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
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TOPICS
Accounting & reporting
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
IFAC President: Financial Crisis Demonstrates Need for Common Standards
At a meeting of the International Federation of Accountants’ (IFAC) Board and Council last week in Rome, IFAC President Robert Bunting, a past AICPA chairman, said the global financial crisis has shown the close ties international markets share. He also emphasized the need for a common set of accounting and
G-20 Addresses Accounting Issues at Financial Summit
Leaders of 20 of the world’s richest nations agreed on common principles to guide financial market reform at the Summit on Financial Markets and the World Economy in Washington on Saturday. An attached plan charged G-20 financial ministers with accomplishing “immediate” high priority tasks designed to strengthen financial market transparency
SEC Road Map for Transition to IFRS Available
UPDATE: SEC Extends Comment Period on IFRS Road Map The SEC on Friday released a long-awaited road map for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS). The Commission set a longer-than-expected 90-day comment period for the proposal, which puts forth milestones
GASB Explains Service Efforts and Accomplishments Reporting Project
GASB released a fact sheet to explain its project to develop service efforts and accomplishments (SEA) reporting by governments. According to the GASB release, Basic Facts about Service Efforts and Accomplishments Reporting, the public reporting of key service performance indicators provides decision-useful information about the government’s actual accomplishments in pursuit
XBRL: Who Are the Early Adopters?
View the PowerPoint presentation narrated by JofA Senior Editor Matthew Lamoreaux. XBRL is evolving everywhere, but unevenly, driven by various stakeholders such as governments, stock exchanges, banks and other industry sectors. While the SEC has been finalizing its proposed rule requiring public companies and mutual funds to file their financial reports
Standard Setters Schedule Round Tables on Global Financial Crisis
FASB and the International Accounting Standards Board (IASB) announced details of three public round-table discussions to identify financial reporting issues highlighted by the global financial crisis. The discussions will be held in London on Nov. 14, in Norwalk, Conn., on Nov. 25 and in Tokyo on Dec. 3. The boards
IPSASB Issues First Conceptual Framework Consultation Paper
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
IASB Amends Two Financial Instruments Standards
In response to the global financial crisis, the International Accounting Standards Board (IASB) amended two of its standards to more closely align with U.S. GAAP. The amendments to IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures, permit the reclassification of some financial instruments. The amendments
141(R)’s Effect on Goodwill
In reading your article, “A New Day for Business Combinations,” (June 08, page 34) I had some questions regarding [FASB] statement 141(R). A client purchases a company for $20 million. The company has $10 million of tangible assets, mainly cash, receivables and some property. The purchase is highly leveraged and
Highlights
The AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft, Interpretation 101-17, Networks and Network Firms, under Rule 101, Independence, of the AICPA Code of Professional Conduct. Along with new or revised definitions for network, network firm and firm, the ED proposes that when CPA firms form
Shaking Up Financial Statement Presentation
In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part of the memorandum of understanding between the two bodies that set out a road map for convergence between IFRS and U.S. GAAP. The goal is to create
Watching Your Weighted Average
Thank you for your great article, “Currency Translation Adjustments” (July 08, page 42). I used it as a learning opportunity for our International Accounting group. I have one question on a calculation on page 46 in the right-hand column toward the bottom: “To examine a situation where the dollar has
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