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Accounting & reporting

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

A quest for relevance

The recent efforts by the accounting profession to improve private company financial reporting revealed a clear and strong demand by small and medium-size entities, the CPAs who serve them, and those who use their financial statements for a more robust and reliable financial reporting framework when GAAP is not required.

Financial reporting

  Adjustments for the time value of money, which have generated some opposition from stakeholders, are likely to remain a part of the converged revenue recognition standard that is being jointly developed by FASB and the International Accounting Standards Board (IASB). The boards tentatively affirmed a proposal in the 2011

Impairment testing: Effectively using the qualitative assessment

Historically, many organizations have conducted goodwill and indefinite-lived intangible asset impairment testing by collaborating with valuation professionals and other advisers to measure fair value of their reporting units and indefinite-lived intangible assets. With recent changes to impairment testing and, specifically, the introduction of optional qualitative assessments to potentially avoid the

IASB proposes limited classification, measurement changes to financial instruments standard

Limited changes to IFRS standards for classification and measurement of financial instruments were proposed Wednesday in an International Accounting Standards Board (IASB) exposure draft. The proposal would change IFRS 9, Financial Instruments, as part of a larger convergence project with FASB as the boards reform accounting for financial instruments, which

FASB proposes narrowing scope of offsetting disclosures

A new proposal would narrow the definition of financial instruments in FASB’s recently implemented standard on disclosures about offsetting assets and liabilities. FASB on Monday issued a Proposed Accounting Standards Update (ASU), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities. Comments from stakeholders are

SEC Chairman Schapiro to step down; Walter designated as replacement

SEC Chairman Mary Schapiro, who has led the agency’s response to the financial crisis, announced Monday that she will step down Dec. 14. President Barack Obama designated Elisse Walter, a current SEC commissioner, as chairman upon Schapiro’s departure. Walter can serve without Senate approval through December 2013 because the Senate

FASB, IASB tentatively change revenue recognition constraint

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 this week by FASB and the International Accounting Standards Board (IASB). The boards met Monday by videoconference to discuss elements of the

IASB to add member from U.S.

U.S. representation on the International Accounting Standards Board (IASB) won’t decrease with the end of Paul Pacter’s term, as another U.S. representative, Mary Tokar, has been appointed to the board. Tokar, a CPA, has served more than 10 years as the global leader for KPMG’s international financial reporting group, helping

FASB to draft ASU on presenting items reclassified out of accumulated OCI

FASB has directed its staff to prepare an exposure draft of an Accounting Standards Update (ASU) on presentation of items reclassified out of accumulated other comprehensive income (OCI), according to the board’s website. During a meeting Wednesday, the board discussed feedback from stakeholders on the exposure draft issued in August,

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