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Items tagged with "Accounting"

ICAI meets AI: Robot-Reviewed Reporting for India

How do you spot financial reporting errors or attempted fraud before they grow into problems? And – when serving a population of over 1.3 billion people – how can you both boost data quality and make the reporting and review process as efficient as possible? For the Institute of Chartered Accountants of India (ICAI), the […]

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FASB delays Insurance Standards update

Following similar moves from the IASB, the Financial Accounting Standards Board has issued an update designed to help alleviate the burden on companies affected by Covid-19.

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China launches new XBRL Receipt Project

In the context of a pandemic, it makes sense to ensure that as much activity as possible is done digitally. Last week saw the unveiling of a new initiative from Everbright Bank: digital bank receipts with embedded XBRL data for reuse and analysis.

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Strengthening Audit Standard-Setting

Since 2015 the international regulatory Monitoring Group has been looking into a range of aspects associated with independence and governance around international standards for auditing with a review of the audit standard setting process.

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IFRS Foundation issue guidance on COVID-19 and IFRS 9

Not sure how to account for Expected Credit Losses (ECL) in the current uncertain climate? IFRS Foundation have issued guidance in order to support a consistent application of IFRS 9, Financial Instruments. IFRS 9 sets out a framework for determining when a significant increase in credit risk on a financial instrument requires an Expected Credit […]

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Key COVID-19 crisis strategies for accountants… and lots of businesses

The COVID-19 pandemic has brought on fast and dramatic changes that have been challenging for people and businesses at all ends of society and the economy. Small businesses, in particular, are facing unique pressures as populations self-isolate. Accountancy Europe has created a useful guide for accountants looking to help their Small and Medium Enterprise (SME) […]

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IASB publish preliminary proposals for Goodwill

The International Accounting Standards Board (IASB) recently published a discussion paper setting out their preliminary views on the goodwill impairment debate. The IASB (and FASB) have been looking at alternatives to the existing accounting rules that assess goodwill through annual evaluations, and are considering moving to an approach where a set amount of goodwill is written down […]

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Key figure in XBRL India elected President of ICAI

Congratulations to CA. Atul Kumar Gupta, Vice Chairman of the Board of XBRL India, who has been elected as President of The Institute of Chartered Accountants of India (ICAI). CA. Gupta is widely appreciated for his key contribution to the new Goods and Service Tax regime in India. He has also chaired the SAFA Committee on […]

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IFRS Standards Amended in Response to IBOR

After an accelerated response period, the IASB have finalised the proposed changes to the IFRS standards in advance of the move away from discredited interest rate benchmarks such as LIBOR. The changes amend some of the requirements for hedge accounting to ensure companies can still report useful information during the period of uncertainty caused by […]

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What’s Next for Accounting Standards?

At the World Standard-setters Conference in London last week Chair of the International Accounting Standards Board (IASB) Hans Hoogervorst gave some insights into the areas the IASB will be looking to make progress on in 2020. So what’s on the agenda? A recent focus for the IASB has been improving how effectively financial statements communicate. […]

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