FASB, In Focus - Accounting Standards Update No. 2011-04: Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (May 2011) resource Articles OCEG Reviewed
Introduction: The FASB and the International Accounting Standards Board (IASB) issued their converged guidance on fair value measurement, which represents meaningful progress toward the stated goal of their Memorandum of Understanding to create a common set of high-quality global accounting standards.
In Focus, May 12, 2011 (FASB)
FASB, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (May 2011) resource Standards and Guidelines OCEG Reviewed
Accounting Standards Update No. 2011-04, May 12, 2011: A FASB/IASB converged guidance on fair value measurement.
IASB, Reclassification of Financial Assets: Amendments to IAS 39 and IFRS 7 (2008) resource International Materials OCEG Reviewed
Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures
Effective Date: July 1, 2008
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FASB and IASB Issue Discussion Paper on Financial Statement Presentation (2008) resource Articles OCEG Reviewed
In a first step toward the creation of a new standard, the FASB and IASB have issued a Discussion Paper on financial statement presentation. The new standard would require an entity to present a single set of financial statements that more clearly and cohesively depicts its financial picture. The boards believe that a single financial statement presentation model would enhance the usefulness of financial information by increasing financial statement comparability and consistency within and across entities.
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China's New Accounting Standards: A comparison with current PRC GAAP and IFRS (Deloitte, 2006) resource White Papers OCEG Reviewed
The development of new Chinese accounting standards is an important step for the development of the Chinese economy and its place in the world’s increasingly integrated capital markets.
International Accounting Standards Board Framework resource International Materials OCEG Reviewed
The Framework deals with:
(a) the objective of financial statements;
(b) the qualitative characteristics that determine the usefulness of information in financial statements;
(c) the definition, recognition and measurement of the elements from which financial statements are constructed; and
(d) concepts of capital and capital maintenance.
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