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1. IASB seeks improvement for macro hedging accounting   WebExclusive

BY Ken Tysiac
An effort to create a more accurate depiction of risk management activities known as “macro hedging” in financial reporting is reflected in a discussion paper released Thursday by the International Accounting Standards Board (IASB).The IASB is inviting comment on a possible new approach to accounting for macro hedging because it says the existing requirements of IAS 39, Financial Instruments: Recognition and Measurement, are difficult to apply.“Current requirements make it difficult to faithfully represent dynamic risk management in entities’ financial statements and can increase operational complexity,” IASB Chairman Hans Hoogervorst said in a news release.

2. Court ruling doesn’t stop conflict minerals compliance work   WebExclusive

BY Ken Tysiac
Despite an appellate court opinion that struck down a disclosure requirement in the SEC’s new conflict minerals rule, experts say companies need to continue tracing the origins of the gold, tantalum, tin, and tungsten in their supply chains and preparing to file their disclosures. The SEC’s conflict minerals rule was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L.

3. GASB establishes approaches for measurement   WebExclusive

BY Ken Tysiac
Newly defined approaches for measuring assets and liabilities issued Monday by GASB will guide the board as it sets accounting standards for U.S. state and local governments.Concepts Statement No. 6, Measurement of Elements of Financial Statements, establishes two approaches for measuring assets and liabilities:Initial amounts: These are determined at the time an asset is acquired or a liability is incurred.Remeasured amounts: These are determined as of the date of each year’s financial statements.Previously, GASB has relied on approaches for measurement that were established by other standard setters and analogous examples from practice or previous standards.

4. How preparers can cut down on disclosures in financial reports   WebExclusive

BY Ken Tysiac
Changes to disclosure requirements are on the horizon as the SEC ponders updating its rules in an effort to make information more useful for investors.The commission is reviewing specific sections of regulations S-K and S-X to see if requirements can be updated, SEC Division of Corporation Finance Director Keith Higgins told the American Bar Association’s Business Law Section during a speech Friday.The goal is to eliminate duplicative disclosures while continuing to provide material information and reducing costs and burdens on companies.

5. FASB changes discontinued operations reporting guidance   WebExclusive

BY Ken Tysiac
New guidance issued Thursday by FASB will reduce the number of disposals of assets that should be presented as discontinued operations in organizations’ financial reporting.Only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results will be required to be presented as discontinued operations.

6. Companies lagging in conflict minerals process   WebExclusive

BY Ken Tysiac
Conflict minerals reporting may be a significant challenge for executives this spring as many companies are just in the early stages of compliance exercises as the May 31 SEC filing deadline approaches, according to a report released Wednesday.The SEC’s new conflict minerals rule grew out of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L.

7. TPAs address new private company accounting alternatives   WebExclusive

BY Ken Tysiac
Three new AICPA Technical Questions and Answers (TPAs) provide nonauthoritative guidance regarding application of some accounting alternatives FASB issued in January for private entities that are not classified as public business entities, as defined in Accounting Standards Update (ASU) No. 2013-12.AICPA Technical Questions and Answers (TPAs) 9150.32–.33 and 9160.29 also provide nonauthoritative guidance on how application might affect a compilation, review, or audit engagement and related reports.The accounting alternatives are included in FASB ASU No.

8. IASB proposal designed to improve disclosures   WebExclusive

BY Ken Tysiac
Amendments proposed by the International Accounting Standards Board (IASB) on Tuesday are designed to play a role in the board’s effort to reduce disclosure overload.Proposed amendments to IAS 1, Presentation of Financial Statements, are the result of one of several short-term projects under the IASB’s broader Disclosure Initiative.

9. FASB issues private company VIE alternative   WebExclusive

BY Ken Tysiac
A GAAP alternative issued by FASB on Thursday will allow a private company to elect—under certain circumstances—not to consolidate variable-interest entities (VIEs) in common-control leasing arrangements.The exemption, described in FASB Accounting Standards Update No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, is the third GAAP alternative for private companies endorsed by FASB after being created and approved by the Private Company Council (PCC), which was formed in 2012.The PCC was created by FASB’s parent organization, the Financial Accounting Foundation, to spearhead efforts to make standards less burdensome for private companies.Under the GAAP alternative,

10. No easy answers in key leases standard debate   WebExclusive

BY Ken Tysiac
FASB and the International Accounting Standards Board (IASB) are struggling to find common ground in their efforts to create a converged standard for financial reporting on leases.While meeting together Tuesday at FASB’s headquarters in Norwalk, Conn., the two boards came to different conclusions in preliminary votes on financial reporting guidance for lessees and for lessors.The boards will meet again Wednesday in an effort to resolve their differences and move forward together with the difficult project, which was first placed on their agendas in 2006.
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