Big steps taken in financial reporting, more to come in 2014

[SINGAPORE] It has been an eventful year for financial reporting; the fading light of 2013 saw the release of one of the most anticipated changes in financial reporting standards - the introduction of a new model for hedge accounting. It also saw the launch of the international integrated reporting framework, heralding the global adoption of a new way of communicating with shareholders.

The year-end also marked a deadline for a host of other standards that were pushed back to give preparers here more time to understand and adjust to them.

And the new year is expected to bring yet another major development - the release of the final converged standard on revenue recognition, affecting one of the most important items in a financial statement, with this due some time during the first quarter.