International auditing standards appear set for a period of substantial change as investors seek more information, new forms of reporting emerge, and companies look to provide assurance on additional items. The International Auditing and Assurance Standards Board (IAASB) plans to release an exposure draft in June in its ongoing project
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Accounting & reporting
New mechanisms eyed by FASB, IASB in long march toward global comparability
The mechanisms for continuing to facilitate global comparability in accounting standards will change over the next few years. But the leaders of two major standard-setting boards said Thursday during a meeting in New York City that the commitment to global comparability remains. With their joint board meetings and convergence projects
New GASB standard addresses government combinations and disposals
GASB on Tuesday approved a standard geared toward the specific needs of state and local governments’ financial reporting of mergers, acquisitions, transfers of operations, and disposals of government operations. “Historically, governments have accounted for their mergers and acquisitions by analogizing to guidance intended for the private-sector business environment, which proved
FASB working on fair value disclosure exemption for nonpublic entities
FASB is moving quickly to clarify the applicability of a certain fair value disclosure requirement to nonpublic entities. In a Proposed Accounting Standards Update (ASU), FASB asks for public comment on a clarification that is intended to reduce confusion among stakeholders. The proposal would amend Accounting Standards Update No. 2011-04,
FASAB issues standards for federal entities’ asset impairment
U.S. federal government entities will be required to report the effects of general property, plant, and equipment impairments under new standards issued Thursday by the Federal Accounting Standards Advisory Board (FASAB). Statement of Federal Financial Accounting Standards (SFFAS) 44, Accounting for Impairment of General Property, Plant, and Equipment Remaining in
Private Company Council has VIEs on radar
Variable-interest entities (VIEs), which have long been identified as one of the most frustrating concepts in accounting for private companies, were among the four issues the new Private Company Council (PCC) identified for further study and possible agenda consideration during its initial meeting Dec. 6 in Norwalk, Conn. The PCC
FAF wants U.S. represented in IASB standards advisory group
The Financial Accounting Foundation trustees are advocating for broad membership, including a possible U.S. role, in a forum of national and regional standard setters that is being formed to advise the International Accounting Standards Board. In a letter dated Dec. 27, Financial Accounting Foundation (FAF) Chairman Jeffrey Diermeier encouraged the
SEC names Beswick to chief accountant post
Paul Beswick recently confessed that he enjoys reading about the evolution of accounting standards throughout history. Now Beswick has a chance to make his own historical mark as chief accountant of the SEC. On Friday, the SEC announced that Beswick, who had been serving as acting chief accountant since James
FAF names 3 new trustees
Charles Cox, John Dugan, and Teri List-Stoll have been appointed to the Financial Accounting Foundation (FAF) Board of Trustees, the foundation announced Friday. Their five-year terms begin Jan. 1. The three new trustees replace Frank Brod, Edward Harrington and John Perrell, whose terms end Dec. 31. Another trustee, Mary Stone,
Seidman hopeful for converged expected loss approach despite differing FASB, IASB proposals
FASB released Thursday an expected credit loss proposal that is likely to differ from the approach to be recommended by the International Accounting Standards Board (IASB). But FASB Chairman Leslie Seidman said she has not given up on the idea of convergence in the project, which involves impairment of financial
Conceptual framework among IASB priorities
The International Accounting Standards Board (IASB) plans to complete a new conceptual framework by September 2015. In addition, the board plans to have its technical program focus on implementation and maintenance, including post-implementation reviews and a small number of IFRS projects. The IASB announced that it has mapped its future
Build a strong team to comply with conflict minerals rule
There is no mistaking the effect that a new regulation regarding conflict minerals will have on manufacturers and their suppliers. Tracing the commonly used minerals of tin, tungsten, tantalum, and gold through intricate global supply chain networks will be no easy task. “This is one of the most complex compliance
Streamlining disclosures a tricky job for FASB
There is considerable agreement that more disclosures often do not lead to more useful financial statements. The question FASB faces now is: How to decide the best way to instruct preparers on which footnote disclosures to omit? Stakeholders at round-table discussions held this fall by FASB and the Center for
IFRS Foundation Trustee: Don’t wave white flag on cooperation
The remaining convergence projects facing FASB and the International Accounting Standards Board (IASB) need to be wrapped up soon – even if the boards fall short of completely harmonizing their standards, an IFRS Foundation trustee and a U.K. accountancy body said separately this week. The Institute of Chartered Accountants in
VIEs among first issues PCC identifies for discussion
Variable-interest entities (VIEs), which have long been identified as one of the most frustrating concepts in accounting for private companies, were among the four issues the new Private Company Council (PCC) identified for further study in its initial meeting Thursday in Norwalk, Conn. The PCC was created by FASB’s parent
Nine tips for effective MD&A reporting
Deciding what to include in the management discussion and analysis (MD&A) section of a company’s financial report seldom is an easy task. Although the SEC issued guidance regarding MD&A, a fair amount of judgment is required. Obeying MD&A guidance is a case of complying with the spirit of a rule
FASB, IASB union fragile amid SEC indecision on IFRS
The difficulties the world’s most prominent accounting standard setters face in convergence were unmistakable as FASB Chairman Leslie Seidman and International Accounting Standards Board Chairman Hans Hoogervorst spoke on the same stage Tuesday. During a speech at the AICPA Conference on Current SEC and PCAOB Developments in Washington, Hoogervorst pushed
SEC to study what information should be required in broader financial reporting
The SEC plans to study the issue of what information should be required in the financial reporting package outside the financial statements—an examination aimed at providing investors the right information in the right places while preventing overlap in demands on preparers. “We intend to initially focus on whether the issue
All eyes on standards as PCC holds first meeting
After decades of deliberation on the process for deciding accounting standards for private companies, the standards themselves are about to be reviewed by a new council. The new Private Company Council (PCC) created by the Financial Accounting Foundation (FAF) will meet for the first time Thursday in Norwalk, Conn. The
News highlights for December 2012
The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation
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