Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

Get updates on Compliance Week offerings, including new features, databases, research, and other resources, along with announcements of upcoming Webcasts, conferences, seminars, CPE/CLE opportunities and more.

Published every Thursday, Compliance Week Europe offers a condensed summary of risk, audit, and compliance news either originating in Europe, or of special interest to European compliance professionals. This newsletter will follow developments by the European Commission, as well as those of national governments across the region, or any U.S.-based news that might have consequence across the Atlantic. Frequency: weekly; Thursday a.m.

A fresh edition of Compliance Week delivered via e-mail and online every Tuesday morning, relentlessly focused on the disclosure, reporting and compliance requirements of our 25,000+ paying subscribers.

Published every Friday, Compliance Weekend was launched at the behest of subscribers, and offers a quick Plain English review of the week's key developments. We hope you enjoy this supplement to Compliance Week's Tuesday edition.

×

Status message

Start your free, no obligation 10-day trial to continue exploring with full access.

FASB Moves Closer To Convergence With Two Projects

Tammy Whitehouse | March 15, 2005

On the long and winding road toward convergence with international accounting standards, the Financial Accounting Standards Board is rethinking how companies should look back at prior periods based on the adoption of new accounting rules.

In its project with the International Accounting Standards Board to achieve short-term convergence on certain rules, FASB plans to require companies to adopt “retrospective application” of new accounting rules, meaning companies must recalculate figures in prior periods as if new rules had always been in effect.

However, the Board decided recently that it would not require retrospective application when a new accounting rule creates only an indirect effect on line items. Instead, it will allow companies to book those effects cumulatively in the current period.

... To get the full story, subscribe now.