IASB fights back

In response to the July report issued by US SEC (which did not give any idea as to whether and when would the SEC decide on adoption of IFRS by its constituents), the IASB issued its own analysis of the situation. According to the International Accounting Standards...

Venezuela still hyperinflationary

When one reads the concept of functional currency in the Accounting Standard Concept 830 (ASC 830) or Financial Accounting Standard 52 (FAS52), it mentions that a currency in a highly inflationary environment (3-year inflation rate of approximately 100 percent or...

Audited in China

After numerous Chinese firms getting delisted from the stock exchanges around the world or not filing their financials with SEC or their auditors resigning, and the Chinese authorities not allowing any non- Chinese regulators to conduct inspections on Chinese soil,...

IFRS, maybe not for US

Even though FASB (Financial Accounting Standards Board) has been working with the IASB (International Accounting Standards Board) towards convergence of US GAAP with IFRS since 2002, the SEC (Securities and Exchange Commission) has only recently in 2010, started to...

Japan deciding on IFRS

On February 7 and 8, 2011 members of the Accounting Standards Board of Japan and the Financial Accounting Standards Board (FASB) met to update each other on the progress they are making on convergence of their respective Accounting Standards with International...