Golden articulated his vision for the standard setter, which "includes completing our joint projects now underway with the International Accounting Standards Board
, developing a new model for our global relationships and determining a new, updated agenda for the FASB.
The Toronto Valuation Accord group also continues to urge FASB to work more closely with The Appraisal Foundation, and in Canada for the Canadian Accounting Standards Board to work more closely with the Appraisal Institute of Canada, as well as continue to build their interaction with the International Accounting Standards Board
and IVSC, to harmonize terminology and concepts applied in the multi-disciplinary requirements of professionals who will be crucial to implementing new standards.
The cross-fertilization that's going on is the result of an agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board
(IASB) to make their existing financial reporting standards compatible with each other to better respond to the complexity of the world's markets (See "The Urge to Converge," page 70).
Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) issued by the London-based International Accounting Standards Board
The International Financial Reporting Standard is set to replace the various country-based accounting standards among members of the European Union on Jan, 1, 2005, However, the version that will be adopted relating to insurance contracts--IFRS 4--is the result of a compromise between the International Accounting Standards Board
and the insurance industry in Europe, which had several problems with the way the proposed standard would treat insurance contracts, particularly concerning the fair-value method of accounting.
On July 27, TEI filed comments with the International Accounting Standards Board
on IAS 12, Deferred Tax Accounting for Intercompany Profits in Inventory.
This timing corresponds with an announcement by the International Accounting Standards Board
(IASB) to do the same.
The paper was designed to further the proposition that International Valuation (appraisal) Standards should assist in the consistent application of International Financial Reporting (accounting) Standards promulgated by the International Accounting Standards Board
The International Accounting Standards Board
published for public comment an exposure draft on the accounting for hedging activities.
The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board
(IASB), has appointed Hans Hoogervorst as chairman and Ian Mackintosh as vice-chairman of the IASB.
The European leasing industry is concerned about a proposal by the International Accounting Standards Board
(IASB) and the Financial Accounting Standards Board (FASB), which recommends that all types of assets now be included in companies' balance sheets, including leased machinery and rented company cars.