The IFRS Foundation and the International Organization of Securities Commissions (IOSCO) have announced a statement of protocols to promote transparency within capital markets through closer working on the development of International Financial Reporting Standards (IFRS)

The latest in accounting: Government accounting officers fail to question value for money, new rules for accounts filed at Companies House and charity regulator kicks off extended SORP consultation

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has released its annual report for 2015, described as a ‘challenging year’ with falling income following a big drop in the US contribution and growing criticism over governance, although the finalisation of the lease accounting standard was a sign of some progress on convergence

The US accounting regulator, the Financial Accounting Standards Board (FASB) has issued amendments to the revenue recognition standard in Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606): which will come into force from 2018

Jeroen Van Doorsselaere, IFRS expert at Wolters Kluwer Financial Services considers the IASB plans for a temporary IFRS 9 exemption for insurance companies and the final touches to new disclosure rules

In this month’s roundup of developments in accounting and financial reporting, FRC calls for feedback on implementation problems with FRS 102, EU non-financial reporting too prescriptive, charitable incorporated organisation (CIO) status and IASB amends IFRS 15 Revenue Recognition standard

Changes to lease accounting under the new IFRS 16 Leases will create more balance sheet transparency in the automotive sector, but there will be significant upheaval in terms of reporting practice, say Armaghan Haq, head of accounting policy, retail, Lloyds Banking Group and Paul Lippitt, principal consultant, fleet, Lex Autolease

The US Financial Accounting Standards Board (FASB) has issued amendments to the new US GAAP revenue recognition standard, Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606), focusing on changes to performance obligations and licensing, following similar amendments to IFRS 15 announced earlier this month

In part six of our series on UK GAAP transition, Helen Lloyd FCA examines the impact of changes to accounting for leases  and differences in disclosure such as how operating leases are disclosed on an annual aggregate basis

Less than two years since the release of the new revenue accounting standard, IFRS 15 Revenue from Contracts with Customers, the International Accounting Standards Board has issued a series of amendments clarifying some requirements and providing additional transitional relief for companies that are implementing the new standard

The Basel Committee on Banking Supervision (BCBS) is consulting on proposed revisions to the Basel III leverage ratio framework originally introduced following the financial crisis, which includes options for the treatment of regular-way purchases and sales of financial assets designed to ensure consistency across accounting standards

IFRS 9 compliance needs careful consideration and planning to meet the expectations of auditors, with the major change being the move to accounting for expected credti losses, says Damien Burke, head of regulatory practice, 4most