IFRS Hot Topics

I subscribe to an email news service called IFRS Report, from the AICPA. A few stories I'm following there:

Herz: Full convergence shouldn't delay U.S. adoption of IFRS
Financial Accounting Standards Board Chairman Robert Herz said on April 30 that a lack of complete convergence should not stop the U.S. from adopting international accounting standards in the next three to five years. "Most people seem to be arguing [for] continued convergence until the two sets of standards get identical. I think trying to get every [nook] and cranny, particularly all the nooks and crannies of U.S. GAAP, could take quite a long period of time," Herz said. Reuters

Off-balance-sheet items next task for standards setters
Now that the controversy surrounding fair-value accounting rules is fading, accounting's standards-setting bodies are getting ready to deal with off-balance-sheet issues and loan-loss provisions, says James Kroeker, the Securities and Exchange Commission's acting chief accountant. When the International Accounting Standards Board and the Financial Accounting Standards Board release their new guidance on these issues in June, they will bring about major changes in financial reporting, he said. CFO.com , Bloomberg

IASB insider opposes hastily changing accounting rules
Tom Jones of the International Accounting Standards Board says making quick changes to fair-value accounting rules will not fool investors. "You can't expect to have an independent standard setter that you expect to jump every time someone has a good idea, to cook the books to make things easier," said Jones, a board member of the IASB. "To try to blame accounting is the old story, it's blaming the thermometer for the high fever. Accounting just tells you what it's about. If politics drives accounting standards, investors won't have a clue what real life is about." Reuters

IASB official calls idea behind easing of fair-value rules "crazy"Tom Jones, vice chairman of the International Accounting Standards Board, said the decision to loosen fair-value accounting rules hurts global investors and makes corporate reporting less credible. Jones' criticism follows a move by the Financial Accounting Standards Board to issue additional guidance that provides more flexibility in determining fair market value. Financial Post (Canada)

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