July 16, 2018

convergadoption

IFRS Fanboy to World: Global Adoption of IFRS Is Inevitable

"The quality of financial information produced by IFRS is very high, thanks to the work of the IASB, but also to the convergence project with the United States. And a decade of use by both advanced and developing economies has shown that our mission of a s ingle set of high global accounting standards is […]

IASB Vice Chairman Suggests Adopting IFRS Is the Only Solution to Convergence Failure

You know, I have to give it to these guys, they are nothing if not persistent. They are like that lady who is always calling me to talk about my credit card interest rates; no matter how many times I cuss her out, hang up on her, threaten to report her to the pretend federal […]

IASB Backtracks on Lease Accounting But Definitely Not Because of FASB

Funny that the IASB and FASB working together on a new lease accounting standard was totally kumbaya up until recently, when everything fell apart and both sides realized this convergadoption thing is totally never going to happen. Too bad, joining forces on revenue recognition made it seem so likely despite the fact that everyone including […]

IASB Chairman to Take His Accounting Standards and Go Home If FASB Doesn’t Want to Play

Hans Hoogervorst doesn’t sound at all passive aggressive here or anything:

Bipartisan Congressional CPA Caucus Warns SEC Against Taking IFRS Too Fast

Where exactly has the Congressional Caucus on CPAs and Accountants been all this time? The SEC has only been dragging its heels on convergadoption since, like, the beginning of time or at least 2008, which might as well be the beginning of time as far as we are concerned. Now, these guys — who, in […]

IASB Vice Chairman Calls FASB a Bunch of Old Timey Back-Tracking Liars

The IASB has been frustrated with heel-dragging on this side of the pond for as long as the U.S. has been pretending to work toward adopting international financial reporting standards. Despite the fact that only a few short weeks ago, we thought progress on shared revenue recognition rules meant promise for convergadoption. At that time, […]

Former SEC Chair Chris Cox Goes From Cheerleading IFRS Adoption to Burying It

Before we talk about Chris Cox's recent comments on adoption of international standards in the U.S., allow us to look back. After all, you will recall Cox was the one pushing for them years ago when he was still chairman of the SEC. Let's see what he said at an SEC Open Meeting in August […]

The Accounting World Issues a Collective Sigh as Soon Enough, We Won’t Have to Talk About Revenue Recognition

Anyone else sick of this topic? Did you ever really care? Just go ahead and do what you have to do already, FIASB: The top line on financial statements around the world is about to change. And companies need to move quickly to determine which personnel will be responsible for implementing the new revenue recognition […]

We Found Out Today We Can Continue Waiting for IFRS In the U.S.

The explanation is pure gold, really. I will have to review my tape on all SEC Chief Accountant Paul Beswick said this morning from this conference but according to the Journal of Accountancy, he said this: Rule-making duties related to federal legislation have prevented the SEC from devoting time to deciding on the future of […]