FRC comments on IASC proposals

Article Abstract:

The Financial Reporting Committee (FRC) of the Institute of Management Accountants has offered its comments on some proposals released by the International Accounting Standards (IAS) Committee. In responding to the proposed IAS on leases, the FRC states that the classification should still depend on the degree of involvement of the lessor or lessee in risks and rewards related to the ownership of the leased asset. It also calls for quantitative tests in the criteria to improve consistency. The FRC also comments on the discussion paper on financial assets and liabilities. It does not agree with the IASC that a comprehensive fair value accounting model is needed for financial instruments. Finally, the FRC expresses its disagreement with the exposure draft on impairment of assets, particularly on an impairment test based on discounted cash flows.

Liabilities (Accounting), Accounting and auditing, Leases, Assets (Accounting), Institute of Management Accountants

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Is GAAP the gap to international markets?

Article Abstract:

A lack of standardized international accounting practices has caused problems in an increasingly global economy. The barriers to developing standardized accounting practices include the different levels of sophistication of various countries, and the problems posed by the introduction of standards in less developed countries. It may be difficult to impose international accounting standards because each country believes that their own accounting system is the best. The International Accounting Standards Committee was founded in 1973 to resolve these differences and develop international accounting standards.

Analysis, Internationalism

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IASC chairman Kirkpatrick on international standards

Article Abstract:

An interview with John L. Kirkpatrick, chairman of the International Accounting Standards Committee (IASC), concerns issues such as the acceptance of IASC standards throughout the free world, the role of the U.S. in enhancing acceptance of the IASC standards, institutions requesting the use of the standards in financial statement preparation, and international standards published to date.

Associations, Executives, Accountants, interview, Kirkpatrick, John L.

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