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Week 7 homework - LaTonia Williamson Week-7 EXERCISE 11-2...

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LaTonia Williamson Week-7 EXERCISE 11-2 IASB appoints Hilary Eastman, CFA to lead its investor liaison activities 13 May 2011 The International Accounting Standards Board (IASB) announced today the appointment of Hilary Eastman to lead its Investor Liaison programme. The IASB’s investor liaison programme serves to encourage greater investor participation in the standard-setting process. Hilary was formerly a valuation professional and is a Chartered Financial Analyst (CFA) charter holder. Hilary joined the technical staff of the IASB in June 2006 and currently serves as a senior technical manager with responsibility for the Fair Value Measurement project. She takes over the role from Luci Wright, who has been running the programme for the last year. Luci will return as a technical manager supporting the IFRS Interpretations Committee. IASB and FASB issue common fair value measurement and disclosure requirements 12 May 2011 Boards conclude major convergence project - important element of response to the financial crisis The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued new guidance on fair value measurement and disclosure requirements for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). The guidance, set out in IFRS 13 Fair Value Measurement and an update to Topic 820 in the FASB’s Accounting Standards Codification® (formerly referred to as SFAS 157), completes a major project of the boards’ joint work to improve IFRSs and US GAAP and to bring about their convergence. The harmonisation of fair value measurement and disclosure requirements internationally also forms an important element of the boards’ response to the global financial crisis.
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Completion of the project is the culmination of more than five years’ work to improve and align fair value measurement and disclosure requirements. The requirements, which are largely identical across IFRSs and US GAAP, have benefited from extensive due process and public consultation, including input from a Fair Value Expert Advisory Panel and the FASB’s Valuation Resource Group. The requirements do not extend the use of fair value accounting, but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. For IFRSs, IFRS 13 Fair Value Measurement will improve consistency and reduce complexity by providing, for the first time, a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. For US GAAP, the Update will supersede most of the guidance in Topic 820, although many of the changes are clarifications of existing guidance or wording changes to align with IFRS 13. It also reflects the FASB’s consideration of the different characteristics of public and non-public entities and the needs of users of their financial statements. Non-public
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This note was uploaded on 07/31/2011 for the course ACCT 401 taught by Professor Bennett during the Spring '08 term at Strayer.

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Week 7 homework - LaTonia Williamson Week-7 EXERCISE 11-2...

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