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)
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Accounting & reporting
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
AICPA Conference Tackles Hot Global Business Issues
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
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
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