Beyond the GAAP no.42 (English) - February 2011

February saw significant changes of direction in two key projects in the work plan for convergence between IFRS and US GAAP: the accounting treatment of leases and revenue recognition. During their redeliberations, and in the light of the comments they had received from stakeholders, the IASB and the FASB have very significantly amended some of the positions taken in the exposure drafts on these two projects.

Though the new directions proposed are still to be confirmed in the definitive standards, a strong message has been sent: the IASB and the FASB are listening (at last!) to the criticisms they receive, and will take the time necessary in order to issue high-quality standards.

News

  • A new member of the IASB
  • Re-appointment of Philippe Danjou as IASB member
  • Date of first application of the future standards on consolidation
  • Presentation of financial statements: the EFRAG publishes the summary of the roundtables organised with constituents between September and December 2010.
  • Endorsement of the May 2010 Improvements to IFRSs

A closer look

  • Leases: redeliberations of major issues
  • IASB and FASB continue their redeliberations on the Revenue Recognition project
  • Impairment of financial assets: towards a common IASB – US GAAP approach?

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