He is also a member of the International Accounting Standard
Committee's (IASC) Standards Advisory Council.
43 and the IASB's International Accounting Standard
128, Earnings per Share, and International Accounting Standard
(IAS) 33, Earnings per Share.
The IASB developed the new "fair value option" under International Accounting Standard
In response to the AICPA governing Council's recent vote to designate the International Accounting Standards
Board as an international accounting standard
setter for purposes of establishing international financial accounting and reporting principles, new and revised Compilation and Review Interpretations of Statement on Standards for Accounting and Review Services No.
144, Accounting for the Impairment or Disposal of Long-Lived Assets, and International Accounting Standard
(IAS) 35, Discontinuing Operations--and jointly concluded that Statement no.
As the international accounting standard
goes into effect in the EU Jan.
International Financial Reporting Standard (IFRS) 7, Financial Instruments: Disclosures, introduces requirements to improve information on financial instruments in entities' financial statements, replacing International Accounting Standard
(IAS) 30, Disclosures in the Financial Statements of Banks and Similar Institutions, and some of the requirements in IAS 32, Financial Instruments: Disclosure and Presentation.
The International Accounting Standards
Board issued an amendment to the fair value option in International Accounting Standard
(IAS) 39, Financial Instruments: Recognition and Measurement.
The resistance in Europe to International Accounting Standard
(IAS) 39 mark-to-market and hedge accounting provisions could indicate some entities may be willing to go to great lengths to mitigate the financial statement impact of those provisions,' said Bridget Gandy, Managing Director, Fitch Ratings.
23, Accounting for Incomes Taxes--Special Areas, including the short-term convergence issue of the FASB exemption for unremitted earnings of foreign subsidiaries being eligible for treatment as a permanent (rather than temporary) difference, and IASB's disagreement with that position as it moves to converge its own International Accounting Standard
IFRIC made these changes to ensure the interpretation was consistent with International Accounting Standard
19, Employee Benefits (as amended in 2002), which no longer applied to equity compensation plans after International Financial Reporting Standard (IFRS) 2, Share-Based Payment, became effective for annual periods beginning on or after January 1, 2005.