international accounting standards board

The IASB is responsible for the development and promulgation of International Financial Reporting Standards (IFRSs), required or permitted for use by companies in more than 100 countries. IFAC supports the independent International Public Sector Accounting Standards Board (IPSASB), which is responsible for developing International Public Sector Accounting Standards (IPSASs). IPSASs are used by an increasing number of public authorities, including national and local gover.. Full Article

The International Accounting Standards Board (IASB) on Wednesday flayed India's dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country's global standing. New Delhi needs to curb its anxiety to be different and stop mongering about the many unsubstantiated differences and instead should get into an honest dialogue with the IASB said Prabhakar Kalavacherla, a board member of the London-based IASB. Full Article

Majority of investors want the government to keep national accounting standards as close to the international norms (called IFRS) as possible, says a survey conducted by the global accounting firm Ernst & Young. According to the report 'IFRS convergence: an investor's perspective', the firm has found that 55 per cent of Indian investors surveyed are willing to accept only a few departures from the IFRS standards set by the International Accounting Standards Board (IASB),.. Full Article

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has issued this first-stage consultation document designed to solicit input on the strategy of the IFRS Foundation as it enters its second decade. The Trustees are seeking views of stakeholders on four strategic fronts—the IFRS Foundation’s mission, governance, the standard-setting process, and financing of the IFRS Foundation. Full Article

India has dropped its plans to introduce a new accounting norm for agriculture as part of the move to converge its accounting standards with globally adopted International Financial Reporting Standards (IFRS). The Institute of Chartered Accountants o Full Article

Issue:-In late June 2010 the International Accounting Standards Board and US Financial Accounting Standards Board issued proposed changes to the recognition of revenue. The proposals aim to increase the consistency and comparability between the way revenue is recognised by entities, regardless of the industry they operate in. 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 increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). Over 100 countries have now adopted or permitted IFRS or have based their local Generally Accepted Accounting Principles (GAAP) on the principles of IFRS. Full Article