If you enjoy change, 2014 should be a good year. The months ahead will see the accounting profession gearing up for new regulations and handling significant financial reporting developments, including preparing to implement changes in accounting for revenue. Here are a few of the likely financial reporting and regulatory developments
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Accounting & reporting
Seven changes new revenue standard may bring
The prospect of preparing for a historic, game-changing revenue recognition standard at a huge, global public company is a bit daunting for GE Technical Controller Russell Hodge, CPA. “I’ll admit to it being a little bit overwhelming to us,” Hodge said. “We have $150 billion of revenue and so many
FASB, PCC issue rules for private-company GAAP alternatives
The rules for providing alternative financial reporting guidance for private companies were formally established Monday when FASB and the Private Company Council (PCC) issued their Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies. FASB also issued its definition of a public business entity,
Financial instruments convergence in doubt after FASB decisions
FASB took what appears to be two steps back from convergence with the International Accounting Standards Board (IASB) last week 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
SEC to update rules for corporate disclosures
SEC Chairman Mary Jo White directed the commission’s staff to develop recommendations for updating the rules for what a company must disclose in its public filings, according to an SEC news release. The SEC staff issued a report to Congress on Friday recommending that the commission’s disclosure requirements be reevaluated
U.S. GAAP taxonomy for 2014 available
The 2014 U.S. GAAP Financial Reporting Taxonomy is available, pending final acceptance by the SEC, FASB announced Wednesday. The taxonomy, available at FASB’s website, contains updates for accounting standards and other improvements to the 2013 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public
SEC proposal aims to aid small businesses
Rules proposed Wednesday by the SEC would build upon the Regulation A exemption with the intention of increasing smaller companies’ access to capital. The proposed rules would implement part of the Jumpstart Our Business Startups (JOBS) Act of 2012, P.L. 112-106, by making the Regulation A exemption more useful to
FASAB seeks feedback on annual report
The Federal Accounting Standards Advisory Board (FASAB) is seeking stakeholders’ feedback on its Annual Report for Fiscal Year 2013 and Three-Year Plan. “This is an opportunity for stakeholders to consider our progress and offer input to the board about its plans,” FASAB Chairman Tom Allen said in a news release
Align your controls with COSO’s principles
A mapping exercise is one of the most important activities for any organization implementing the updated 2013 internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), experts say. The updated framework includes 17 newly described principles across the five components of internal control that were
What accounting fraud risk factors will attract SEC’s attention?
Rising stock prices may be correlated with increased risk of financial reporting fraud, the SEC’s David Woodcock said this week, and that creates urgency for him and the new task force he chairs at the agency. Woodcock chairs the SEC Financial Reporting and Audit Task Force, which was unveiled in
Five tips for successful revenue recognition implementation
The top line on financial statements around the world is about to change. And companies need to move quickly to determine which personnel will be responsible for implementing the new revenue recognition standard, said Dusty Stallings, CPA, a member of PwC’s national professional services group. “Companies need to get their
FASB aiming to make preparers’ jobs easier
FASB is trying to make financial statement preparers’ jobs easier without diminishing the useful information they provide to investors, board Chairman Russell Golden said Tuesday. The board is in the final stages of developing an internal policy that would guide the board in considering complexity as it develops and amends
Beswick: Rule-making preventing SEC from deciding on IFRS
Rule-making duties related to federal legislation have prevented the SEC from devoting time to deciding on the future of IFRS in the United States, SEC Chief Accountant Paul Beswick said Monday. “I think from my perspective, everyone in the commission thinks about the decision on IFRS and what the next
IIRC releases International Integrated Reporting Framework
The International Integrated Reporting Council (IIRC) on Sunday made public an approved framework for integrated reporting. The group intends for the framework to guide companies on how to best communicate with their stakeholders. The release represents a key step forward for integrated reporting (IR). The aim of IR is to
AICPA groups seek consistency in insurance contract standards
Comment letters to accounting standard setters submitted jointly by an AICPA committee and expert panel urge convergence on at least some critical issues in financial reporting rules for insurance contracts. The AICPA Financial Reporting Executive Committee and Insurance Expert Panel advised FASB and the International Accounting Standards Board (IASB) that
FASB to seek feedback on accounting for income taxes
FASB plans to ask financial statement users, preparers, auditors, and others for feedback on how to best address concerns about its standard on accounting for income taxes. The board also plans to ask stakeholders whether addressing those concerns should be a priority in comparison to other projects that could be
IASB proposes amendments to IAS 27 to allow equity method
Narrow-scope amendments to IAS 27 proposed Monday by the International Accounting Standards Board (IASB) would allow entities to use the equity method to account for investments in subsidiaries, joint ventures, and associates in their separate (parent-only) financial statements. The proposed changes are designed to reduce compliance costs while providing information
GASB makes fix in pension standard transition
GASB on Monday altered the transition provisions of a new pension standard in order to eliminate a potential source of understatement. The board determined that the transition requirements of GASB Statement No. 68, Accounting and Financial Reporting for Pensions, contained a potential source of understatement of restated beginning net position
Private company GAAP exceptions get thumbs up from FASB
FASB endorsed two GAAP exceptions for private companies Monday, marking a milestone in the work to provide simpler, less costly rules for private companies while producing financial statements that reflect economic reality. The endorsement by FASB of exceptions crafted by the Private Company Council (PCC) means exceptions for private companies
IASB makes change to defined benefit contribution accounting
Small-scale changes to financial reporting rules for employee benefit plans were published Thursday by the International Accounting Standards Board (IASB). Contributions from employees or third parties to defined benefit plans are affected by the amendments to IAS No. 19, Employee Benefits. The changes were made to simplify the accounting for
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