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March 1, 2015

Financial reporting

A FASB initiative designed to simplify GAAP has yielded a standard that eliminates the concept of extraordinary items from GAAP.

March 1, 2015

News highlights for March 2015

FASB issued a new GAAP alternative that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies.

February 27, 2015

FASB task force to consider whether the new revenue standard applies to certain prepaid cards

FASB’s Emerging Issues Task Force is expected to consider whether the new, converged revenue recognition standard applies to certain prepaid cards.

February 26, 2015

FAF seeks assessments of Private Company Council

The Financial Accounting Foundation board of trustees issued a request for comment on the effectiveness, accomplishments and future role of the Private Company Council.

February 25, 2015

Proposed FASB disclosures would link bifurcated embedded derivatives to host contracts

The Financial Accounting Standards Board issued a proposal that would require disclosures linking each bifurcated embedded derivative to its host contract.

February 25, 2015

Revenue recognition: New differences emerging

International convergence of the new revenue recognition standard may decrease as a result of clarifying revisions that will be proposed by the Financial Accounting Standards Board and the International Accounting Standards Board.

February 20, 2015

Revenue recognition implementation concerns finance executives

A recent KPMG survey shows that 64% of U.S. companies are uncertain about the path they’ll take to adopt the new, converged revenue recognition standard. Also, regulation is cited as the top compliance concern for 51% of corporate finance executives.

February 18, 2015

FASB, IASB to propose clarifying revenue recognition guidance

FASB and the IASB decided to propose clarifying certain areas of the converged revenue recognition standard that are causing implementation problems for some financial statement preparers.

February 18, 2015

FASB issues targeted consolidation guidance changes

The Financial Accounting Standards Board issued a standard that is intended to make targeted improvements to consolidation guidance for certain legal entities.

February 13, 2015

FASB, AICPA working to clarify uncertain tax position guidance

The staffs of the Financial Accounting Standards Board and the AICPA will work together to clarify guidance for certain disclosures regarding uncertain tax positions.

February 13, 2015

FASB addresses income tax disclosures for undistributed foreign earnings

FASB has made tentative decisions on certain disclosures it plans to require related to income taxes, with a focus on undistributed foreign earnings. The board is attempting to simplify financial reporting by streamlining disclosures.

February 11, 2015

AICPA releases Q&A on effect of new mortality tables

The Society of Actuaries’ Retirement Plans Experience Committee released in 2014 its RP-2014 Mortality Tables Report, which includes new mortality tables developed for use by pension plans.

February 11, 2015

New conflict minerals guidance developed

New questions and answers developed by the AICPA Conflict Minerals Task Force provide nonauthoritative guidance to practitioners performing independent private-sector audit engagements of conflict minerals reports.

February 10, 2015

IASB proposal would clarify how entities classify a liability

An IASB proposal issued Tuesday is designed to improve presentation in financial statements by clarifying how entities classify debt, particularly when it is coming up for renewal.

February 9, 2015

SEC proposes requiring companies to disclose hedging policies for personnel

The proposal is designed to inform investors whether company personnel can receive incentive compensation through hedging even if the company performs poorly and the stock value drops.

February 6, 2015

COSO: Internal control a challenge with outsourced providers

Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

February 1, 2015

Financial reporting

– The SEC is considering the merits of an informal proposal that would allow voluntary filing of supplemental material in financial statements by U.S. public companies, according to SEC Chief Accountant James Schnurr. U.S. GAAP would be retained as the required basis for financial statements under an idea Schnurr is

February 1, 2015

Decision-making quiz

Learn about your decision-making process with this short quiz.

February 1, 2015

5 ways to overcome confirmation bias

Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.