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Latest news

  • PCAOB issues staff consultation paper

    Aug 21, 2014

    The PCAOB has released for public comment a staff consultation paper on “standard-setting activities related to auditing accounting estimates and fair value measurements.”

  • FASB proposes ASU to simplify accounting for cloud computing fees paid by customers

    Aug 20, 2014

    The FASB has issued a proposed ASU, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which amends ASC 350-40 to provide guidance on a customer’s accounting for fees paid in a cloud computing arrangement. This is the third proposal released under the FASB’s new simplification initiative, which is intended to reduce the costs and complexity of financial statement preparation.

  • IASB proposes amendments regarding the recognition of deferred tax assets for unrealized losses

    Aug 20, 2014

    The IASB has published an exposure draft (ED) of proposed amendments to IAS 12 "Income Taxes." As the IASB concluded that diversity in practice around the recognition of a deferred tax asset that is related to a debt instrument measured at fair value is mainly attributable to uncertainty about the application of some of the principles in IAS 12, the proposed amendments consist of some clarifying paragraphs and an illustrating example. Comments are requested by December 18, 2014.

  • IASB vice-chairman calls global accounting standards "inevitable"

    Aug 13, 2014

    IASB Vice-Chairman Ian Mackintosh gave a speech today at the IFRS Foundation conference in Johannesburg, South Africa, on the achievability of global accounting standards. He discussed the progress the IASB has made and the differences between convergence and adoption.