A global panel of experts created by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) has made a bunch of recommendations to avert the next financial crisis. The courses of action range from asking companies to take more responsibility for "effective price verification" when valuing financial instruments, to developing robust disclosures around structured financial products, to developing a permanent funding mechanism for the IASB as a way to protect its independence from "undue influence." What could these mean for Asia's CFOs? Read about it here. Download the full report here.
Despite less than a year to the 1 January 2018 effective date of the Financial Reporting Standard 115 (FRS 115), many Singapore companies have yet to initiate the adoption the new revenue standard, and are facing challenges in the implementation, according to an EY poll of 53 finance executives in Singapore, conducted in late November 2016.