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 seasoning and promulgation of a strong body of international accounting standards
will come only with strong corporate participation.
Congress, the markets -- would think accounting standard
setting in this country is in good shape.
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.
If you read this page regularly, you know I strongly support the concept of improved global accounting standards
Future FASAB statements of federal financial accounting standards
, as well as those it issued since March 1993, now have the authority of GAAR Formerly, FASAB's guidance was considered to be an "other comprehensive basis of accounting" (OCBOA), which is not as widely recognized in the United States as GAAP.
Want to comment on the International Accounting Standards
Board Discussion Paper, Accounting for Share-based Payment (refers to stock options)?
The letter was written in response to the IASC discussion paper, Shaping IASC for the Future, published in December, outlining proposals that would modify the IASC's internal structure and role in international accounting standard
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.
and] Europe, there may be slightly different ideas on what the global accounting standard
The jostling about accounting standards
for private companies continued last month as the Financial Accounting Foundation (FAF), the overseer of U.