The federal government’s promotion of electronic health records has created financial incentives for medical professionals and hospitals that make meaningful use of certified electronic health record (EHR) technology. But medical providers must comply with standards for use of the technology and properly account for the incentive payments in an area
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The 20 most popular stories of 2011
We tallied the traffic on journalofaccountancy.com to determine 2011’s most popular JofA articles and news. Use the lists below to catch up on important news and professional developments you may have missed in the past year. Here are the most popular feature articles of 2011 from the JofA’s monthly print
A new system for recognizing revenue
FASB and the International Accounting Standards Board (IASB) in November released a revised proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. The new standard
One size does not fit all
The U.S. stakeholders—issuers, preparers, users, auditors, standard setters and others—have expressed concern over “the goodness of fit” of current FASB standards to public companies as well as approximately 28 million private companies and businesses. The “one size fits all” school of thought has dominated the FASB mentality. Private companies’ financial
Financial reporting
The AICPA’s Financial Reporting Executive Committee (FinREC) issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. The guide provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing. While the guide includes some guidance
Comment Periods for Volcker Rule, ABS Conflicts Proposal Extended
Government officials on Friday approved a 30-day extension of the public comment period for a proposal to implement regulation known as the Volcker Rule. In addition, the SEC issued the same extension for a regulation known as the ABS Conflicts Proposal. Both proposals are part of the implementation of the
FASB Defers Part of Comprehensive Income Standards Update
FASB on Friday released an update that defers a portion of new accounting requirements for comprehensive income issued earlier this year. The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other
FASB, IASB Announce New Disclosure Requirements on Offsetting
FASB and the IASB today issued investor-focused common disclosure requirements on the effect or potential effect of offsetting arrangements on a company’s financial position. U.S. GAAP and IFRS differ on the criteria for offsetting, also known as netting. Offsetting presents net amounts of assets and liabilities in the balance sheet
FASB Clarifies Scope of Derecognition of In Substance Real Estate
FASB on Wednesday issued Accounting Standards Update (ASU) no. 2011-10, Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate—a Scope Clarification (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20, Property, Plant, and Equipment—Real
FASB, IASB Make Progress in Convergence Project on Leasing
In one of their most important convergence projects, FASB and the International Accounting Standards Board (IASB) have reached tentative decisions on aspects of the treatment of leases in financial reporting. How to account for leases is one of four remaining major areas in which FASB and the IASB are trying
Prada Appointed Chair of IFRS Foundation Trustees
Michel Prada was appointed chairman of the Trustees of the IFRS Foundation, the IASB announced Monday. A former chair of the Executive and Technical committees of the International Organization of Securities Commissions, he has significant experience leading investor-focused international organizations. Prada’s three-year term begins Jan. 1. He succeeds Tommaso Padoa-Schioppa,
Time to Test-Drive the Revenue Recognition Proposal
GE’s global technical controller said a new standard on revenue is close enough to reality that he is instructing business managers to keep the likely new regulations in mind as they draw up contracts. “To the extent you’re entering into five-, 10-, 15-year contracts today, you really need to think
Letters to SEC Show Support of Global Standards, According to Official
Comment letters to the SEC revealed support for the idea of global standards but that further progress on convergence is desired before IFRS is incorporated in the United States, according to a key SEC official. In written remarks, SEC Deputy Chief Accountant Paul Beswick said the goal of a single
FASB, IASB Chiefs Agree New Convergence Model Is Needed
The heads of the U.S. and international accounting boards that have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective. FASB Chair Leslie Seidman said Tuesday at the AICPA National Conference on Current SEC and PCAOB
SEC Won’t Decide on IFRS for At Least a Few More Months
The SEC’s decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on
AICPA to IASB: Completion of Conceptual Framework Is Key
The AICPA’s senior technical committee for financial reporting advised the International Accounting Standards Board (IASB) to continue focusing on completion of a conceptual framework, including a presentation and disclosure framework. The IASB requested the feedback when it issued its Agenda Consultation 2011 in July. Richard Paul, chair of the AICPA’s
News Highlights for December 2011
FASB issued Accounting Standards Update no. 2011-09, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan, which requires employers to provide more information about their financial obligations to multiemployer pension plans. Employers commonly use multiemployer pension plans to provide benefits to union employees who may
Business Wire Partners With EDGAR Online for XBRL Filings
Business Wire signed a deal to use EDGAR Online’s technology to create and produce extensible business reporting language (XBRL) filings to help its customers satisfy SEC reporting requirements, according to an EDGAR Online news release. A provider of news release distribution and regulatory disclosure services, Business Wire handles XBRL tagging,
SEC Staff Reports Assess IFRS
The SEC staff on Wednesday released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP and IFRS requirements in specific areas. The first report, An Analysis of IFRS in Practice, is a 65-page joint effort by the SEC’s Division of Corporation Finance and Office of
FAF Weighs in on IFRS, Condorsement
The Financial Accounting Foundation (FAF), the parent organization of the U.S. standard setter FASB, has outlined its preferred path for incorporating IFRS into U.S. GAAP. In a letter to the SEC, FAF Chairman John Brennan described a number of recommended changes to the approach dubbed “condorsement.” The SEC floated the
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