FEI - Financial Reporting Portal

Find news highlights from the International Accounting Standards Board, FASB and SEC on this "fei financial reporting blog" from the Financial Executives International. The site compiles hot topics from the Web’s largest business and accounting publications and organizations. Look for continuing coverage of fair value reporting and international convergence.

FRC issues discussion paper on cost-effective regulation

The UK Financial Reporting Council (FRC) has issued a discussion paper on improving the cost-effectiveness of regulation. Proposals include a major project to review the relevance and complexity of corporate reporting and the FRC's continuing work to promote cost-effectiveness in the development of international accounting and auditing standards. For more information, visit the FRC website.

New interactive IFACnet search engine launched

The International Federation of Accountants (IFAC) has recently enhanced IFACnet, a global, multilingual search engine. The search engine allows easily access to a wide range of resources and information developed by professional organizations worldwide, through a redesigned IFACnet search results page. In addition, IFACnet users can now share links to relevant resources with their colleagues and provide feedback.

AICPA launches IFRS.com website

The American Institute of Certified Public Accountants (AICPA) has announced the introduction of IFRS.com, a new website developed in partnership with its marketing and technology subsidiary CPA2Biz to help members and financial professionals learn about and stay informed on International Financial Reporting Standards (IFRS). (Read the AICPA Press Release.)

SEC Advisory Committee on Improvements to Financial Reporting

The US Securities and Exchange Commission (SEC) Advisory Committee on Improvements to Financial Reporting met on May 2, 2008. At the meeting, the advisory committee received the interim reports of four subcommittees: Report of the Substantive Complexity Subcommittee, Report of the Standards-Setting Subcommittee, Report of the Audit Process and Compliance Subcommittee and the Report of the Delivering Financial Information Subcommittee. (View the Agenda for the meeting and the Project webpage.)

Canadian Securities Administrators address IFRS disclosure requirements

The Canadian Securities Administrators (CSA) has issued a staff notice addressing IFRS pre-adoption disclosure requirements for Canadian reporting issuers. CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to IFRS marks another significant step in Canada’s transition. The CSA is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets.

XBRL: Not Just for External Reporting

XBRL is not just for financial reporting by public companies. It promises to be for business reporting what the Universal Product Code (UPC) has become for retailers -- a means of standardizing, managing and simplifying processes. Read the article XBRL: Not Just for External Reporting featured in Financial Executives magazine and available on the PricewaterhouseCoopers website.