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A proposal from accounting standards bodies to overhaul financial statements contains several good points, but needs refinement, Fitch Ratings says.Last year, the Financial Accounting Standards Board and the International Accounting Standards Board published a joint discussion paper that contemplates significantly changing the current presentation of the balance sheet, income statement and the cash flow statement. […]
Proposed changes respond to concerns that Canadian banks should not be disadvantaged
Differences between private company GAAP and IFRS may present challenges in accessing equity and debt financing
So far, only six issuers have listed XBRL documents
Board consulting with U.S. and international bodies before making its choice
The Financial Accounting Standards Board approved planned changes to mark to market accounting rules on Thursday, pleasing some in the U.S. financial industry, but raising concerns for others.Research firm CreditSights Inc. explains that the new position will allow banks to value securities using cash flow models rather than market prices when markets are considered not […]
Any relaxation would take pressure off of financial institutions
Banks and insurers should use market prices in most circumstances
Fair value accounting is not working effectively