The International Accounting Standards Committee (IASC) Foundation on Monday released a near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is the eXtensible Business Reporting Language (XBRL) version of IFRS as of Dec. 31, 2008. XBRL, or “interactive data” as the SEC often
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Accounting & reporting
Committee Raising Awareness About Tax Disclosure Requirement for Private Companies
Private companies may have scored a temporary reprieve on the implementation deadline for accounting standard FIN 48 regarding uncertain tax positions, but they nevertheless face an important disclosure requirement under the standard. FASB has twice deferred the effective date for certain private entities of FASB Interpretation no. 48, Accounting
Social Insurance, Historical Cost Exposure Drafts Available for Comment
The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on two exposure drafts, Social Insurance Accounting, Revised and Estimating the Historical Cost of General Property, Plant, and Equipment—Amending Statements of Federal Financial Accounting Standards 6 and 23. The Social Insurance proposal addresses challenges associated with incorporating estimates of future
SEC Finalizes Summary Prospectus Requirements for Mutual Funds
The SEC finalized a rule requiring mutual funds to provide investors with a concise summary of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus. The SEC also approved a new rule that permits sending a
Recoverability of Equity-Based Compensation Deferred Tax Assets
As the stock market slides, more stock options and related deferred compensation instruments are “underwater,” and the related deferred tax assets may no longer be recoverable. The balance sheets and tax footnotes of many entities highlight the magnitude of these equity-based compensation deferred tax assets. When and how they are
Government
The Federal Accounting Standards Advisory Board (FASAB) issued Statement of Federal Financial Accounting Standards (SFFAS) 33, Pensions, Other Retirement Benefits, and Other Post-employment Benefits: Reporting Gains and Losses from Changes in Assumptions and Selecting Discount Rates and Valuation Dates. The standards in SFFAS 33 require (1) gains and losses from
The Death of LIFO?
Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public companies to IFRS could affect many companies currently using LIFO for both financial reporting and taxation. This is because the
Highlights
The 165-page document echoes the outlines of the plan unveiled Aug. 27, when the Commission voted unanimously to seek comments on the road map. Under the proposal, the SEC would decide in 2011 whether to proceed with rulemaking to require that U.S. issuers use IFRS beginning in 2014. Limited early
Financial Reporting
The AICPA has issued a new nonauthoritative Technical Practice Aid addressing potential accounting and auditing implications of a fund or its trustee imposing restrictions on a nongovernmental entity’s ability to withdraw its balance in a money market fund or other short-term investment vehicle. TPA 1100.15, Liquidity Restrictions, covers balance sheet
Financial Reporting for Real Estate
FASB Statement no. 157, Fair Value Measurements, introduces new concepts and practices to the world of financial reporting, including some that are beginning to impact the fair value measurements of real estate assets. “Highest and best use” is one of these concepts. As it applies to fair value measurements of
International
The International Accounting Standards Board (IASB) published guidance on the application of fair value measurement when markets become inactive. The guidance includes a report by an expert advisory panel established to consider the issue, as well as a summary document highlighting important issues associated with measuring the fair value of
SEC Releases Fair Value Findings
The SEC, in a report mandated by Congress, supports the continued use of fair value accounting standards while also making eight recommendations to improve application of the standards. The suggested changes include reconsidering accounting for impairments of financial instruments and developing more guidance for determining the fair value of investments
FASB Issues Proposals to Improve Reporting for Financial Instruments
FASB issued two proposals intended to address concerns arising from the financial crisis relating to accounting for financial instruments. The comment period for proposed FASB Staff Position EITF 99-20-a, Amendments to the Impairment and Interest Income Measurement Guidance of EITF Issue No. 99-20, ends today. It is available at www.fasb.org/fasb_staff_positions/prop_fsp_eitf99-20-a.pdf.
Conversations From the IFRS Round Table
The SEC’s proposal to require U.S. public companies to file financial reports using IFRS is being felt on college campuses. Student interest in international standards is growing. Professors are grappling with resource and training issues. While incorporating IFRS into the accounting curriculum can be daunting, some professors say it will
SEC Votes to Finalize XBRL Filing Rules
The SEC voted Wednesday to adopt new rules that would require public companies to provide an XBRL version of their SEC filings. Under the new rules, the 500 largest U.S. public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL beginning
Prince Charles to Host Accounting for Sustainability Forum
Accounting and business leaders from around the world will meet Wednesday, Dec. 17, in London for a forum on accounting for sustainability hosted by Prince Charles. The forum will include remarks from Prince Charles, HSBC Holdings Plc. Chairman Stephen Green and BP Plc. CEO Tony Hayward. The AICPA will also
Cox Signals No Major Shake-Up for Fair Value
SEC Chairman Christopher Cox, speaking this week at an AICPA conference, said investors have told the SEC that fair value measurement has increased transparency in financial reporting. But Cox signaled that the SEC would call for some additional guidance on fair value measurements. View highlights from Cox’s speech. Cox devoted a
More Guidance Expected on Fair Value
FASB Chairman Bob Herz says he’s interested in exploring additional disclosure rules that would make valuation techniques more transparent to users of financial statements. Herz and the FASB Board are awaiting the findings of the SEC’s congressionally-mandated fair value accounting study—due Jan. 2—which is expected to call for additional fair
FASB Delays Codification Launch to July
FASB has delayed the official launch of its FASB Accounting Standards Codification until July 1. FASB had expected to approve and make the codification authoritative in April. Prior to the July launch, FASB expects to address issues raised during a yearlong verification period that began on Jan. 15, 2008.
U.S. CPAs Show Growing Acceptance of Change From U.S. to International Accounting Standards
The U.S. accounting profession increasingly believes that international accounting standards will be implemented in the U.S. and is beginning to prepare for a change in standards, according to a recent survey conducted by the AICPA. As the Securities and Exchange Commission moves toward adoption of international accounting standards in place
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