FASB on Wednesday approved a revised accounting standard that the board said simplifies how an entity tests goodwill for impairment. The amendments will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity no longer will
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Accounting & reporting
FASB Meetings to Address Private Company Accounting Issues
FASB said it is hosting two public round-table meetings in October to discuss issues relating to existing private company accounting and reporting standards. The meetings, scheduled for Oct. 11 and Oct. 17, will discuss issues including accounting and disclosure requirements relating to variable-interest entities, interest rate swaps and level 3
IASB Chairman: IFRS Adoption Is in “Economic Interest of U.S.”
Adopting IFRS would benefit the United States’ economy, the new chairman of the International Accounting Standards Board (IASB) said July 29 during his first official visit to China. Speaking to a gathering of the Ministry of Finance’s Accounting Regulatory Department in Beijing, Hans Hoogervorst said, “U.S. investors invest globally, and
Presentation of Patient Service Revenue Changed for Health Care Entities
FASB issued an Accounting Standards Update (ASU) containing amendments that require health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances
FASB Expands Employer Disclosures for Multiemployer Pension Plans
FASB last week 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 expects that the final
Beyond Convergence
Nearly a decade after FASB and the International Accounting Standards Board (IASB) agreed to converge their standards in “The Norwalk Agreement,” the SEC staff floated a concept in May that would redefine convergence and establish FASB as an endorsement body for IASB standards in the U.S. The paper (available at
Government
The Federal Accounting Standards Advisory Board (FASAB) issued a standard that it said is aimed at resolving problems created, in part, by agencies’ use of different interpretations of “deferred maintenance.” The board said that Statement of Federal Financial Accounting Standards (SFFAS) no. 40, Definitional Changes Related to Deferred Maintenance
Asset-Based Financing Basics
Once considered financing of last resort, asset-based lending and factoring have become popular choices for companies that do not have the credit rating or track record to qualify for more traditional types of financing. In general terms, asset-based lending is any kind of borrowing secured by an asset of the
Financial Reporting
The large majority of CPAs in the United States have some knowledge of IFRS—the emerging, globally accepted set of accounting rules, according to a recent AICPA survey. The survey also indicated that many CPAs have begun to develop greater expertise, as American and world authorities work to converge U.S. standards
IASB Seeks Public Input on Direction of Future Work
The International Accounting Standards Board (IASB) is seeking public input on the strategic direction of its future work program. Since the IASB’s creation in 2001, IFRS has increasingly become the internationally accepted financial reporting language. As the number of jurisdictions applying IFRSs increases, stakeholders have identified new accounting issues for
FASB Proposal Clarifies Scope of Real Estate Derecognition Guidance
FASB issued an exposure draft that would clarify that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20 applies to a transaction in which the parent of an in substance real estate subsidiary ceases to have a controlling financial interest (as described in Subtopic 810-10) in the subsidiary because of
FASB, IASB Set to Re-Expose Leasing Proposals
FASB and the International Accounting Standards Board (IASB) announced Thursday they intend to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide an opportunity for comment on revisions the boards have made since the publication of an exposure draft on leasing in August 2010.
GASB Presents Concepts on Financial Statement Recognition, Measurement
GASB on Monday issued a Preliminary Views (PV) document on concepts related to recognition of elements of financial statements and measurement approaches. The board said the PV, Recognition of Elements of Financial Statements and Measurement Approaches, presents its early views on how and when an item should be reported (recognition)
IAASB Chair: 70-Plus Countries Now Endorse Clarity ISAs
In the past year, the number of countries using or committed to using the Clarity International Standards on Auditing (ISAs) has grown from about 30 to more than 70, according to Arnold Schilder, chairman of the International Auditing and Assurance Standards Board (IAASB). Speaking at the CReCER 2011 financial reporting
GASB Proposes Changes to Calculating, Reporting Pension Costs
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 come
FASAB Delays Oil and Gas Standard, Clarifies Application
The Federal Accounting Standards Advisory Board (FASAB) on Wednesday issued a technical bulletin that clarifies how federal entities should report the value of the federal government’s estimated royalties and other revenue from federal natural resources. The board also issued a final standard that delays for one year the effective date
Private Company Financial Reporting
Overview During 2010, the Blue Ribbon Panel on Private Company Financial Reporting – consisting of a cross-section of financial reporting constituencies, including lenders, investors, owners, preparers and auditors – explored the changes necessary to best meet the needs of U.S. users of private company financial statements. In January 2011, the
Financial Reporting
A staff paper published in May by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so-called “condorsement” approach to incorporating IFRS into the U.S. financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the
SEC’s Casey Pushes to Incorporate IFRS
Calling the risks of not moving forward with IFRS for U.S. issuers “simply too great,” SEC Commissioner Kathleen Casey said the SEC “must decide to incorporate IFRS for U.S. issuers.” Addressing the Society of Corporate Secretaries and Governance Professionals’ 65th Annual Conference on Wednesday, Casey said that the SEC “can
The Most Popular Stories of 2011 (So Far)
Use this list of the most popular articles to catch up on important news you may have missed in the past six months. Here are the Top 10 most popular articles from the JofA’s January through June print editions, based on the clicks they received on journalofaccountancy.com: “Maximizing Tax Season
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