Accounting Standards

As Australia assumes the presidency of the G-20 for 2014, IFAC reiterated its call on global policymakers to refocus on regulatory convergence, and said their failure to do so is stifling business confidence, economic stability, and ambitions for a sustainable recovery.

Partnership focuses on accelerating the practical implementation of Integrated Reporting

The Definition of a Public Business Entity will be used by the FASB, the PCC, and the Emerging Issues Task Force (EITF) to determine the scope of new accounting and reporting guidance and to identify the types of companies that are excluded from the scope of the Guide.

Questions about using this taxonomy for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.

The Governmental Accounting Standards Board (GASB) recently issued a statement regarding the transition provisions of GASB’s new pension standards for state and local governments.

The New York State Society of Certified Public Accountants (NYSSCPA) expressed agreement with a proposal from the Financial Accounting Standards Board (FASB) that, if implemented, would standardize the treatment of net operating loss carryforwards or tax credit carryforwards on financial statements.

Thomson Reuters has released an overview of the Financial Accounting Standards Board’s (FASB) proposed accounting standards for leases.

FASB has issued its U.S. GAAP Financial Reporting Taxonomy Implementation Guide—Subsequent Events. The guide is the first in a series of XBRL Implementation Guides, which are designed to help Taxonomy users understand how certain disclosures are structured within the Taxonomy, and is available at www.fasb.org.