Publicly traded companies in the European Union are bracing for the implementation of the International Financial Reporting Standard--set to replace the various country-based accounting standards
among the EU member states on Jan.
At a joint meeting in September 2002, the Financial Accounting Standards
Board (FASB) and the International Accounting Standards
Board (IASB) entered into a memorandum of understanding (www.
The challenge for us is to understand the different type of issuance or a different concentration of the business," she says, "and then explain which aspects of accounting standards
will have an impact.
The seasoning and promulgation of a strong body of international accounting standards
will come only with strong corporate participation.
The AICPA said FASAB's new authority means that, for the first time, the federal government will be able to report its financial position according to accounting standards
widely recognized by CPAs.
I don't mean] crystal-ball gazing 5 or 10 years into the future, but more [in terms of] what issues are coming up, both around our existing rules in terms of new business structures and arrangements, and what kinds of questions do they raise for accounting and accounting standard
FASB does not believe the International Accounting Standards
Committee (IASC) is ready to issue accounting standards
that will be accepted worldwide.
If you read this page regularly, you know I strongly support the concept of improved global accounting standards
Under the managerial cost accounting standard
, the requirement for full cost reporting by business lines or segments and related segment outputs also introduced wrinkles such as assigning common costs to agency programs and introducing full cost practices into agency activities.
Sir David Tweedie, IASB chairman, said: "The widespread use of share options to pay employees, external advisors and others; the calls from users of financial statements for improvements in accounting for these transactions; and the differing proposals emanating from national standard-setters demonstrate the importance of developing a high-quality global accounting standard
on share-based payment.
The jostling about accounting standards
for private companies continued last month as the Financial Accounting Foundation (FAF), the overseer of U.
As he begins his second five-year term as Chairman of the International Accounting Standards
Board (IASB), Sir David Tweedie spoke about his first term and his expectations going forward.