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IASB proposes amendments to IFRS 1

On August 26, 2010, the International Accounting Standards Board (IASB)  published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of ‘1 January 2004’ with ‘the date of transition to IFRSs’. As a result, entities adopting IFRSs for the first time would not have to restate derecognition transactions that occurred before the date of transition ...

Introduction to IFRS Questions

Below are some questions adapted from various sources to check CPA candidate's understanding on IFRS. Suggested answers can be found after the last question. 1. Which is not the characteristic of using IFRS? A. Transparency B. Lowering operational risks C. Comparability D. Financial improvement  2. Which is not the step of developing IFRS in the process?  A. The IASB and Staff set an agenda of possible issues to be addressed by IFRS. B. A discussion paper (DP) is prepared...

Fair Value Measurement Project Update – IASB and US FASB

From the Official Website of IASB: On 19 August 2010 the IASB posted to its website a staff draft of a forthcoming IFRS on fair value measurement that reflects the tentative decisions made to date by the IASB and the US Financial Accounting Standards Board (FASB).  The staff draft has been prepared by the staff of the IASB and the FASB for the boards’ joint project to develop a common standard on fair value measurement. The staff draft reflects the cumulative tentative decisions made by th...

IASB and FASB Publish ED on Lease Accounting

From IASB's official Website: On 17 August 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) published for public comment joint proposals to improve the reporting of lease contracts. The proposals are one of the main projects included in the boards’ Memorandum of Understanding. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts.  ...

IASB.org is now IFRS.org

I was browsing updates on the IASB's website and noticed that their previous site www.iasb.org redirected me to www.ifrs.org. So there would be no need to worry of typing the www.iasb.org on your browser because it will just redirect you to same official website.  It has still the same content and updates where you can find a lot of information about the current events within the IFRS world. Just keep on logging in their site for you to be informed what's new.

Do I Need to Start My CPA Career in Public Practice?

Based on what we may notice, majority of the newly passed CPA's and even the current BSA students prefer to start CPA Career in Public Practice(CPA Firm). But is it worth to start with it? Well, it depends on your case - your plans, financial status, needs, etc. Financially, it's not good but career wise, yes. In the long-run, you'll see its benefits. It's a big plus if you start at a CPA firm should you transfer to a new company after it. You would notice that there are a lot of jobs posted in ...

IASB and US FASB Issues Exposure Draft on Revenue Recognition

Below is the excerpt from IASB's official website for the issuance of Exposure Draft - Revenue Recognition. This is a joint project of IASB and US FASB. "On 24 June 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FA SB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.   If adopted, the proposal would create a single revenue re...

CPA Exam: Give It Another Try

For CPA Candidates who failed on their first take of the CPA Exam or are taking the CPA Exam for nth time, don't give up until you made it. Don't be discouraged by your failures but try to consider it as your guide on your next CPA Exam through considering what have you done wrong or what have you should have done during your previous CPA Exam.It's hard, really, to pass the CPA Exam but it's harder working as a non-CPA because of competitions with CPA's. The salary for the entry-level of CPA's a...

Solving CPA Exam’s Multiple Choice Problem During Review

Answering correctly of a CPA Exam multiple choice problem during your CPA Exam review cannot be a guarantee that you understand thoroughly the topics covered by that specific problem. Each CPA Exam multiple choice problem has its own message or concept that you should observe which starts on the requirement of that problem. When solving a CPA Exam multiple choice problem, try to imagine or read what the author would like to test or check about your understanding of a particular topic in the CPA ...

Philippine CPA Exam Passing Rates: 10.2006-05.2010

So the May 2010 CPA Exam results were  released on May 25, 2010, one(1) day after the last day of examination. I previously discussed on my previous post “what to expect on May 2010 CPA Exam results” the trend of the CPA Exam passing rate since October 2006. I’m showing below the trend which already includes the recent results:  Batch           No. of        Examinees Passed Total No. of  Examinees     Passing Percentage Oct-06 1,597 6,499 24.57% May-07          1,406   ...