The final SORP 2007 is expected to be published later than expected due to significant opposition to the shared ownership accounting proposals. It is likely the SORP working party will revise these proposals in a new consultation draft. Many RSLs are already accounting for first tranche sales through income under FRS 18 if it provides a fairer view. Key changes in the exposure draft include accounting for complex developments, related party disclosures, and implications of adopting proposals early.
This document discusses NYSERDA's role in assisting with energy efficiency programs in New York. NYSERDA is a public benefit corporation funded by a Systems Benefits Charge on utility bills. Its mission is to advance energy solutions to improve the economy and environment. NYSERDA provides tools and support to help commercial real estate properties benchmark performance, identify inefficient properties for assistance, and track improvement against goals. The document outlines NYSERDA programs and incentives to encourage strategic energy efficiency investments across commercial real estate portfolios.
The document compares accounting standards for defined benefit pension schemes in the UK, US, and under IAS 19. UK GAAP (SSAP 24) allows more discretion and smoothing of pension costs over time compared to FAS 87, IAS 19, and FRS 17, which prescribe using market values for assets and corporate bond yields to value liabilities, resulting in more volatility. Under FRS 17, pension surpluses or deficits appear as assets or liabilities on the balance sheet with no smoothing, unlike SSAP 24, FAS 87, and IAS 19.
- The document is Norfolk Southern Corporation's quarterly financial review for the first quarter of 2009.
- Railway operating revenues decreased $557 million to $1.943 billion compared to the first quarter of 2008. Income from railway operations decreased $195 million to $383 million.
- Net income for the quarter was $177 million, a decrease of $114 million compared to the first quarter of 2008 net income of $291 million.
- Earnings per share for the quarter were $0.48 basic and $0.47 diluted, down from $0.77 basic and $0.76 diluted in the first quarter of 2008.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2001.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, expenses, sales results, assets under management, capitalization data and more for the quarter and year-to-date.
- It presents performance by division and includes information on common stock prices, distribution channels, third party sales and other key metrics.
Vision integrates and analyzes two main aspects of banking financial management: external communications for shareholders and internal communications for planning, performance measurement, control, and decision-making. It provides a holistic view of financial data for all entities with a single chart of accounts. The system delivers analytics across dimensions and attributes with drill-through reporting for finances and management information systems spanning multiple time periods.
Didier Keters director sector head ut.tran.log - ing -3-pl industry trendsVlerick_Alumni
The document summarizes trends in the 3PL (third party logistics) industry as observed by a banker. It outlines that 3PL companies are increasingly globalizing to follow clients, integrating supply chain operations, focusing on technology and sustainability, and investing in strategic real estate locations. Financing is also evolving, with 3PLs renting or obtaining long-term funding for real estate portfolios. Overall, the 3PL industry is being driven by globalization, operational excellence, green supply chain solutions, and knowledge of clients' industries.
- The document summarizes recent developments in International Financial Reporting Standards (IFRS), including delays in convergence projects between the IASB and FASB, new standards and pronouncements issued, and differences in IFRS adoption across countries.
- Key countries' approaches to adopting IFRS for statutory versus listed company filings are reviewed, with most requiring IFRS for consolidated listed company filings but maintaining local GAAP for statutory filings.
- Oversight of the IASB and concerns about independence are discussed, as well as recommendations for the SEC as it considers a potential future adoption of IFRS in the US.
This document discusses NYSERDA's role in assisting with energy efficiency programs in New York. NYSERDA is a public benefit corporation funded by a Systems Benefits Charge on utility bills. Its mission is to advance energy solutions to improve the economy and environment. NYSERDA provides tools and support to help commercial real estate properties benchmark performance, identify inefficient properties for assistance, and track improvement against goals. The document outlines NYSERDA programs and incentives to encourage strategic energy efficiency investments across commercial real estate portfolios.
The document compares accounting standards for defined benefit pension schemes in the UK, US, and under IAS 19. UK GAAP (SSAP 24) allows more discretion and smoothing of pension costs over time compared to FAS 87, IAS 19, and FRS 17, which prescribe using market values for assets and corporate bond yields to value liabilities, resulting in more volatility. Under FRS 17, pension surpluses or deficits appear as assets or liabilities on the balance sheet with no smoothing, unlike SSAP 24, FAS 87, and IAS 19.
- The document is Norfolk Southern Corporation's quarterly financial review for the first quarter of 2009.
- Railway operating revenues decreased $557 million to $1.943 billion compared to the first quarter of 2008. Income from railway operations decreased $195 million to $383 million.
- Net income for the quarter was $177 million, a decrease of $114 million compared to the first quarter of 2008 net income of $291 million.
- Earnings per share for the quarter were $0.48 basic and $0.47 diluted, down from $0.77 basic and $0.76 diluted in the first quarter of 2008.
- Prudential Financial, Inc. released its Quarterly Financial Supplement for the fourth quarter of 2001.
- The supplement provides financial and operating highlights for Prudential's Financial Services Businesses, including revenues, expenses, sales results, assets under management, capitalization data and more for the quarter and year-to-date.
- It presents performance by division and includes information on common stock prices, distribution channels, third party sales and other key metrics.
Vision integrates and analyzes two main aspects of banking financial management: external communications for shareholders and internal communications for planning, performance measurement, control, and decision-making. It provides a holistic view of financial data for all entities with a single chart of accounts. The system delivers analytics across dimensions and attributes with drill-through reporting for finances and management information systems spanning multiple time periods.
Didier Keters director sector head ut.tran.log - ing -3-pl industry trendsVlerick_Alumni
The document summarizes trends in the 3PL (third party logistics) industry as observed by a banker. It outlines that 3PL companies are increasingly globalizing to follow clients, integrating supply chain operations, focusing on technology and sustainability, and investing in strategic real estate locations. Financing is also evolving, with 3PLs renting or obtaining long-term funding for real estate portfolios. Overall, the 3PL industry is being driven by globalization, operational excellence, green supply chain solutions, and knowledge of clients' industries.
- The document summarizes recent developments in International Financial Reporting Standards (IFRS), including delays in convergence projects between the IASB and FASB, new standards and pronouncements issued, and differences in IFRS adoption across countries.
- Key countries' approaches to adopting IFRS for statutory versus listed company filings are reviewed, with most requiring IFRS for consolidated listed company filings but maintaining local GAAP for statutory filings.
- Oversight of the IASB and concerns about independence are discussed, as well as recommendations for the SEC as it considers a potential future adoption of IFRS in the US.
IFRS 5 provides guidance on the accounting for non-current assets held for sale and discontinued operations. It requires non-current assets or disposal groups that meet the criteria to be "held for sale" to be measured at the lower of carrying amount or fair value less costs to sell, and to be presented separately in the statement of financial position. A discontinued operation is a component of an entity that has either been disposed of or is classified as held for sale, and represents a separate major line of business or geographical area of operations. Additional disclosures are required for non-current assets held for sale and discontinued operations.
IFRS is a global accounting standard that aims to harmonize financial reporting. India is converging to IFRS in phases starting 2011 to improve access to foreign capital markets and enable comparability with global peers. While IFRS convergence provides benefits, it also poses challenges like shortage of expertise, impact on taxes and performance metrics, and compatibility with other Indian laws. Careful planning is required to fully realize the benefits of IFRS and overcome these challenges during the transition.
This document provides an analysis of Suriname companies' compliance with International Financial Reporting Standards (IFRS) in 2011. It finds that most companies do not comply with many IFRS requirements for financial statement presentation and disclosure. Specific issues are identified for banks and state-owned companies. Compliance has not significantly improved since the prior year. Mandatory adoption of IFRS is recommended, along with a transition period for companies to adapt their accounting policies.
IFRS stands for International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board to provide a common global language for business affairs. The goal of IFRS is to have a single set of high-quality accounting standards used worldwide. Adopting IFRS is important because it allows companies to operate globally and provides more aligned standards as countries work to converge their own standards with IFRS. However, there are also challenges to IFRS implementation, such as difficulties applying some standards that require fair value measures and concerns about costs for small and medium enterprises.
This document provides a summary of the 2013 edition of IFRS in Your Pocket, which updates developments in international financial reporting standards (IFRS) through the first quarter of 2013. It covers background information on the International Accounting Standards Board (IASB) and the use of IFRS around the world. It also summarizes all current IFRS standards and interpretations and provides details on the IASB's agenda projects. The website IAS Plus is also introduced, which is a comprehensive online resource for information on IFRS.
The document discusses the challenges of converting to IFRS for banks in India. It provides an overview of IFRS and the timeline for convergence in India. Banks with a net worth over 300 crores must converge their opening balance sheet as of April 1, 2013. Preparing the opening IFRS balance sheet involves recognizing all IFRS-compliant assets and liabilities, derecognizing any non-compliant items, and properly classifying everything. The document outlines the conversion process and comparative requirements under IFRS.
This document compares International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) across several areas. There is a push to converge standards due to increasing globalization and multinational corporations. Key differences include IFRS being more principles-based and allowing fair value accounting, while GAAP relies more on historical costs. IFRS also requires more detailed note disclosures and adjustments that directly impact equity. The document outlines differences in financial statement presentation, inventory valuation, lease accounting, impairment testing and other topics between the two standards.
The document discusses India's convergence with IFRS and the opportunities it provides for chartered accountants in India. It outlines the ICAI and MCA's phased roadmaps for Indian companies, insurance companies, banks, and non-banking financial companies to converge with IFRS. It also discusses ICAI's initiatives to formulate converged standards and provide education/training on IFRS implementation.
The document discusses key aspects of Generally Accepted Accounting Principles (GAAP) including definitions, similarities and differences between Indian GAAP, International Financial Reporting Standards (IFRS) and US GAAP. It covers topics such as financial statements, revenue recognition, foreign currency translation and more. GAAP provides common standards for preparing financial statements to ensure consistency and comparability. While there are some differences between jurisdictions, the overall goals and many principles are largely similar across frameworks.
This document provides an overview of International Financial Reporting Standards (IFRS) and how they differ from Indian GAAP and US GAAP. It discusses the history and evolution of IFRS from the International Accounting Standards Committee in 1973 to today. Key differences between IFRS, Indian GAAP and US GAAP are outlined for inventory valuation, events after the balance sheet date, and treatment of prior period items and changes in accounting policies.
The document discusses Accounting Standards in India. It provides details on:
1. Accounting Standards were first issued in India by ICAI in 1977 to standardize accounting policies and make financial statements more reliable and comparable.
2. There are currently 32 Accounting Standards in India based on International Accounting Standards. Other countries have adopted 41 International Financial Reporting Standards.
3. Key Accounting Standards cover topics like disclosure of accounting policies, valuation of inventories, cash flow statements, events after balance sheet date, components of profit and loss, depreciation methods, construction contracts, research and development costs, revenue recognition, and fixed assets.
Indian Accounting Standards are rules and guidance issued by the Institute of Chartered Accountants of India to standardize accounting policies and ensure reliability and comparability of financial statements. There are currently 31 Accounting Standards covering topics like disclosure of policies, cash flow statements, revenue recognition, accounting for fixed assets, foreign exchange rates, and reporting of interests in joint ventures and financial instruments. The standards aim to eliminate variations in treatment of accounting issues and facilitate inter-firm and intra-firm comparison.
International financial reporting standards (ifrs)pptIDBI Capital
International Financial Reporting Standards (IFRS) are a global set of accounting standards meant to provide consistency and transparency in financial reporting around the world. IFRS provide rules that accountants must follow to prepare financial statements that are comparable, understandable, reliable and relevant to both internal and external users. IFRS financial statements include a statement of financial position, statement of comprehensive income, statement of changes in equity, and cash flow statement. Many countries around the world either require or allow the use of IFRS to standardized financial reporting practices globally.
The document provides an overview of accounting standards in India and other countries. It discusses 32 accounting standards issued by the Institute of Chartered Accountants of India that are based on the 41 International Financial Reporting Standards. The standards cover various topics such as disclosure of accounting policies, treatment of inventories, cash flow statements, revenue recognition, accounting for fixed assets, foreign exchange rates, and financial instruments. The objectives, evolution, and key aspects of many individual accounting standards are summarized.
International financial reporting standardsKushal Setty
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board to be the global standard for public company financial statements. More than 100 countries either require or allow the use of IFRS. Several countries including Canada, India, and the EU are transitioning to require IFRS by 2011. While IFRS adoption has benefits, there are also costs and challenges to the transition for companies and differences remain between IFRS and US GAAP standards.
The SEC proposed a roadmap to phase in mandatory use of IFRS by U.S. public companies beginning in 2014. The roadmap is conditional on meeting milestones related to IFRS quality, oversight, and acceptance by 2011. If milestones are met, the SEC will consider requiring all public companies to use IFRS. Some companies operating in industries where IFRS is more commonly used may begin using IFRS as early as 2009. The roadmap proposes phasing in mandatory IFRS over three years beginning in 2014. It also discusses revisions to regulations that would be needed to accommodate IFRS filings.
Nya regler för redovisning av pensioner och leasingavtal får betydande effekt...FinancialReportingSE
Claes Janzon, PwC
Nya regler för redovisning av pensioner och leasingavtal får betydande effekt på företagens nyckeltal
IASB publicerar under första halvåret helt nya regler för bland annat pensioner och leasing som kommer att påverka de flesta företagens finansiella rapportering på ett väsentligt sätt. Leasingreglerna är hett omdebatterade och kritiserade och IASB har valt att backa på en del av de kritiserade förslagen, medan man föreslår helt nya ansatser på vissa områden. Många ändringar föreslås i förhållande till det utkast som publicerades så sent som i augusti 2010, men kvar står det grundläggande kravet på att alla leasingavtal ska redovisas i balansräkningen i form av tillgångar (avseende rätten att utnyttja objektet under leasingperioden) och en leasingskuld (avseende förpliktelsen att betala leasingavgifter).
När det gäller pensionsredovisning så kommer de nya reglerna att innebära stora förändringar för de flesta svenska företag då korridormetoden är vanligt förekommande i Sverige. Denna metod tas bort och istället uppställs ett krav på att omedelbart redovisa värdeförändringar på pensionsskuld och pensionsstiftelsers förmögenhet i övrigt totalresultat och balansräkning. Möjligheten att redovisa avkastning från förvaltningstillgångar begränsas också. De nya pensionsredovisningsreglerna kommer att träda i kraft från och med 1 januari 2013. Vidare diskuteras de nya förslagen kring redovisning av särskild löneskatt och avkastningsskatt som presenterats av Rådet för finansiell rapportering, och som föreslås träda ikraft 1 januari 2012.
www.financialreporting.se
The newsletter provides information on estate and legacy planning activities for clients this quarter. It discusses reviewing beneficiary designations and implementing family meetings. The next quarter's topic will be on insurance and protection. It also summarizes the market performance, noting disappointing economic recovery and flight to quality in fixed income markets. Upcoming regulations on fee disclosure for corporate retirement plans are discussed.
The proposed changes to lease accounting standards would classify all leases as capital leases and require them to be reported on company balance sheets. This would significantly increase reported assets and debt for most companies by including operating leases. It would also change key financial metrics and reduce comparability to prior periods. Companies should analyze the potential impact on their financial statements and metrics and prepare for the administrative changes needed to implement the new standards for all existing leases.
This document compares accounting standards under IAS, US GAAP, UK GAAP, and Indian GAAP across various subjects:
- IAS and UK GAAP are generally similar, requiring 2 years of financial statements. US GAAP requires 3 years. Indian GAAP requires 2 years for listed companies.
- IAS allows overriding standards to give a true and fair view, while US GAAP and Indian GAAP do not allow overrides.
- Changes in accounting policies are treated similarly under IAS, US GAAP, and UK GAAP but Indian GAAP includes effects in the current period's income statement.
IFRS 5 provides guidance on the accounting for non-current assets held for sale and discontinued operations. It requires non-current assets or disposal groups that meet the criteria to be "held for sale" to be measured at the lower of carrying amount or fair value less costs to sell, and to be presented separately in the statement of financial position. A discontinued operation is a component of an entity that has either been disposed of or is classified as held for sale, and represents a separate major line of business or geographical area of operations. Additional disclosures are required for non-current assets held for sale and discontinued operations.
IFRS is a global accounting standard that aims to harmonize financial reporting. India is converging to IFRS in phases starting 2011 to improve access to foreign capital markets and enable comparability with global peers. While IFRS convergence provides benefits, it also poses challenges like shortage of expertise, impact on taxes and performance metrics, and compatibility with other Indian laws. Careful planning is required to fully realize the benefits of IFRS and overcome these challenges during the transition.
This document provides an analysis of Suriname companies' compliance with International Financial Reporting Standards (IFRS) in 2011. It finds that most companies do not comply with many IFRS requirements for financial statement presentation and disclosure. Specific issues are identified for banks and state-owned companies. Compliance has not significantly improved since the prior year. Mandatory adoption of IFRS is recommended, along with a transition period for companies to adapt their accounting policies.
IFRS stands for International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board to provide a common global language for business affairs. The goal of IFRS is to have a single set of high-quality accounting standards used worldwide. Adopting IFRS is important because it allows companies to operate globally and provides more aligned standards as countries work to converge their own standards with IFRS. However, there are also challenges to IFRS implementation, such as difficulties applying some standards that require fair value measures and concerns about costs for small and medium enterprises.
This document provides a summary of the 2013 edition of IFRS in Your Pocket, which updates developments in international financial reporting standards (IFRS) through the first quarter of 2013. It covers background information on the International Accounting Standards Board (IASB) and the use of IFRS around the world. It also summarizes all current IFRS standards and interpretations and provides details on the IASB's agenda projects. The website IAS Plus is also introduced, which is a comprehensive online resource for information on IFRS.
The document discusses the challenges of converting to IFRS for banks in India. It provides an overview of IFRS and the timeline for convergence in India. Banks with a net worth over 300 crores must converge their opening balance sheet as of April 1, 2013. Preparing the opening IFRS balance sheet involves recognizing all IFRS-compliant assets and liabilities, derecognizing any non-compliant items, and properly classifying everything. The document outlines the conversion process and comparative requirements under IFRS.
This document compares International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) across several areas. There is a push to converge standards due to increasing globalization and multinational corporations. Key differences include IFRS being more principles-based and allowing fair value accounting, while GAAP relies more on historical costs. IFRS also requires more detailed note disclosures and adjustments that directly impact equity. The document outlines differences in financial statement presentation, inventory valuation, lease accounting, impairment testing and other topics between the two standards.
The document discusses India's convergence with IFRS and the opportunities it provides for chartered accountants in India. It outlines the ICAI and MCA's phased roadmaps for Indian companies, insurance companies, banks, and non-banking financial companies to converge with IFRS. It also discusses ICAI's initiatives to formulate converged standards and provide education/training on IFRS implementation.
The document discusses key aspects of Generally Accepted Accounting Principles (GAAP) including definitions, similarities and differences between Indian GAAP, International Financial Reporting Standards (IFRS) and US GAAP. It covers topics such as financial statements, revenue recognition, foreign currency translation and more. GAAP provides common standards for preparing financial statements to ensure consistency and comparability. While there are some differences between jurisdictions, the overall goals and many principles are largely similar across frameworks.
This document provides an overview of International Financial Reporting Standards (IFRS) and how they differ from Indian GAAP and US GAAP. It discusses the history and evolution of IFRS from the International Accounting Standards Committee in 1973 to today. Key differences between IFRS, Indian GAAP and US GAAP are outlined for inventory valuation, events after the balance sheet date, and treatment of prior period items and changes in accounting policies.
The document discusses Accounting Standards in India. It provides details on:
1. Accounting Standards were first issued in India by ICAI in 1977 to standardize accounting policies and make financial statements more reliable and comparable.
2. There are currently 32 Accounting Standards in India based on International Accounting Standards. Other countries have adopted 41 International Financial Reporting Standards.
3. Key Accounting Standards cover topics like disclosure of accounting policies, valuation of inventories, cash flow statements, events after balance sheet date, components of profit and loss, depreciation methods, construction contracts, research and development costs, revenue recognition, and fixed assets.
Indian Accounting Standards are rules and guidance issued by the Institute of Chartered Accountants of India to standardize accounting policies and ensure reliability and comparability of financial statements. There are currently 31 Accounting Standards covering topics like disclosure of policies, cash flow statements, revenue recognition, accounting for fixed assets, foreign exchange rates, and reporting of interests in joint ventures and financial instruments. The standards aim to eliminate variations in treatment of accounting issues and facilitate inter-firm and intra-firm comparison.
International financial reporting standards (ifrs)pptIDBI Capital
International Financial Reporting Standards (IFRS) are a global set of accounting standards meant to provide consistency and transparency in financial reporting around the world. IFRS provide rules that accountants must follow to prepare financial statements that are comparable, understandable, reliable and relevant to both internal and external users. IFRS financial statements include a statement of financial position, statement of comprehensive income, statement of changes in equity, and cash flow statement. Many countries around the world either require or allow the use of IFRS to standardized financial reporting practices globally.
The document provides an overview of accounting standards in India and other countries. It discusses 32 accounting standards issued by the Institute of Chartered Accountants of India that are based on the 41 International Financial Reporting Standards. The standards cover various topics such as disclosure of accounting policies, treatment of inventories, cash flow statements, revenue recognition, accounting for fixed assets, foreign exchange rates, and financial instruments. The objectives, evolution, and key aspects of many individual accounting standards are summarized.
International financial reporting standardsKushal Setty
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board to be the global standard for public company financial statements. More than 100 countries either require or allow the use of IFRS. Several countries including Canada, India, and the EU are transitioning to require IFRS by 2011. While IFRS adoption has benefits, there are also costs and challenges to the transition for companies and differences remain between IFRS and US GAAP standards.
The SEC proposed a roadmap to phase in mandatory use of IFRS by U.S. public companies beginning in 2014. The roadmap is conditional on meeting milestones related to IFRS quality, oversight, and acceptance by 2011. If milestones are met, the SEC will consider requiring all public companies to use IFRS. Some companies operating in industries where IFRS is more commonly used may begin using IFRS as early as 2009. The roadmap proposes phasing in mandatory IFRS over three years beginning in 2014. It also discusses revisions to regulations that would be needed to accommodate IFRS filings.
Nya regler för redovisning av pensioner och leasingavtal får betydande effekt...FinancialReportingSE
Claes Janzon, PwC
Nya regler för redovisning av pensioner och leasingavtal får betydande effekt på företagens nyckeltal
IASB publicerar under första halvåret helt nya regler för bland annat pensioner och leasing som kommer att påverka de flesta företagens finansiella rapportering på ett väsentligt sätt. Leasingreglerna är hett omdebatterade och kritiserade och IASB har valt att backa på en del av de kritiserade förslagen, medan man föreslår helt nya ansatser på vissa områden. Många ändringar föreslås i förhållande till det utkast som publicerades så sent som i augusti 2010, men kvar står det grundläggande kravet på att alla leasingavtal ska redovisas i balansräkningen i form av tillgångar (avseende rätten att utnyttja objektet under leasingperioden) och en leasingskuld (avseende förpliktelsen att betala leasingavgifter).
När det gäller pensionsredovisning så kommer de nya reglerna att innebära stora förändringar för de flesta svenska företag då korridormetoden är vanligt förekommande i Sverige. Denna metod tas bort och istället uppställs ett krav på att omedelbart redovisa värdeförändringar på pensionsskuld och pensionsstiftelsers förmögenhet i övrigt totalresultat och balansräkning. Möjligheten att redovisa avkastning från förvaltningstillgångar begränsas också. De nya pensionsredovisningsreglerna kommer att träda i kraft från och med 1 januari 2013. Vidare diskuteras de nya förslagen kring redovisning av särskild löneskatt och avkastningsskatt som presenterats av Rådet för finansiell rapportering, och som föreslås träda ikraft 1 januari 2012.
www.financialreporting.se
The newsletter provides information on estate and legacy planning activities for clients this quarter. It discusses reviewing beneficiary designations and implementing family meetings. The next quarter's topic will be on insurance and protection. It also summarizes the market performance, noting disappointing economic recovery and flight to quality in fixed income markets. Upcoming regulations on fee disclosure for corporate retirement plans are discussed.
The proposed changes to lease accounting standards would classify all leases as capital leases and require them to be reported on company balance sheets. This would significantly increase reported assets and debt for most companies by including operating leases. It would also change key financial metrics and reduce comparability to prior periods. Companies should analyze the potential impact on their financial statements and metrics and prepare for the administrative changes needed to implement the new standards for all existing leases.
This document compares accounting standards under IAS, US GAAP, UK GAAP, and Indian GAAP across various subjects:
- IAS and UK GAAP are generally similar, requiring 2 years of financial statements. US GAAP requires 3 years. Indian GAAP requires 2 years for listed companies.
- IAS allows overriding standards to give a true and fair view, while US GAAP and Indian GAAP do not allow overrides.
- Changes in accounting policies are treated similarly under IAS, US GAAP, and UK GAAP but Indian GAAP includes effects in the current period's income statement.
- The document compares accounting standards under IAS, US GAAP, UK GAAP, and Indian GAAP.
- It outlines key differences in the contents of financial statements, accounting policies, income statement and balance sheet formats, and cash flow statement requirements.
- For example, IAS allows overriding standards to provide a "true and fair view" while US GAAP does not allow overrides, and Indian GAAP requires 2 years of financial statements while US GAAP requires 3 years except for the balance sheet.
The document summarizes key changes to Bursa Malaysia's listing requirements. Some major changes include streamlining the roles of Bursa Malaysia and the Securities Commission, enhancing disclosure requirements for transactions and circulars, introducing new rules for real estate valuations, and shortening timelines for rights issues and capital repayment exercises. Transitional issues are also highlighted.
Changes to UK GAAP - impact for Listed GroupsMatthew_Stroh
The Accounting Standards Board has proposed replacing existing UK GAAP with a new financial reporting regime called The Financial Reporting Standard Applicable in the UK and Republic of Ireland (The FRS). Under the proposals, listed parent companies and subsidiaries will have a choice between applying The FRS, EU-adopted IFRS, or the Reduced Disclosure Framework for their individual accounts, provided certain conditions are met. Qualifying entities taking the Reduced Disclosure Framework will benefit from more extensive disclosure exemptions compared to The FRS. This new framework introduces more options but also more complexities for preparing consolidated and individual financial statements within listed groups.
Grant Thornton - Second Quarter 2012 IFRS NewsGrant Thornton
The document provides a summary of the more significant developments in International Financial Reporting Standards (IFRS) in the second quarter of 2012. It discusses the IASB's revised work plan and projected targets for 2012, including delays to new standards on revenue recognition and leases. It also covers issues related to the current economic environment that may affect financial reporting, such as going concern assessments and impairment considerations. Additionally, it summarizes recent publications and guidance from Grant Thornton International on topics like IFRS for SMEs questions and answers, comment letters, and example financial statements for first-time IFRS adopters.
This document reviews several Irish Financial Reporting Standards (FRS). It summarizes FRS 11 on impairment of fixed assets and goodwill, which requires impairment reviews when indicators exist and defines how to measure impairment. It also summarizes FRS 12 on provisions, contingent liabilities, and contingent assets, explaining how and when to recognize provisions versus disclose contingent liabilities. Finally, it provides high-level information on FRS 15 regarding tangible fixed assets.
This document discusses the challenges that Basel III regulations present for liquidity management and reporting. It outlines the goals of more stringent liquidity requirements in Basel III, and why early and granular analysis of balance sheet, funding sources, collateral and more will be needed. It also discusses how to turn liquidity reporting into a valuable business asset that supports both regulatory compliance and day-to-day decision making. A case study further illustrates these points by showing how one organization addressed their liquidity reporting challenges through a new centralized database infrastructure.
This document discusses the impact of IFRS 3 on accounting for acquisitions. Some of the key impacts include:
- Results will be more unpredictable due to more frequent and rigorous impairment testing of acquired assets. Greater analysis of targets will be required.
- Value will be harder to demonstrate as more acquisition costs must be expensed immediately rather than included in goodwill.
- No merger accounting is allowed; an acquirer must be identified for each transaction.
- Deal structures may change as the end of merger accounting removes constraints. More cash deals are likely.
- More work will be required as the acquisition process needs to be more rigorous from planning through execution to withstand market scrutiny. Expert valuation
IFRS 3 makes significant changes to the accounting for business combinations that will impact M&A strategy and transparency. Key impacts include:
- All combinations will be treated as acquisitions, eliminating merger accounting. More intangible assets will be identified and recognized.
- Goodwill will no longer be amortized but subject to annual impairment testing, likely resulting in more impairment charges.
- Negative goodwill will be recognized immediately in income rather than amortized. Restructuring costs will also impact earnings.
- Greater disclosures will be required on acquisition costs, asset valuations, and impairment testing, increasing transparency but also the resources required.
This document discusses the impact of IFRS 3 on accounting for acquisitions. Some of the key impacts include:
- Results will be more unpredictable due to more frequent and rigorous impairment testing of acquired assets. Greater analysis of the target will be required.
- Value will be harder to demonstrate as more of an acquisition's costs must be expensed as incurred rather than included in goodwill.
- No merger accounting will be allowed. Deal structures may change as a result.
- The acquisition process will require more rigorous evaluation of targets, structuring of deals, and valuation of intangible assets to withstand greater market scrutiny under the new transparency requirements.
The IASB issued several proposals in response to the economic conditions:
1. Proposed amendments to IFRS 7 that would require additional disclosures for investments in debt instruments.
2. Proposed amendments to IFRIC 9 and IAS 39 related to embedded derivatives following reclassification of financial assets.
3. An exposure draft on consolidated financial statements that proposes expanding consolidation requirements and disclosure.
4. A discussion paper with the FASB proposing a comprehensive new revenue recognition standard to replace existing IFRS standards.
This document discusses key accounting topics related to the application of International Financial Reporting Standards (IFRS) to the shipping industry. It covers cost capitalization, depreciation, impairment of assets, leasing, consolidation, revenue/costs recognition, financial instruments, and segment reporting.
The document provides an overview of each topic and discusses considerations for shipping companies in applying IFRS standards. For cost capitalization, it discusses what costs can be included in the initial cost of vessels, such as borrowing costs. It also covers accounting for dry docking costs and subsequent expenditures. For depreciation, it discusses assessing useful lives and residual values. The document provides examples and considerations to help shipping companies properly apply various IFRS requirements
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Uk cg reportingand_accountingupdateforregisteredsociallandlords
1. 18547 sg LookingForward 21/3/07 10:40 am Page 1
March 2007
Audit
Looking Forward – reporting and accounting
update for Registered Social Landlords
SORP 2007 If you are looking to adopt the shared
The exposure draft of the SORP was ownership proposals early remember the
published in summer 2006 and it was other accounting implications:
expected that the final SORP would have
• The proportion of shared ownership
been published at the end of this month with
properties to be sold under a first tranche
RSLs encouraged to adopt early in their
sale needs to be included within current
March 2007 accounts.
assets and an analysis given between
completed shared ownership properties
However, the proposals, particularly in
and those in the course of construction.
respect of shared ownership accounting,
have met with significant opposition. It seems • The first tranche sale proceeds need to be
unlikely that the shared ownership included within turnover and the relevant
accounting proposals will be dropped proportion of the development costs as
completely, but the SORP working party is well as marketing and legal costs should
reviewing the proposals carefully and is likely be included in cost of sales.
to come up with a slightly revised
In this issue: consultation draft of the SORP in the next Other key changes in the exposure draft of
• SORP 2007 – Main issues and implications couple of months with another Exposure the SORP include the following:
Draft in the autumn. Although the SORP has
• General Determination 2006 – reminder of • Accounting for complex developments –
not been issued in final form, a number of
disclosure changes where an RSL is involved in cross subsidy
RSLs are already accounting for first tranche
schemes, i.e. properties are being built for
• Variable service charge reporting – it’s back sales through the income and expenditure
sale within a development in order to
on the agenda account and it is likely that more will be
finance social housing in the same scheme,
adopt this accounting policy in this year’s
• Charities Act – implications for RSLs profits should not be recognised on the
financial statements.
properties for sale if the result would be
• Companies Act – timetable for change that the social housing would be carried at
FRS 18 permits this treatment provided that
• The longer term – IFRS convergence – a value in excess of its EUV-SH valuation.
the directors can justify that inclusion of first
implications for RSLs However, complications may arise where
tranche sale proceeds in the income and
the properties for sale are being developed
• Pension costs – accounting for SHPS expenditure account gives a fairer view of the
in one entity within an RSL group but the
performance of the RSL rather than the
social housing is being recorded in another
previous treatment. It should not be simply
entity. In this instance, particular care
because it would allow the RSL to meet its
needs to be paid to allocating costs
debt covenants or show a surplus rather than
between the two entities and potentially
a deficit! FRS 18 requires an RSL adopting
profits in the entity selling the properties
this treatment to disclose the rationale for
may need to be eliminated on
and fact of the departure from the 2005
consolidation if this results in the social
SORP in their financial statements, and, if this
housing being held at a value in excess of
treatment is adopted for the first time this
EUV-SH in the group accounts.
year and the effect is material, to restate the
prior year accounts to reflect a change in • Related Party disclosures – the exposure
accounting policy. draft appears to require disclosures which
go beyond those strictly required by FRS 8.
Our response to the exposure draft
recommended that the SORP should not
include these disclosures. If the Housing
Corporation believe that the additional
disclosures are required then they should
. .
Audit Tax Consulting Corporate Finance . . instead be included in the next version of
the General Determination.
2. 18547 sg LookingForward 21/3/07 10:40 am Page 2
Looking Forward – reporting and accounting update for Registered Social Landlords
• Accounting for transfers – the SORP The most significant of the changes is the test, it is well worthwhile formally reviewing
requires that RSLs consider whether large additional fixed asset addition disclosures. the proposals to ensure that there are no
scale voluntary transfers are actually This, coupled with the 2005 SORP adverse implications for some of the entities
transfers of an undertaking rather than a requirements on accounting for expenditure within your Group.
simple purchase of assets. Key features of on existing properties will make any
the former might be that existing staff are ‘aggressive’ capitalisation of major repair The concept of an exempt charity has gone
being transferred together with operating expenditure very clear to readers of the and charitable RSLs will need to comply in full
systems and other operating assets. accounts. For those RSLs who have adopted with charity law. It is yet to be seen how the
The implications are that if the transfer is component accounting it will be important Housing Corporation intends to carry out its
really an acquisition of a business rather for them to draw readers’ attention to their role as regulator on behalf of the Charities
than the acquisition of fixed assets, then accounting policy as there is a danger that Commission for the sector. It is possible that
the assets and liabilities acquired should be readers may wrongly interpret high levels of the Housing Corporation will look to introduce
fair valued and accounted for under FRS 7. major repair expenditure being capitalised as additional disclosure requirements in order to
evidence that the RSL is being imprudent in assist their monitoring of the sector.
Housing Corporation – Accounting its accounting policies.
Requirements for Registered Social Companies Act 2006
Landlords – April 2006 Service Charge accounting and The provisions of new Companies Act will
The Housing Corporation issued a new reporting impact most companies within RSL groups
General Determination in April 2006. This will The Commonhold and Leasehold Reform Act going forward. Key areas of substantial
be first year that RSLs will have to adopt the 2002 introduced a requirement for fuller and change in the Act include:
new disclosure requirements although many more consistent reporting of variable service
• Directors’ duties and derivative claims.
voluntarily gave these disclosures in their charges to tenants and leaseholders,
2006 financial statements. As a reminder, the together with new provisions for the holding • Shareholder rights.
main changes are as follows: of service charge payers’ monies. The
• Electronic communications.
Government’s initial proposals for accounting
• more analysis is required in ‘note 3’ for
and reporting on service charge statements • Business Review for quoted companies.
‘other costs’ where these other costs
were particularly onerous and were
represent more than 5% of total operating • De-regulation of private companies.
withdrawn after the initial consultation.
costs;
• Limitations on directors’ and auditors’
• the disclosure requirements for Supporting The Department for Communities and Local liability.
People income have been amended Government has been working on new
although the detail proposed in the proposals and we understand that these are The deregulatory provisions of the Act will be
consultation draft of the Determination due to be published for consultation shortly. welcomed by RSLs with many corporate
has been much reduced; An audit of individual service charges is subsidiaries. However, some work will be
unlikely to be required although an needed to take advantage of these as many
• separate disclosure is required in the fixed
accountant’s report will be needed for each of them will require changes to articles of
asset note of additions to completed
service charge scheme. There will also be a association. For a useful summary of the new
properties, differentiating between work to
prescribed format for the service charge provisions and answers to commonly asked
completed properties acquired and works
statement, setting out the minimum questions please consult the Deloitte
to existing properties;
disclosure required. We understand that publication “CompAct – Q&As on the 2006
• there are new disclosure requirements for there may be some minor concessions for Companies Act” which can be found at
showing the movement on the disposal RSLs but overall the new reporting regime is www.deloitte.co.uk/corporategovernance
proceeds fund and the Recycled Grant likely to add significant cost to most RSLs.
fund in order to ‘show greater In particular, the implications of the new There has also been a degree of confusion as
transparency’ of how these funds are used; reporting regime need to be carefully to the extent to which recent changes to the
considered at an early stage to ensure old Companies Act 1985 affect Industrial and
• payments to directors need to include
systems and processes can generate the Provident Societies. Company directors’
board members (where remunerated).
required information, including potential reports for financial years beginning on or
Separate disclosure needs to be made
changes to the split of charges in the trial after 1 April 2005 must include a statement
between amounts paid to executive staff
balance. It is likely that the earliest application that, in the case of each person who is a
members and those who are not;
date will be for years beginning on or after director at the time when the directors’
• further details are required of proposed 1April 2008. report is approved:
financing for capital commitments
• so far as the director is aware, there is no
indicating amount of grant, agreed loans, Charities Act
relevant audit information of which the
loans under negotiation, property sales The new Charities Act was passed in
auditors are unaware; and
and other sources of funding; and November and its various provisions will
come into force over a staggered timetable. • they have taken all the steps that they
• some disclosure requirements have been
One of the main areas of contention is the ought to have taken as a director to make
removed including the Chief Executive’s
new proposals for the public benefit test. themselves aware of any relevant audit
pension arrangements, average number of
The Charities Commissions published their information and to establish that the
employees (but not the FTE disclosure),
detailed proposals for consultation earlier this company’s auditors are aware of that
disclosure of RSF (now abolished), and
month and whilst at first glance it is difficult information.
average number of days taken to pay
to envisage a social housing charity having
purchase invoices.
problems meeting the provisions of the new
.
2
3. 18547 sg LookingForward 21/3/07 10:40 am Page 3
Looking Forward – reporting and accounting update for Registered Social Landlords
Our feeling is that this change may not come
in for some time, if at all. The Statement of
Principles is not an accounting standard and
SSAP 4 – accounting for government grants
will still be in force, so it is difficult to see
how RSLs could be forced down the path of
taking capital grants to revenue in the short
term. The ASB intend to review SSAP 4 at the
same time as the equivalent IASB project,
which will not be in the short term, and this
therefore has to be an area which will need
to be kept under review.
Some RSLs have asked whether the requirement A final IASB standard is expected in mid- It is still very difficult to predict what the
is strictly relevant to their organisation, given 2008, at which point the EU may well International Financial Reporting
that they are incorporated under the Industrial allow individual member states to adopt it Standards (‘IFRS’) regime will look like after
and Provident Societies Acts; others have for all entities other than those for whom 2009, which aspects of IFRS are likely to be
questioned what their directors need to do full IFRS compliance is required. incorporated into UK accounting standards
in order to be able to make the statement. and particularly those in the ‘middle way’
• The FRSSE – similar to the current Financial
The requirements are only binding on entities band. There are one or two standards and
reporting standard for small entities.
incorporated under the Companies Act and projects which are of particular interest to
are therefore not strictly required by those RSLs and could make a big difference to RSL
The Statement of Accounting Principles –
which are Industrial and Provident Societies. accounting. These include:
Interpretation for Public Benefit Entities
However, RSLs may see such a statement as
is still being considered by the Accounting • IAS 40 – accounting for investment
representing good governance and are
Standards Board. This is an Accounting properties. The definition of investment
therefore encouraged to make the disclosure.
Standards Board project which has been properties in IAS 40 is slightly different to
RSL boards should not take this disclosure
going on for some time now since the first that of the current UK accounting
lightly however and need to carefully
consultation draft appeared back in 2005. standard. On the face of it, it could mean
consider what additional reassurances they
The idea behind it was to set out some that an RSL’s properties would fit into this
should seek in order to feel confident that
common principles for all public benefit definition, with the result that RSLs could
they can make this disclosure. In our last
entities so that accounting across the sectors have the option of carrying properties at
issue of ‘Corporate Governance Update’ we
could be more consistent. Probably the valuation with no requirement for
set out some suggestions for the steps that
greatest area of difference is how capital depreciation. This might make life simpler,
Directors should take and a copy of this can
grants are accounted for. Under the current but it could make interpretation of an RSL’s
be found on the corporate governance
SORPs, charities take capital grants as income results even more difficult as gains and
section of our website at
at the stage they become entitled to it. In losses on revaluation would be taken
http://www.deloitte.co.uk/corporategovernance
contrast, an RSL would treat the grant as a directly to income and expenditure account
deduction from fixed assets and a university with surpluses and asset values fluctuating
Financial reporting in the longer term
would carry the grant on the balance sheet significantly between accounting periods.
After a flurry of activity over the last three
as deferred income amortised over the life of
years things have gone rather quiet, with the • Another area that could signal change is
the asset which it funded.
ASB deciding there will be no new standards accounting for leases. Current
before 2009. They are carefully reviewing accounting standards differentiate
The RSL sector is very against the proposal
their options for future accounting standards between operating leases (where the
that the charity treatment be adopted for all
and are considering introducing a three tier lessee does not have the majority of risks
public benefit entities, believing that it will
approach to standards: and rewards) which are not recognised on
distort the income and expenditure account.
• Full IFRS compliance for quoted companies There are also significant complications of the balance sheets and finance leases
and public interest entities. The term “public adopting such a policy in practice – if the (where the opposite is true). The IASB’s
interest entity” has not been defined but is grant is taken through Income and initial thinking for their lease accounting
likely to include RSLs with quoted debt. expenditure account you are likely to suffer project is that interests in assets acquired
impairment of the property which the grant under operating leases should be valued
• A middle band of entities – these might be and shown on the balance sheet. This is
funded. Shared ownership properties get
large private companies, or other medium going to be particularly relevant for those
even more complicated – if an RSL believes
sized organisations. The idea here is that social landlords who rent temporary
shared ownership properties will be
they might be subject to a regime of ‘IFRS housing under short leases. A discussion
staircased there is an argument that related
minus’ or ‘FRSSE plus’. This may will take paper is expected in 2008.
grants will have to be repaid and therefore
the form of the recently issued exposure
showing the grant as a liability is more • IAS does not recognise merger
draft International Financial Reporting
appropriate. accounting believing that all
Standard for Small and Medium-Sized
entities which includes both simpler combinations consist of one party
measurement and disclosure requirements effectively taking over another –
than full IFRS. something that many RSLs would dispute.
3