Nothing like dropping this on everyone at 6 pm. On a Friday. In the middle of July. Half of the people that care about this thing are on vacation and the other half left at three o'clock. That's the SEC for ya. Have a read over the weekend and we'll debrief (if necessary) on Monday.
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Japan Getting Cold Feet on IFRS
- Caleb Newquist
- June 30, 2011
On the day of Sir David Tweedie’s retirement, no less.
Japan is considering postponing the mandatory introduction of global accounting standards for all listed companies beyond the original target date of 2015, amid strong opposition to the change from the country’s business community. Japan’s financial services minister, Shozaburo Jimi, said Thursday at a Business Accounting Council meeting, hosted by the Financial Services Agency, that making Japanese companies adopt the rule—known as the International Financial Reporting Standard—within a few years could be a big burden and costly for businesses. “If Japanese firms are required to move to IFRS, we will need enough time, five to seven years, for preparation,” Mr. Jimi said, adding that discussions over the matter will take time.
Japan May Delay Accounting Shift [WSJ]
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FASB and IASB Hand-Holding Agenda Nears Completion, Or So We Hear
- Adrienne Gonzalez
- April 25, 2011
We’re sure all of you have been anxious for an update since the last FASB/IASB progress report last November, wait no longer.
Here’s what we’re proud of having accomplished since:
• Completed five projects: In the next few weeks the IASB will issue new standards on consolidated financial statements (including disclosure of interests in other entities), joint arrangements and post-employment benefits and both boards will issue new requirements in relation to fair value measurement and the presentation of other comprehensive income.
• Given priority to the three remaining Memorandum of Understanding projects, as well as insurance accounting: The Boards have made substantial progress towards completion of the three remaining MoU projects covering financial instruments accounting, leasing and revenue recognition, as well as their joint project to improve and align US and international insurance accounting standards.
• Provided for further time to finalise their convergence work: The boards have agreed to extend the timetable for the remaining priority convergence projects beyond June 2011 to permit further work and consultation with stakeholders in a manner consistent with an open and inclusive due process. The convergence projects are targeted for completion in then second half of 2011 (however, the U.S. insurance standard, which has not yet been exposed, is targeted for the first half of 2012).
Wait a second, did they really say that putting off more convergence work is an accomplishment? That’s our kind of work right there. IASB Chair Sir David Tweedie and FASB Chair Leslie Seidman didn’t let that little detail deter them from patting themselves on the back for a job well done. Said Sir David, “the convergence programme continues to raise the standard of financial reporting worldwide, delivering much-needed improvements in key areas and providing a solid platform for global high quality standards.” What is that even supposed to mean? Sounds like the same pro-convergence gibberish we’ve been hearing all along.
Someone come get us when this actually means something.
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IASB Would Prefer If India Were to Play Ball, Adopt IFRS
- Caleb Newquist
- May 24, 2011
The International Accounting Standards Board is none-too-pleased that India has retreated from plans to fully adopt International Financial Reporting Standards this year and is a making a public push to get the country back on track. A failure to persuade India on the issue would raise serious questions about how successful IASB can be in convincing other major economies, including the U.S., China and Japan, to make a full switch. “To put it in one sentence, we strongly encourage adoption as against convergence,” IASB member Prabhakar Kalavacherla said at a conference in Mumbai last week, according to a copy of his speech, where he urged India to take a bigger role in international standard setting to address its concerns. [CFO Journal]