Side by side

Article Abstract:

The accounting standards for financial instruments issued by the US-based Financial Accounting Standards Board (FASB) and the European-based International Accounting Standards Committee (IASC) are summarized and compared. The two sets of standards are quite similar, particularly in relation to the principles applied in the recognition and derecognition of financial instruments. Close similarities can also be found in the manner in which these instruments are measured on the balance sheet and the circumstances when hedge accounting is considered to be appropriate or inappropriate. Significant differences, however, can be found in the way the FASB and the IASC treat contractual obligations, transaction costs, settlement dates, derivative assets and derivative liabilities, unquoted equity instruments, and write-downs.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Accounting services, Financial statements, Corporation reports, Company reports, Financial Accounting Standards Board, Accounting law, Accounting Standards Committee

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Emerging trends

Article Abstract:

In January 2001, the Chinese Ministry of Finance issued a comprehensive new Accounting System for Business Enterprises, including three news standards and five revised standards. The new standards are intangible assets, leases, and borrowing costs, and the revised standards include debt restructuring and cash flow statements.

China, China. Ministry of Finance

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Setting out the approach

Article Abstract:

The International Accounting Standards Board (IASB) has begun a project to develop accounting standards suitable for small and medium-sized entities (SMEs). In June 2004, the IASB published a discussion paper identifying the issues, setting out the board's preliminary and tentative views, and raising questions about them.

United Kingdom, Legal issues & crime, Product standards, safety, & recalls, Government regulation (cont), Government regulation, Accounting Methods, Legal/Government Regulation, Capital funds & cash flow, Accounting and auditing, Small and medium sized companies

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