FASB on Tuesday issued a proposal designed to simplify the accounting for fees that public and private companies pay as customers in cloud-computing arrangements with third-party service providers. Rules exist under current GAAP addressing the accounting for cloud service providers. But there is no explicit accounting guidance under GAAP about
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Accounting & reporting
SEC will scrutinize municipal advisers’ rules compliance
A new SEC examination initiative will scrutinize municipal advisers’ compliance with new rules and regulations that are under implementation. The SEC announced Tuesday that its Office of Compliance Inspections and Examinations (OCIE) will examine a significant percentage of municipal advisers for compliance. “The municipal adviser examination initiative will focus on
PCAOB requests comments on auditing accounting estimates and fair value measurements
The PCAOB is seeking input as it weighs possible standard-setting activities related to auditing accounting estimates and fair value measurements. In a staff consultation paper released Tuesday, the PCAOB Office of the Chief Auditor seeks comments on the potential need for changes to PCAOB standards—and a possible approach to a
FASB share-based payments standard challenges private companies
Although a review found that FASB’s share-based payments standard achieves its purpose, private company stakeholders told a post-implementation review team that the standard is sometimes difficult for them to understand and costly to apply. After analyzing the results of the Financial Accounting Foundation review of Statement 123(R), Share-Based Payment, released
IASB official: Global accounting standards are “achievable,” “inevitable”
The goal of global accounting standards will be achieved at some point, an International Accounting Standards Board (IASB) official said Wednesday in South Africa. Ian Mackintosh, vice-chairman of the IASB, called global accounting standards “desirable, achievable, and … inevitable” in a speech in Johannesburg. Although more than 100 countries have
Convergence unachieved after IASB publishes financial instruments standard
The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance being developed by FASB. IFRS 9, Financial Instruments, is the final element of the IASB’s response
Revenue transition group debates difficult implementation issues
A lively discussion by a new revenue recognition transition resource group gave FASB and the International Accounting Standards Board (IASB) plenty of views to consider as they ponder how to help preparers with implementation questions related to the revenue recognition standard issued in May. The resource group, which met for
FASB votes in favor of new consolidation standard
New accounting rules approved by FASB on Wednesday are designed to make financial reporting about consolidation more transparent and consistent. FASB will issue the standard in the coming months, following the drafting of the final Accounting Standards Update (ASU). All public and private companies that apply variable-interest entity (VIE) guidance
FASB proposals on inventory, extraordinary items seek simplification
FASB published proposals Tuesday that are designed to simplify the measurement of inventory and eliminate the concept of extraordinary items. The proposals are part of FASB’s simplification initiative, which is designed to reduce cost and complexity in financial reporting while improving or maintaining the usefulness of information to users through
No answer yet for private companies on acquired intangible assets
Accounting for intangible assets in a business combination was one of the first issues the Private Company Council (PCC) attempted to tackle in its mission to simplify accounting for private companies after it was formed in 2012. But after more than three hours of deliberation Tuesday, an answer remains elusive
Revenue recognition: No time to wait
A historic new revenue recognition standard promises at least some change for a key metric for virtually all organizations that use U.S. GAAP or IFRS for their financial reporting. Urgent preparation for the change may be needed, partly because companies that plan to do a full retrospective transition may need to have systems in place to capture data for dual reporting as soon as the beginning of 2015.
Department of Commerce hasn’t met conflict minerals obligations, GAO says
Although U.S. public companies were required to file their first conflict minerals disclosures earlier this month, a new government report shows that the U.S. Department of Commerce has not met its obligations with regard to new conflict minerals regulations. The department failed to meet a January 2013 deadline to compile
FASB updates accounting for stock compensation
FASB has updated accounting standards on stock compensation to resolve diverse accounting treatments of awards linked to performance targets, such as an initial public offering or a specific profitability metric, that could be longer-term than the recipient’s employment. Current U.S. GAAP does not contain explicit guidance on how to account
International forum aims for cohesion in corporate reporting
A new international forum is bringing together key players in corporate reporting to promote more coherence, consistency, and comparability between corporate reporting frameworks, standards, and related requirements. The Corporate Reporting Dialogue was introduced Tuesday by the International Integrated Reporting Council (IIRC). Along with the IIRC, participants in the Corporate Reporting
GASB’s OPEB proposals may have big impact
Proposed new accounting standards for other post-employment benefits (OPEB) published Monday by GASB are expected to have a significant impact on state and local government financial statements. GASB’s work on OPEB is intended to complement its development of new standards issued in 2012 on pensions. The goal is to present
FASB revises standard for accounting of repurchase agreements
FASB on Thursday issued a revised standard that addresses investors’ concerns with the financial reporting of repurchase agreements and brings U.S. GAAP accounting for such transactions into closer alignment with IFRS. Under the updated standard, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, these transactions would be
Six key developments for not-for-profit CPAs
The missions not-for-profits (NFPs) follow do not make them immune to the business difficulties faced in other sectors. Complexity, regulation, globalization, and economic trends all are creating challenges for NFPs, their leaders, and the CPAs who work with them. New accounting standards for NFPs are under development, and NFPs face
Substantial new disclosures required by revenue standard
A wide assortment of new disclosures is expected to be one of the biggest challenges for financial statement preparers as they implement the new revenue recognition guidance issued last month by FASB and the International Accounting Standards Board (IASB). Public companies today voluntarily provide investors with many disclosures about revenue
FASB adds narrow-scope projects; aims to simplify GAAP
FASB will attempt to simplify measurement of inventory and eliminate extraordinary items from income statement presentation as part of its ongoing initiative to reduce complexity in accounting standards. The board has added two narrow-scope projects to its agenda in hopes of quickly simplifying U.S. GAAP and reducing cost and complexity
FASB relaxes rules for development-stage entities
FASB on Tuesday issued a new accounting standard that relaxes financial reporting requirements for development-stage entities. A development-stage entity devotes substantially all its efforts to establishing a new business and either: Has not commenced planned principal operations; or Has commenced planned principal operations, but has not produced significant revenue. The
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