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
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Accounting & reporting
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
Treasury’s Capital Purchase Program Raises Accounting Issues
With $250 billion dollars in play, questions have arisen regarding the accounting treatment for the Treasury Department’s injection of capital into banks through its Capital Purchase Program (CPP), which is part of the Treasury’s effort to ease the financial crisis. The capital injections through the Troubled Assets Relief Program
SEC Sees Staff Departures Following Election
Since the Nov. 4 presidential election, the SEC has announced that four key staff members plan to step down. Last week, SEC Chief Accountant Conrad W. Hewitt was the latest to announce he is leaving. The first departure was announced two days after the election with the resignation of John
On the Verge of an Academic Revolution
For those charged with educating the next generation of accountants, the expected shift from U.S. GAAP to IFRS stirs up a host of potentially thorny issues. Professors and college administrators are dealing with questions about the timing of the curriculum expansion and the resources needed to handle IFRS. They are
Test-Driving the Codification
UPDATE: FASB Delays Codification Launch to July In January, FASB released the FASB Accounting Standards Codification (ASC or codification). The codification simplifies the classification of accounting standards by restructuring all authoritative U.S. GAAP for nongovernmental entities into one online database under a common referencing system. The codification is a first
Highlights
The effects of such accounting standards on a financial institution’s balance sheet. The impacts of such accounting on bank failures in 2008. The impact of such standards on the quality of financial information available to investors. The process used by FASB in developing accounting standards. The advisability and feasibility of
Forecasting Post-Combination Earnings
The acquisition method of financial accounting for business combinations under FASB Statement no. 141(R), Business Combinations, requires the acquiring company to recognize and measure all identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquired company as of the acquisition date at their respective fair values. The assets
International
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has issued for comment the first in a series of consultation papers focused on developing an international public-sector conceptual framework. The consultation paper, Conceptual Framework for General Purpose Financial Reporting by
SEC Chairman Speaks to Future of International Standards
SEC Chairman Christopher Cox delivered the following speech Tuesday at the FEI 2008 Current Financial Reporting Issues Conference in New York. The text was provided by the SEC. Watch the speech here. This year’s Conference on Current Financial Reporting Issues is taking place at a critical time. The
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