The AICPA Auditing Standards Board (ASB) is proposing changes to its attestation standards as a part of its clarity project. An exposure draft issued Wednesday would clarify and recodify certain Statements on Standards for Attestation Engagements (SSAEs) in the AICPA’s Professional Standards. The ASB has undertaken the clarity project to
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Accounting & reporting
FASB, IASB creating team to aid revenue recognition transition
FASB and the International Accounting Standards Board (IASB) plan to create a joint transition resource group to aid in implementation of the upcoming, converged standard on revenue recognition. The standard will have wide-ranging implications for many businesses, and the transition group will be tasked with keeping the boards up to
Leases: What should companies do now?
When important new accounting standards are under development, forward-thinking companies often look ahead to anticipate possible changes and work ahead so they don’t have to scramble when the standard takes effect. Some companies already are doing some of that work with leases, experts say. But the lease accounting proposal—a joint
Former SEC chief accountant Kroeker joins FASB as vice chairman
Former SEC Chief Accountant Jim Kroeker is joining FASB in a new vice chairman position designed to reduce the burden on board Chairman Russell Golden. Kroeker fills a vacancy on the board created by the June 30 retirement of Leslie Seidman, who was FASB’s chairman. FASB had a vice chairman
IASB seeks feedback on conceptual framework revision
The International Accounting Standards Board (IASB) has begun a consultation process with the objective of issuing a revised conceptual framework for financial reporting. The conceptual framework establishes the concepts that underlie the preparation and presentation of financial statements. The IASB follows the principles in the conceptual framework when developing and
Increased cooperation builds momentum for integrated reporting
An agreement between the International Integrated Reporting Council (IIRC) and two organizations devoted to corporate environmental impact disclosures is the latest advancement in the growing momentum for integrated reporting worldwide. The IIRC on Thursday announced that it has reached a Memorandum of Understanding (MoU) for cooperation with CDP, an international
Half of Canadian businesses report IFRS, GAAP reporting costs in line
Transitioning to International Financial Reporting Standards (IFRS) was costly for Canadian businesses, but research showed nearly half found the cost of preparing and auditing financial statements under IFRS in line with costs under Canadian GAAP. Forty-seven percent of respondents polled online by the research arm of Financial Executives International Canada
GASB impairment of capital assets, insurance recoveries standard to be reviewed
GASB’s standard regarding the impairment of capital assets and insurance recoveries will be the subject of a Financial Accounting Foundation (FAF) post-implementation review. A FAF team will review GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, according to a FAF news
PCC proposing VIE consolidation exception for private company leases
The Private Company Council (PCC) voted Tuesday to propose a GAAP alternative for private companies for applying consolidation guidance for leasing entities under common control. Private companies would be exempt from applying consolidation guidance for variable-interest entities (VIEs) under common control leasing arrangements under the proposal the PCC voted to
AICPA, NASBA to collaborate on decision-making tool for small business accounting framework
The AICPA plans to develop a decision-making tool to assist entities with determining whether the new small business accounting framework suits their needs. The National Association of State Boards of Accountancy (NASBA) will have input in the development of the tool, according to a joint statement released by the AICPA
GAO advises SEC to require disclosure of auditor attestation of ICFR
The U.S. Government Accountability Office (GAO) is recommending that the SEC consider requiring public companies to disclose whether they obtained an auditor attestation of their internal controls over financial reporting (ICFR). In a report to congressional committees, the GAO said attestation reports increase investor confidence. Requiring disclosure of whether a
Fraud in financial reporting, auditing among targets of new SEC initiatives
Fraudulent financial reporting and auditing are among the targets of three new Division of Enforcement initiatives the SEC announced Tuesday in its efforts to detect and investigate fraud and misconduct that harm investors. The new Financial Reporting and Audit Task Force will be dedicated to detecting fraudulent or improper financial
FASB proposes GAAP changes for private companies on 3 issues
FASB on Monday formally proposed changes to GAAP for private companies that are designed to make financial reporting less burdensome for private companies on three issues. The proposals were crafted by the Private Company Council (PCC), which was created last year to propose alternatives for private companies within U.S. GAAP.
GASB proposal addresses transition concern in pension standards
GASB issued a proposal Tuesday that is designed to eliminate a potential source of understatement during a state or local government’s transition to the board’s new pension standard. Under the current transition provisions, a GASB news release states, there is potential for understatement of restated beginning net position and expense
Managing change, people and transparency
Robert Herz, CPA, was FASB chairman from 2002 through 2010. Before joining FASB, he worked 28 years in public accounting with PwC and Coopers & Lybrand. His memoir, Accounting Changes: Chronicles of Convergence, Crisis, and Complexity in Financial Reporting, was published this spring. He also is co-author of The Value
FASB changes leadership, not direction
Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, was scheduled to succeed Leslie Seidman as FASB’s chairman on July 1. Golden said the board’s immediate priorities include completing international convergence projects and ensuring that accounting standards for
FASB proposes updated GAAP standard for insurance contracts
In an effort to improve guidance, FASB on Thursday proposed an updated standard for the financial reporting of all insurance contracts, not just those written by insurance companies, and asked stakeholders to comment on it by Oct. 25. The proposal aims to bring consistency to the existing standards under U.S.
FASB issues proposal on going-concern disclosures
FASB on Wednesday issued a proposal designed to improve disclosures of uncertainties related to an organization’s ability to continue as a going concern. Under U.S. GAAP, financial statements are prepared under the inherent presumption that the reporting organization will be able to continue as a going concern. FASB explained in
GASB proposes measurement, fair value approaches
GASB on Thursday proposed a two-approach system to guide standard setting for measuring assets and liabilities of state and local governments. The board also issued its preliminary views regarding the measurement of fair value and the application of fair value, including note disclosures. The two-approach system is described in the
AICPA committee disagrees with FASB credit impairment proposal
The AICPA Financial Reporting Executive Committee (FinREC) expressed significant objections to FASB’s financial instruments impairment proposal. The high-profile project is designed to address some of the causes of the recent financial crisis and calls for measurement and reporting of expected losses rather than incurred losses. Although the project began as
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