progress

Ohio CPAs Will Soon Be Able to Take CPE 10 Minutes at a Time

The necessary evil that is CPE can be a bit of a pain in the butt. Unless you're attending several conferences a year or diligent about signing up for and attending our free webinars, it can be difficult to squeeze in an hour of CPE at a time. Worry no more, Ohio CPAs, you will […]

FASB Chair Vows to Finish Term Cooperating, Condorsing, Enverging, Whatever

The last ten years haven't gone exactly the way the bookworms at the FASB wanted. The Norwalk Agreement, signed in 2002, was supposed to be the first step in resolving the differences between international financial reporting standards and Almighty U.S. GAAP. Alas, despite a lot of agreeing, disagreeing, and agreeing to disagree we've ended up […]

China Agrees to “Look But Don’t Touch” PCAOB Visits

Board member Lewis Ferguson tells of China's teasing ways in a speech that he's giving at the California State University SEC Financial Reporting Conference in Irvine: As a first step toward further cooperation [with China], we are working toward and have tentatively agreed on observational visits where PCAOB inspectors would observe the Chinese authorities conducting […]

FASB and IASB Hand-Holding Agenda Nears Completion, Or So We Hear

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.