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...Nov 13, 2009 | Standards Convergence
There is a lot of talk of the convergence project undertaken by Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). But why is the convergence project and not the adoption project. Adoption would mean that the Securities...