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November 2009 |  Article

FASB issued Accounting Standards Update (ASU) 200906 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740105015(a) through (b) for nonpublic entities, including passthrough and notforprofit entities. The new guidance involves requirements under what was previously known as FASB Interpretation no.

November 2009 |  Article

FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 82010) of the FASB Accounting Standards Codification.

November 2009 |  BY MATTHEW G. LAMOREAUX, PAUL BONNER |  Article

Robert R. Harris takes a large view of the profession. He believes the economic crisis, global convergence of standards, a worldwide concern about the depletion of nonrenewable natural resources, and generational changes all present unprecedented opportunities for CPAs. Harris, who was elected to a oneyear term as chairman of the AICPA during the fall Council meeting in October, says he is concerned that young people don’t fully appreciate the innovation and breadth associated with the CPA profession—a view he hopes to foster during his year as chairman.

November 2009 |  BY BRUCE W. CHASE, CPA, PH.D., JOHN B. MONTORO, CPA |  Article

Fund balance is an important measure that represents the difference between a fund’s assets and liabilities. The overall objective of fund balance reporting is to isolate that portion of fund balance that is unavailable to support the following period’s budget. Because governmental funds’ measurement focus is the flow of financial resources, the balance sheet primarily reports assets and liabilities that represent net spendable and available resources for these funds.

November 2009 |  BY CYNTHIA BOLT-LEE, CPA, L. MURPHY SMITH, CPA, DBA |  Article

Conversion from U.S. GAAP to IFRS is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial reporting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only from an economic perspective but also from a reporting quality position.

November 2009 |  BY Alexandra DeFelice |  Article

When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National Conference that took place in New York this week.

November 2009 |  Article

The International Accounting Standards Board (IASB) on Thursday issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a threepart project to replace IAS 39, Financial Instruments Recognition and Measurement, with a new standard, IFRS 9, Financial Instruments.

November 2009 |  Article

A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. The letter said the SEC should remain “the primary agency with oversight over accounting standard setting.” The letter was signed by Cindy Fornelli, executive director of the Center for Audit Quality Tom Quaadman, executive director for reporting policy and investor opportunity at the U.S.

November 2009 |  Article

The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally adopted in 2000. Under the rule, participations and securitizations completed or currently in process on or before March 31, 2010, in reliance on the FDIC’s existing regulation are “grandfathered” and continue to be protected by the safe harbor provisions of section 360.6 despite the changes adopted by FASB.

November 2009 |  BY MATTHEW G. LAMOREAUX |  Article

The International Accounting Standards Board (IASB) on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost. Both International Financial Reporting Standards (IFRS) and U.S.