Effective January 1, 2018, the Company adopted the new revenue recognition standard, Accounting Standards
18 February 2013 -- US accounting standards
authority The Financial Accounting Standards
Board said it has issued a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments.
Financial Accounting Foundation sent a letter last week protesting a rule that requires members of a new panel established to shape international accounting standards
to have committed to adopting the standards, Reuters reports.
The jostling about accounting standards
for private companies continued last month as the Financial Accounting Foundation (FAF), the overseer of U.S.
He explained evolution of Accounting Standards
and why standards fail to achieve desired objectives.
The new accounting standards
are on Conceptual Framework for Financial Reporting by Islamic Financial Institutions and Investments in Sukuk, Shares and Similar Instruments while the new accounting guidance note is on First Time Adoption of AAOIFI Accounting Standards
MANAMA: Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued two new accounting standards
and one new accounting guidance note.
Melancon, AICPA president and CEO, has called for a permanent, independent funding mechanism for the International Accounting Standards
Committee Foundation, the governing body of the International Accounting Standards
In April 200l, the International Accounting Standards
Board (IASB), an independent accounting standard-setter based in London, assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards
2 (AS2) and new rules for management; providing analysis and feedback to improve the implementation of the rules; working through implementation issues surrounding FIN 48 on Accounting for Uncertainty in Income Taxes with the Financial Accounting Standards
Board (FASB), as well as monitoring and responding to FASB Projects on the Conceptual Framework, Fair Value, Business Combinations and others.