What is a Korean IFRS reporting package, and why does your parent need one every month? A Korean IFRS reporting package — often written K-IFRS reporting package — is the standardized monthly submission a US subsidiary sends its Korean parent so the parent can consolidate the subsidiary’s results under Korean IFRS (K-IFRS). It contains a…
Does ASU 2026-03 change fair value sale restrictions for investment funds? Yes — but only for investment companies within the scope of Topic 946. From adoption, those funds must incorporate a discount for contractual sale restrictions when measuring the fair value of an equity security, and disclose the size of that discount. Effective for annual…
Which new IFRS standards must I apply for a 30 June 2026 reporting date? Several amendments are mandatory now — including the IAS 21 lack-of-exchangeability rules, the IFRS 9 & IFRS 7 classification and measurement amendments, and Annual Improvements Volume 11 — while IFRS 18, IFRS 19, and IFRS 20 remain optional until 2027. Applying…
Do private companies have to change their income tax disclosures? Yes — in part. FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requires all entities to disclose income taxes paid (net of refunds) by federal, state, and foreign jurisdiction — and by any individual jurisdiction equal to or greater than 5%…
What is IFRS 20, and who does it affect? The International Accounting Standards Board (IASB) issued IFRS 20, Regulatory Assets and Regulatory Liabilities — a new IFRS Accounting Standard for companies subject to a specific type of rate regulation (utilities that supply electricity, water, and gas, where a regulator controls how much they can charge…
What did the SEC propose to make going public easier? The U.S. Securities and Exchange Commission issued a set of proposed rule changes intended to encourage IPOs. The headline item: raise the threshold to be a “large accelerated filer” from $700 million to $2 billion in public float (the higher status would have to be…
What is the FASB hearing from investors right now? At its May 28, 2026 meeting, the FASB’s Investor Advisory Committee (IAC) flagged where today’s financial statements fall short for investors — and where new disclosure may be coming. Top themes: (1) data center financing and private credit are growing complex and opaque; (2) whether certain…
Decoding FASB’s ASU 2025-07: Are you navigating the complexities of derivative accounting or uncertain how to handle share-based payments from customers? This comprehensive guide breaks down the latest FASB update, offering clarity and practical examples to simplify your accounting practices. Have you ever found yourself staring at a contract—maybe an ESG-linked bond or a…
US GAAP vs. IFRS: What’s the Real Difference? This guide breaks down the key similarities and differences between the two major accounting standards in simple terms, helping you understand how they impact global business and investment. Have you ever looked at a financial report from a company in Europe and felt like something was…
What is IFRS 18 and why is it a game-changer? This new standard is set to revolutionize financial reporting by 2027, replacing IAS 1. Discover the key changes, benefits, and how your business can prepare for this major shift. Have you ever tried comparing the financial performance of two different companies and found yourself…
