IFRS: A Look At The Global Accounting Landscape

The insurance IFRS project that IASB is currently working has potential to make substantial improvement to current financial reporting, notes CITI in its recent report. Sarah Deans and Terence Fisher of Citi Research in their recent report titled ‘An Investor’s Annual Guide to IFRS Accounting’ anticipate a new standard on revenue recognition to be issued in H1 2014. Taking stock of IASB’s major projects, the analysts point out IASB is currently working on four major projects viz.: (a) Revenue project relating to replacing existing rules on when revenue is reported, (b) Leases project bringing all leases on balance sheet, (c)…