Recipe for dissent

Article Abstract:

Ian Mckintosh, ASB chairman, sought views on the board's International Financial Reporting Standards (IFRS) convergence strategy, which has taken a phased approach. There was a general swell of feeling against the complexity users found, and a part of the problem was with the International Accounting Standards Board's (IASB's) convergence project with US standards, while a straw poll on this issue showed that the majority were split between opting for full IFRS for only the largest companies, and the option for a third tier of companies that would use some parts of IFRS.

United States

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Reporting statement: Operating and financial review: January 2006

Article Abstract:

The reporting statement is designed as a formulation and development of best practice, intended to have persuasive, rather than mandatory force. It contains an introduction, summary, objective, scope, definitions, principles, disclosure framework, details of particular matters, the nature, objective and strategies of the business, current and future development and performance, key performance indicators, statement of compliance, and implementation guidance.

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2005 actually

Article Abstract:

An insight into the coverage of the development of International Accounting Standards (IASs), possibly recalled as International Financial Reporting Standards (ITRSs), is provided. It is revealed that in 2005, the standard will be mandatory for European union (EU)-listed companies, who are required to report their consolidated accounts using IASs/IFRSs.

Accounting Methods, Accounting

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