A succession of recent announcements by major Japanese companies—notably relatively young firms like Softbank and Rakuten—that they were adopting the International Financial Reporting Standards has generated great interest. The IFRS accounting rules were originally developed to harmonize standards in the European Union and have since been adopted by countries outside the region; they are now…
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The Financial Accounting Standards Board has released two proposed accounting standards updates related to derivatives and hedging. The first proposal involves the effect of derivative contract novations on existing hedge accounting relationships. The second proposal, also issued Thursday, pertains to contingent put and call options in debt instruments. The proposed update on derivative contract novations comes from FASB’s…
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The Financial Accounting Standards Board has issued a three-part accounting standards update for employee benefit plans accounting as part of its efforts to simplify the accounting rules. Earlier standards for defined contribution benefit plans and health and welfare benefit plans required fully benefit-responsive investment contracts to be measured at contract value, along with an adjustment to reconcile…
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Introduction As it is well known, small- and medium-sized entities (SMEs) are a very important player in the global economy. However, in many cases, SMEs’ resource providers say, “I do not trust their financial statement figures”. This is a double-sided problem. First, those who need capital might not gain access to it, or at least…
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The Financial Accounting Standards Boards has finalized its simplification of the accounting requirements around measuring inventory, although the simplification is not as broad-based as originally intended. FASB has approved Accounting Standards Update No. 2015-11 to adjust the requirements in Topic 330 of the Accounting Standards Codification around measuring the value of inventory. The update says when performing…
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El CTCP señala que el manejo contable de fondos con destinación específica de acuerdo con lo indicado en los nuevos marcos técnicos normativos que desarrollan la Ley 1314 de 2009, no ha sufrido modificaciones frente a lo señalado en el Decreto 2649 de 1993. Es como sigue:
El libro Tributario al que hace referencia el artículo 4 del Decreto 2548 de 2014, es un libro auxiliar que podrán llevar los contribuyentes obligados a tener contabilidad, es un libro con fines eminentemente fiscales y se debe diligenciar de acuerdo con las instrucciones indicadas en el artículo 2 y 4, entre otros, del Decreto…
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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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