forecast cut again due to tax assets Oct 20, 2008
In terms of international accounting standards, it was required to reverse the assets against current earnings, the group said. An analyst, who asked not to be identified, said that it was strange that the company had not been aware of the accounting treatment of the tax assets when it released the first trading update. (Business Report, South Africa)
Canadian Banks May Delay Writedowns Under New Rules (Update4) Oct 18, 2008
The revision follows changes made by the International Accounting Standards Board that let companies avoid booking immediate losses as asset values plunge. Firms such as Manulife Financial Corp. have said the so-called ``fair-value'' rule exacerbates the credit crisis by forcing companies to write down assets that are hard to value and which they have no intention of selling. (Bloomberg)
Banks get accounting break Oct 18, 2008
The move follows a similar decision earlier this week by the International Accounting Standards Board (IASB). Standard setters say they are levelling the international playing field and giving banks flexibility during the financial crisis. (Globe and Mail)
* Business Briefs Oct 17, 2008
Accounting draft completed The Financial Supervisory Commission yesterday said that it had come up with a draft revision to bring national accounting standards in line with changes in international accounting standards. The changes will allow domestic companies not to mark part of their assets to the market. (Taipei Times, Taiwan -- World)
Banks Try to Drag Us Back Into the Drowning Pool Oct 16, 2008
-- On Oct. 13, the London-based International Accounting Standards Board, which sets rules for companies in more than 100 countries, decided to import the worst of U.S. generally accepted accounting principles in an effort to appease European banks. Effective immediately, companies using IASB rules can stop marking their securities and loans to market each quarter. (Bloomberg -- Columnists)
Fair-value U-Turn at the IASB Oct 15, 2008
The International Accounting Standards Board (IASB) has today announced the easing of controversial fair-value rules over the classification of some financial instruments. The amendments to IAS 39 (Financial Instruments: Recognition and Measurement) and IFRS 7 (Financial Instruments: Disclosures) now bring standards into line with US GAAP. The US Financial Accounting Standards Board (FASB) softened its stance on mark-to-market over the weekend. (Accounting Web, UK)
Accounting for change Oct 13, 2008
Her students are among the first to learn new international accounting standards in the classroom. Related News. (Pittsburgh Business Times, PA)
Global finance: no one's in charge Oct 11, 2008
During the past few decades, sharemarket crashes have forced governments to co-operate on international accounting standards. Even so, corporate law around disclosure, tax and a host of other issues still diverge wildly across jurisdictions. (Sydney Morning Herald -- Business)
Ireland extends guarantees to some non-Irish banks Oct 10, 2008
The overseers of international accounting standards on Thursday backed a plan to speed bookkeeping changes in response to the global financial crisis, allowing banks to reclassify some investments for third-quarter results, Bloomberg reported from Brussels. In step with U.S. rule makers, the International Accounting Standards Board, based in London, plans next week to ease "fair value" rules that have forced banks to take write-downs on losses in securities holdings ... The international board's... (International Herald Tribune -- Business)
Press Release: IMF and FSF Convene High-Level Meeting with Advanced and Emerging Market Economies on Financial Turmoil and Policy Responses Oct 10, 2008
In addition, representatives from the Bank for International Settlements, the Basel Committee on Banking Supervision, the Committee on the Global Financial System, the European Central Bank, the European Commission, the International Accounting Standards Board, the International Organization of Securities Commissions, the Joint Forum, the Organization for Economic Cooperation and Development, and the World Bank, also participated in the meeting. IMF EXTERNAL RELATIONS DEPARTMENT. (IMF News)
Keidanren Wants Early Application of Int'l Accounting Standards Oct 10, 2008
Tokyo, Oct 10, 2008 (Jiji Press) - The top Japanese business lobby will propose in a report that Japanese companies listed on foreign stock exchanges adopt international accounting standards at an early date, informed sources told Jiji Press on Friday. The Japan Business Federation, also known as Nippon Keidanren, will release the report on Tuesday, the sources said. (JCN Network, Japan)
Europe Races to Shore Up Banks as Crisis Spreads Oct 7, 2008
They also said they would consider ways to amend international accounting standards and lobby for a softening of European rules that ban state aid and monopolies, according to a statement released after the summit. The leaders also said EU budget rules regarding the deficit and debt limits allowed for members of the euro common currency could be loosened. (Yahoo News -- Global Economy)
Faculty receive endowed chairs; first Neubauer fellows join the faculty Oct 3, 2008
Leuz s work is relevant to many policy questions and has been used by policy-makers in deliberations of issues, such as whether the United States should abandon the Generally Accepted Accounting Principles in favor of the International Accounting Standards that most countries have adopted. Leuz earned a doctorate in business administration in 1996 and a postdoctoral degree in 2000, both from Johann Wolfgang Goethe Universit. (Univeristy of Chicago Chronicle, IL)
India Hospitality Corp. Reports Financial Results as of March 31, 2008 Sep 23, 2008
The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards ('IFRS') issued by the International Accounting Standards Board effective for accounting periods commencing on 1 January , 2007. These financial statements include comparative financial information as at and for the period ended 31 December, 2006, as required by IAS 1 - Presentation of Financial Statements ('IAS 1'). (PR Newswire)
Executive Briefing Sep 15, 2008
A survey says a lion's share of U.S. companies oppose changes in current pension accounting rules that may result if the U.S. adopts new international accounting standards ... The proposed changes were published in a recent paper by the International Accounting Standards Board. (Investors Business Daily)
Sasol Limited Financial Results for the Year Ended 30 June 2008 Sep 8, 2008
Basis of preparation and accounting policies The provisional summarised consolidated financial results for the year ended 30 June 2008 have been prepared in compliance with the Listings Requirements of the JSE Limited, International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (in particular International Accounting Standard 34 Interim Financial Reporting) and the South African Companies Act, 1973, as amended. The accounting policies applied in... (PR Newswire)
Global oil companies adjusting to financial reporting changes Sep 8, 2008
The increasingly global marketplace requires a common financial reporting language, and the International Accounting Standards Board is working toward that goal, says Ted Brooks, a partner with KPMG LLP s audit practice. The independent body is developing international financial reporting standards to allow financial reporting with greater comparability across borders and allow companies to reduce costs by creating common reporting systems. (Houston Business Journal, TX)
The Death of GAAP Sep 5, 2008
It's not that we love GAAP. And we're certainly not xenophobic about international accounting standards. But a big change is on the horizon at a time when the corporate earnings are perilous and the markets are in turmoil. (SmartMoney)
Japan Accountants Back International Standards Sep 2, 2008
Tokyo, Sept 1, 2008 (Jiji Press) - Japanese certified accountants on Monday proposed that listed companies introduce international accounting standards, reversing their former support for Japan's own rules. Listed companies should be allowed to adopt International Financial Reporting Standards, or IFRS, Koichi Masuda, chairman of the Japanese Institute of Certified Public Accountants, told a press conference. (JCN Network, Japan)
> U.S. takes steps to switch to global standards Aug 30, 2008
For years, the United States kept the way companies prepare their financial statements separate from the international accounting standards now adopted by almost 100 countries ... The International Accounting Standards Board, based in London, was formed in 2001 to create a set of global accounting standards for the industry ... In addition, the Financial Accounting Standards Board and the International Accounting Standards Board are working to make adjustments to one U.S. standard regarding... (Pittsburgh Business Times, PA)
SEC moves U.S. a step closer to international accounting standards Aug 30, 2008
Members: Not Registered. for free extra services. (Pittsburgh Business Times, PA)
SEC standards decision to hit private, public firms Aug 30, 2008
The seemingly inevitable switch to international accounting standards for U.S. public companies means private companies likely will have to change their reporting practices as well, accountants say. The this week released a timetable of necessary steps before adopting International Financial Reporting Standards and abandoning Generally Accepted Accounting Principles, the system in place in the United States since the 1940s. (San Jose Business Journal, CA)
Closing the GAAP Aug 29, 2008
In a landmark vote on Wednesday August 27th America s financial-markets watchdog, the Securities and Exchange Commission (SEC), paved the way for its companies to switch from America s Generally Accepted Accounting Principles (GAAP) to international accounting standards ... The International Accounting Standards Board posts summaries of. (The Economist)
US backs international standards Aug 29, 2008
US companies could have to use international accounting standards by 2014, under a proposal put forward by the Securities and Exchange Commission. The five SEC commissioners proposed a timetable for the switch from US standards, known as GAAP.. (BBC News -- Business)
SEC Opens Debate on Adopting International Accounting Rules Aug 28, 2008
The voted unanimously yesterday to open public discussion on a proposal to mandate that all U.S. companies file financial disclosure statements using international accounting standards starting in 2014, instead of those traditionally used in the United States. Under the proposal, a limited group of about 110 U.S. companies -- representing the 20 largest companies in their respective industries -- could adopt the International Financial Reporting Standards on an optional basis for filings in... (Washington Post)
SEC OKs plan that could lead to global accounting rules Aug 28, 2008
International accounting standards are young and still evolving ... U.S. accounting standards, known as GAAP or generally accepted accounting principles, are overseen by the Financial Accounting Standards Board, while the International Accounting Standards Board in London monitors global accounting rules. (USA Today -- Money)
Fannie Cleans House Aug 28, 2008
According to the NYT, "the adoption of international accounting standards by the United States would move the world toward one set of standards, which should make it easier for investors to compare companies operating in differing regions, and make it easier for firms to raise capital in whatever market seems most attractive." The U.S. would be joining more than 100 countries that use the international standard. The "" endorsed by SEC Chairman Christopher Cox is already being greeted with... (Slate)
Air China, China Eastern profit hit as traffic ebbs Aug 27, 2008
24 billion yuan ($181 million), under international accounting standards, while China Eastern's net loss was 212. 50 million yuan, narrower than last year's 305. (Reuters)
Sinopec's first half net profit falls on price controls for oil products Aug 25, 2008
The company, also known as Sinopec, said in a statement to the Hong Kong Stock Exchange that its net profit, according to international accounting standards, was 8. 3 billion yuan, or $1. (International Herald Tribune)
Structures and career paths shift Aug 25, 2008
There aren't even firm standards for the accounting treatment of emissions-related assets and liabilities and the International Accounting Standards Board is still looking into it. It won't be easy: carbon emissions are hard to value because the value depends on supply and demand in various jurisdictions. (Sydney Morning Herald -- Business)
Sinopec profit dives on soaring crude Aug 25, 2008
92 billion yuan under international accounting standards, versus a slightly revised profit of 36. 4 billion yuan a year earlier. (Sydney Morning Herald -- Business)
SEC May Back International Accounting Standards Aug 23, 2008
WASHINGTON (Reuters) - U.S. companies would be able to file financial results using international accounting standards according to a timetable U.S. securities regulators will propose next week ... About 110 countries use or plan to use the international accounting standards which are considered more flexible than GAAP.. (ABC News -- Wire)
Lebanese leader vows no surrender to violence Aug 19, 2008
such as principles based reserves, principles based capital, emerging international accounting standards and fair value accounting. candidates should have. (Yahoo News -- Lebanon)
CEOs give thumbs up to India, China Aug 17, 2008
US-based CEOs are less likely to believe a convergence of international accounting standards would have the same positive impact. 1. (India Times, India)
CEOs view BRIC as opportunities, not threat Aug 16, 2008
US-based CEOs are less likely to believe a convergence of international accounting standards would have the same positive impact. Most CEOs (41 percent), both at US and non-US-based organizations, felt the most important corporate responsibility task is ensuring all labour practices are ethical across their organization. (India Times)
Advantage Announces 2nd Quarter Results 2008 Aug 15, 2008
The depletion, depreciation and accretion ("DDovision has increased in total due to the increase in production and fixed assets in comparison to the three and six months ended June 30, 2007, mainly attributed to the Sound acquisition. The slight increase in the DD per boe compared to the prior year is due to high capital expenditures in the first half of 2008 and the higher value assigned to the Sound acquisition than accumulated from prior development activities. Taxes Current taxes paid or... (PR Newswire)
ATS reports first quarter fiscal 2009 results Aug 13, 2008
The CICA's Accounting Standards Board has announced that Canadian publicly accountable enterprises will adopt International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board effective January 1, 2011. IFRS will require increased financial statement disclosures. (Canada Newswire)
Anderson Energy Ltd. Announces 2008 Second Quarter Results Aug 13, 2008
The International Accounting Standards Board has stated that it plans to issue an exposure draft relating to certain amendments and exemptions to IFRS 1 ... The International Accounting Standards Board has stated that it plans to issue an exposure draft relating to certain amendments and exemptions to IFRS 1. (CCNMatthews Press Releases)
TELUS Reports Second Quarter Results Aug 8, 2008
Convergence with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) In 2006, Canada's Accounting Standards Board ratified a strategic plan that will result in Canadian GAAP, as used by publicly accountable enterprises, being fully converged with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS- IASB) over a transitional period to be complete by 2011 ... Canadian GAAP will... (Canada Newswire)
Tusk Energy Corporation: Financial and Operating Results for the Three and Six Months Ended June 30, 2008 Aug 8, 2008
The International Accounting Standards Board has stated that it plans to issue an exposure draft relating to certain amendments to IFRS 1 in order to make it more useful to Canadian entities adopting IFRS for the first time ... The International Accounting Standards Board has stated that it plans to issue an exposure draft relating to certain amendments to IFRS 1 in order to make it more useful to Canadian entities adopting IFRS for the first time. (CCNMatthews Press Releases)
Fortis Reports Second Quarter Earnings of $29 Million Aug 8, 2008
Fortis will continue to review all proposed and continuing projects of the International Accounting Standards Board, closely monitor any International Financial Reporting Interpretations Committee initiatives with the potential to impact rate-regulated accounting under IFRS, and will participate in any related processes, as appropriate. Rate-Regulated Operations: In March 2007, the AcSB issued an Exposure Draft on rate-regulated operations that proposed: (i) the temporary exemption in Section... (CCNMatthews Press Releases)
Full Year Results to 30 June 2008 Aug 8, 2008
The financial report of the Trust complies with International Financial Reporting Standards (IFRSs) and interpretations adopted by the International Accounting Standards Board (IASB). The Trust has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board, that are relevant to its operations and effective for financial reporting periods beginning on or before 1 July 2007. (Sydney Morning Herald)
AEGON Reports Solid Business Performance and Strong Capital Position Aug 7, 2008
All other accounting policies and methods of computation applied in the interim financial statements are the same as those applied in the 2007 consolidated financial statements, which were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and to IFRS as issued by the International Accounting Standards Board. The published figures in these interim financial statements are unaudited. (PR Newswire)
The Dangers of Shady Deals Aug 6, 2008
And while many auditors have begun pushing for coherent international accounting standards, it will be some time before that comes to pass. Consider yourself warned. (MSNBC -- Business)
Change listing norms for IFRS: ICAI Aug 4, 2008
NEW DELHI: The apex body for chartered accountants ICAI has asked market regulator Sebi to make changes in the listing norms for facilitating Indian companies to adopt international accounting standards. "Sebi will have to change its listing agreement norms for India Inc to adopt International Financial Reporting system (IFRS)," ICAI Accounting Standard Board Chairman Amarjit Chopra said. (India Times)
Tata Steel interest payments balloon on Corus buyout debt Aug 2, 2008
The move is in line with international accounting standards that are becoming the norm especially as Indian firms move toward adopting the International Financial Reporting Standards. Bookmark / Share. (Economic Times)
Daimler earnings indicate Chrysler loss of $510M Jul 25, 2008
But both Daimler and Chrysler said differences in U.S. and international accounting standards make the European calculations higher. As a result, Chrysler said Daimler's share of its net loss was 65 million euros ($102. (San Diego Union-Tribune -- Business)
Accounting standards may be eased Jul 21, 2008
Cox and some of his agency's senior aides, backed by Treasury Secretary Henry M. Paulson Jr. and the White House, have been talking up the idea of permitting U.S. public corporations to use the standards developed by the International Accounting Standards Board rather than U.S. standards, which were established largely by the Financial Accounting Standards Board. "It would be a disservice to U.S. issuers and investors, and the American market as a whole, if the SEC were not looking at IFRS for... (Albany Times Union)
The business case of IFRS in Indian context Jul 18, 2008
India follows Indian GAAP, which is inspired by International Accounting Standards (IAS). However, Indian GAAP has not kept pace with the changes that followed IAS metamorphosis to IFRS. The most important change in IFRS is the application of fair valuation principles. (India Times)
Clarity not complexity. By Richard Mallett Jul 13, 2008
Both the IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board) have the intention that standards will become easier to understand and a principles-based approach is on hand to tackle standards complexity. Clarity and simplicity are also priorities for the International Federation of Accountants, the Securities and Exchange Commission and the Financial Reporting Council in part as a result of the collapse of Enron six years ago where reports hid the... (Accounting Web, UK)
PricewaterhouseCoopers' Dennis Nally Announces Rollout of First Ever Corporate Education Program On International Accounting Standards Jul 8, 2008
Source: PricewaterhouseCoopers. PRINCETON, N.J., July 8, 2008 (PRIME NEWSWIRE) -- In a speech to accounting professors and corporate executives here at PwC University for Faculty, PricewaterhouseCoopers U.S. Chairman and Senior Partner Dennis Nally announced the firm's release this month of a full suite of educational tools and programs designed to help American accounting students learn the fundamentals of International Financial Reporting Standards (IFRS). (Primezone Releases)
Deal with US targets insider trading Jul 7, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
SEC to propose adopting foreign accounting rules Jul 5, 2008
In a speech earlier this year, Christopher Cox, the agency's chairman, said that working on the transition to international accounting standards and reaching enforcement agreements with foreign countries like the Australians were two of the most important items on his agenda as his term comes to a close. "It is no longer possible for the SEC to do its work in the United States without a truly global strategy - because, in large measure due to today's instant communications and technology, what... (Boston Globe)
Back into consulting Jul 5, 2008
When new international accounting standards come into force over the next few years (see story: Page 23), Osborn said, the major accounting companies will be poised to provide extensive consulting to firms of all sorts. "The people issues are going to be huge; a lot of training people around new standards and the effect of new standards on how they record and account for financial information," he said. (Philadelphia Business Journal, PA)
EU Finance Ministers Will Support Stricter Oversight of Ratings Companies Jul 3, 2008
The rule-writers at the International Accounting Standards Board need to boost market consultation and testing to ``achieve greater transparency and legitimacy of its standard-setting and agenda-setting processes,'' the draft ministerial statement said. To contact the reporter on this story: in Brussels at. (Bloomberg -- Europe)
'Fair value' rule should be scrapped: Telstra Jun 28, 2008
" Around the world, the fair value rule - now at the centre of the subprime storm engulfing markets, accountants and regulators - has been criticised by business leaders, chief financial officers and even politicians, including the US presidential candidate, John McCain. Some have even claimed it caused the credit crunch by encouraging banks to take on more debt as the value of their assets increased. Critics say one problem is that the numbers keep moving with the market. This means that the... (Sydney Morning Herald -- Business)
FRSSE 2008 and convergence of the SME sector to international accounting standards Jun 21, 2008
I suspect that this updated FRSSE may be the last version of FRSSE to be issued by the ASB in view of the UKs convergence to International Accounting Standards in the next twelve months. In my last article regarding the convergence of the SME sector to International Standards I mentioned that there is a huge possibility of convergence by the SME sector in January 2009. (Accounting Web, UK)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Thailand Jun 18, 2008
Banks' balance sheets were strengthened through seven consecutive years of profit, strengthened risk management in line with international standards such as Basel and International Accounting Standards 39 (IAS39), decline in non-performing loans (NPLs), and successful initiatives by several banks to raise new capital. However, performance across banks varied somewhat, as NPLs of state-owned banks increased. (IMF News)
Draghi Says Financial Markets Are Stable, No Longer Biggest Risk to Growth Jun 15, 2008
The G-8 today urged the London-based International Accounting Standards Board to speed up its review of accounting issues around off-balance sheet items. Any recommendations by the IASB, which provides financial reporting norms used in 109 countries, would be published for public consultation and need the approval of the foundation's 14-member board. (Bloomberg -- Europe)
Transatlantic Economic Council Report to the EU-U.S. Summit 2008 Jun 10, 2008
The U.S. Securities and Exchange Commission (SEC) in November 2007, took the decision to abolish the requirement for reconciliation to U.S. GAAP for foreign companies using IFRS as issued by the International Accounting Standards Board (IASB), and solicited comment on the possibility of allowing domestic companies to file using IFRS. The European Commission will propose a decision on the equivalence of U.S. GAAP in the course of 2008. To this end, a European Commission working paper on... (White House News Releases)
Goldman Says Buzz Off to Groveling Banking Lobby: Jonathan Weil Jun 4, 2008
The chorus had grown so loud that the Washington-based institute, which calls itself ``the world's only global association of financial institutions,'' in April sent a 17-page proposal to the heads of the U.S. Financial Accounting Standards and the London-based International Accounting Standards , along with a cover letter practically begging them to overhaul their rules. Now that Goldman has thrown the institute under the bus, the accounting boards have all the political cover they need to say... (Bloomberg -- Columnists)
Banks Hide $35 Billion in Writedowns From Income Statements, Filings Show May 20, 2008
Under international accounting standards, ING doesn't have a choice between including the negative valuations in its income statement and keeping them on the balance sheet, said spokeswoman. High Subordination. (Bloomberg)
