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Items tagged with "Accounting"

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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FASB Roundtable on Goodwill

More news on accounting for goodwill this week as the US’s Financial Accounting Standards Board (FASB) announced it will be hosting a public roundtable discussion to gather views on its recent Invitation to Comment (ITC) on Identifiable Intangible Assets and Subsequent Accounting for Goodwill. The roundtable will be held on 15 November 2019 and give […]

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IFRS Standards Amended in Response to IBOR Reform

The International Accounting Standards Board (IASB) has published proposed changes to IFRS financial instruments standards IAS 39 and IFRS 9 that will allow hedge accounting to continue during the current reforms of interest rate benchmarks such as interbank offer rates (IBORs). After a series of scandals, the once-dominant LIBOR benchmark is being abandoned in favour […]

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Auditing Non-Financial Data

For audit and accounting to build truly useful advisory services, they need to focus on more than just financial data, suggests a blogpost on the Accountancy Europe site. Wesley Shulte, from Finext, argues that moving beyond financial data will allow auditors and accountants to create valuable assessments for companies – for example, by auditing human […]

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The Danish Business Authority

The Danish Business Authority, Erhvervsstyrelsen, is exploring cutting edge ways to apply a number of machine learning techniques to predict possible corporate failures. It is using the XBRL financial statements that it collects from  the 240,000 or so private companies that operate in Denmark. The goal is to be able to provide early warning information to entrepreneurs […]

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Estonia to Shed Paper with Reporting 3.0

An in-depth look at Reporting 3.0 in Estonia from a presentation by Margus Tammeraja, Chairman of the Board at the Association of Estonian Accountants at the Real Time Economy Conference in Finland.

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Industry Update – The future of data in the accounting industry

XBRL and structured data reporting is just one of the many ways that accounting professionals have had to adapt their approach to data. A new report from the IMA and ACCA – two global accounting professional organisations –   examines current and future trends in issues such as data management, governance and the data lifecycle. Read the report.

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Real Time Economy Conference

26th May, 2016

XBRL Finland and Aalto University are once again hosting Innovations in Europe, a conference aimed at advancing the development and use of real-time technologies in the area of financial processes.

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Measuring Accounting Complexity With XBRL

Using recent XBRL filings, Rani Hoitash from Bentley University and Udi Hoitash from Northeastern University attempt to prove that “high volume and more unique company-specific accounting information” as measured by the number of US GAAP XBRL Taxonomy tags reported in company annual filings, along with the number of customized XBRL tags, leads to poor financial reporting quality. Read the paper.

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