SEC cracks down on disclosure of lawsuit costs (Westlaw News & Insight)
By Carlyn Kolker
NEW YORK, Feb 3 (Reuters Legal) – The U.S. Securities and Exchange Commission is cracking down on corporate disclosure of litigation costs, a Reuters Legal analysis has found. In particular, the agency is targeting banks and other institutions that have reported large settlements of financial crisis-related lawsuits that they had not disclosed in prior regulatory filings. (more…)
ANALYSIS-Fair-value accounting may be coming for real estate
By Dena Aubin
NEW YORK, Nov 2 (Reuters) – U.S. rule-makers are mulling an expansion of fair-value accounting to land and buildings held for investment, a change that could reshape the balance sheets of hundreds of real estate companies.
Fair value, which measures assets by their market worth rather than historical cost, is at the center of a big debate in the banking sector, where the Financial Accounting Standards Board is broadening its use. (more…)
PREVIEW-Rulemakers plan global overhaul of lease accounting
By Emily Chasan
NEW YORK, Aug 15 (Reuters) – U.S. and international accounting rule makers are planning to propose an overhaul of lease accounting as soon as Tuesday, in a move expected to affect some $1.2 trillion in leased assets.
It looks like Plan B for accounting convergence
Full convergence of US and international accounting standards appears to be some way off, and while International Accounting Standards Board member Philippe Danjou is still aiming to achieve Plan A – meeting the G20 deadline of full convergence by mid-2011 – a compromise Plan B is clearly being prepared, John Manley writes. (more…)
IASB: single set of accounting rules on track
By Huw Jones
LONDON, March 16 (Reuters) – The world’s top accounting bodies are on track to thrash out a common set of rules by the middle of next year, the International Accounting Standards Board said on Tuesday.
The G20 group of countries set the ambitious deadline last year to make it simpler for cross-border companies and investors but differences over how to value some complex assets have raised concerns about the timetable.
Last month the U.S. Securities and Exchange Commission said it would commit to a new work plan that would delay any move to international standards until at least 2015.
The IASB, whose rules are used by listed companies in over 115 countries, including the European Union but not the United States, said it has stepped up meetings with its U.S. peer, the Financial Accounting Standards Board.
“In our soon to be published report, the Boards will state that despite the challenging technical issues to resolve, we remain on schedule to achieve the June 2011 target,” IASB Chairman David Tweedie told EU finance ministers in a statement made available to the media.
“These intensive discussions are achieving positive results. We plan to publish seven joint proposals in the next quarter. The Boards individually will also propose other changes to bring their own standards in line with each other,” Tweedie said.
INTERVIEW-Plan B may keep accounting convergence on track – IASB
By Huw Jones
LONDON, Jan 18 (Reuters) – A patch-up solution to keep the goal of a single global accounting system on track may be needed due to differences over how standard setters are reforming a rule blamed for amplifying the credit crunch.
Two rival accounting systems could feature extra disclosures allowing analysts to make comparisons between different fair value rules, the chairman of the International Accounting Standards Board (IASB), David Tweedie, told Reuters Insider.
The G20 group of leading countries has set a mid-2011 deadline for converging the world’s main accounting rules.
It is a long-time goal of multinational companies which want to cut red tape and would also make it easier for international investors to compare companies from different countries.
Two of the world’s top standard setters are reforming their fair value or mark-to-market rule which requires banks to value some assets at the going rate. It led to huge writedowns at the height of the credit crunch, sparking calls in Europe to curb its scope.
The IASB has begun changing its fair value rule in a move which UBS analysts say will reduce its use. The U.S. Financial Accounting Standards Board (FASB), however, has signalled it wants to broaden the scope of its fair value rule.
U.S. SEC to review accounting rules roadmap
By Huw Jones BASEL, Switzerland, Oct 8 (Reuters) – The U.S. Securities and Exchange Commission will review by the end of the autumn its milestones for possible adoption of a global set of accounting rules, its chairman Mary Schapiro said on Thursday. (more…)
EXCLUSIVE-U.S., global differences over fair-value accounting can be reconciled – IASB chief
By Emily Chasan NEW YORK, Oct 6 (Reuters) – Proposed changes to mark-to-market accounting rules are likely to look similar on both sides of the Atlantic in the end, despite a current controversy about how far to expand the rules, the top global accounting rulemaker said.
International accounting board rejects U.S. “fair value” rule plans
By Huw Jones LONDON, Sept 30 (Reuters) – The top accounting rule setter said on Wednesday that U.S. plans to widen the scope of a rule blamed for amplifying the credit crunch was unacceptable, raising doubts over a 2011 deadline for a global set of accounting rules.
U.S. accounting board eyes more disclosure on illiquid assets
WASHINGTON, Aug. 31 (Reuters) – U.S. accounting rulemakers have proposed requiring new disclosures on how companies value illiquid assets, a move designed to make it easier for investors to assess businesses’ financial health. (more…)
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