FASB and IASB to meet in London Discussions on insurance contracts and financial instruments lead the agenda for four days of joint meetings between FASB and the International Accounting Standards Board (IASB), which are taking place through Thursday in London. Webcasts of each day’s discussions and a full agenda are
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Accounting & reporting
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
The look ahead: Sessions on accounting for financial instruments; U.S. and Brazil leaders hold economic talks
In the week ahead: FASB will meet with the Emerging Issues Task Force and hold several education sessions. The IFRS Foundation trustees will meet in London. And President Barack Obama and Brazilian President Dilma Rousseff will meet in Washington to continue dialogue on energy and economic issues. FASB education sessions
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
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
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