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December 10, 2015

Proposals address compilations of prospective and pro forma financial information

The AICPA is seeking comment on three new proposed Statements on Standards for Accounting and Review Services that address compilations of prospective and pro forma financial information.

December 9, 2015

SEC discussing supplementary IFRS option for US issuers

The SEC is considering regulatory changes that would make it possible for U.S. public companies to provide IFRS-based information as a supplement to U.S. GAAP financial statements.

December 8, 2015

Retired Bank of America executive to chair FAF trustees

The Financial Accounting Foundation trustees elected Charles Noski as their new chairman and announced the naming of five additional new trustees.

December 4, 2015

PCC votes to remove effective dates from GAAP alternatives

The Private Company Council reached a consensus to remove the effective dates from four Accounting Standards Updates issued in 2014 that provide GAAP alternatives for private companies.

December 3, 2015

FASB proposal takes aim at immaterial fair value disclosures

FASB issued a proposal that is designed to help financial statement preparers omit immaterial disclosures on fair value measurements.

December 1, 2015

Don’t let foreign currency fluctuations impair performance measurements

Measuring performance with a constant-dollar approach helps U.S. companies with international operations deal with the limitations of U.S. GAAP’s foreign currency guidelines.

December 1, 2015

FASB weighs in on materiality

Proposals are designed to eliminate unnecessary disclosures.

December 1, 2015

Revenue recognition tweaks proposed

FASB seeks to improve guidance on collectibility, noncash consideration, and completed contracts.

November 24, 2015

China explores ways to expand IFRS use

A joint working group is exploring ways to expand the use of IFRS within China, especially for Chinese companies that are internationally oriented.

November 23, 2015

FASB proposes clarifying the definition of a business

FASB wants to clarify the definition of a business to help financial statement preparers evaluate whether they should account for transactions as acquisitions or disposals of assets or businesses.

November 20, 2015

FASB simplifies presentation of deferred income taxes

The Financial Accounting Standards Board issued a standard that is intended to simplify the presentation of deferred income taxes on the balance sheet.

November 19, 2015

IASB proposes annual improvements, change to investment property standard

In two separate exposure drafts, the IASB proposed changes to its investment property standard and proposed narrow-scope amendments to three other standards.

November 18, 2015

PCC’s work on private company alternatives to continue

Work by the Private Company Council (PCC) on potential GAAP alternatives for private companies is not finished.

November 12, 2015

FASB proposal aims to increase transparency regarding disclosure of government assistance

The proposal would require disclosures about the type of arrangement and the method of accounting for government assistance.

November 11, 2015

FASB’s leases standard gets preliminary approval

The standard, which will include substantial changes to lessee accounting, is expected to be issued in early 2016.

November 6, 2015

Interruptions are top challenge for not-for-profit finance execs

Although guiding organizational strategy is a key responsibility for finance chiefs, interruptions often get in the way at not-for-profit organizations.

November 3, 2015

Companies slow to start revenue recognition implementation

A substantial majority of companies participating in a new survey have not yet tried to quantify how the new revenue recognition standard will affect their financial statements.

November 2, 2015

FinREC issues revenue recognition working drafts for informal comment

The AICPA FinREC released nine working drafts for informal comment containing industry-specific considerations and illustrative examples related to implementation of the new revenue recognition standard.

November 1, 2015

PCC gets new leadership

Chair Candace Wright and 3 others join the Private Company Council.

November 1, 2015

FASB tackles principal vs. agent guidance

The proposal would amend the revenue recognition standard to clarify rules.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.