James Kroeker, the SEC’s chief accountant since January 2009, will step down in July to enter the private sector. Kroeker, who joined the SEC in 2007 as deputy chief accountant, served as staff director of the agency’s study of fair value accounting standards, which was mandated by Congress in 2008.
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Accounting & reporting
Deadline approaching for Private Company Council nominations
Less than two weeks remain to nominate candidates to serve on the new Private Company Council (PCC) that will identify and vote on differences in U.S. GAAP for private companies. The Financial Accounting Foundation (FAF) board of trustees, which will oversee the PCC, is forming the new council and has
TPAs provide guidance on issues in auditor’s reports, compilation reports
The AICPA has issued technical guidance on emphasis paragraphs in the auditor’s reports and on independence impairment in compilation reports. Technical Inquiry and Reply (TPA) 9160.28 regards combining going-concern emphasis with another emphasis-of-matter paragraph. This TPA explains that although AU Section 508, Reports on Audited Financial Statements (AICPA, Professional Standards),
Decision on lessee model clears way for lease accounting project’s final act
Accounting standard setters agreed Wednesday 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 previously agreed that leases should be recorded on the balance sheet, but have been debating the classification and
FASB nears vote on impairment testing of certain intangible assets
After reviewing a staff analysis of comment letters on its exposure draft on intangibles, FASB decided Wednesday to move forward with several of the concepts in the document and prepare the standard for a vote. The board also made progress on public company subsidiaries and employee benefit plans in its
AICPA reporting framework for SMEs expected early in 2013
The reporting framework the AICPA is developing for small and medium-size private companies, which will blend accrual income tax methods with other traditional methods of accounting, will be exposed for public comment this fall and is expected to be ready for use in 2013. In May, the AICPA announced plans
Health Care Expert Panel hosting webinar
Members of the AICPA Health Care Expert Panel will hold a live webinar June 7 at 11 a.m. EDT on the first comprehensive revision of the Health Care Entities Guide since 1996. Although the scope remains unchanged, the guide has been organized into 15 chapters, and the content has been
FASB and IASB narrow lessee accounting model options
FASB and the International Accounting Standards Board (IASB) have narrowed their focus in anticipation of a vote next month on a lessee accounting model in their joint convergence project on leases. During deliberation Thursday, the boards ceased consideration of two of the four lessee accounting models that had been proposed.
New private company council includes FASB, but in reduced role
The Financial Accounting Foundation (FAF) voted Wednesday to create a Private Company Council (PCC) to identify and vote on differences in U.S. GAAP for private companies. FASB will be responsible for “endorsement” rather than “ratification” of the newly created council’s decisions. The PCC will decide on exceptions and modifications to
FAF trustees expected to rule on private company reporting standards
The much-debated future of private company financial reporting is expected to be decided this week. Proponents of differential financial reporting standards for private companies—and advocates of uniform reporting rules—will turn their attention to Washington on Wednesday as 2 ½ years of formal discussion appear ready to end. The Financial Accounting
FASB nearing release of invitation to comment on disclosure framework
A disclosure framework project that FASB has been developing for almost two years is scheduled to reach a milestone in June or July with the issuance of invitation for public comment, FASB Chairman Leslie Seidman said Thursday. Seidman said the three main objectives of the framework project are determining what
SEC asks FASB to review accounting for hedging derivatives when counterparties change
The SEC has asked FASB to review elements of accounting for derivatives contracts designated as hedging instruments as part of FASB’s existing project on financial instruments, according to a letter posted on the SEC’s website. SEC Chief Accountant James Kroeker sent a letter dated May 11 to Dan Palomaki, chairman
FASB clarifications include plans for qualitative disclosures for financial instruments
FASB on Wednesday clarified its plans regarding requirements for specific qualitative disclosures and the definition of “financial institution” that will be included in the liquidity disclosures section of its proposed Accounting Standards Update (ASU) on accounting for financial instruments. The board decided that a reporting entity should provide any additional
TPA gives technical guidance for health care entities
The AICPA Health Care Expert Panel has developed technical guidance on the application in consolidated financial statements of a recent accounting standards update for health care entities. Technical Practice Aid (TPA) 6400.47 provides nonauthoritative guidance on the application of FASB Accounting Standards Update (ASU) No. 2011-07, Health Care Entities (Topic 954):
IASB proposes package of IFRS amendments
As part of its annual improvements project, the International Accounting Standards Board (IASB) published for public comment Thursday an exposure draft of proposed, narrowly scoped amendments to 11 IFRSs. Subjects of the proposals include short-term receivables and payables in IFRS 13, Fair Value Measurement; recognition of deferred tax assets for
FASB to revisit going-concern question
FASB on Wednesday decided to revisit the question of whether management should be required to assess if there is doubt about an entity’s ability to continue as a going concern. The decision came as a result of FASB’s recent decision not to pursue going-concern-type disclosures in its project about liquidity
FASB makes decisions in project to define nonpublic entity
FASB made two important decisions Wednesday in its project to define a nonpublic entity. An entity that is required to file or furnish financial statements with the SEC to issue securities to be traded in a public market should not be included in the definition of a private company, FASB
FASB and IASB make progress on insurance project
FASB and the International Accounting Standards Board (IASB) reached tentative decisions on reinsurance and issues related to policy loans and contract modifications, including riders, in their ongoing, joint convergence project on insurance. The progress on insurance during last week’s joint board meeting was reported on FASB’s website, where the full
Tweedie: U.S. decision is key to future of international standards
Three former standard setters – who served the accounting profession through the early days of the financial crisis – talked at length Tuesday during a two-hour panel discussion in New York about the U.S. adoption of IFRS, integrated reporting, and the political pressure that standard setters can face. “Shaping the
Final standards in convergence projects expected by mid-2013
FASB and the International Accounting Standards Board (IASB) expect to issue final, joint standards in their major convergence projects by mid-2013, according to a report to the Financial Stability Board (FSB) Plenary on Accounting Convergence posted Monday on the IASB website. The boards expect to begin redeliberations on their joint
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