Unformatted text preview: Answer 5 Required for banking institutions and some other securities issuers; permitted for other companies Answer 6 Permitted from 2010 for a number of international companies; decision about mandatory adoption by 2016 expected around 2012 Answer 7 The IASB rule was approved on 13 October 2008, two weeks after the end of the fiscal third quarter of the year. Answer 8 For companies, such as banks, that actively trade stocks and bonds, the mark-to-market rule says that the investments must be reported on the company’s books at current market value, with any paper gains or losses (called “unrealized” gains or losses by accountants) being reported in the company’s income statement. Answer 9 On the other hand, Deutsche Bank gratefully used the retroactive provision to turn a loss into a profit. Answer 10 The SEC’s “work plan” also states that the SEC will not switch over to IFRS until 2015 at the earliest....
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- Spring '11
- International Financial Reporting Standards, international Accounting standards Board, international Accounting standards