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Standard setters & SEC
Standards and guidance from the rule makers.
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Financial Accounting Standards Board (FASB)
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PwC Comments on Proposed ASU, Extractive Industries - Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures
PricewaterhouseCoopers
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11/12/2009
The primary objective of the proposed ASU is to align the oil and gas reserve estimation and disclosure requirement of Extractive Industries - Oil and Gas (Topics 932) with the requirements in the SEC's final rule, Modernization of the Oil and Gas Reporting Requirements. While PwC generally supports this objective, it lists a number of observations in the letter.
IASB and FASB Reaffirm Commitment to Memorandum of Understanding
FASB
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11/05/2009
The FASB and IASB have reaffirmed their commitment to improve IFRS and U.S. GAAP and to bring about their convergence and have agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. On November 5, the Boards issued a joint statement describing their plans and milestone targets for completing the major MoU projects in 2011. The statement also describes the values and principles underpinning the Boards’ collaboration and significant successes achieved thus far.
FASB Establishes Not-for-Profit Advisory Committee
FASB
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10/22/2009
The FASB has established the Not-for-Profit Advisory Committee (NAC), which is intended to serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations.
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International Accounting Standards Board (IASB)
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PwC Comments on IFRIC Draft Interpretation D25, Extinguishing Financial Liabilities With Equity Instruments
PricewaterhouseCoopers
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10/08/2009
PwC agrees that there is diversity in practice with respect to the accounting for equity instruments issued to extinguish all or part of a financial liability. PwC believes that the equity instruments issued in connection with these transactions should be treated as "consideration paid" to settle a financial liability, and accordingly, supports the proposed recognition of a gain or loss. PwC, however, disagrees with IFRIC's approach to measuring the equity instruments and the corresponding extinguishment gain or loss.
PwC Comments on Exposure Draft: Discount Rate for Employee Benefits (proposed amendments to IAS 19)
PricewaterhouseCoopers
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10/06/2009
PwC supports the proposed amendment because it will require a more consistent approach to selecting discount rates, will enhance the comparability of benefit obligations across entities, and will reduce diversity in practice. In the letter, PwC recommends that the Board consider a number of revisions to the proposed amendment.
PwC Comments on Exposure Draft: Fair Value Measurement
PricewaterhouseCoopers
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10/06/2009
PwC supports a single source of guidance for the use of fair value in IFRS to ensure consistency and transparency in financial reporting. PwC also agrees that the definition of fair value and related guidance needs clarification in order to communicate the measurement objective more clearly. Fair value has become a generic term within financial reporting and is broadly interpreted. For this reason, PwC has previously recommended the elimination of the term 'fair value' and the use of more precise terminology appropriate for the measurement objective in each individual IFRS. However, if the term 'fair value' is to be retained, PwC believes that the exit price definition proposed is the most broadly applicable and conceptually most appropriate.
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Public Company Accounting Oversight Board (PCAOB)
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Effective Date of PCAOB Rules Requiring Reporting By Registered Firms Revised To December 31, 2009
Public Company Accounting Oversight Board
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10/01/2009
The PCAOB has changed to December 31 the effective date of new rules and forms that require reporting by registered public accounting firms and that provide for succeeding to the registration status of a predecessor firm. The rules, rule amendments, and forms were approved by the SEC on August 13, and were previously scheduled to take effect on October 12. The Board is postponing the effective date to December 31, in order to resolve technical issues related to deploying the Board's new Web-based system for processing and publishing filings on the new forms.
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