As the world continues to grow closer together, the role that accountants play in helping companies develop and manage new global business opportunities will increase. This was a key theme of the AICPA’s International Business Conference held June 13–15 in New York City. Attended by more than 200 accounting and
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Accounting & reporting
FASAB: Changes Would Fix Confusion Over “Earmarking”
The Federal Accounting Standards Advisory Board (FASAB) issued a proposal Wednesday that would modify the definition of earmarked funds in Statement of Federal Financial Accounting Standards (SFFAS) no. 27. One key amendment in the exposure draft would change the term “earmarked funds” to “funds from dedicated collections.” The ED, Revisions
SEC Issues Rules on Investment Advisers Act Amendments, “Family Offices”
The SEC on Wednesday approved two sets of proposed rules to implement amendments to the Investment Advisers Act of 1940 that were included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The first set of rules requires advisers to hedge funds and other private funds to register with
IASB Proposes Several IFRS Amendments
The International Accounting Standards Board (IASB) on Wednesday published an exposure draft of proposed amendments to five IFRSs under its annual improvements project. The IASB said in a press release that the proposed amendments reflect issues discussed by the IASB in the project cycle that began in 2009. The ED
FASB Launches XBRL Taxonomy Online Review and Comment System
FASB launched a new online system that makes it easier for stakeholders to review and provide input to its team on XBRL development taxonomy. The Taxonomy Online Review and Comment System enables organizations and individuals to submit comments directly to FASB, increasing convenience and ease of use. All comments are
AICPA Survey Tracks IFRS Readiness
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
FASB, IASB Align Presentation of Other Comprehensive Income
FASB on Thursday 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
IASB Amendments Zoom In on Post-Employment Liabilities
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 post-employment benefits and further aligns IFRS and U.S. GAAP by eliminating the so-called “corridor method.” The IASB said the amendments
Revenue Recognition Proposals to Be Re-exposed in Third Quarter
FASB and the IASB agreed Wednesday to re-expose their revised proposal for a common revenue recognition standard. The decision comes following joint deliberations on stakeholder feedback received from a June 2010 exposure draft that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The proposal, which
IASB, Japanese Board Provide Update on Standards Convergence
The leaders of the International Accounting Standards Board (IASB) and the Accounting Standards Board of Japan (ASBJ) pledged to deepen their cooperation in preparation for a decision expected in 2012 on the mandatory application of IFRS in Japan. During a meeting in Tokyo June 6–7, Sir David Tweedie, chairman of
Hong Kong, Beijing CPA Institutes Form Alliance
The Hong Kong Institute of CPAs and the Beijing Institute of CPAs signed a letter of intent May 28 to boost cooperation among small and medium-size accounting firms in both cities. By signing the letter, the institutes agreed to establish an alliance to foster communication and exchange technical knowledge, expertise,
Third Phase of XBRL Implementation Takes Effect June 15
The third phase of the SEC’s XBRL implementation program takes effect June 15, with nearly all public companies using U.S. GAAP now required to submit data in the fully searchable, digital format. Over the past two years, the largest SEC reporting companies have begun submitting financial information in XBRL. The
FASAB Guidance Helps With Historical Cost Estimates
The Federal Accounting Standards Advisory Board (FASAB) issued implementation guidance in Statement of Federal Financial Accounting Technical Release (TR) 13, Implementation Guide for Estimating the Historical Cost of General Property, Plant & Equipment, to address the historical cost estimating of general property, plant and equipment (G-PP&E) as it applies to
New Online Tool on Financial Reporting Techniques Makes Content Interactive
The AICPA recently released eXacct: Financial Reporting Tools & Techniques, a Web-based tool built on the framework of Accounting Trends & Techniques, an AICPA publication that provides guidance on U.S. GAAP presentation and disclosure requirements, as well as statistical reporting trends and examples from the AICPA’s survey of annual reports
Financial Reporting
The AICPA called on the SEC to contribute funds to support the International Financial Reporting Standards Foundation, the parent organization of the International Accounting Standards Board (IASB). In a comment letter (available at tinyurl.com/4x7svbh) to the IFRS Foundation Monitoring Board, the Institute wrote, “We believe any solution by the SEC
International
The SEC, the Commodity Futures Trading Commission (CFTC) and the Federal Reserve are drawing attention to the release of a consultative report on Principles for financial market infrastructures (tinyurl.com/4pxhzgs), which the Bank for International Settlements (BIS) said contains new and more demanding international standards for payment, clearing and settlement systems.
SEC Staff Presents “Condorsement” as Possible Method for Move to IFRS
A staff paper published Thursday 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 Commission
FASB, IASB Issue “Largely Identical” Guidance on Fair Value
FASB and the International Accounting Standards Board (IASB) on Thursday issued guidance on fair value measurement and disclosure requirements that the boards said in a press release is “largely identical” across IFRS and U.S. GAAP. The guidance, set out in IFRS 13, Fair Value Measurement, and FASB Accounting Standards Update
FAF Holding Webcast on Post-Implementation Review
The Financial Accounting Foundation (FAF), FASB’s parent organization, is hosting a webcast May 20 on its post-implementation review effort, which is focused on generating real-world feedback on accounting and financial reporting standards. A pilot of the post-implementation review process has begun on a FASB standard, the details of which will
FASAB Modifies Definition of “Deferred Maintenance”
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 and
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