gaap

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. Full Article

PwC US's Center for Board Governance has announced its annual list of questions and insights to help audit committees oversee their companies' 2010 year-end financial reporting process. Topics covered include: accounting and disclosure matters, the i Full Article

With just four months to go before the new internationally consistent financial reporting standards kick in, the accounting professionals are awaiting clarification from the Ministry of Corporate Affairs on a number of issues, particularly the taxati Full Article

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) has issued this Request with the objective of seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective. Full Article

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs. Full Article

The CA institute favours a regime where depreciation rates for company law purposes are based on the useful life of an asset. The depreciation rates should also be indicative and not prescriptive as is the case now, Mr Amarjit Chopra, President of Institute of Chartered Accountants of India (ICAI), has said. Full Article

The Big Four accounting firms are reputed to have strong process controls. How then could one such firm have failed to detect such a multi-year scam as is getting unravelled in Satyam? “There is a co-relation between the size of audit firms and the size of companies, and hence all large corporate frauds involve big [...] Full Article

The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) are gaining recognition as Global Reporting Standards. The Council of the Institute of Chartered Accountants of India, while appreciating the emerging diversities and complexities in the world of accounting and the need for knowledge of IFRS in relation to the convergence of the Indian accounting Standards with IFRS, has decided to launch a Certificate Course .. Full Article