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1. Convergence unachieved after IASB publishes financial instruments standard   WebExclusive

BY Ken Tysiac
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB.IFRS 9, Financial Instruments, is the final element of the IASB’s response to the global financial crisis.

2. Revenue transition group debates difficult implementation issues   WebExclusive

BY Ken Tysiac
A lively discussion by a new revenue recognition transition resource group gave FASB and the International Accounting Standards Board (IASB) plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May.The resource group, which met for the first time Friday, does not issue interpretations or guidance.

3. FASB votes in favor of new consolidation standard   WebExclusive

BY Ken Tysiac
New accounting rules approved by FASB on Wednesday are designed to make financial reporting about consolidation more transparent and consistent.FASB will issue the standard in the coming months, following the drafting of the final Accounting Standards Update (ASU).All public and private companies that apply variable-interest entity (VIE) guidance will be affected by the ASU, as will limited partnerships and similar legal organizations such as limited liability corporations.The new rules are intended to be less complex for limited partnerships and similar legal organizations.

4. No answer yet for private companies on acquired intangible assets   WebExclusive

BY Ken Tysiac
Accounting for intangible assets

5. FASB proposals on inventory, extraordinary items seek simplification   WebExclusive

BY Ken Tysiac
FASB published proposals Tuesday that are designed to simplify the measurement of inventory and eliminate the concept of extraordinary items.The proposals are part of FASB’s simplification initiative, which is designed to reduce cost and complexity in financial reporting while improving or maintaining the usefulness of information to users through narrow-scope projects that could simplify GAAP in a short period.In the proposal titled Inventory (Topic 330): Simplifying the Measurement of Inventory, FASB proposes measuring inventory at the lower of cost or net realizable value.

6. Revenue recognition: No time to wait   CPEDirect

BY Ken Tysiac
It took more than 11 years for FASB and the International Accounting Standards Board (IASB) to develop a converged standard for revenue recognition, which first appeared on the boards’ technical agendas in 2002. At first glance, it seems as though the implementation date provides companies with plenty of time to get their systems ready for the changes associated with the standard, which was approved by both boards in December and was released May 28.

7. Department of Commerce hasn’t met conflict minerals obligations, GAO says   WebExclusive

BY Ken Tysiac
Although U.S. public companies were required to file their first conflict minerals disclosures earlier this month, a new government report shows that the U.S. Department of Commerce has not met its obligations with regard to new conflict minerals regulations. The department failed to meet a January 2013 deadline to compile a list of all smelters and refiners of conflict minerals known worldwide, according to a report to congressional committees published Thursday by the U.S.

8. FASB updates accounting for stock compensation   WebExclusive

BY Sabine Vollmer
FASB has updated accounting standards on stock compensation to resolve diverse accounting treatments of awards linked to performance targets, such as an initial public offering or a specific profitability metric, that could be longer-term than the recipient’s employment.Current U.S. GAAP does not contain explicit guidance on how to account for share-based payment awards that require a specific performance target to be achieved for employees to become eligible to vest in the awards.FASB’s update, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the

9. International forum aims for cohesion in corporate reporting   WebExclusive

BY Ken Tysiac
A new international forum is bringing together key players in corporate reporting to promote more coherence, consistency, and comparability between corporate reporting frameworks, standards, and related requirements.The Corporate Reporting Dialogue was introduced Tuesday by the International Integrated Reporting Council (IIRC). Along with the IIRC, participants in the Corporate Reporting Dialogue will be:CDP, a not-for-profit international sustainable economy advocate.The Climate Disclosure Standards Board.FASB.The Global Reporting Initiative.The International Accounting Standards Board.The International Public Sector Accounting Standards Board.The International Organization for Standardization.The Sustainability Accounting Standards Board.Huguette Labelle, the chair of Transparency International and an IIRC council member, will chair the

10. GASB’s OPEB proposals may have big impact   WebExclusive

BY Ken Tysiac
Proposed new accounting standards for other post-employment benefits (OPEB) published Monday by GASB are expected to have a significant impact on state and local government financial statements. GASB’s work on OPEB is intended to complement its development of new standards issued in 2012 on pensions. The goal is to present users of government financial statements an accurate depiction of the liabilities governments face in their promises to retired employees.
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