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01 Jun 2011
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On 12 May 2011, the International Accounting Standards Board (IASB) issued IFRS 13 Fair Value Measurement; the culmination of a convergence project undertaken with the U.S. Financial Accounting Standards Board (FASB). The implementation spanned a number of years and entailed significant consultation with interested parties.
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28 Mar 2011
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Since the introduction of IFRS 3 ‘Business Combinations’, in 2004, acquiring companies have been required to report the fair values of intangible assets arising from an acquisition separately from the residual allocated to purchased goodwill. In 2009, the UK regulator, the Financial Reporting Council (FRC), performed a survey of the accounting for 20 significant acquisitions to review compliance with IFRS 3.
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15 Mar 2011
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IFRS imposes strict standards on accounting for goodwill. Despite the economic slowdown, European companies booked just €77.6bn of impairments in 2008. Marc Hayn of Houlihan Lokey says further write-downs are inevitable. This article first appeared as 'The limit of goodwill' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in February 2010.
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15 Mar 2011
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Ian Wright, Deputy Chairman of the Financial Reporting Review Panel (FRRP), and Shan Kennedy, an acknowledged expert on IFRS, undertook the Financial Reporting Council's (FRC) review of the practical implementation of IFRS 3. They presented to a Valuation Group seminar on 4 November 2010.
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15 Mar 2011
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Updates on the HMRC free valuation check for working out capital gains tax and corporation tax liability
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15 Mar 2011
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Steven Harski explores tangible asset appraisers which specialise in formulating valuation approach and methodologies for accounting requirements.
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01 Jan 2011
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The Securities and Exchange Commission (SEC) has yet to announce whether and how the U.S. financial reporting system will converge with global standards. However, in May, the SEC offered a few details about how the convergence process might unfold if they should decide to adopt International Financial Reporting Standards (IFRS).
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01 Jan 2011
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A report from McKinsey comparing historic performance with analysts’ earnings forecasts shows that actual growth only exceeded the forecast figures twice in the past 25 years – in 2003 and 2006, when strong economic growth allowed earnings to catch up with earlier over-forecast results. This article first appeared as 'Analysts too bullish' in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in June 2010.
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01 Jan 2011
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As the global economy begins climbing out of recession, the G-20, other world governments, the IASB and the FASB are focused on establishing uniform accounting standards.
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01 Jan 2011
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The FASB and IASB, through a joint project, have issued an Exposure Draft that will have significant implications for how companies account for leases going forward.