When the IASB first took over from its predecessor (IASC), many Board members believed that the IASB should replace IAS 20 Government Grants and Disclosure of Government Assistance. They considered that developing a replacement would be easy. The general feeling seemed that: This post deals with the following: Overview of IAS 20 The following are… Continue reading Government grants: is the answer really so easy?
Tag: Presentation
Does it matter that companies don’t consolidate pension funds?
Some people wonder why companies present pension liabilities net of the related plan assets. They suggest that instead companies should consolidate their pension plans. People making that suggestion think it would lead to companies presenting pension liabilities (gross) separately from the plan assets. This post explains why introducing a requirement to consolidate pension plans would… Continue reading Does it matter that companies don’t consolidate pension funds?
IASC’s project on discounting
The International Accounting Standards Committee (IASC) added to its work plan a project on discounting (or present value) in 1998. IASC was the predecessor of the International Accounting Standards Board (the IASB). When the IASB came into being in 2001 and took over from IASC, the IASB decided not to continue with the project. In… Continue reading IASC’s project on discounting
Did a dead man write IAS 1?
There is a strange but persistent rumour that IAS 1 Presentation of Financial Statements was written by Sir Henry Benson (later Lord Benson), the first chairman of the IASB’s predecessor, the International Accounting Standards Committee (IASC). If true, this would have been a remarkable feat. Benson’s term as IASC chairman finished in 1976 and he… Continue reading Did a dead man write IAS 1?