FASB will consider targeted changes rather than a significant overhaul of U.S. GAAP’s financial reporting requirements for insurance contracts. The board voted Wednesday to consider potential targeted improvements to long-duration insurance contracts. For short-duration contracts, the board will consider targeted improvements that will be focused solely on disclosures. Board members
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Accounting & reporting
Five key defenses against risk
When does a company pull the trigger on an acquisition or investment? When is expanding into a new market a prudent choice? And when is the right time to hire additional personnel or change employee benefits? These are among the many questions organizations consider through a lens of strategic opportunities
Unnecessary disclosures targeted by SEC
A targeted, step-by-step approach is the best way for the SEC to review and overhaul its financial disclosure requirements under securities laws, SEC Commissioner Daniel Gallagher said Monday. In a speech at the Forum for Corporate Directors in California, Gallagher said he hopes the SEC can “make real headway” in
Crowdfunding poses benefits, risks
Financial return crowdfunding does not pose systemic risks to the world economy yet, according to a report issued Wednesday by staff researchers working for the International Organization of Securities Commissions (IOSCO). But in the marketplace, crowdfunding—which is growing in popularity—poses both benefits and risks, according to the report. Crowdfunding involves
How the lease accounting proposal may change
Acknowledging that the converged leases project poses difficulties for standard setters, International Accounting Standards Board (IASB) Chairman Hans Hoogervorst described some possible solutions Wednesday during a speech in Tokyo. The IASB and FASB are involved in new deliberations on their converged leases project after receiving feedback from financial statement preparers
SEC plans to consider whether global standards are achievable
The SEC plans to consider whether a single set of high-quality global accounting standards is achievable, according to one initiative described in a draft of the commission’s strategic plan for 2014 to 2018. An initiative described on page 8 of the 39-page document, which was released Monday, says the SEC
Cutting the clutter: Streamlined operations reports engage key stakeholders
Carol Kenner, CPA, CGMA, knew her company’s financial statements backward and forward. Every number on every page made sense to her. But not everyone at Solix Inc., the New Jersey company where Kenner is CFO, knew what the numbers meant.
IASB gives rate-regulated activities guidance, reviews business combinations rules
The International Accounting Standards Board (IASB) on Thursday issued an interim standard on rate-regulated activities for use by first-time IFRS adopters while the board works to develop a permanent standard. Previously, IFRS did not contain any guidance for rate-regulated activities. The IASB has a plan to consider the broad issue
GASB publishes guide for pension standards implementation
GASB on Thursday published a guide to help state and local government financial statement preparers and auditors as they implement its new standards for accounting and reporting for pensions. The guide for GASB Statement No. 68, Accounting and Financial Reporting for Pensions, provides authoritative guidance that has been prepared by
FASB to consider disclosure requirements for government assistance
Businesses may one day have specific requirements under GAAP for making disclosures in their financial statements about the government assistance they receive, because of a new project that FASB added Wednesday to its technical agenda. Board members said the lack of guidance on disclosure of government assistance leads to a
Lessors, lessees see difficulties in proposed changes
Businesses expect difficulties in implementing proposed changes to lease accounting rules, according to a new Deloitte survey. FASB and the International Accounting Standards Board (IASB) have resumed deliberations in the difficult convergence project, which inspired significant opposition after the release of a second exposure draft in May. Final rules could
PCC modifies prerequisites for private-company VIE exception
The Private Company Council (PCC) on Tuesday modified the criteria for private companies to be eligible for a GAAP exception it had forwarded last year to FASB—a move that could provide relief to more small businesses. The PCC in November forwarded a GAAP exception that would exempt private companies from
FAF to pay up to $3 million to help IASB’s convergence work
The IFRS Foundation will receive assistance for work on international convergence projects from its U.S. counterpart, the Financial Accounting Foundation (FAF). FAF announced Tuesday that it will make a nonrecurring contribution of up to $3 million in 2014 to the IFRS Foundation to support the work by the International Accounting
Private-company GAAP alternatives could unlock savings
The first two GAAP alternatives created by the Private Company Council (PCC) were released by FASB on Thursday, giving private companies new options for possible cost savings in their financial reporting. FASB released Accounting Standards Updates describing the alternatives. They are: An exemption for private companies from the requirement to
SEC delays municipal adviser rule compliance date
Compliance with the SEC’s final municipal adviser registration rules will not be required until July 1, 2014, the commission announced Monday. The SEC extended the date for compliance to give market participants additional time to analyze, implement, and comply with the final rules. The rules had been scheduled to go
New regulations among SEC’s 2014 examination priorities
Issues posed by new rules and regulations will be among the issues the SEC scrutinizes most closely in 2014 in its examination of issues at financial institutions reviewed under the Office of Compliance Inspections and Examinations’ National Examination Program. The SEC on Thursday announced its examination priorities for 2014, which
Preparers oppose PCAOB’s plan for more auditor disclosures
The message from financial statement preparers to the PCAOB about the content of audit reports is clear. Preparers don’t want their responsibilities usurped by auditors. “While some investors may desire improvements in disclosures, the proper source of this information is management and not the auditor,” Fedex Corp. told the PCAOB
Six developments for CPAs to watch in 2014
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
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,
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