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The “Scoop” from the Experts
The flurry of news and conjecture about both recent and upcoming changes in the way the accounting profession does
business can be a bit overwhelming. Here are a few noteworthy articles that provide crucial detail about IFRS and how the
new standards affect the financial services industry and other organizations as well.
Article #1:
http://www.accountingtoday.com/news/Companies-Brace-New-Accounting-Standards-57660-1.html
COMPANIES BRACE FOR NEW ACCOUNTING STANDARDS
By Michael Cohn | March 16, 2011
As the Financial Accounting Standards Board and the International Accounting Standards Board move forward with plans to produce converged standards
in areas such as leasing, revenue recognition and financial
instruments, companies are expecting the new standards to
have a major impact on their businesses, according to a new
survey from PwC.
Two PwC partners discussed the survey results during a press
briefing Wednesday, noting that the changes in leasing
standards are expected to have the biggest impact, according
to the survey respondents. Forty-three percent of the 1,400
respondents said that the converged leasing standards
would have a high impact on their organization, compared
to 31 percent for the revenue recognition standards and 21
percent for the financial instruments standards. Almost half
the respondents have already performed an inventory of
their lease portfolio in advance of the adoption of the new
standards.
However, the standards are still in flux. “It’s definitely a work
in process because FASB is still talking about the leasing
parameters of the new model,” said David Schmid, a partner
in PwC’s transaction services practice. “They’re focusing
