Standard-setting's future direction is unclear

Article Abstract:

The paper on financial performance produced by the standard-setting bodies of the G4+1 and the International Accounting Standards Committee articulates preferences that are contentious in the UK. Titled 'Reporting Financial Performance: Current Developments and Future Directions,' the paper seeks to establish a common understanding of the reporting or presentation of profit or income. It aims to compare and contrast new standards and to discuss the standard setters' view of future directions, with the long-term goal of promoting international comparability. Two hotly debated issues are whether financial performance, in full or in part, should be reported in a single financial statements or in multiple statements, and whether the various elements of financial performance should be reported together. The various solutions considered by the working party are discussed.

International aspects

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A way to give investors exactly what they need

Article Abstract:

The Institute of Chartered Accountants in England and Wales (ICAEW) has released a discussion paper that offers guidelines on financial disclosure of risks to investors. The paper, 'Financial Reporting of Risk - Proposals for a Statement of Business Risk,' was developed to encourage companies to opt for a fuller disclosure of their risks to investors and how they manage and measure those risks. ICAEW's proposed statement of business risk requires firms to identify the sources of volatility and uncertainty that have the greatest effect on returns. ICAEW also cited the potential benefits of fuller disclosure of risks to investors, including better informed reaction to external news, stronger investor protection, more visible reporting on stewardship and fairer treatment for smaller investors and smaller listed firms.

Reporting & Disclosure, Asset & Risk Management, Accounting and auditing, Institute of Chartered Accountants in England and Wales, Risk management, Disclosure statements (Accounting)

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The reality of realisation: Refining the realisation concept will solve derivative and hedge accounting problems

Article Abstract:

Current value accounting is considered in terms of resolving derivative and hedge accounting problems.

Usage, Current value accounting

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