In July 2002, regulations were adopted requiring all European Union (EU) companies with securities traded on a regulated market to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). A decade since the switch to IFRS in 2005 by approximately 7,000 listed companies, debate continues over whether or not the introduction…
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Being dubbed as two of the Asian Four Small Dragons, Hong Kong and Singapore have been in constant competition with each other to be the easiest place to do business. The two rivaling cities have each attracted large amounts of foreign investment over the years with their geographical advantages and open attitude to free trade, as well as strong infrastructure and favorable business…
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Moving past simplification to “qualitification” Lately, the Financial Accounting Standards Board has publicized its efforts to simplify financial reporting with claims that it’s reducing costs while maintaining quality. However, what we keep seeing are mostly modest cuts in compliance costs incurred by statement preparers, traditionally the board’s most vocal constituency. In contrast, statement users need…
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Report finds that IFRS helped more than harmed during the 2007-09 banking crisis. The European Commission has concluded that the International Accounting Standards Board’s accounting rules did not make the 2007-2009 banking crisis worse, saying their benefits outweighed the costs. The International Financial Reporting Standards replaced a patchwork of national regulations for publicly listed European…
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The Securities and Exchange Commission is signaling a solution to companies that are struggling with how to reflect certain debt issuance costs under new guidance from the Financial Accounting Standards Board. SEC staff said during a meeting of FASB’s Emerging Issues Task Force that they acknowledge Accounting Standard Update No. 2015-03 on presentation of debt issuance costs…
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The revenue recognition rule doesn’t mean that companies should wait to start their implementation efforts. On July 9, the Financial Accounting Standards Board voted to defer the effective date of its revenue recognition standard by a year, while still allowing companies to adopt the standard as initially planned. FASB listened to the concerns preparers voiced about the…
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The Australian Accounting Standards Board (AASB) has won the battle to keep a coveted role advising the most powerful global financial reporting and accounting standards setting bodies. The Australian Accounting Standards Board (AASB), in alliance with its New Zealand counterpart, has won the battle to keep a coveted role advising the most powerful global financial reporting and accounting standards…
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La contabilidad electrónica es la obligación de llevar registros y asientos contables a través de medios electrónicos, además de introducir mensualmente la información contable a la página del SAT (Sistema de Administración Tributaria). Lo que el contribuyente debe hacer es enviar su balanza de comprobación y su catálogo de cuentas con el código agrupador del SAT, que es el…
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El CTCP señala que con lo establecido en el párrafo 11.13 de la NIIF para las PYMES, los instrumentos financieros en su reconocimiento inicial se medirán al precio de la transacción incluyendo los costos de transacción, excepto cuando se midan por su valor razonable con cambios en resultados. De otra parte, según el párrafo 11.14…
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To simplify the accounting for business combinations, the Financial Accounting Standards Board is proposing a change to the rules around how to adjust provisional amounts recorded at the time of a transaction. Current business combination rules say if companies don’t have all the information they need to fully account for a transaction in the period it occurs,…
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