Australian SME Business News and Accounting Articles

A review of the latest developments in the world of financial accounting standards for REIT was recently done. NAREIT Senior Vice- President for financial standards, George Yungmann, sat with REIT.com to review such standards.

Yungmann has pointed out that process has been slowed by changes at the top of both the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). By saying process, he pertains to the project being carried out by the IASB and FASB regarding the global convergence of financial accounting reporting standards.

The June target for reaching global accounting standards on leasing, revenue recognition, financial instruments, and insurance has been pushed back by US and international accounting groups.

FASB Chairman, Leslie Seidman, and IASB Chairman, David Tweedie, said that the The Financial Accounting Standards Board or FASB and the International Accounting Standards Board or IASB are still responding to issues regarding the proposal making them need a delay of “a few more months.” This statement was released on a podcast summarizing the meeting of the two groups.