‘It’s much more work than I thought it was’
Bob Laux is having almost daily meetings with about IFRS and what Microsoft will need to do to manage the change
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International Financial Reporting Standards
Resources
Rift over forcing banks to deal with losses
London-based IASB calls for more money to be set aside earlier, but its proposals fail to bridge regulatory disagreement with US
Accounting rules body faces UK backlash
Politicians told the group did not encourage more aggressive bookkeeping but acknowledged failings in banks’ recognition of bad loans
Alarm at discord over bank accounting rules
Drive to rewrite the relevant rules has now been damaged by a significant disagreement between accounting standards boards
Related content and features
Case studies
CBA: Merits of switch still under debate
Elizabeth Fry looks at how IFRS affected Australia’s largest bank
France Telecom: Lack of clarity may lead to confusion
Further changes will bring even more problems, writes Ben Hall
IBM: A single standard makes sense for global business
Good preparation is a prerequisite, says Paul Taylor
Comment and Analysis
The pernicious influence of US audit rules
A prudent regime would have precluded the enormous losses incurred by banks which went on to pay big bonuses, write Ben Levenstein and Robert Talbut
Global accounting rules – an unfeasible aim
The International Financial Reporting Standards led to the inflated profit reports that contributed to the banking crisis. Two accounting experts urge the G20 to drop its support and call for the SEC not to adopt them
Accountancy: ‘It’s almost like a physical science’
In the US mortgage crisis, for all the complexities of structured finance, there were simple signals of problems in banks’ accounts, writes
Accountants flustered by Greek inconsistency
The embarrassment stems from the way some European banks reported losses of 21% on the state bonds, while others slashed their value by half
Discord in push for accounting harmony
Reforms needed to boost confidence in corporate reporting are to be finalised at least two years late, hindered by a quest to align US and global rules
There should be no accounting by taste
Force banks to hold more equity and make it easier to write down unsecured bondholders
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