Global Financial Strategy

Search the site   >>Advanced search
First for financial regulatory news and views
HOME   |   REGISTER   |   SUBSCRIBE   |   NEWS   |   ANALYSIS   |   INTERVIEWS & FEATURES   |   EVENTS   |   MUTTERS   |   JOBS   |   MY ACCOUNT
EUROPE   |    US & CANADA   |    ASIA PACIFIC   |    MIDDLE EAST & AFRICA   |    LATIN AMERICA & CARIBBEAN   |    OFFSHORE   |    SINGAPORE   |    HONG KONG
TRADING   |    CASINO MARKET   |    BANKING   |    INSURANCE   |    FINANCIAL REPORTING   |    TAXATION   |    MACROECONOMIC   |    PROFILES   |   CONTACT   |   
  • MF Global spoke of 'strong' finances
  • EC: No corp gov powers for ESAs
  • FSA appoints senior investment bank adviser
  • GFS has now closed
  • Czechs join UK on fiscal compact sidelines
  • Davos stalemate on EU's IMF funds
  • Tucker: Resolution regime 'top priority'
  • Saudi Arabia increases central bank role
  • FSB urges Canada for one securities regulator
  • CFTC set for committee to scrutinise HFT
  • Fitch downgrades Belgian banks
  • What corruption really costs
  • UK FSA pushes for Mifid II rethink on OTCs
  • Shanghai boosts global financial status
  • Canada aligns credit rating rules with EU
  • Bowles blasts lack of women at ECB
  • Sarkozy to introduce French FTT in August
  • Barnier warns on further bonus reforms
GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed
You must be logged in to use this function.


Hoogervorst hints at accounting slowdown

Monday 23 January 2012 – by [email protected]


Hans Hoogervorst - photo by IFRS Foundation
International Accounting Standards Board chief Hans Hoogervorst has hinted that the standard setter is ready for a relative period of calm after a breakneck period of changes.

In a speech in Moscow, Hoogervorst said that the majority of respondents to a recent agenda consultation had called for the IASB to enter a period of quiet.

Last year, the IASB asked the industry to guide its future direction. Having recently initiated an influx of changes to its standards, along with ongoing projects to finalise alterations to the treatment of financial instruments, leases and insurance contracts, it had been suggested that the IASB slow the pace of change to ensure firms could adapt to the new requirements.

Hoogervorst said on Monday that “the most common request” from respondents is “for a period of calm”.

“In some cases this request is followed by ‘apart from this one very specific project’. The difficulty is that the ‘very specific project’ varies in different parts of the world, so difficult choices will have to be made if the period of calm is to become a reality,” he told the Ernst & Young IFRS seminar.

“However, I suspect that after the somewhat frenetic period of the last few years, a slowing down in the pace of change would be welcomed by most if not all of our constituents.”

Related articles:
US condorsement ‘only viable option’
JBA concerns on IASB investment rules
IASB clarifies IFRS 10 delivery dates
EBA calls for IASB ‘period of calm’
Esma wants ‘comprehensive’ review of IASB

The Dutchman added that the IASB will take a “serious look” at completing its conceptual framework, which lays down the philosophical and methodological underpinning of its work.

He claimed “everyone” is asking the IASB to complete work in this area.

Additional areas where improvement has been urged include performance reporting and other comprehensive income, he said, though views of how it should go about these changes have been mixed.

He continued: “Our future agenda consultation recognises that many new jurisdictions such as Russia have their own legitimate requests – including foreign currency translation, business combinations under common control, agriculture and many more.

“We will have to make a judicious choice here, being mindful that we do not overload our agenda.”

The IASB is looking to provide a formal feedback statement on its future programme during the second quarter of 2012, according to a timeline on its website.

Send us your thoughts (in strict confidence) or submit an article in response:
Email: [email protected]




WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
Login Register Most read Most commented
Username

Password

>> Forgotten your password?
>> Sign Up  

GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

  • Diamond warns against ‘Balkanisation’
  • ABI: UK insurers must keep EU links
  • EU Parliament site hit by hacktivists
  • George Soros: New year, same crisis
  • FSB: Swiss regulator needs more teeth
  • OCC: Deriv fears are an overreaction
  • ‘Major wave’ of Solvency II drafts in May
  • IMF paper urges Aus bank capital boost
  • BoE: Limit bonuses to boost bank capital
  • 2012 vision: Increased regulatory exposure looms
  • Barnier offers hope to NYSE/Boerse
  • Esma rushes short selling consultation
  • Bowles re-elected as Econ chair
  • Hoogervorst hints at accounting slowdown
  • Asia in the year of the dragon
  • Barnier: FTT will not be forced on UK
INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don’t know

View results

FIND A REGION world regions
 
Global Financial Strategy - [email protected] | Home | Legal | Contact design by SDV