The SEC has amended its conflict minerals reporting requirements after an appeals court struck down part of the rule. Under the conflict minerals rule, issuers are required to attempt to determine whether the gold, tantalum, tin, and tungsten used in their products originated in mines operated by warlords in the
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Accounting & reporting
Two SEC commissioners call for stay of conflict minerals rule
Two SEC commissioners issued a statement Monday calling for the commission to stay its conflict minerals rule and impose no further regulatory obligations related to the rule until litigation surrounding the rule is completed. Commissioners Daniel Gallagher and Michael Piwowar said marching ahead with a rule that might be invalidated
New TPAs address changes to reports arising from PCC VIE alternative
New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative that results in a change to a previously issued report. Private company clients can elect not to apply variable-interest entity guidance to certain common-control leasing
New conflict minerals guidance available
Conflict minerals reporting and auditing is a newly emerging practice, as May 31 is the submission date required by the SEC for the first reports of issuers’ efforts to track the gold, tantalum, tin, and tungsten in their supply chains. The AICPA Conflict Minerals Task Force has developed new nonauthoritative
IASB seeks improvement for macro hedging accounting
An effort to create a more accurate depiction of risk management activities known as “macro hedging” in financial reporting is reflected in a discussion paper released Thursday by the International Accounting Standards Board (IASB). The IASB is inviting comment on a possible new approach to accounting for macro hedging because
Court ruling doesn’t stop conflict minerals compliance work
Despite an appellate court opinion that struck down a disclosure requirement in the SEC’s new conflict minerals rule, experts say companies need to continue tracing the origins of the gold, tantalum, tin, and tungsten in their supply chains and preparing to file their disclosures. The SEC’s conflict minerals rule was mandated
GASB establishes approaches for measurement
Newly defined approaches for measuring assets and liabilities issued Monday by GASB will guide the board as it sets accounting standards for U.S. state and local governments. Concepts Statement No. 6, Measurement of Elements of Financial Statements, establishes two approaches for measuring assets and liabilities: Initial amounts: These are determined
How preparers can cut down on disclosures in financial reports
Changes to disclosure requirements are on the horizon as the SEC ponders updating its rules in an effort to make information more useful for investors. The commission is reviewing specific sections of regulations S-K and S-X to see if requirements can be updated, SEC Division of Corporation Finance Director Keith
FASB changes discontinued operations reporting guidance
New guidance issued Thursday by FASB will reduce the number of disposals of assets that should be presented as discontinued operations in organizations’ financial reporting. Only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results will be required to be
Companies lagging in conflict minerals process
Conflict minerals reporting may be a significant challenge for executives this spring as many companies are just in the early stages of compliance exercises as the May 31 SEC filing deadline approaches, according to a report released Wednesday. The SEC’s new conflict minerals rule grew out of the Dodd-Frank Wall
TPAs address new private company accounting alternatives
Three new AICPA Technical Questions and Answers (TPAs) provide nonauthoritative guidance regarding application of some accounting alternatives FASB issued in January for private entities that are not classified as public business entities, as defined in Accounting Standards Update (ASU) No. 2013-12. AICPA Technical Questions and Answers (TPAs) 9150.32–.33 and 9160.29
IASB proposal designed to improve disclosures
Amendments proposed by the International Accounting Standards Board (IASB) on Tuesday are designed to play a role in the board’s effort to reduce disclosure overload. Proposed amendments to IAS 1, Presentation of Financial Statements, are the result of one of several short-term projects under the IASB’s broader Disclosure Initiative. The
FASB issues private company VIE alternative
A GAAP alternative issued by FASB on Thursday will allow a private company to elect—under certain circumstances—not to consolidate variable-interest entities (VIEs) in common-control leasing arrangements. The exemption, described in FASB Accounting Standards Update No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, is the third GAAP
Boards remain split on lease expense recognition
FASB and the International Accounting Standards Board (IASB) failed to reach a consensus for new lease accounting guidance Wednesday but vowed to continue working together in pursuit of consistency. During two days of meetings at FASB’s headquarters in Norwalk, Conn., the boards failed to reach common answers on key areas
No easy answers in key leases standard debate
FASB and the International Accounting Standards Board (IASB) are struggling to find common ground in their efforts to create a converged standard for financial reporting on leases. While meeting together Tuesday at FASB’s headquarters in Norwalk, Conn., the two boards came to different conclusions in preliminary votes on financial reporting
FASB to research fair value standard’s relevance for certain investors
FASB plans to research concerns about the usefulness of its fair value measurements standard for users of financial statements of employee benefit plans, not-for-profits, and private companies. The concerns arose during a post-implementation review conducted for the board’s parent body, the Financial Accounting Foundation (FAF). The review was completed last
FASB takes step forward in streamlining of disclosures
FASB took a step forward Tuesday in its effort to make disclosures in notes to financial statements more useful to investors. The board is building a framework that is intended to reduce unnecessary disclosures and highlight information that investors need most. On Tuesday, FASB issued a proposed concepts statement that
Financial reporting
FASB took what appears to be two steps back from convergence with the International Accounting Standards Board (IASB) with a pair of major tentative decisions in its project on accounting for financial instruments. In the classification and measurement portion of the project, the board decided not to continue to
Seven revenue recognition considerations
Companies need to be aware of many possible changes as FASB and the International Accounting Standards Board put the finishing touches on the new revenue recognition standard.
GASB proposes new GAAP hierarchy for state and local governments
A new GASB proposal is designed to help state and local governments clearly identify the appropriate guidance to apply to their financial reporting. GASB on Thursday issued the proposal, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, as an exposure draft. The proposed statement would change
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