IASB paper on complexity in reporting financial instruments

The IASB has published for public comment a discussion paper Reducing Complexity in Reporting Financial Instruments. The existing requirements for the reporting of financial instruments are widely regarded as difficult to understand, interpret and apply, and constituents have urged the IASB to develop standards that are principle-based and less complex. (View the Press Release, Discussion Paper or IASB webpage to provide comments.)

SEC Advisory Committee on Financial Reporting

The US Securities and Exchange Commission (SEC) Advisory Committee on Improvements to Financial Reporting met on March 13-14, 2008 in San Francisco. It discussed the proposals published on February 14, 2008 as part of the Progress Report to the SEC. The discussion focussed on restatements, professional judgment and XBRL. (View the Agenda for the meeting and the Project webpage.)

IASC Foundation XBRL Update

The IASC Foundation has published the XBRL Update newsletter for March 2008. It provides information on the XBRL-enablement of IFRS around the world including Belgium, Europe, India, Ireland, Israel, Japan, Singapore and United States. To subscribe to the newsletter, visit the IASCF XBRL webpages.