keronshots.blogg.se - November 11 2015 fasb

#NOVEMBER 11 2015 FASB HOW TO#
#NOVEMBER 11 2015 FASB DRIVERS#
#NOVEMBER 11 2015 FASB FULL#

#NOVEMBER 11 2015 FASB FULL#

(See the full list of pilot participants, plus breakdowns by industry sector and region, below. Roughly 60% of the companies in the pilot project are from the European Union, with just eight based in the U.S.: Coca-Cola, PepsiCo, Microsoft, Prudential Financial, The Clorox Company, Cliffs Natural Resources, Edelman, and Jones Lang LaSalle.

#NOVEMBER 11 2015 FASB HOW TO#

simply don’t know if integrated reporting is worth the investment and are unsure how to fully commit.”ĭespite the uncertainty in the United States, practical applications of IR are emerging globally, and to-date more than 100 companies worldwide participate in the IIRC’s IR pilot project. are hesitant to adopt it without a clear value strategy for internal users, investors, and other market constituents…Some enterprises in the U.S. Thomson, president and CEO of IMA, stated earlier this year to the International Federation of Accountants ® (IFAC ®), “Many corporations in the U.S. companies have been slow to embrace the model under the weight of what’s often considered disclosure overload. While the International Integrated Reporting Framework developed by the IIRC has received growing support internationally, U.S. More specifically, it’s a vision of corporate reporting that brings together, in an integrated fashion, key nonfinancial performance indicators and value drivers, including a company’s efforts and impacts related to corporate responsibility and sustainable development.” He adds, “The IIRC’s vision is very much in line with my perspective on how reporting has to evolve. The international momentum toward “integrated thinking” (see above) is well documented and, as Herz explains, represents a much more progressive view on the relationship between business activities and society. “Through these connections with international organizations and individuals, I’ve become much more aware of the potential magnitude and severity of the threats to our ongoing economic, environmental, social, and planetary welfare and of the need for better measurement and reporting as part of a global effort to address these issues.” “I was very fortunate to be involved with the IIRC during the formative days of integrated reporting,” says Herz, who, as chairman of the FASB, attended the IIRC’s inaugural meeting in London in 2010.

Established by the Prince of Wales’s Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI), the IIRC includes major corporations, investors, global accounting firms, regulators, standard setters, and accounting bodies like IMA ® (Institute of Management Accountants).

#NOVEMBER 11 2015 FASB DRIVERS#

This time, he’s pushing the boundaries way outside the box into what he refers to as “the next generation of corporate reporting.”įrom across the pond, Herz has been dubbed an “ambassador” for the London-based International Integrated Reporting Council (IIRC), which is the architect of Integrated Reporting (IR)-a framework for reporting key nonfinancial performance indicators and value drivers (below). corporate reporting, it comes as no surprise that Herz is again at the edge of a revolution.

JofA’s explanation and summary of standard – FASB’s leases standard gets preliminary approvalĪpologies-good and bad (5) audit (15) bank fiascos (8) Blessings International (6) blogiversary (5) budgeting (7) California A.G.After weathering (and often spearheading) the most dramatic changes in the recent history of U.S.

FASB announcement – FASB Votes to Proceed With Final Standard on Leases.

That translates into year-end financials as follows: I am guessing there will be an impact on essentially all nonprofit organizations, but the impact will be rather small for most.Įffective date will be years beginning after 12/15/18 for public companies with a one year delay for private companies. Impact on some big public companies, such as the airlines or big box stores, will be dramatic. A ‘right to use’ asset will be recorded along with a liability.Įssentially, this will capitalize all leases with a term over one year. In extremely brief terms, the standard will require bringing essentially all leases on to the balance sheet. When the final draft is ready, it will be routed to the board members for a final, written vote.įinal standard is expected in early 2016. By a 6-1 vote, on 11/11/15 FASB authorized their staff to prepare the final draft of the lease standard.