IFRSs in broad perspective

IFRS Is Coming to Africa. Beware!(11:36)

In the past decade the rise in the use of the use of the so-called International Financial Reporting Standards (IFRS) in many countries around the world has moved the wave towards developing countries considering adopting these standards. Factually, about 120 countries presently use IFRS across the globe. Out of this number about 13 countries in Africa have already adopted (i.e as issued by the IASB without any modification) or adapted (.i.e with modification to meet local socio-economic needs of a particular accounting jurisdiction) to IFRS. See map below for geographical split of IFRS jurisdictions in Africa.

IFRS in Russia 2012: Hans Hoogervorst attends the E&Y’s conference in Moscow(31 January 2012)

On January 23rd Russian office of Ernst & Young held a joint IFRS conference together with the IASB. It was already the fifth such meeting, and once again – it was freely attended, which explains that huge amount of visitors at the conference.

Speech by Hans Hoogervorst at Ernst & Young IFRS seminar in Moscow, Russia(24 January 2012)

On 23 January 2012 Hans Hoogervorst, Chairman of the IASB, addressed the Ernst & Young IFRS seminar in Moscow, Russia.

Àn update for directors of listed companies: responding to increased country and currency risk in financial reports(18 January 2012)

This Update for Directors has been prompted by the current economic uncertainties facing a number of countries around the world. This Update aims to draw together a number of the more significant issues directors may reflect when considering how best to provide a balanced and understandable assessment of a company’s position and prospects in the context of increased country and currency risk.

Investors call for the enhancement of financial instruments risk disclosures in newly issued report. CFA Institute: issue brief(12 January 2012)

CFA Institute has undertaken a study regarding the quality of financial instruments risk disclosures across financial and non-financial institutions. The risk disclosures addressed in the study are credit, liquidity, market and hedging activities risk disclosures under International Financial Reporting Standards Statement No.7, Financial Instruments: Disclosures (IFRS 7). CFA Institute has now issued Volume 1 of a two-part report on this study. Volume 1 provides a user perspective on financial instrument credit, liquidity and market risk disclosures based upon the aforementioned study. Volume 2 will provide a user perspective on disclosures of hedging activities.

Perspectives on interpretations and application - an interview with Wayne Upton(23 December 2011)

Wayne Upton is Director of International Activities and Chairman of the IFRS Interpretations Committee at the IASB. He has a wealth of experience. He has been with the IASB almost since its creation a decade ago and previously worked at the US standard-setter, FASB, for almost 20 years.

ACCA and IIRC held a roundtable on integrated reporting in Russia(5 October 2011)

On 27 September Moscow’s hotel Marriott Aurora held a roundtable on integrated reporting, sometimes referred to as “sustainability reporting”. The Association of Chartered Certifired Accountants (ACCA) and the International Integrated Reporting Committee (IIRC) acted as organizers of the conference.

IFRS in the context of auditor independence(6 September 2011)

All over the world IFRS are being implemented - with greater or less difficulty in the various countries - as an important step towards efficient capital markets, both national and international. One of the reasons for this trend is pressure from the Governments at the highest level - through the G20, through the Financial Stability Board, and in other ways. But these political pressures are towards a complete financial reporting chain.

Ghana moves to IFRS what does that mean?(9 August 2011)

In my most recent article on Ghana`s adoption of IFRS, I did indicate that there are enormous benefits regarding the adoption of IFRS. Although the International Accounting Standards Board, the self-acclaimed global standard setter, has received wide spread criticisms about the development of a single set of accounting standard across the globe, one thing critics all agree on is that, there is the need for the provision of high international accounting quality for users.

IFRS in the African Continent: A look at Ghana(3 August 2011)

Whereas proponents of IFRS argue in favor of enhanced firm comparability, transparency in financial reporting and corporate governance, better regulation in financial markets, reduced cost of capital, better management of overseas operations and the list goes on.. , skeptics on the other hand argue that what shapes financial reporting is not accounting standards but rather, the institutional arrangements in a particular economy. There is evidence to suggest that, IFRS provides better information quality than that of Local Generally Acceptable Accounting Standards. While this might seem very convincing, it is also documented that IFRS is not suitable for developing economies which are struggling to cope with issues of poverty.

Three Differences Between Tax and Book Accounting that Legislators Need to Know(28 July 2011)

There has been a flurry of sensational press accounts in recent months about the taxes paid by large corporations. These stories have reignited an ongoing debate over the different ways in which a company's profits and tax liability are presented to shareholders on financial statements and what is reported to the IRS on a company's tax return.

Getting a Handle on Loan Fees(3 June 2011)

Financial institutions — from community banks and credit unions to home-financing giant Fannie Mae — have had to restate their financial results, in part because of faulty accounting for loan origination fees.

Oil and gas industry. Financial reporting and accounting developments (current through 24 November 2008)(3 June 2011)

FAF and GASB: Bringing a Foundation of Trust to Investors and Taxpayers(3 June 2011)

Complacency vs Reform: ACCA Position Paper on the G20 Summit September (2 June 2011)

US GAAP vs. IFRS: The basics: Oil and gas (2 June 2011)

Under US GAAP, companies follow either the full cost or successful efforts method of accounting for exploration and production activities. The successful efforts method is governed by FAS 19 Financial Accounting and Reporting by Oil and Gas Producing Companies and the full cost method is governed by SEC Regulation S-X Rule 4-10 Financial Accounting and Reporting for Oil and Gas Producing Activities Pursuant to the Federal Securities Laws and the Energy Policy and Conservation Act of 1975 and various SEC Staff views.

By All Accounts – new ICAEW journal (2 June 2011)

IFRS FOR ALL?

Financial reporting by entities of every shape and size is at a crossroads.

Global oil and gas transactions review 2009 (2 June 2011)

Welcome to Ernst & Young’s review of global oil and gas transactions in 2009. In this report we look at some of the main trends in oil and gas merger and acquisition activity in the last 12 months and consider the outlook for deal activity across the sector in 2010.

“IFRSs for SMEs” forever(1 June 2011)

Professor Irina Kuzmina (ICFM Eastern Europe) is interviewing Paul Pacter, the Director of Standards for SMEs at the International Auditing and Assurance Standards Board. Also participating: GAAP-IFRS.com

International Financial Reporting Standards for extractive activities: what to expect in the future?(1 June 2011)

History of the extractive activities project

Extractive industries are an important part of the international capital markets. Due to the absence of comprehensive guidance there is a significant divergence in financial reporting for extractive activities under IFRS.