FASB on Wednesday voted to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan (EBP) in the plan sponsor’s own equity securities. Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic EBPs would reveal sensitive proprietary information of private companies. FASB in the
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Accounting & reporting
AICPA unveils framework designed for streamlined reporting
The AICPA on Monday launched the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs), a new option for small business financial reporting. Designed to help smaller, privately held, owner-managed businesses, the FRF for SMEs accounting option is intended for businesses that do not need to prepare GAAP-compliant
FASB agrees to advance three private company alternatives for public comment
The march toward possible exceptions and modifications to U.S. GAAP for private companies continued Monday when FASB voted to issue three Private Company Council (PCC) initiatives for public exposure. FASB expects to issue the exposure drafts later this month. After the exposure period, the PCC will review comments of stakeholders
FASB clarifies characteristics of investment companies
A FASB standard released Friday identifies characteristics a company must assess to determine whether it is considered an investment company for financial reporting purposes. Accounting Standards Update No. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, takes effect for fiscal years beginning after Dec.
CPAs expect modest difficulty applying revenue recognition standard
Finance executives in the United States expect modest difficulty implementing the sweeping, global changes in revenue recognition that are coming their way, according to a new survey. In the second-quarter AICPA Business and Industry Economic Outlook Survey, released Thursday, CPA executives explained their expectations for the assimilation of the new
How have CPAs responded to regulatory overload?
Andrew Barbe, CPA, CGMA, wishes he had more time to devote to strategic planning and development as vice president for accounting and senior controller of NorTex Midstream Partners LLC, a natural gas midstream service company. But as the senior manager in charge of finance, accounting, treasury, tax, human resources, information
What’s a little debt between friends?
Related-party transactions have been routinely identified as playing a role in accounting failures and fraud in recent years. Developments ranging from the passage of the Sarbanes-Oxley Act of 2002 to enforcement actions against registered entities in emerging markets have highlighted the complexity and risks in the recognition and disclosure of
FASB to consider business combination concerns
FASB has promised to give consideration to various stakeholder concerns that arose during a recent post-implementation review (PIR) of its business combinations standard. The review report, released last week, described concerns about FASB Statement No. 141 (revised 2007), Business Combinations, also known as Statement 141(R). In a response released Thursday,
Revenue recognition’s effect on gift card accounting: Are you prepared?
Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of
IASB: 3 steps to more relevant disclosures
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
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
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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