Nov 2, 2010 | Standards Convergence
A couple of weeks ago, the Indian government announced dropping the new rule from International Financial Reporting Standards that allows property developers to book sales only when the project is complete. Another announcement came out this week of dropping the...Nov 1, 2010 | Standards Convergence
Korea, the host of the 2010 G20 Summit, requested the G20 to delay the consolidation process of the global accounting standards. Korea has defined its role at the G20 mainly as an arbiter and a consensus builder among the world’s largest economies. The G20 initiative...Oct 23, 2010 | Standards Convergence
The recent draft rules proposed by the Financial Accounting Standard Board concerning the revenue recognition rules would not just change the way accounting folks would recognize and record the revenue, but it would also require the companies to change or revamp their...Oct 23, 2010 | Standards Convergence
One accounting principle that is omnipresent in the accounting of all companies, be it public or private, domestic or private, billion dollar company or a startup, is the “Revenue recognition principle”. Presently, US Generally Accepted Accounting...Oct 23, 2010 | Standards Convergence
In January of 2009,the National Banking and Securities Commission made mandatory the presentation of financial statements prepared in accordance with IFRS starting with the year ending December 31, 2012, but allowing for early adoption for the years 2008-2011,...Oct 21, 2010 | Standards Convergence
The Indian government is all set to drop the new rule from International Financial Reporting Standards (or as the accountants call it IFRS) that allows property developers to book sales only when the project is complete. In the present real estate market where the...