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.
Nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis, according to the landmark study Accrual Practices and Reform Experiences in OECD Countries by the International Federation of Accountants (IFAC) and the Organisation for Economic Co-operation and Development (OECD).