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
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Accounting & reporting
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
Revenue recognition: Time for early-stage planning
Experts say it’s time for CFOs and other finance professionals to engage in early-stage planning for how they will handle the changes necessary to comply with the new revenue recognition rules. It might be tempting for financial statement preparers to push their analysis of the proposed converged revenue recognition standard
FASB clarifies scope of offsetting disclosure requirements
An Accounting Standards Update (ASU) issued Thursday by FASB makes it clear that a 2011 standard on offsetting disclosures does not apply to ordinary trade receivables and receivables. ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, excludes trade receivables and receivables
SME framework proposal comment period ends Wednesday
Wednesday is the deadline for comments on the AICPA’s proposed Financial Reporting Framework for Small- and Medium-Sized Entities (SMEs). The proposed framework was designed to provide streamlined financial reporting options that meet users’ needs without being unnecessarily complicated or costly for SMEs that are not required to file U.S. GAAP financial
Study by UK researchers shows inconsistency in IFRS application
A new report by U.K. researchers found inconsistencies in compliance with certain impairment disclosure requirements across jurisdictions in Europe, which suggested that IFRS are not being evenly applied across jurisdictions. International Accounting Standards Board Chairman Hans Hoogervorst said more consistent application remains a worthwhile goal that requires the attention of
Preparers tell IASB: Disclosure requirements too extensive
Financial statement preparers’ concerns about disclosure overload came through loud and clear in a survey recently conducted by the International Accounting Standards Board (IASB). Most preparers participating in the survey said the primary problem with the way financial information is disclosed is that disclosure requirements are too extensive, and more
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