The AICPA is seeking comments from financial professionals and organisations on the valuation of financial instruments and their underlying components. The Framework is said to bring further clarity, consistency and transparency to the valuation of these instruments. Historically, financial instruments, such as mortgage-backed securities, credit default swaps, complex bonds and...
The draft guidance is in the form of a questions and answers (Q&A) document and addresses the accounting treatment for a financial guarantee issued by a parent company in that parent company’s separate financial statements. The SMEIG is responsible for assisting the IASB matters related to the implementation of the...
The AICPA applauded the U.S. House of Representatives today for passing the Mobile Workforce State Income Tax Simplification Act of 2017, H.R. 1393.  The bill would simplify state income tax reporting and withholding rules for employees who sometimes work outside their home states. “The House’s passage of the Mobile Workforce State Income Tax Simplification...
Most countries across Africa have robust corporate governance codes of practice at present, as economic prosperity increases across the continent. A new joint study by ACCA  and KPMG has found standards of corporate governance code are well aligned with OECD Principles of Corporate Governance released in 2015. The report, Balancing Rules...
The IASB has published proposed improvements to the IFRS covering Operating Segments, IFRS 8, for public consultation. IFRS 8 Operating Segments was issued in 2006. It sets out the disclosure requirements for information about a company’s operating segments, products and services, as well as about the geographical areas in which it...
The IASB issued the new Leases Standard, IFRS 16, one year ago, with a three-year implementation period. One third into that period, the organisation has published implementation advice from four Board members, including the following top five tips: 1. Think transition There are several options available for companies to choose between when...
The IASB issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards. The changes include: annual improvements to IFRS Standards—these are minor amendments that clarify, correct or remove redundant wording in a Standard; ...
The IASB have published the conclusions from its recent Agenda Consultation and its five-year work plan. Listening to feedback from stakeholders, the Board has confirmed that a central theme for its activities until 2021 will be Better Communication in financial statements. The Board aims to improve the communication effectiveness of financial statements...
The IPSASB has published IPSAS 39, Employee Benefits, which will replace IPSAS 25, Employee Benefits, on January 1, 2018, with earlier adoption encouraged. This limited-scope project was part of the IPSASB’s strategy to maintain its existing standards, including updating them for relevant changes made to the equivalent IFRS. The main...
The adoption of IFRS Standards has had a positive impact on international financing for Korean firms, according to research conducted by the Korean Accounting Institute and released by the Korean Accounting Standards Board (KASB).Since Korea adopted IFRS Standards in 2011, foreign investors have enlarged their Korean investment portfolios to...