The Inter­na­tional Accounting Standards Board (IASB) has announced they won’t be issuing any new standards or major amend­ments to existing standards with effective dates before January 1^st, 2009, in order to give companies reporting under the standards a bit of a breather to get their house in order. Word around the accountant blogos­phere has been tentatively […]

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The accounting standards setting group in the United States is known as the Financial Accounting Standards Board (FASB) and consists of seven board members who are appointed to five year terms. The most recent appointment was Thomas J. Linsmeier, and CFO.com has a pretty good interview with him on some of the issues currently facing […]

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Dennis over at AccMan Pro has commented on the difference between rules-based US GAAP and inter­na­tional principles-based IFRS, and his thoughts echo mine: Recent commentary has suggested the idea of conver­gence between US GAAP and IFRS won’t happen until hell freezes over. I’ve long held the view that the rules based US GAAP system is […]

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Appar­ently FASB is going to overhaul the US GAAP for leases. I’m not sure what exactly is going to be changed, or why it needs changing, but it’ll be inter­esting to see. Of course, Canadian standards are moving towards harmo­nization with Inter­na­tional Financial Reporting Standards (IFRS), so we might not see Canada following the US […]

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