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Financial Reporting

Overhaul of Lease Accounting

Aug 31, 2010

ACCA Launch Free Accounting Planning Tool for Irish Business

Private Irish companies are set to discard UK accounting rules and adopt International accounting rules – so called IFRS for SME. Planning for the change is essential if companies are to continue to have access to credit and to minimise a corporation tax bill.

Aug 17, 2010

Tweedie Warns US to Adopt Standards or Lose Influence

Aug 17, 2010

The Future of Financial Reporting in the UK

There is a flurry of activity at the ASB as the project to develop a new accounting framework for UK entities gains momentum. Project Director Michelle Sansom explains.

Aug 3, 2010

IASB and the FASB Joint statement on their convergence work

The IASB and the FASB today announced their intention to prioritise the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between IFRSs and US GAAP.

The text of the joint statement is below:

Jun 8, 2010

CEBS Today Publishes its Principles For Disclosures in Times of stress

The Committee of European Banking Supervisors (CEBS) today publishes its Principles for disclosures in times of stress intended to guide financial institutions in the preparation of public disclosures made to conform with existing disclosure requirements or recommendations or on an ad hoc basis, incorporating the lessons learnt form the financial crisis.

May 25, 2010

IASB issues proposals on the fair value option for financial liabilities

The IASB in May published ED/2010/4 Fair Value Option for Financial Liabilities (‘the ED’) setting out their proposals on the presentation of gains and losses on liabilities designated under the fair value option.

These proposals are part of the IASB’s plan to improve and simplify the accounting for financial instruments. If finalised, entities that have designated financial liabilities at fair value through profit or loss (FVTPL) under the fair value option will no longer present in profit or loss a gain from a deterioration in own credit risk or loss from an improvement in own credit risk.

May 25, 2010

Preparing for IFRS – What can your company do to stay ahead of the curve

The introduction and purpose of IFRS (International Financial Reporting Standards) is to effectively provide this level of transparency and comparability on a global basis. IFRS has been available for use by all Irish companies since its introduction into Irish Law in 2005. However Irish GAAP has remained the firm choice of Irish businesses to date for the following reasons:

May 11, 2010

Chartered Accountants Ireland welcomes European Parliament vote on easing financial reporting burden on micro companies

Chartered Accountants Ireland has welcomed the positive vote of the European parliament on the proposal to allow member states exempt very small companies (micro entities) from the requirements of the European Accounting Directives, which in Irish law, are reflected primarily in the Companies (Amendment) Act, 1986.

Mar 16, 2010

Mind the GAAP

In response to the Accounting Standards Board’s consultation on the Future of GAAP (Generally Accepted Accounting Principles), ACCA Ireland (Association of Chartered Certified Accountants) said that the adoption of a single set of worldwide accounting rules like the International Financial Reporting Standards (IFRS) will create more jobs for Ireland.

Mar 16, 2010

IASB Amends the Accounting for Rights Issues

Oct 13, 2009

That Time of Year Again! - Kids Back to School and Credit Union Audits

New Guidance from the Financial Regulator - Credit Unions like all financial institutions and businesses have found 2009 to be challenging year. Based on the predictions of experts in the field the next 12 months may be even more difficult...

Sep 1, 2009
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Simplified IFRS represents the end of Irish GAAP as we know it

Irish GAAP will soon disappear in its present form to be replaced by a new version of the international rules according to PricewaterhouseCoopers. The Ireland and UK accounting standard-setter, the Accounting Standards Board (ASB).......

Aug 30, 2009

IFRIC proposes guidance on settling financial liabilities with equity instruments

The International Financial Reporting Interpretations Committee today published for public comment a draft Interpretation, IFRIC D25(IFRIC) Extinguishing Financial Liabilities with Equity Instruments.........

Aug 23, 2009
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ASB seeks views on proposals for future reporting requirements

On August 11th The Accounting Standards Board issued a consultation paper 'Policy Proposal: the future of UK GAAP’ which sets out its proposals for the future reporting requirements...

Aug 18, 2009

IASB Updates Published

With the introduction of The IFRS for SMEs last week we have received a number of queries with regard to the application date of these new standards...

Aug 4, 2009

IASB Publishes IFRS for SMEs

The International Accounting Standards Board (IASB) issued today an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs), which are estimated to represent more than 95 per cent of all companies...

Jul 17, 2009

IFAC Welcomes new SME reporting Standard

The International Federation of Accountants (IFAC) and its Small and Medium Practices (SMP) Committee welcome the release of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) by the International Accounting Standards Board (IASB)...

Jul 14, 2009

Accounting Standards Board (ASB) issues a Financial Reporting Exposure Draft (FRED) of Improvements to Financial Reporting Standards

On 11 June 2009 The Accounting Standards Board (ASB) issued a Financial Reporting Exposure Draft (FRED) of Improvements to Financial Reporting Standards so as to maintain the existing levels of convergence...

Jul 7, 2009

ASB Requires New Disclosures for Heritage Assets

The Accounting Standards Board has today issued a new Financial Reporting Standard that will improve the reporting of assets held by museums and art galleries...

Jun 23, 2009

IFAC Applauds US Administration

The International Federation of Accountants (IFAC) applauds the call by the US President for urgent progress toward the "development of a single set of high-quality global accounting standards."

Jun 23, 2009

New Regulatory Reserve Ratio for Credit Unions

Jun 16, 2009
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Fair Value Measurement

On 28 May 2009 the International Accounting Standards Board (IASB) published for public comment an exposure draft of draft guidance on fair value measurement...

Jun 16, 2009

Financial Reporting Council Publish Annual Report

The Financial Reporting Council (FRC) today publishes its Annual Report for 2008/09 and invites those with an interest in its work to attend its Annual Open Meeting on Thursday 16 July 2009...

May 27, 2009
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Financial Reporting Disclosure Issues Part 3

In Part 1 & 2 of this article we dealt with the common financial reporting issues within the Directors Report and Auditors Report which have become subject to particular scrutiny...

May 19, 2009

John Smith, Board member, IASB, addressed the European Commission Conference “Financial Reporting in a Changing World”

John Smith, Board member, addressed the European Commission Conference "Financial Reporting in a Changing World". An excerpt from the speech is reproduced below and the full speech is also available to be downloaded.

May 13, 2009
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IFAC's International Public Sector Standards Propose New Guidance to Strengthen Financial Reporting by Governments

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) is expanding its guidance in two significant areas: accounting for intangible assets and entity combinations...

May 11, 2009

Financial Reporting Disclosure Issues Part 2

In Part 1 of this article we dealt with the common financial reporting issues within the Directors Report which have become subject to particular scrutiny by both the accounting institutes and representative/regulatory bodies. In this article we will discuss the common financial reporting disclosure issues which are prevalent in the Auditor’s Reports....

May 5, 2009

IFAC Releases 2009 Handbook of International Standards on Auditing & Quality Control

The International Federation of Accountants (IFAC) has released the 2009 Handbook of International Standards on Auditing and Quality Control...

May 1, 2009
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APB Issues Exposure Drafts of Clarified ISAs

...the Auditing Practices Board (APB) announced its intention to update its auditing standards for the new, clarified, International Standards on Auditing (ISAs)...

Apr 22, 2009

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