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
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Accounting & reporting
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
FASB adds project to define “nonpublic entity,” as FAF private company decision looms
As its parent foundation works to develop a plan on improving private company accounting standards, FASB is trying to determine which entities can call themselves nonpublic. FASB announced Wednesday that it will undertake a project to reexamine the definition of a “nonpublic entity.” The announcement is likely to be welcome
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
CEO of FASB’s parent foundation says Senate bill would undermine standard setting
Financial Accounting Foundation President and CEO Terri Polley told a Senate committee on Tuesday that a provision in the so-called Schumer-Toomey bill, “raises serious issues about the continued independence of the standard-setting process.” The proposal is designed to decrease the administrative burden on small and medium companies and spark job
Risk with donor pledges
In the white paper Measurement of Fair Value for Certain Transactions of Not-For-Profit Entities, the AICPA’s Financial Reporting Executive Committee (FinREC) provides guidance to not-for-profits on considering risk when determining the fair value of a donor’s unconditional promise to give. Considerations may include: To account for risk, not-for-profits can use
Financial reporting
The Healthcare Financial Management Association (HFMA) published an issue analysis to provide clarity for health care providers on accounting for incentive payments received under the Health Information Technology for Economic and Clinical Health (HITECH) Act (Title XIII of the American Recovery and Reinvestment Act of 2009, P.L. 111-5). Medicare
FinREC seeks clarity in principal vs. agent proposal
The AICPA’s Financial Reporting Executive Committee (FinREC) sent a comment letter to FASB stating concerns about operational challenges that could be triggered by Proposed Accounting Standards Update (ASU), Consolidation (Topic 810)—Principal Versus Agent Analysis. FASB issued the Proposed ASU on Nov. 3. The proposal would amend the evaluation of kick-out
IFRS decision a “few” months away, based on SEC staff report timeline
An SEC decision on the use of IFRS by U.S. public companies is still a “few” months away, SEC Chief Accountant James Kroeker indicated Monday. At an IFRS Advisory Council meeting in London, Kroeker declined to get more precise because he wants the SEC staff focused on completing a report
Round table explores investment company proposals
Questions arose about the scope and substance of accounting standards proposals on investment companies Friday during a round-table meeting sponsored by FASB and the International Accounting Standards Board (IASB). The meeting, which was held in Toronto, was the first of four public meetings to discuss the FASB and IASB proposals.
SEC changes performance fee thresholds, net worth calculation
Investors no longer will include the value of their home in the net worth calculation that can determine whether registered investment advisers can charge them performance fees, the SEC announced Wednesday. SEC rules allow registered investment advisers to charge performance fees if the client’s assets managed by the adviser or
Three financial reporting standards to get FAF reviews
The Financial Accounting Foundation (FAF) will conduct post-implementation reviews on standards regulating financial reporting for business combinations, operating segments and investment disclosures. Standards selected for review, as announced in a FAF news release, are: FASB Statement No. 141R, Business Combinations, which requires an acquiring organization to recognize the assets acquired,
Oversight groups report on steps to enhance IASB governance, financing
In a move that will be closely scrutinized in the United States, the IFRS Foundation Monitoring Board and trustees announced Thursday joint plans for improving the governance and financing of the IASB’s parent organization and setting its strategy. The monitoring board, a group of public authorities, will begin making the
Regulation tops concerns for small and medium-size accounting firms and their clients
The burden of standards and regulations is the most significant issue facing small and medium-size accounting practices (SMPs) worldwide, an International Federation of Accountants (IFAC) survey suggests. Forty-one percent of the 2,441 SMP respondents in the IFAC SMP Quick Poll for the fourth quarter of 2011 said keeping up with
Financial Reporting
The Financial Accounting Foundation (FAF), the parent organization of the U.S. standard setter FASB, outlined its preferred path for incorporating IFRS into U.S. GAAP. In a letter to the SEC in November, available at tinyurl.com/7crlk54, FAF Chairman John Brennan described a number of recommended changes to the approach called
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