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
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Accounting & reporting
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
SEC OKs New GAAP Taxonomy for XBRL
The SEC has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy, which is used for creating and submitting tagged interactive data files in extensible business reporting language (XBRL), the Financial Accounting Foundation (FAF) said in a press release Tuesday. The taxonomy contains updates for accounting standards and other improvements to
Financial Reporting
The AICPA’s Financial Reporting Executive Committee (FinREC) commented on FASB’s Proposed Accounting Standards Update, Leases. The exposure draft was developed jointly with the International Accounting Standards Board (IASB). FinREC said it supports the boards’ overall objective to develop a single approach to lease accounting and to require assets and
International
In its response to a recent European Commission (EC) green paper, Audit Policy: Lessons from the Crisis, the AICPA said that any resulting recommendations for improvements to the audit profession should be subject to robust cost/benefit analyses and impact assessments. The Institute also challenged any implication that the “audit
GASB Proposal: Hedge Accounting Could Continue After Assignment
GASB on Monday issued an exposure draft that proposes amendments to the requirements of Statement no. 53 to clarify what constitutes a termination event for accounting and financial reporting purposes. The amendment would allow hedge accounting to continue, if certain conditions are met, when a swap counterparty or a swap
House Members Create Bipartisan CPA Caucus
Two members of the House of Representatives created the Bipartisan Congressional CPA Caucus with a goal of harnessing their unique professional skills to develop innovative policy approaches to issues that affect CPAs, including tax administration and compliance, and accounting and auditing standards. Reps. Brad Sherman, D-Calif., and Michael Conaway, R-Texas,
Standards Overseer to Consider Proposal for Private Company Financial Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss 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
News Highlights for February 2011
FASB and the International Accounting Standards Board (IASB) released a convergence progress report that said their priority projects are on target for completion by June 2011 or earlier. (For recent JofA coverage of the FASB-IASB convergence project, see “Convergence Milestone,” Aug. 2010, page 26.) The priority projects, which were identified
Financial Reporting
New and existing accounting and financial reporting standards issued by FASB and GASB will be subject to a post-implementation review. The Board of Trustees of the Financial Accounting Foundation (FAF), the oversight body for the two standard setters, announced a review process it described as independent of the standard- setting
FASB, IASB Address Offsetting Transactions, Impairment Models
FASB and the International Accounting Standards Board (IASB) took two more steps toward convergence with the release of joint proposals that address offsetting transactions and accounting for impairment of financial assets. An exposure draft released on Friday proposes to establish a common approach to offsetting financial assets and financial liabilities
Report Recommends New Standard-Setting System, Board for Private Companies
A blue-ribbon panel on Wednesday submitted a report to FASB’s parent organization—the Financial Accounting Foundation (FAF)—recommending significant changes to the future of accounting standard setting for private companies, including a separate standard-setting board. The panel concluded that “there are urgent and growing systemic issues that need to be addressed in
Compromise Reached for Financial Instruments; Revenue Recognition and Leases Less Certain
FASB Chairman Leslie Seidman said Tuesday via webcast that FASB and the International Accounting Standards Board (IASB) have 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 major
The 20 Most Popular Stories of 2010
2010 was a busy year for regulatory reform and changes to standards that affect the practices and responsibilities of CPAs. It’s no surprise that the JofA’s readers were interested in regulatory reform over the past year, particularly the health care and Wall Street Reform bills passed in March and July,
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