A U.S. House of Representatives subcommittee on Thursday debated the benefits and costs of the Sarbanes-Oxley Act of 2002 (SOX)—and a bill that would decrease its scope—as the corporate governance law approached its 10th anniversary. The House Subcommittee on Capital Markets and Government Sponsored Enterprises heard sharply divided opinions from
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Accounting & reporting
Health Care Guide and Emerging GAAP Issues webinar to be rebroadcast on July 30
A rebroadcast of the webinar, “An Up Close Look at the Health Care Guide Including Emerging GAAP Issues,” will take place on July 30. The original broadcast, hosted by select members of the Health Care Expert Panel on June 7, delves into the revised AICPA Audit and Accounting Guide—Health Care
New FASAB mission statement emphasizes service to public interest
The Federal Accounting Standards Advisory Board (FASAB) has adopted a new mission statement that notes its service to the public interest. “The FASAB serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users
“More than insignificant” is key judgment in leases proposal
CPAs may have difficulty at times determining what constitutes “more than insignificant” consumption of a leased asset by a lessee under a proposed standard being jointly developed by FASB and the International Accounting Standards Board (IASB), according to a webcast conducted by the boards on Thursday. On rare occasions, a
SEC names Beswick acting chief accountant
Paul Beswick, who has worked at the SEC since 2007, was named acting chief accountant. He succeeds James Kroeker, whose last major task as chief accountant was completed Friday, his last day at the SEC. Kroeker’s staff issued its report on IFRS for U.S. public companies, capping a project that
Lack of SEC decision on IFRS turns CPAs’ focus to convergence projects
As the wait for an SEC decision on IFRS continues indefinitely, CPAs can turn their international standards focus to the convergence projects on leases, revenue recognition and financial instruments, some experts say. An SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed
SEC report offers detailed look at IFRS
As expected, an SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed or required to adopt IFRS for their financial reporting. Although the long-awaited, 127-page report provides a thorough discussion of the issues regarding IFRS in the United States, the timing of
With SEC report looming, uncertainty over IFRS expected to linger
Although the release of a long-awaited SEC staff report discussing IFRS adoption is imminent, uncertainty over the issue appears certain to linger. Commission spokesman John Nester said early this week that the report on IFRS adoption for U.S. public companies is expected “soon,” but it will provide an analysis of
FASB seeks advice on improving financial statement disclosures
FASB released a discussion paper for its disclosure framework project Thursday, a significant step in the effort intended 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 a
FAF creates Private Company Council
Along-awaited structure for creating differences in U.S. GAAP for private companies was implemented May 23 when the Financial Accounting Foundation (FAF) voted to establish a new council during a meeting in Washington. The Private Company Council (PCC) will identify and vote on exceptions and modifications to U.S. GAAP for private
FASB proposes liquidity risk, interest rate risk disclosures
FASB issued a proposed standard Wednesday that is intended to help financial statement users better understand organizations’ exposure to liquidity risk and interest rate risk. The proposed liquidity risk disclosures would provide information about the risk encountered by the reporting organization when meeting its financial obligations. It would apply to
GASB vote places unfunded pension liabilities on government balance sheets
Unfunded pension liabilities will begin appearing on the balance sheets of U.S. state and local governments that provide defined benefit pensions under provisions of two GASB standards approved Monday. GASB on Monday approved Statement No. 67, Financial Reporting for Pension Plans, and Statement No. 68, Accounting and Financial Reporting for
GASB proposes standard on nonexchange financial guarantees
GASB on Monday proposed a new standard demonstrating how state and local governments should recognize nonexchange financial guarantees on their financial statements. A nonexchange financial guarantee is a credit enhancement or assurance offered by a guarantor that is provided without receiving consideration of equal value. The guarantor agrees to repay
GASB considers proposals on reporting unfunded pension liabilities
State and local governments would be required for the first time to report unfunded pension liabilities on their balance sheets if GASB approves two proposed standards Monday. Governments would be required to disclose a net pension liability that equals the difference between the total pension liability and the value of
SEC requires listing standards for compensation committees, advisers
National securities exchanges have been directed to adopt listing standards for public company boards of directors and compensation advisers under a rule approved Wednesday by the SEC. The rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. For listed companies to continue having their
SEC Chief Accountant Kroeker to step down
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.
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
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