The Monitoring Group (MG) has issued a public consultation on the governance arrangements for standard setting. IFAC recognizes the importance of ongoing review and dialogue to enhance these governance arrangements, and welcomes the opportunity to respond to this consultation.
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Posted on May 17th, 2012
Posted on May 13th, 2012
Many preparers and auditors of financial statements use, or permit the use of, theoretical valuation models for valuing illiquid derivative instruments, even though the results are inaccurate and misleading. The Black-Scholes method was the predominant model for many years, and was even endorsed by accounting rules prior to the introduction of FAS [...] Posted on May 8th, 2012
On 3 May 2012 the International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to eleven International Financial Reporting Standards (IFRSs) under its annual improvements project. The project provides a streamlined process for dealing efficiently with a collection of narrow‑scope amendments to IFRSs. The proposed amendments [...] Posted on April 30th, 2012
The FSB has published a joint report from the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board on their progress in converging their standards, together with a report on enhancements to the governance of the IASB. Posted on April 25th, 2012
In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. This paper studies this trade-off in a model with distortionary taxes and endogenous rationing of external finance. The evidence from two different data sets, one formed only by listed firms and [...] 67 pages
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