Nov 3, 2010 | Standards Convergence
In an effort to align US GAAP to IFRS, FASB is considering expanding the fair- value accounting to land and buildings held for investment. The biggest impact of the change will be on real estate companies and real estate investment trusts. At present such assets are...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...