FASB on Monday released a revised exposure draft on the financial reporting requirements for recognizing revenue from contracts with customers. The proposed standard, which was released for public comment jointly with the International Accounting Standards Board (IASB), makes a number of changes to a joint ED issued in June 2010
Advertisement
TOPICS
Accounting & reporting
FASB Agenda Projects to Focus on Issues Unique to Nonprofits
FASB said Wednesday it added two agenda projects—a standard-setting project and a research project—intended to improve financial reporting of nonprofit organizations. The objectives of these projects encompass suggestions from FASB’s Not-for-Profit Advisory Committee (NAC) at that panel’s September 2011 meeting. The NAC recommended action in these areas after its September
Goodwill Impairment Guide Released for Feedback
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. The guide, developed by the AICPA Impairment Task Force, provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment
FASB Mulls Changes to Financial Reporting for Consolidations
FASB issued a Proposed Accounting Standards Update (ASU) it said is intended to increase transparency and consistency of financial reporting about consolidations. The proposed amendments would affect all companies required to evaluate whether they should consolidate another entity, according to a FASB press release. But the changes are expected to most
FAF Rejects Independent Standard Setter for Private Companies
The AICPA has expressed profound disappointment with a Financial Accounting Foundation (FAF) proposal on private company accounting standard setting and is urging CPAs and others to weigh in on the debate. The FAF proposal released in October (available at tinyurl.com/3stvppq) would create a Private Company Standards Improvement Council (PCSIC) to
Business Basics in Brazil
Brazil is a nation rapidly on the rise. In 2010, the country’s economy grew 7.5%, making it the seventh-largest in the world, according to the World Bank. In 2011, Brazil’s GDP is expected to grow 4.5%, slower than last year but still a healthy pace. And growth over the next
Moving the Needle
Greg Anton, CPATitle: Founding partner, Anton Collins Mitchell LLPCity: DenverEducation: Bachelor’s degree in accounting, University of Northern ColoradoDate of birth: Nov. 6, 1963Family: Wife, Julie; sons Cameron and JakeHobbies: Mountain biking, skiing, fly fishingDevice he can’t live without: iPadCaff or decaf: NeitherGood read: 212: The Extra Degree, by Sam ParkerEmail:
Financial Reporting
The AICPA recommended to the SEC that U.S. public companies be allowed the option of adopting use of IFRS as the commission weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system. The SEC requested the comments when it issued its staff paper, Work Plan
FASB Proposes Fair Value for Investment Properties
FASB on Friday issued two Proposed Accounting Standards Updates (ASUs), one that the board said would improve and converge financial reporting by setting forth consistent criteria for determining whether an entity is an investment company and a second that would require an entity that meets certain criteria to measure its
Survey Finds Most CPAs Support IFRS Option
A majority of CPAs support optional adoption of International Financial Reporting Standards (IFRS) for public companies, according to a recent AICPA survey. Optional adoption would let publicly traded U.S. companies use IFRS, while the SEC decides whether to incorporate the standards into U.S. reporting requirements. The choice also would apply
AICPA Turns Up Volume on Call for Independent Board
The AICPA governing Council approved a resolution on Tuesday to voice its significant concerns about a Financial Accounting Foundation (FAF) proposal released Oct. 4 that rejected a blue-ribbon panel’s recommendation for a separate board to set private company GAAP. The Blue-Ribbon Panel on Standard Setting for Private Companies was a
AICPA, CIMA Gearing Up for Jan. 31 CGMA Launch
The AICPA and the Chartered Institute of Management Accountants (CIMA) have set Jan. 31 as the launch date for their new joint credential, the Chartered Global Management Accountant (CGMA). “What we’re creating is a very significant global community,” Charles Tilley, CIMA’s chief executive, told members of AICPA’s governing council Monday.
The Blue-Ribbon Panel on Private Company Financial Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), is considering a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part
GASB Proposes Resolution to “Conflicting Guidance”
GASB on Monday issued an exposure draft, Technical Corrections—an amendment of GASB Statements No. 10 and No. 62, that it said would resolve “conflicting guidance” that resulted from the issuance of two recent pronouncements. The pronouncements are Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and Statement
AICPA: Allow U.S. Companies the IFRS Option Now
AICPA President and CEO Barry Melancon called Thursday on the SEC to immediately allow U.S. companies the option of using IFRS. In a speech at the AICPA/IFRS Foundation Conference on International Financial Reporting in Boston, Melancon said having the option of using IFRS would be “an effective way for U.S.
IFRS Resources
With FASB and the IASB fast approaching their June 2011 completion deadline for major convergence projects, the CPA profession is poised to assimilate—at unprecedented speed—an array of profound changes to GAAP. As public companies watch the SEC for guidance on IFRS adoption, private companies have begun to examine whether the
FAF Proposal Falls Short of Independent Board for Private Company Standards
The Financial Accounting Foundation, FASB’s parent organization, on Tuesday issued a proposal that would create a Private Company Standards Improvement Council (PCSIC) to determine whether exceptions or modifications to U.S. GAAP are required to address the needs of users of private company financial statements. FAF proposed that the 11- to
Government
GASB issued two exposure drafts that the board said would establish a definition of pension plan that reflects the primary activities of a fund that is used to provide pensions—the accumulation and management of assets dedicated for pensions and the payment of pensions to plan members as the benefits
Financial Reporting
FASB completed redeliberations on a revised accounting standard it said will provide more information about an employer’s financial obligations to multiemployer pension plans. Previously, employers were required to disclose only their total contributions to all multiemployer plans in which they participate. FASB said it expected that the final Accounting
Time for Action on Private Company Financial Reporting
I wrote [the following] letter to Chairman Leslie Seidman of the Financial Accounting Standards Board after I read her Questions & Answers in the May 2011 JofA (“FASB Prepares to Reprioritize: An Interview With Chairman Leslie Seidman,” page 32). I was disappointed that she did not embrace the recommendations of
Features
FROM THIS MONTH'S ISSUE
Promises of ‘fast and easy’ threaten SOC credibility
CPAs warn that an ongoing push for high-volume SOC services may come at the cost of quality and objectivity.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
