BOARDS PLAN MORE OUTREACH ON REVENUE RECOGNITION
Norwalk, Conn.- The Financial Accounting Standards Board and the International Accounting Standards Board are planning to host a series of outreach meetings around the world on their latest proposals for changes in the standards for revenue recognition.
The boards plan to give the public an opportunity to participate in the roundtable, especially for those who have submitted a comment letter, or who still intend to submit a comment letter, so they can discuss the proposals with the boards in further detail.
The meetings are scheduled to take place on April 26 at FASB's headquarters in Norwalk, Conn., in Salt Lake City on May 8, and in London on April 20. An additional roundtable meeting will take place for U.S. private companies in May.
STANDARD-SETTER TAKES AIM AT VALUING DERIVATIVES
New York -- The International Valuation Standards Council has begun a project with the goal of bringing greater consistency to how financial derivatives should be valued, even as the IASB and FASB continue to tinker with their financial instruments accounting standards project.
The IVSC Standards Board has formed an expert working group comprising representatives of several major banks, along with independent consultants and buy-side investors to advise it on the project. Chiu-Wang (Leo) Chan of the Securities and Exchange Commission is also part of the working group.
The SEC has urged FASB to tackle the accounting standards for hedging and other derivatives in the aftermath of the financial crisis, but FASB has emphasized the need to finalize the larger financial instruments standards first. The IASB recently decided to re-open its IFRS 9 standards for financial instruments and delay their effective date to achieve better convergence with U.S. GAAP.
The IVSC said that it planned to issue an exposure draft for public comment in the autumn of 2012. However, the draft is not expected to include accounting standards, but mostly valuation standards.
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