FASB issued an exposure draft of a proposed Statement of Financial Accounting Standards, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. The goal of the proposed statement is to provide more information regarding the nature of credit risk inherent in the creditor’s portfolio
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TOPICS / ACCOUNTING & REPORTING
International Financial Reporting Standards
IASB Proposes Amendments to 11 IFRSs
The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to 11 IFRSs under its annual improvements project. The proposed amendments range from clarification of the measurement of noncontrolling interests in IFRS 3, Business Combinations (as revised in 2008), to changes of wording to
International
The International Accounting Standards Board (IASB) published an exposure draft on fair value measurement. If adopted, the proposals would replace fair value measurement guidance contained in individual IFRS with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement
International Fair Value Accounting Draft Cross-Referenced to U.S. Counterpart
The International Accounting Standards Board (IASB) on Wednesday published new resources to help stakeholders understand how its exposure draft on fair value measurement compares to the U.S. accounting standard upon which it is based. The new resources include: A marked-up version of the text that shows the wording differences
IASB Amends IFRS for First-Time Adopters, Releases Proposal on Rate-Regulated Activities
The International Accounting Standards Board (IASB) on Thursday published amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, along with an exposure draft on accounting for rate-regulated activities. The amendments to IFRS 1: · Exempt entities using the full cost method from retroactive application of IFRS for oil
Accounting Leaders Discuss Simplifying Financial Reporting
Strategies for ridding the financial reporting system of some of its complexities took center stage at a forum of accounting leaders held in New York on Friday. The Global Accounting Alliance (GAA) and the AICPA held the third of three roundtable discussions about the topic at the AICPA’s office. The
IASB Proposes Changes to Financial Instruments Accounting
The International Accounting Standards Board on Tuesday published proposals that respond to the recommendations and timetable set out by the Group of 20 leaders following summits last fall in Washington and this spring in London. On Wednesday the IASB will discuss and take questions on the exposure draft via two
International Board Releases Revised Ethics Code
The International Ethics Standards Board for Accountants (IESBA) on Friday issued a revised version of its Code of Ethics for Professional Accountants that strengthens auditor independence requirements. The IESBA is an independent standard-setting board of the International Federation of Accountants (IFAC). The revised code, which is effective Jan. 1, 2011:
New Option for Private Companies in Streamlined IFRS
U.S. private companies have a new choice for accounting and financial reporting—a slimmed-down version of IFRS tailored more to their needs. IFRS for SMEs (small- and medium-size entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the standard Thursday after five years of work
Cap-and-Trade Accounting Resources
Editor’s note: These are Web-exclusive resources for “Accounting for Emissions.” Excel worksheets and other tools to estimate carbon output by individuals and certain businesses at the EPA Web site. The Carbon Disclosure Project Global 500 Report 2008 and a number of other national and international disclosure studies, www.cdproject.net/reports.asp The Petition
Accounting for Emissions
For several decades, the environmental, economic and health effects from greenhouse gases (GHG) have been closely studied and debated by the scientific community, regulatory authorities and other diverse groups. GHGs are emitted into the atmosphere mainly as a by-product of waste disposal and the burning of fossil fuels by individuals,
Financial Reporting
The AICPA’s accounting standards staff issued Technical Practice Aid (TPA) 6931.11, Fair Value Measurement Disclosures for Master Trusts. The aid, available at tinyurl.com/d94du2, provides guidance on fair value measurement disclosure requirements for an employee benefit plan when the plan holds investments in a master trust. The Financial Crisis
International
The IASB announced a detailed timetable for replacing its existing financial instruments standard, IAS 39, Financial Instruments: Recognition and Measurement. The IASB’s comprehensive project on financial instruments responds directly to and is consistent with the recommendations and timetable set out by the G-20 nations at their April meeting, according
Obama Announces Broad Regulatory Reform Proposals
President Obama on Wednesday presented a plan for regulatory reforms that would consolidate banking regulators, create new government agencies and give new powers to the Federal Reserve. One proposal of particular interest to the accounting profession includes three recommendations addressed to accounting standard setters. The plan echoes the Group of
Highlights
Significant changes next month will affect the way CPAs perform accounting research and reference accounting literature in day-to-day work. On July 1, FASB is expected to issue the FASB Accounting Standards Codification (ASC) as authoritative. The ASC will become the single source of authoritative U.S. accounting and reporting standards
International
The Group of 20 reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington. The primary communiqué released at the end of a summit held in London on April 2 said the G-20 would “call on the
CPAs Becoming More Familiar With IFRS, Many Want More Time
CPAs hold mixed views on the SEC’s proposed timeline for the adoption of IFRS by U.S. public companies, according to an AICPA survey. Asked whether they think the timeline, which would require IFRS adoption for public companies starting in 2014, should be changed, 47% of CPA respondents said it should
The Long View on IFRS: Gerhard Mueller
Gerhard G. Mueller helped popularize the field of international accounting among academics and their students. His contributions have spanned many areas of accountancy, including teaching, research and professional service. Mueller, who is retired, has been a professor at the University of Washington, served as a FASB board member from 1996
Highlights
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker- dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006,
International
IFAC has published a Guide to Quality Control for Small- and Medium-Sized Practices. This nonauthoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
Features
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