Jan 13, 2011 | Accounting Globalization, Standards Convergence
With the recent Dodd Frank law amending the accounting rules to permit exchange of information with overseas regulators, the Public Company Accounting Oversight Board (PCOAB) and its British counterpart Professional Oversight Board (POB) have signed an agreement to...Jan 10, 2011 | Standards Convergence
The Institute of Chartered Accountants of Sri Lanka (ICASL) plans to adopt new accounting guidelines for Sri Lankan companies in line with International Financial Accounting Standards starting 2012. The Central Bank of Sri Lanka, in its Road Map Monetary and Financial...Jan 3, 2011 | Standards Convergence
The adoption of IFRS beginning April of 2011 will have a big impact on both the Income Statement and the Balance Sheet of power companies in India. Under the present Indian GAAP, rate regulated assets/ liabilities are allowed to be recognized, so companies have...Dec 20, 2010 | Standards Convergence
Recently the Financial Accounting Standards Board and the International Accounting Standards Board said they were on track to finish writing the new accounting standards for financial instruments, revenue recognition, leases, comprehensive income, and fair value...Dec 16, 2010 | Standards Convergence
Even thought the Indian version of the International Financial Reporting Standards (IFRS) has been altered here and there, the country is all set to implement the standards come April 2011. In the first phase, companies on the Indian stock exchanges – Nifty 50...Nov 22, 2010 | Standards Convergence
The move to adopt the International Financial Reporting Standards will boost Coal India Ltds’s net worth by $2.4 billion. The company adhering to the old accounting standards has on its books a $2.4 billion provision on account of the overburden removal reserve. This...