Search results
Results from the WOW.Com Content Network
IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. [ 1 ]
IFRS 1: First-time Adoption of International Financial Reporting Standards 2003 January 1, 2004: IFRS 2: Share-based Payment: 2004 January 1, 2005: IFRS 3: Business Combinations: 2004 April 1, 2004: IFRS 4: Insurance Contracts: 2004 January 1, 2005: January 1, 2023 IFRS 17: IFRS 5: Non-current Assets Held for Sale and Discontinued Operations ...
Under previous accounting rules both in the United States and internationally , operating leases were off-balance-sheet financing. Under current accounting rules (ASC 842, IFRS 16), operating leases are on the balance sheet.
The distinction between sales-type and direct financing leases has changed: whereas in ASC 840 the test was whether the fair value of the leased asset was different from the lessor's cost or carrying amount (if so, the lease is a sales-type lease), in ASC 842, any lessor lease that meets the lessee finance lease tests (based on rents and ...
The report goes on to say that, while the U.S. financial reporting community does not support IFRS as the authoritative mechanism for US financial reporting, there is support for "high-quality, globally accepted accounting standards" as demonstrated in the joint efforts of the IASB and FASB to develop converged financial reporting for revenue ...
A realtor in Georgia was killed in a suspected DUI crash that allegedly involved an underage illegal immigrant from Honduras who ran through a red light and struck the driver, going 100 miles per ...
Federal and state officials in California last month announced new rules for operating two water delivery systems, the outlet reported at the time. The rules apply to two projects carrying water ...
The above-mentioned PwC senior partners expressed that convergence will lead to an accounting system that is too rules-based for non-US listed companies, [14] while other critics conversely criticize the principles-based nature of the IFRS as making it difficult for preparers of financial statements to defend against litigation.