IASB statement on joint SEC-FASB fair value guidance
In our , we reported that the US SEC's Office of the Chief Accountant and the FASB staff jointly issued a press release containing questions and answers aimed at clarifying fair value measurement practices in the current environment. They issued this guidance pending the completion by FASB of additional interpretative guidance about the requirements of FASB Statement No. 157 Fair Value Measurements in illiquid markets. The news story has a link to the SEC-FASB release. The IASB has issued a (PDF 99k) stating that its staff has reviewed the SEC-FASB release and considers it consistent with Financial Instruments: Recognition and Measurement.
Para conocer la historia de cada IFRS y de cada IAS, puede consultar:
Report of the G20 Summit
The meeting of the G20 Heads of State and leaders of the World Bank, the International Monetary Fund, the United Nations, and the Financial Stability Forum has concluded. The participants published a (PDF 50k). The Declaration sets out both immediate actions (by 31 March 2009) and medium-term actions that should be taken to strengthen the global economy and reform the world's financial markets. The leaders agreed on a set of common principles for market reforms, including the following principle for strengthening transparency and accountability:
We will strengthen financial market transparency, including by enhancing required disclosure on complex financial products and ensuring complete and accurate disclosure by firms of their financial conditions. Incentives should be aligned to avoid excessive risk-taking.
The excerpts below are the recommendations most directly related to the IASB and IFRSs.
SEC invites comment on IFRS 'roadmap' for USA
The US Securities and Exchange Commission has published for comment its proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers. Comments on the 165-page proposal are due 19 February 2009. The Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by US issuers in 2014. The milestones include:
Improvements in accounting standards based on the latest IASB-FASB MOU (the commission cites revenue recognition and financial statement presentation as two projects that, when completed should 'improve financial reporting significantly')
Accountability and funding of the IASC Foundation
Improvement in the ability to use interactive data for IFRS reporting
As part of the Roadmap, the Commission is proposing to permit early use of IFRS by a limited number of US issuers where this would enhance the comparability of financial information to investors. Only an issuer whose industry uses IFRS as the basis of financial reporting more than any other set of standards would be eligible to elect to use IFRS, beginning with filings in 2010.
Click to download (PDF 419k).
UK groups reaffirm their support for the IASB