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Wall Street Journal Articles for International Accounting - Article Example
Author : fiona98
Finance & Accounting
Pages 3 (753 words)
International Accounting Instructor Date 1. Louis, K. (May 7, 2013). The Road to Convergence: Update for Audit Committees Two major accounting bodies in the country namely Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are working closely on an important project to aimed at streamlining and converging a number of accounting standards…
There is high likelihood that the streamlined standards will have major impact on the financial reporting over a wide cross-section of organizations and industries. For this reason, it is important that various audit committee members remain updated on the progress of this initiative in order to identify areas of particular concern and facilitate smooth transition period from the old processes, systems, and financial reporting to newly adopted ones. The proposed revenue model requires recording of the amount of revenue in a pattern that reflects the transfer of control of the goods and or services in question. The FASB recently released a proposed Accounting Standard Update (ASU) touching on classification and measurement of financial instruments. This made with the object of increasing the convergence between US GAAP and IFRS and above all simplify classification methods. Concerning leasing accounting, the boards intend to provide an open and steady representation of leasing transactions in the financial statements by taking into consideration information relating to the rights and obligations that comes with lease contracts. ...