The International Accounting Standards Board (IASB) decided this week to re-expose its proposals for insurance contracts accounting. Although the project, which has been undertaken jointly with FASB, has been in progress since 2007, the IASB decided that re-exposure for public comment is appropriate because substantial changes—whose effects need to be
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Accounting & reporting
COSO proposals give real-world internal control examples
News reports show the frightening weather satellite images of a hurricane that’s causing concern for leaders of an automobile manufacturing plant. The possible effects on the supply chain as the storm approaches one of the company’s suppliers seem obvious. The problems this could cause for internal control over the company’s
FIN 48 among first priorities for new Private Company Council chair
The standard known as FIN 48 will be among the first issues the newly formed Private Company Council (PCC) discusses, Billy Atkinson said Wednesday after being named the council’s chairman. Atkinson said FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, has been a concern for private company representatives.
Private Company Council selections expected this month
A new system for creating exceptions to U.S. GAAP for private companies will move forward with the selection this month of members of the Private Company Council (PCC). During an informational webcast conducted Friday, FASB said the agenda for the Financial Accounting Foundation (FAF) includes a September date for PCC
FASB sees flexibility, relevance as cures to disclosure overload
As described by FASB member Marc Siegel during a webcast Wednesday, disclosure requirements are becoming increasingly burdensome for financial statement preparers. One objective of a current FASB project is reducing the volume of those disclosures by enabling flexible requirements geared toward relevance. Siegel described the disclosure overload problem in detail
Still in flux: Future of IFRS in U.S. remains unclear after SEC report
The future of international accounting standards for U.S. public companies remains uncertain after the release in July of a long-anticipated SEC analysis of IFRS. In a 127-page report released on the final day of Chief Accountant James Kroeker’s tenure, the SEC staff said the global financial reporting community considers the
Financial reporting / regulation
The release of a FASB discussion paper for its disclosure framework project represents a significant step in the effort to improve the effectiveness of disclosures in financial statements. The 81-page document, which FASB calls an invitation to comment, came the same day the European Financial Reporting Advisory Group (EFRAG) released
Proposed amendments clear way for audits of SME Framework financial statements
Proposed amendments to auditing standards issued today by the AICPA Auditing Standards Board (ASB) include changes that would clear the way for audits of financial statements prepared in accordance with the special-purpose financial reporting framework for small and medium-size entities (FRF-SME) the AICPA is developing. The proposal, Omnibus Statement on
FASB takes new path in contentious financial instruments project
FASB is crafting a new expected credit loss impairment model in hopes of moving forward again in the joint accounting for financial instruments project the board is pursuing with the International Accounting Standards Board (IASB). In July, IASB Chairman Hans Hoogervorst reacted with consternation when informed that FASB intended to
FASB releases proposed 2013 U.S. GAAP taxonomy for comment
FASB released Thursday the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The taxonomy is a list of computer-readable financial reporting labels coded in XBRL, a computer language that allows companies to tag the pieces of financial data included in typical long-form financial statements and related
Highly scrutinized SEC conflict mineral regs. include new audit requirement
The SEC on Wednesday approved disclosure rules designed to increase transparency around companies’ use of so-called “conflict minerals” and payments to governments for access to natural resources. The rules, advocated by certain human rights groups, will implement two sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act of
FASB proposes presenting amounts reclassified out of accumulated OCI
A new FASB proposal would require preparers of financial statements to present in one place information about the amounts reclassified out of accumulated other comprehensive income (OCI). On Thursday, FASB issued a Proposed Accounting Standards Update (ASU) for public comment. The board presented a plan to require a tabular disclosure
AICPA releases draft of proposed not-for-profit guide
A working draft of a proposed Audit and Accounting Guide, Not-for-Profit Entities, released Wednesday offers updates on many new accounting issues that have emerged in recent years. The proposed guide, released by the AICPA Financial Reporting Executive Committee (FinREC) and designed for CPAs performing work for not-for-profits, provides direction that
Impairment of financial instruments on FASB meeting agenda
FASB will continue its discussion of impairment of financial instruments during its board meeting on Aug. 22. A decision by FASB last month to address a number of topics and constituent concerns in the joint project with the International Accounting Standards Board (IASB) was met with frustration by IASB Chairman
SEC considers rules that pit human rights groups against business interests
A controversial measure on so-called “conflict minerals” that has pitted human rights groups against business interests is among the regulations the SEC will consider implementing during an open meeting on Aug. 22. The SEC is considering adopting regulations that would implement Section 1502 of the Dodd-Frank Wall Street Reform and
Draft of not-for-profit guide scheduled for Aug. 15 release
CPAs performing work for not-for-profits will find guidance dedicated specifically to them in a working draft of a proposed audit and accounting guide, Not-for-Profit Entities, scheduled for release Aug. 15 by the AICPA’s Financial Reporting Executive Committee (FinREC). The AICPA will be requesting that comments on the proposed guide be
Guidance provided on health care accounting for ICD-10 implementation costs
The AICPA Health Care Expert Panel has developed nonauthoritative guidance on how health care entities should account for costs incurred in connection with the implementation of the 10th edition of the International Classification of Diseases (ICD-10). By Oct. 1, 2013, the U.S. health care system is scheduled for a transition
FAF reviewing FASB business combinations standard
The Financial Accounting Foundation (FAF) is gathering survey participants for a post-implementation review of a FASB standard on business combinations that generated controversy after it was issued in 2007. A joint project with the International Accounting Standards Board (IASB) resulted in FASB Statements No. 141(R), Business Combinations, and No. 160,
Avoiding missteps in the LIFO conformity rule
During inflationary times, companies can reduce their taxable income by using the last-in, first-out (LIFO) cost flow assumption for inventories. However, the tax savings from using LIFO come at a cost. Under the LIFO conformity rule in Sec. 472(c), if LIFO is used on a taxpayer’s tax return, no other
Financial reporting
Accounting standard setters have agreed on a lessee accounting approach, setting the stage for a lease accounting exposure draft in the fourth quarter this year. FASB and the International Accounting Standards Board (IASB) previously agreed that leases should be recorded on the balance sheet, but have been debating the
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