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Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments 2001 December 31, 2001: April 1, 2004: IFRS 3: SIC 29 Disclosure-Service Concession Arrangements 2001 January 1, 2002: SIC 30 Reporting Currency - Translation from Measurement Currency to Presentation Currency 2001 January 1, 2002: January 1, 2005: IAS 21: SIC 31
Problems with the old standards increased financial reporting risk and led to inefficiencies that increased cost. The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the ...
Even though they operate the same way, they report their revenues differently, this is because of the divide between IFRS and GAAP. Both companies follow a five-step model under IFRS 15 and GAAP (ASC 606) [47], but GAAP includes extra layers of industry-specific guidance for sectors such as real estate, software, and financial services. [48]
The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. [2] The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008.
A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
This article is an incomplete list of Financial Accounting Standards Board (FASB) pronouncements, which consist of Statements of Financial Accounting Standards ("SFAS" or simply "FAS"), Statements of Financial Accounting Concepts, Interpretations, Technical Bulletins, and Staff Positions, which together presented rules and guidelines for preparing, presenting, and reporting financial ...
In March 2017, the Data Foundation and PwC published a research report explaining how the adoption of Standard Business Reporting (SBR) in the United States would reduce costs for both companies and agencies. The report, "Standard Business Reporting: Open Data to Cut Compliance Costs", defines SBR as multiple regulatory agencies adopting a ...
In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally. All listed and grouped EU companies have been required to use IFRS since 2005, Canada moved in 2009, [ 6 ] Taiwan in 2013, [ 7 ] and other countries are ...