Financial instruments to be fine tuned

Article Abstract:

The Australian Accounting Standards Board has been working with its counterparts from countries including Canada, the UK and Japan to develop an accounting standard for financial instruments. It is anticipated that this standard will allow for all financial instruments to be measured at fair value on the balance sheet, with all changes being recognized immediately in income.

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A black hole? Financial reporting for extractive industries is a minefield

Article Abstract:

There are a number of challenges associated with financial reporting for companies involved in extractive work. This issue is being addressed by the International Accounting Standards Committee. It is suggested that, at present, the introduction of market-value accounting for extractive industries is not practical.

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China looks to changes in the rules

Article Abstract:

The publication of accounting standards by China's Ministry of Finance is discussed. The Basic Standard provides a conceptual structure for accounting in China.

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