The Chartered Institute of Management Accountants (CIMA) launched its advanced diploma in Islamic finance (CADIF) program July 7 at the Islamic Finance News 2011 Issues & Investors Europe Forum in London. The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body, according
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Accounting & reporting
FASB Panel Recommends Areas of Improvement in Standards for Nonprofits
The NAC heard feedback from three working groups that formed recommendations for FASB to add to its standard-setting agenda. FASB has not yet considered the recommendations. The NAC created the working groups earlier this year (see previous JofA coverage, “FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements”). The NAC charged
FASB Standard Broadens Disclosures on Multiemployer Pensions
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. The ASU requires employers to provide more information about their financial obligations to multiemployer pension plans. Multiemployer pension plans commonly are used by an employer to provide benefits to
FASB Issues Update to Simplify Goodwill Impairment Testing
FASB on Thursday issued Accounting Standards Update (ASU) no. 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, that the board said simplifies how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely
International Committee Releases Draft Framework for Integrated Reporting
The International Integrated Reporting Committee (IIRC) calls for a new approach to corporate reporting in a discussion paper released Monday. The paper, Towards Integrated Reporting: Communicating Value in the 21st Century, discusses the rationale for integrated reporting, offers initial proposals for the development of an international integrated reporting framework, and
FASB Issues Proposed 2012 GAAP Taxonomy for XBRL
FASB on Thursday released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. Comments are due Oct. 31. The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012. The taxonomy is a list of computer-readable financial reporting labels coded
New IASB Leader Embraces Challenges
With more than 100 countries already using IFRS, a full standard-setting agenda and the SEC poised to decide in the coming months whether U.S. public companies will report under international standards, Hans Hoogervorst knows his challenges. But the second chairman of the International Accounting Standards Board (IASB) is no stranger
News Highlights for September 2011
FASB issued an Accounting Standards Update (ASU) that the board said is intended to increase the prominence of other comprehensive income in financial statements and to facilitate convergence of U.S. GAAP and IFRS. Simultaneously, the International Accounting Standards Board (IASB) issued amendments to IAS 1, Presentation of Financial Statements.
Financial Reporting
The International Accounting Standards Board (IASB) issued an amended version of IAS 19, Employee Benefits, that the board said completes its project to improve the accounting for pensions and other postemployment benefits and further aligns IFRS and U.S. GAAP by eliminating the so-called “corridor method.” The IASB said the
GASB Proposes Reclassifying Certain Assets and Liabilities
GASB issued an exposure draft that it said applies its conceptual definitions of deferred outflows of resources and deferred inflows of resources elements to a broader range of items to enhance consistency in state and local government financial statements. The ED says it would alleviate uncertainty regarding the classification of
IASB Proposes to Exempt Investment Entities From Consolidation Requirements
The International Accounting Standards Board (IASB) published proposals Thursday to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10, Consolidated Financial Statements. Investment entities are commonly understood to be entities that pool investments from a wide range of investors
AICPA Recommends Allowing U.S. Public Companies to Choose IFRS
The AICPA has 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 Standard Simplifies Testing Goodwill for Impairment
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
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
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