New capital structure for federal home loan banks ( www.fhfb.gov/PressRoom/press/PR00-38capitalrule.htm ).
Advertisement
TOPICS
Accounting & reporting
Financial Reporting
Levitt ends his tenure at SEC ( www.sec.gov/news/press/2000-192.txt ). FASB tentatively decides against write-downs of preexisting goodwill ( www.rutgers.edu/Accounting/raw/fasb/news/nr122000.html ). SEC, standard setters recommend reporting financial instruments at fair value ( www.sec.gov/news/speeches/spch436.htm ; www.rutgers.edu/Accounting/raw/fasb/news/nr010501.html ) FASB’s derivatives group adds to guidance on Statement no. 133 ( www.rutgers.edu/Accounting/raw/fasb/ ). FASAC survey
Auditing
Chief accountant says SEC will enforce new independence rules ( www.sec.gov/news/speeches/spch445.htm ). SEC answers frequently asked questions on auditor independence ( www.sec.gov/offices/account/audinfaq.htm ). GAO: Many federal agencies are mismanaged, unprepared for audits ( www.gao.gov/pas/2001/d01241.pdf ).
Government Accounting And Auditing
GASB issues exposure draft to clarify Statement no. 34 ( www.rutgers.edu/Accounting/raw/gasb/news/nr010801.html ). Comments due by March 16. FASAB seeks comments on plan to omit stewardship category from federal reports ( www.financenet.gov/financenet/fed/fasab/dec_00_jan_01.html ). Comments due by March 15.
International
IASC releases study on accounting by mining, petroleum industries ( www.iasc.org.uk/docs/extr/ip/iss_sum.pdf ). Comments due by June 30. Outgoing IASC board recommends future rule-making priorities ( www.iasc.org.uk/docs/bd_stmt.pdf ).
Financial Reporting
In late November AcSEC issued an exposure draft (ED) of a statement of position (SOP), Accounting for Investors’ Interests in Unconsolidated Real Estate Investments. The proposed SOP would supersede SOP 78-9, Accounting for Investments in Real Estate Ventures and provide guidance on accounting, according to GAAP, for investors’ interests in
Compilation and Review Statement Amended
The AICPA accounting and review services committee issued guidance that provides options for accountants when submitting unaudited financial statements not expected to be used by a third party. SSARS no. 8, Amendment to Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements, also
How to Scale the Deduction Barriers
EXECUTIVE SUMMARY THE IRS IS MAKING IT DIFFICULT FOR COMPANIES to deduct pre-opening and expansion costs, such as due diligence activities before an acquisition, employee training before opening a business or the costs of expanding into a new market. In one case, the IRS levied a return preparer penalty
Exposure Draft Addresses Nonpublic Investment Partnerships
The AICPA AcSEC issued a proposed statement of position that would amend SOP 95-2, Financial Reporting by Nonpublic Investment Partnerships , to include within its scope a type of investment partnership—known as a commodity pool—formed to trade interests in commodities and regulated under the Commodity Exchange Act of 1974. Daniel
XBRL Approved for U.S. Implementation
The XBRL committee, an AICPA-led consortium of more than 50 accounting firms, financial services providers and technology companies, in July released XBRL for Financial Statements, a formal specification of the extensible business reporting language for implementation in the United States. (See “Comments Encouraged on Newly Named XBRL,” JofA, June00, page
Earnings Management and the Abuse of Materiality
EXECUTIVE SUMMARY EARNINGS MANAGEMENT HAS RECEIVED wide publicity by the press and scrutiny from the SEC. It is one type of fraudulent financial reporting scheme where management’s desire to meet Wall Street’s earning projections can become a substitute for accurate disclosure. MATERIALITY PLAYS A VITAL ROLE in the financial reporting
Financial Reporting
Private-Sector Group to Focus on Disclosure In April, the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) and the SEC established a private-sector group that will develop ideas to improve public disclosure of financial information by banking and securities organizations. Walter Shipley, recently retired chairman of
Financial Reporting
Amendment Eases FASB No. 133 Implementation In June, after numerous business entities reported problems implementing FASB Statement no. 133, Accounting for Derivative Instruments and Hedging Activities, FASB issued an amendment, FASB Statement no. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities, to address those concerns. The newly issued
Financial Reporting 2
FASB Offers More Guidance on Stock Options In March 2000, FASB released an interpretation on several implementation issues related to APB Opinion no. 25 on accounting for stock issued to employees. The guidance defined the term employee for purposes of applying the opinion and clarified accounting for options that
Comments Requested on Newly Named Version of XML for Business Reporting
SPECIAL REPORT The first specification for a business-reporting variant (XBRL) of extensible markup language (XML) was the subject of an April symposium. The XBRL project committee held the meeting to encourage comments on the specification and to announce its new name. Until then, it had been known as XFRML—for financial
Financial Reporting
Federal Financial Reports Improved But Far From Perfect U.S. financial watchdogs testified before a House of Representatives subcommittee at the end of March on the improved, but still dismal, state of federal agencies’ financial reporting. While the speakers’ testimony shed light on recurring problems, it also illustrated that the agencies’
The High Cost of a Free Lunch
EXECUTIVE SUMMARY UNDER CURRENT TAX LAW, A COMPANY generally can deduct only 50% of business meal and entertainment (M&E) expenses. However, with smart tax planning, companies can take advantage of certain exceptions to this rule and increase the tax deductibility of some M&E expenses to 100%. BY SEPARATELY IDENTIFYING, ACCUMULATING
Raising or Holding Contributions for Others
EXECUTIVE SUMMARY TO CLEAR UP CONFUSION FROM PAST pronouncements, FASB issued Statement no. 136, Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others. NPOs will have to implement the statement for the fiscal periods beginning after December 15, 1999. STATEMENT NO. 136
Everyone Out of the Pool
EXECUTIVE SUMMARY FASB IS CONSIDERING ELIMINATING POOLING of interests as a method of accounting for a business combination on January 1, 2001. As a result, experts expect companies to complete a flurry of poolings this year as companies rush to complete acquisitions while they can still do so without recording
Financial Reporting
AICPA Recognizes FASAB as GAAP Standard Setter The AICPA governing council last fall formally named the Federal Accounting Standards Advisory Board the accounting standard setter for the federal government. Amid controversy over its action, the council elevated FASAB to the level of FASB and GASB, which set standards for nongovernment
Features
SPONSORED REPORT
How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
April 30, 2026
Current developments in taxation of individuals: Part 2
April 30, 2026
Hedge funds: Tax structuring, planning, and compliance
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
