FASB is one of 12 national and regional standard setters that will participate as an inaugural member of a group that has been formed to provide technical advice to the International Accounting Standards Board (IASB). The group, known as the Accounting Standards Advisory Forum (ASAF), was formed to improve cooperation
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Accounting & reporting
New AICPA not-for-profit guide available
A new, greatly enhanced AICPA audit and accounting guide, Not-for-Profit Entities, is available in ebook form. The AICPA Auditing Standards Board (ASB), Financial Reporting Executive Committee (FinREC) and Not-For-Profit Guide Task Force have revised the guide, making significant enhancements to improve user understanding and minimize diversity in practice. Enhancements include:
IASB’s financial instruments impairment proposal differs from FASB’s
In a convergence project that has experienced divergence, the International Accounting Standards Board (IASB) on Thursday published its proposed financial instrument impairment standard. Although the IASB and FASB agreed that it is time to move from an incurred loss model to a more forward-looking expected loss model, they could not
FASB amendments clarify derecognition of foreign asset guidance
FASB amended financial reporting standards to resolve diversity in practice related to financial reporting involving the narrow issue of a parent entity’s accounting for the cumulative translation adjustment of foreign currency into net income upon derecognition of foreign subsidiaries or assets. The amendments are contained in Accounting Standards Update (ASU)
FASB will review business segment reporting concerns
Although a post-implementation review of FASB’s standard on business segment reporting was mostly favorable, FASB announced Wednesday that it will consider whether additional review is needed and will meet with stakeholders and SEC staff to discuss concerns raised during the review. The Financial Accounting Foundation (FAF) post-implementation review released in
FASAB proposes property, plant, equipment implementation guidance
A Federal Accounting Standards Advisory Board (FASAB) committee is seeking comments on its proposed implementation guidance for financial reporting on general property, plant, and equipment cost accumulation, assignment, and allocation. The release of the exposure draft was announced Friday by Wendy Payne, who chairs FASAB’s Accounting and Auditing Policy Committee
FAF review affirms GASB deposit and investment risk standards
A Financial Accounting Foundation (FAF) review has affirmed the effectiveness of GASB standards established to improve state and local government financial reporting for deposit and investment risk, and repurchase and reverse repurchase agreements. FAF announced Thursday the results of the post-implementation review of two GASB statements. The FAF team reviewed:
New agenda process seeks transparency for FASB, GASB
A more collaborative agenda-setting process for FASB and GASB was approved Tuesday by the Financial Accounting Foundation (FAF) board of trustees. Decisions regarding project plans, agenda setting, and priority of projects at FASB and GASB now will be approved by a majority vote of the respective boards instead of by
Revenue recognition effective date gives time for systems changes
Businesses will have a longer-than-usual transition period between the issuance and the effective date of a new, converged revenue recognition standard. Entities will be required to apply the new standard for reporting periods beginning on or after Jan. 1, 2017, according to a summary of board decisions posted on FASB’s
Xerox’s Kabureck appointed to IASB, adds to U.S. representation
Gary Kabureck, CPA, the chief accounting officer of Xerox, has been appointed to the International Accounting Standards Board (IASB) and will increase U.S. representation on the board. Kabureck will join the IASB in April and serve an initial term that ends June 30, 2017, and is renewable for three additional
FASB proposal aims to simplify financial instruments accounting
FASB on Thursday 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
Three issues take next step in PCC’s private company modification process
The Private Company Council (PCC) is forging ahead with more in-depth analysis of three of the four issues it initially identified as candidates for possible GAAP exceptions or modifications for private companies. On Tuesday, during the newly created PCC’s second meeting, the council added the three items to its agenda
Integrated reporting gains steam with IIRC, IASB agreement
The movement advocating integrated financial reporting appears to be gaining steam. The International Integrated Reporting Council (IIRC) and the International Accounting Standards Board (IASB) announced Thursday an agreement that will deepen their cooperation on the IIRC’s mission to develop an integrated corporate reporting framework. The heads of the two organizations
FASB works quickly to clarify nonpublic disclosure exemption
Private companies and nonpublic not-for-profits are exempted from a particular fair value disclosure as a result of a FASB amendment that underwent a speedy review process and was released Thursday. The amendment clarifies that the requirement to disclose the level of the fair value hierarchy within which the fair value
FASB changes format for OCI reclassification reporting
FASB changed the format for reporting amounts reclassified out of other comprehensive income (OCI) in a move designed to increase transparency at minimal cost. Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, does not change current requirements for
FAF to review standard on accounting for income taxes
The Financial Accounting Foundation (FAF) has chosen a 1992 standard focusing on accounting for income taxes as the subject of its next post-implementation review. FASB Statement No. 109, Accounting for Income Taxes, establishes standards for reporting the effects of income taxes in an organization’s financial statements. The standard is mostly
Internal audit reporting line to CEO gains steam as Fed weighs in
The idea of having the internal audit function report administratively to the CEO may be gaining steam. The Federal Reserve has issued guidance to encourage U.S. banks with more than $10 billion in total assets to have their internal audit functions report to the chief executive—a move that could influence
IFRS Foundation eases way for FASB to join global forum
The IFRS Foundation’s departure from requirements initially proposed in November could clear the way for FASB membership in a new global forum of national and regional standard setters. Promoting the adoption of IFRS will not be a prerequisite for standard setters to participate in a new forum the IFRS Foundation
What have IASB and FASB convergence efforts achieved?
For nearly 40 years, the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC), have been working to develop a set of high-quality, understandable, and enforceable International Financial Reporting Standards (IFRS) to serve equity investors, lenders, creditors, and others in globalized capital markets. When the
Financial reporting
The cumulative amount of revenue entities recognize under a new converged standard should not be subject to a significant revenue reversal or downward adjustment under guidance tentatively approved by FASB and the International Accounting Standards Board (IASB). The boards met to discuss elements of the revenue recognition standard, which is
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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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