The SEC on Wednesday said it is hosting a round-table meeting July 7 to discuss benefits or challenges in potentially incorporating IFRS into the financial reporting system for U.S. issuers. The SEC said in a press release that the meeting will include three panels representing investors, smaller public companies, and
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Accounting & reporting
FASB, IASB Want Feedback on Convergence Burden, Timeline
FASB and the International Accounting Standards Board (IASB) posted a survey online to collect views from users about the time and effort that will be involved in adopting several new standards and when those standards should be effective. The boards are seeking further input on these issues because, they said
Podcast Summary of the Joint IASB/FASB Board Meeting, April 12–14, 2011
Editor’s note: The heads of FASB and the International Accounting Standards Board (IASB) announced they will take “a few additional months” beyond their June target date to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance. Below is a summary of their discussion. Also read “FASB,
FASB, IASB Announce Delay on Priority Projects
The heads of FASB and the International Accounting Standards Board (IASB) on Thursday announced they will take “a few additional months” beyond their June target date to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance. “Our next step is to lay out the plans for
FASB Challenged With Prioritization
In part five of this exclusive JofA interview, FASB Chairman Leslie Seidman shares her challenges of prioritizing projects. JofA: What’s been the greatest challenge so far as chairman, and what do you expect your greatest challenge to be over the course of the next year? Seidman: It became clear last
Clarified Auditing Standard Outlines Auditor Requirements Regarding SEC Filings
The AICPA’s Auditing Standards Board has finalized the clarified Statement on Auditing Standards, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933, to supersede AU section 711, Filings Under Federal Securities Statutes, in AICPA Professional Standards. The clarified SAS addresses the auditor’s responsibilities in connection
IFRS Foundation to Add Common-Practice Tags to IFRS Taxonomy
The IFRS Foundation said it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The foundation, the International Accounting Standards Board’s parent organization, said the common-practice tags will enhance the comparability of information by enabling entities to
FASB Chairman: No Retreat on Leases
Editor’s note: On April 14, FASB and the IASB said the priority projects on revenue recognition, leases and financial instruments, scheduled to be completed in June, would require a few more months of work. No specific deadline was set for the projects. Read “FASB, IASB Announce Delay on Priority Projects”
FASB Updates Treatment of Troubled Debt Restructurings
FASB on Tuesday issued an Accounting Standards Update that the board said improves financial reporting by creating greater consistency in the way GAAP is applied for various types of debt restructurings, which FASB’s chairman said have become more common since the most recent recession. FASB said in a press release
Condorsement: FASB’s Potential New Role Under IFRS
In part three of this exclusive JofA interview, FASB Chairman Leslie Seidman shares her thoughts on how FASB might function in an IFRS world. JofA: Last fall at the AICPA National Conference on Current SEC and PCAOB Developments, Paul Beswick, one of the SEC’s deputy chief accountants, introduced the concept of
AICPA: Financial Instruments Compromise Potentially Flawed
The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday expressed a number of concerns on the supplementary document, Accounting for Financial Instruments and Revisions to the Accounting for Derivatives Instruments and Hedging Activities-Impairment published Jan. 31 by FASB and the IASB. “Although we recognize the need for convergence, the current
FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements
FASB’s Not-for-Profit Advisory Committee (NAC) has established three working groups to study ways for FASB or others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for consideration by the full committee. FASB established the NAC in 2009 to serve as a standing resource for the
AICPA Highlights Need for IASB Funding, Independence
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 to the IFRS Foundation Monitoring Board, the Institute wrote, “We believe any solution by the SEC would go a
Financial Reporting
FASB Chairman Leslie Seidman said via webcast in January that FASB and the International Accounting Standards Board (IASB) reached a compromise on a single approach to impairment for financial instruments. She acknowledged, however, that substantial constituent feedback on the boards’ joint proposals for revenue recognition and leases reveals several
International
The International Auditing and Assurance Standards Board (IAASB) in January released a proposed standard to provide assurance on companies’ reporting of greenhouse gas emissions, a key component in sustainability reporting. The IAASB said the proposed International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements, addresses the
FASB Chairman Provides Update on Financial Instruments
Editor’s note: On April 14, FASB and the IASB said the priority projects on revenue recognition, leases and financial instruments, scheduled to be completed in June, would require a few more months of work. No specific deadline was set for the projects. Read “FASB, IASB Announce Delay on Priority Projects”
FASB Balances Revenue Recognition Guidance With Principles
Editor’s note: On April 14, FASB and the IASB said the priority projects on revenue recognition, leases and financial instruments, scheduled to be completed in June, would require a few more months of work. No specific deadline was set for the projects. Read “FASB, IASB Announce Delay on Priority Projects”
FinREC Releases Working Draft of Revised “Cheap Stock” Practice Aid
The AICPA’s Financial Reporting Executive Committee (FinREC) on Monday released a working draft of the revised practice aid Valuation of Privately Held Company Equity Securities Issued as Compensation, also known as the “Cheap Stock” practice aid. This is an update of the practice aid, which was originally issued in April
Proposed International Standards Seek to Help Financial Market Infrastructures Withstand Financial Shocks
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, which contains new and more demanding international standards for payment, clearing and settlement systems, the Bank for International Settlements (BIS) said on
FASB Parent Creates Working Group on Private Company Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), said Friday it is forming a working group to review the adequacy and effectiveness of FASB’s efforts in setting standards for the private company and nonprofit sectors. The creation of the working group follows the release earlier this year of a report
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