Are you aware of the significant changes to accounting standards in the next two years? If not, RMA can help prepare you and your institution.
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are engaged in a number of projects to promote the convergence of accounting standards used internationally. One joint project in particular—Financial Statement Presentation (The Project)—has a direct and significant impact on credit and lending practices.
The Project seeks to establish a common, high quality standard for presentation of information in the financial statements—namely the statement of financial position, the statement of earnings and comprehensive income, and the cash flow statement, including the classification and display of line items and the aggregation of the line items into subtotals and totals.
Through this Web page, RMA will keep you informed on The Project and provide resources like courses and audioconferences to help prepare you for the changes. Please refer to this Web page often for updates as more information becomes available. We also encourage you to visit the FASB website for in-depth information.
Related Events
October 7, 2009: RMA launches its new series of IFRS-related recorded Web seminars
RMA Response (PDF) to the Discussion Paper – Preliminary Views on Financial Statement Presentation
"The World Not According to GAAP"
Audioconference from November 18, 2008 is now available on CD-ROM. Please call RMA Customer Care at 800-677-7621 to request a copy.
Web presentation introducing the discussion paper on Financial Statement Presentation
From November 14, 2008, IASB
Achived Topics of Interest (for newer topics, please log in to the Member Site)
April 24, 2009: Critics Pan New Financial Statements – A long-planned overhaul of financial statements gets a rough reception from preparers at its initial unveiling, particularly from banks. Meanwhile, a survey says a large majority of CFOs don't even know about the proposal. (CFO.com)
April 2009: IFRS: A Preparer's Point of View – Be ready to lead your company's transition to IFRS.
March 30, 2009: Guessing the Costs of IFRS Conversion – U.S. companies believe they will spend more than European ones did to adopt the global rules, according to an Accenture survey.
March 13, 2009: Accounting: a Narrative Art? – If U.S. GAAP becomes principles based, financial executives would do well to become students of Mother Goose.
March 13, 2009: FASB Gives Cautious Response to IFRS Roadmap – The Financial Accounting Standards Board and its parent organization, the Financial Accounting Foundation, sent a comment letter to the Securities and Exchange Commission giving a thumbs-up to the proposed roadmap to International Financial Reporting Standards, but they urged more consultation and study.
March 5, 2009: Fair Value Footnote Rule Is Step to Convergence – IASB's new disclosure standard borrows the three-tier risk hierarchy from U.S. GAAP.
January 15, 2009: Top Obama Advisers Clash on Global Accounting Standards – With Paul Volcker delivering a strong endorsement of International Financial Reporting Standards, the nominee for SEC chair, Mary Schapiro, testifies that she has concerns about the IFRS timeline.
January 5, 2009: Congressionally-Mandated Study Says Improve, Do Not Suspend, Fair Value Accounting Standards – The Securities and Exchange Commission today delivered a report to Congress mandated by the Emergency Economic Stabilization Act of 2008 that recommends against the suspension of fair value accounting standards.
December 22, 2008: One Beneficiary of IFRS Switch: the Taxman – A popular method of inventory accounting, not allowed under international rules, will have some U.S. companies paying higher tax bills
November 2008: Overview of FASB, IASB joint project on financial statements – Four years ago, the Financial Accounting Standards Board and International Accounting Standards Board started a joint project with the goal of enhancing the presentation of financial statements. This Journal of Accountancy article offers a comprehensive overview of the project as well as an analysis of its strengths and weaknesses. Journal of Accountancy
November 14, 2008: The Securities and Exchange Commission (SEC) published its proposed roadmap for the potential transition to International Financial Reporting Standards (IFRS) by U.S. companies
October 16, 2008: Preliminary Views on Financial Statement Presentation – Press Release: IASB and FASB launch consultation on proposed enhancements to the presentation of financial statements. The full report can be viewed here.
IASB Update: Frequent updates from the International Accounting Standards Board (IASB)
October 31, 2008: Could the Crisis Crimp Convergence? by Alan Rappeport, CFO.com
October 16, 2008: Straight Talk No. 11 – On the Road to IFRS, Deloitte LLP
October 1, 2008: Convergence Divergence by Marie Leone, CFO.com
September 25, 2008: IFRS Timetable Not on Time by Alix Stuart, CFO.com
September 24, 2008: IFRS and U.S. GAAP, A Pocket Comparison, Deloitte
September 17, 2008: Five Ways a Conversion to International Financial Reporting Standards Could Impact a Global Tax Structure, Deloitte
September 4, 2008: Education Lags Behind IFRS Momentum by Sarah Johnson, CFO.com
September 4, 2008: SEC Proposes Roadmap for IFRS Adoption, AccountingWEB.com
September/October 2008: Inventory Accounting After LIFO by Frances L. Ayres, Christine C. Bauman, Mark P. Bauman and Yun Fan, Commercial Lending Review (PDF)
September/October 2008: Minority Interest and the Effect on Financial Leverage Under FAS-160 by Frank R. Urbancic, Commercial Lending Review (PDF)
July 10, 2008: Bernanke, Paulson Champion Global Accounting by Alan Rappeport, CFO.com
June 17, 2008: AICPA Calls for Three to Five Year Timeline for IFRS Transition, AccountingWEB.com
June 2008: Are You Ready for IFRS?, PricewaterhouseCoopers (en Français)
May 2, 2008: The Beginning of the End of GAAP by Marie Leone, CFO.com
May 2008: Putting IFRS in Motion, PricewaterhouseCoopers (en Français)
March 22, 2008: FASB Moves to Nix "Cash Equivalents" by Marie Leone, CFO.com
June 1, 2007: IFRS Coming to America by Lawrence M. Gill, Journal of Accountancy (PDF)
Preparing for IFRS: What Your Company Can do to Stay Ahead of the Curve by Bob Dohrer, RSM McGladrey (PDF)