Financial Reporting - Latest Articles
AppSlides announces the release of its iPhone/iPad app “IFRS Made…
On 17 August 2010, the International Accounting Standards Board (IASB)…
The concept of going concern has been in the profession’s…
Financial Reporting - Previous Articles
The International Financial Reporting Interpretations Committee (IFRIC) has today released for public comment a draft Interpretation, IFRIC D24 Customer Contributions. The proposal is open for public comment until 25 April 2008.
Customer contributions are transactions in which an entity—the access provider—receives an asset it uses to provide access to an ongoing supply of goods or services to a customer or customers. In some cases, the access provider receives cash which it must use to acquire or construct the asset that will provide access.
IFRIC D24 addresses a number of areas where practice is diverse. It clarifies in particular:
- whether…
“The Revenue Recognition Challenge” game demonstrates, in an entertaining way, the relationship between revenue recognition and business activity. It adds a little humor to the equation to make the educational experience more fun, but no less important. The game emphasizes three key concepts:—different types of business situations require different revenue recognition decisions, revenue recognition decisions must keep up with business events, and a reliable revenue recognition forecast is critical to strategic decision making.
As a player, you become the new CFO of Worldwide Faulty Enterprises. You’ll be dealing with super models, rock bands, and “visionary” CEOs as you build revenue…
Capital maintenance: the way forward?
A solvency based regime for dividend distributions
An open invitation to a public meeting
EU companies cannot return money to their shareholders unless they comply with the requirements for maintenance of legal capital set out in the 2nd Company Law Directive, and, in particular, must show that a dividend is paid out of realised profits. Whilst safeguards are necessary to protect the interests of creditors the current requirements have been much criticised. It has been argued that they do not achieve their purpose; that they are unnecessarily rigid; and that they place excessive burdens…
The Financial Reporting Council (FRC) has today published for comment its Draft Plan & Budget for 2008/09.
The FRC’s proposed priorities for 2008/09 are based on its assessment of the risks to confidence in corporate reporting and governance. The draft Plan identifies that there are potentially a number of major risks, including the possible impact of credit market turbulence and the impact on the UK audit market if one of the “Big Four” auditing firms withdraws from the market.
The FRC is seeking to engage investors, companies, professional bodies and other stakeholders in the process of finalising the Plan &…
The International Accounting Standards Board (IASB) has completed the second phase of its business combinations project by issuing today a revised version of IFRS 3 Business Combinations and an amended version of IAS 27 Consolidated and Separate Financial Statements. The new requirements take effect on 1 July 2009, although entities are permitted to adopt them earlier.
The project was undertaken jointly with the US Financial Accounting Standards Board (FASB). The objective was to develop a single high quality accounting standard that would ensure that the accounting for business combinations is the same whether an entity is applying International Financial Reporting…
