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
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Accounting & reporting
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
International
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
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
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