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Accounting & reporting

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

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

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.

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