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Accounting & reporting

Tweedie, Herz, Cherry to discuss financial reporting

Last spring, when he was chairman of the International Accounting Standards Board (IASB), Sir David Tweedie made a case for principles-based accounting standards. “I believe that this approach is superior,” he said during a speech to the U.S. Chamber of Commerce. Tweedie was advocating for standards based on principles rather

FASB and IASB clarify expected credit loss estimate attributes

FASB and the International Accounting Standards Board (IASB) on Wednesday clarified the attributes of an expected credit loss estimate as part of an ongoing joint convergence project on accounting for financial instruments. With the clarification, the boards addressed concerns about the use of the term “expected value,” according to a

FASB, IASB tentatively agree on two financial instruments items

Tentative, joint decisions reached by FASB and the International Accounting Standards Board (IASB) on Tuesday will affect the business model assessment for classifying financial assets at amortized costs, and bifurcation of financial assets and financial liabilities. According to a summary posted on FASB’s website, the boards tentatively made decisions related

SEC study probes issue of private extraterritorial securities fraud claims

A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S. Ct.

FASB makes decision on qualitative going-concern disclosures

FASB decided Wednesday that it will not require qualitative disclosures about an entity’s ability to remain a going concern that would supplement the proposed quantitative disclosures about liquidity risks, according to a summary of board decisions posted on its website. Earlier in the week, FASB also issued proposals on three

FASB to issue proposals on three EITF issues

FASB decided Monday to expose for public comment three proposed Accounting Standards Updates (ASUs) based on consensuses reached at the March 15 meeting of the Emerging Issues Task Force (EITF), according to its summary of board decisions. The proposed ASUs deal with sales of donated securities by not-for-profits; accounting for

GASB issues guidance on deferred outflows and deferred inflows, plus technical corrections

In separate statements of standards for state and local governments issued Monday, GASB clarified the appropriate reporting of deferred outflows and deferred inflows of resources, and issued technical corrections to resolve conflicting accounting and financial reporting guidance. GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities, and

The missing piece in liquidity calculations

A fundamental flaw in U.S. GAAP and IFRS financial reporting standards distorts the calculation of working capital and the current ratio, resulting in a significant understatement in most companies’ liquidity. This outcome is detrimental not only to the companies but also to the economy overall, because it reduces the amount

Financial reporting

  In a move that will be closely scrutinized in the United States, the IFRS Foundation Monitoring Board and trustees announced joint plans for improving the governance and financing of the International Accounting Standards Board’s parent organization and setting its strategy. The monitoring board, a group of public authorities, will

Global economic survey, pension accounting discussion coming this week

The AICPA and the Chartered Institute of Management Accountants on March 29 will release results of the first CGMA Global Economic Survey. The quarterly survey is designed to capture the views of CGMA executives on economic conditions worldwide and in their respective countries. A panel of leading CGMA executives will

Repurchase agreements added to FASB’s agenda

In response to concerns from stakeholders, FASB on Wednesday added repurchase agreements and similar transactions to its agenda. In repurchase agreements, an entity transfers financial assets with an agreement that entitles and obligates the transferor to repurchase the financial assets at a fixed price at a later date. If the

Review of FIN 48 isn’t necessary, FASB decides

FASB has concluded that it is not necessary to review or reconsider FIN 48 as a result of a “post-implementation review” conducted by FASB’s parent organization, the Financial Accounting Foundation (FAF). The FAF review found that FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), is resulting

Debate continues over auditor independence and audit firm rotation

On Wednesday and Thursday, what’s likely to be a robust discussion on audit firm rotation for public companies in the United States kicks off. Meanwhile, markets will get a glimpse of the U.S. housing situation, and FASB and the International Accounting Standards Board (IASB) will meet in London to discuss

GASB proposes M&A standards for government

GASB issued for public comment Friday a proposed statement that aims to improve accounting and financial reporting by providing standards for combinations and disposals by state and local governments. Under the proposal outlined in the exposure draft, Government Combinations and Disposals of Government Operations, state and local governments would be

FinREC asks FASB, IASB to continue work on revenue proposal

The AICPA’s Financial Reporting Executive Committee (FinREC) is asking FASB and the International Accounting Standards Board (IASB) for further deliberation and consideration on their joint proposal on an accounting standard for revenue recognition from contracts with customers. FinREC, in a letter to FASB and the IASB, expresses concern that certain

Private company reporting decision could come in May, FASB chairman says

The Financial Accounting Foundation (FAF) trustees hope to vote on a final structure and plan for private company financial reporting at their meeting in May, FASB Chairman Leslie Seidman said Monday. In her “2012 Chairman’s Outlook on the FASB” webcast, Seidman explained the various private company initiatives being undertaken by

The look ahead: FASB priorities, IASB investment company standards, and consumer confidence

FASB Chairman Leslie Seidman will discuss the board’s priorities for 2012 on Monday, and FASB and the International Accounting Standards Board (IASB) are gathering to discuss proposed standards updates for investment companies and real estate investment property next Friday. Also, several key reports will gauge U.S. consumer confidence. Here’s a

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