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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 |  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 |  Article

AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee on Wednesday to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried out by the Financial Accounting Standards Board (FASB).” Melancon’s letter refers to language being considered by Rep.

October 2009 |  Article

A recent Deloitte poll found that an increasing number of executives are rethinking their deal strategy in light of FASB ASC 805, Business Combinations, formerly Statement no. 141(R). Of executives polled, 44.3 said they are rethinking their strategy or that the standard would otherwise affect their deal strategy or planned deal activity, up from 40.3 in February 2008, soon after the standard took effect.

October 2009 |  Article

The AICPA released a set of FAQs and a comment letter relating to a FASB discussion paper on a potential new approach to lease accounting. The March 19, 2009, discussion paper, Leases Preliminary Views, was issued jointly with the International Accounting Standards Board and responds to concerns raised by investors and other financial statement users about the treatment of lease contracts under IFRS and U.S.

October 2009 |  Article

FASB introduced a project intended to make financial statement disclosures more useful, organized and consistent, and less redundant. It will focus on developing a framework for improved GAAP disclosures. The project will evaluate and address whether the disclosure framework should apply to all entities or exclude private or nonprofit entities apply to interim reporting focus only on highlevel principles focus only on notes to financial statements or extend to ways to better integrate information provided in financial statements, MD&A and other parts of a company’s public reporting package.

October 2009 |  Article

Paul B.W. Miller, Paul R. Bahnson and Brian P. McAllister received the Journal of Accountancy’s Lawler Award for the best article of 2008. Their article, “A New Day for Business Combinations” (June 08, page 34), discussed the former FASB Statement no. 141(R)— now codified as ASC 805—which focuses on overhauling guidance on mergers and acquisitions.

October 2009 |  BY Robert Herz |  Article

Editor's note Click here or see instructions below to share your thoughts on the new off balance sheet accounting rules The problems and abuses associated with the use of “off balance sheet” vehicles to finance mortgages and a variety of other consumer and commercial debt emerged as one of many serious issues in the ongoing financial crisis.