Accounting bodies and regulators across the globe are wrestling with the task of how to improve the usefulness and clarity of disclosures in financial statements. Following a public forum on the topic, the International Accounting Standards Board (IASB) has decided to facilitate more relevant disclosures with three main courses of
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Accounting & reporting
New members named by FAF trustees, IASB
Two prominent standard-setting positions were filled when the International Accounting Standards Board (IASB) and Financial Accounting Foundation (FAF) announced additions Thursday. Terry Warfield, Ph.D., chair of the University of Wisconsin-Madison’s Accounting & Information Systems department, was named to the Financial Accounting Foundation (FAF) board of trustees. Warfield served as the
Mixed results in FAF review of FASB business combinations standard
A Financial Accounting Foundation (FAF) team gave FASB’s standard on business combinations a mixed review, according to information provided by FAF on Wednesday. The FAF post-implementation review team performed an in-depth analysis of FASB Statement No. 141 (revised 2007), Business Combinations (Statement 141R), which is codified in ASC Topic 805,
IASB chair: Lease changes unpopular, but necessary
International Accounting Standards Board (IASB) Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies. Indeed, less than four hours after FASB and the IASB formally announced the revised proposal, the U.S. trade organization ELFA (the Equipment Leasing and Finance Association)
Much-awaited leases proposal includes dual-recognition approach
One of the most challenging international convergence projects attempted by FASB and the International Accounting Standards Board (IASB) cleared an important hurdle Thursday with the proposal of a revised financial reporting standard for leases. FASB and the IASB released nearly identical, revised exposure drafts that call for a dual-recognition approach
AICPA provides guidance on auditing conflict minerals reports
Recently implemented federal rules on disclosure of conflict minerals have mandated new audit requirements for some U.S. issuers. The AICPA Conflict Minerals Resources webpage provides background and other useful information about the use of conflict minerals, which are gold, tantalum, tin, and tungsten. In addition, new Questions and Answers have
Survey issued to guide FASB’s future priorities
FASB’s primary advisory group issued a survey Wednesday to solicit stakeholder views about the board’s future agenda. The Financial Accounting Standards Advisory Council (FASAC) advises FASB on priorities for the future and possible new agenda items. Responses to the survey are requested by May 30. FASAC periodically surveys stakeholders to
PCC makes progress toward 3 key private company exceptions
The Private Company Council (PCC) made progress Tuesday toward creating its first GAAP exceptions and modifications for private companies. PCC members voted to issue an exposure draft seeking public comment on proposed alternatives to GAAP designed to improve financial reporting for private companies. A simple majority of FASB members must
Converged leases project struggles to maintain momentum
Moody’s Investors Service Managing Director Mark LaMonte offered a blunt assessment of the converged lease accounting proposal that is expected to be issued soon. “My personal view, I wouldn’t mind seeing this go away,” LaMonte said Thursday at the 12th annual Baruch College financial reporting conference in New York City.
Beswick: “Change fatigue” a barrier to IFRS in U.S.
The first questioner SEC Chief Accountant Paul Beswick faced Thursday said the Egyptians built the pyramids more quickly than the SEC has decided on IFRS. Beswick, speaking at the 12th annual Baruch College financial reporting conference in New York City, did not seem amused. “I’ll be waiting for your comment
FASB proposal would guard private companies’ proprietary information
Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic employee benefit plans would reveal sensitive proprietary information of private companies. FASB is addressing that concern by proposing an indefinite deferral of the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in
Financial reporting
FASB issued a revised proposal that would provide a comprehensive framework for classifying and measuring financial instruments. The Proposed Accounting Standards Update (ASU), Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, would require financial assets to be classified and measured based on the asset’s
IASB proposes interim standard on rate-regulated activities
The International Accounting Standards Board (IASB) proposed an interim standard Thursday that would allow entities to preserve their existing accounting policies for rate-regulated activities—with some modifications to enhance comparability—while the board considers whether it should develop specific guidance. Feedback from the IASB’s agenda consultation led the board to launch a
Golden to succeed Seidman as FASB chairman
Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, will succeed Leslie Seidman as FASB’s chairman on July 1. The Financial Accounting Foundation (FAF) announced Golden’s appointment Tuesday. FAF Chairman Jeffrey Diermeier said in a news release that
New FASB chairman Golden describes priorities
Russell Golden, who was named Tuesday to be Leslie Seidman’s successor as FASB chairman, said the board’s immediate priorities will include completing international convergence projects and ensuring that accounting standards for private companies are relevant. Golden, 42, a FASB board member who will become chairman on July 1 after Seidman’s
GASB provides guidance for nonexchange guarantees
GASB on Monday approved a new standard designed to help state and local governments report on nonexchange financial guarantees they have offered, and to help governments properly report on guarantees they have received on their obligations. GASB Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees, spells out
New FASB rules standardize liquidation reporting
A new FASB standard released Monday provides guidance for organizations on when and how to prepare financial statements using the liquidation basis of accounting. Accounting Standards Update (ASU) 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, describes how financial statements must be prepared by a company that
Integrated reporting takes a big step with international framework draft
The release of a highly anticipated proposed framework Tuesday heralded a new chapter in the evolution of corporate reporting. The International Integrated Reporting Council (IIRC) made public a framework consultation draft—a blueprint for how the group hopes businesses will communicate with stakeholders. Developed with input from business, investors, standard setters,
New FASB proposal would increase private companies’ options
Private companies would be able to choose and use only the GAAP exceptions or modifications that make sense for them in their financial reporting under a new proposal released Monday by FASB. FASB and the Private Company Council (PCC) issued an Invitation to Comment on the private company decision-making framework.
FASB lease proposal moves forward despite dissenting views
FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB). FASB Chairman Leslie Seidman cast the deciding vote in a 4–3 decision. Board members Tom Linsmeier, Marc Siegel, and R. Harold Schroeder dissented.
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