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1. The look ahead: FASB and IASB meet in London; GASB discusses financial projections and pensions   WebExclusive

FASB and IASB to meet in London Discussions on insurance contracts and financial instruments lead the agenda for four days of joint meetings between FASB and the International Accounting Standards Board (IASB), which are taking place through Thursday in London. Webcasts of each day’s discussions and a full agenda are available through the IFRS website.

2. GASB issues guidance on deferred outflows and deferred inflows, plus technical corrections   WebExclusive

BY Ken Tysiac
In separate statements of standards for state and local governments issued Monday, GASB clarified the appropriate reporting of deferred outflows and deferred inflows of resources, and issued technical corrections to resolve conflicting accounting and financial reporting guidance. GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities, and Statement No.

3. GASB proposes M&A standards for government   WebExclusive

BY Ken Tysiac
GASB issued for public comment Friday a proposed statement that aims to improve accounting and financial reporting by providing standards for combinations and disposals by state and local governments. Under the proposal outlined in the exposure draft, Government Combinations and Disposals of Government Operations, state and local governments would be required to: Classify government combinations as mergers, acquisitions, or transfers of operations.

4. Risk with donor pledges  

BY March 2012
In the white paper Measurement of Fair Value for Certain Transactions of Not-For-Profit Entities, the AICPA’s Financial Reporting Executive Committee (FinREC) provides guidance to not-for-profits on considering risk when determining the fair value of a donor’s unconditional promise to give. Considerations may include: Assess the donor’s ability to pay.

5. Government  

GASB issued two exposure drafts that the board said would establish a definition of pension plan that reflects the primary activities of a fund that is used to provide pensions—the accumulation and management of assets dedicated for pensions and the payment of pensions to plan members as the benefits come due.

6. FASB Panel Recommends Areas of Improvement in Standards for Nonprofits   WebExclusive

The NAC heard feedback from three working groups that formed recommendations for FASB to add to its standard-setting agenda. FASB has not yet considered the recommendations. The NAC created the working groups earlier this year (see previous JofA coverage, “FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements”). The NAC charged the subgroups with studying ways for FASB and others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for the full committee to consider.

7. GASB Proposes Reclassifying Certain Assets and Liabilities   WebExclusive

GASB issued an exposure draft that it said applies its conceptual definitions of deferred outflows of resources and deferred inflows of resources elements to a broader range of items to enhance consistency in state and local government financial statements. The ED says it would alleviate uncertainty regarding the classification of certain items that may appear to meet the definition of a deferred outflow of resources or a deferred inflow of resources.

8. Government  

The Federal Accounting Standards Advisory Board (FASAB) issued a standard that it said is aimed at resolving problems created, in part, by agencies’ use of different interpretations of “deferred maintenance.” The board said that Statement of Federal Financial Accounting Standards (SFFAS) no. 40, Definitional Changes Related to Deferred Maintenance and Repairs: Amending Statement of Federal Financial Accounting Standards 6, Accounting for Property, Plant, and Equipment, represents a first step toward improved reporting on deferred maintenance and repairs.

9. Presentation of Patient Service Revenue Changed for Health Care Entities   WebExclusive

FASB issued an Accounting Standards Update (ASU) containing amendments that require health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts).

10. FASB Proposal Clarifies Scope of Real Estate Derecognition Guidance   WebExclusive

FASB issued an exposure draft that would clarify that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20 applies to a transaction in which the parent
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