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
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Accounting & reporting
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,
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
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