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
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Accounting & reporting
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
FASB Amends “Effective Control” Criteria for Repo Transactions
FASB issued an Accounting Standards Update (ASU) that it said is intended to improve financial reporting of repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The board said the amendments in ASU no. 2011-03, Transfers and
Financial Reporting
The AICPA’s Financial Reporting Executive Committee (FinREC) 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. It is an update of the practice aid originally issued in April 2004. The working
AICPA Appoints New Chairman of Financial Reporting Committee
Richard Paul, a partner in Deloitte & Touche LLP’s accounting standards and communications group in Wilton, Conn., was named chairman of the Institute’s Financial Reporting Executive Committee (FinREC). FinREC is a volunteer committee that serves as the Institute’s official voice on financial reporting matters and develops industry-specific accounting guidance. The
FASB Prepares to Reprioritize: An Interview With Chairman Leslie Seidman
FASB Chairman Leslie Seidman, in an exclusive JofA interview, explained how the board plans to finish priority convergence projects on financial instruments, revenue recognition and leases. She also shared how the board intends to reprioritize remaining projects, better serve the needs of private companies, and how its role could change
News Highlights for May 2011
FASB’s parent organization, the Financial Accounting Foundation (FAF), announced in March 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
SEC Report Recommends No New SOX 404(b) Exemptions
An SEC study of Section 404(b) of the Sarbanes-Oxley Act recommends no new exemptions to the requirements. The study by the SEC’s Office of the Chief Accountant was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its scope was restricted to companies with a market capitalization between
FASB Issues Goodwill Impairment Proposal
FASB issued an exposure draft of a proposed Accounting Standards Update intended to simplify how businesses are required to test goodwill for impairment. “Nonpublic companies have expressed concerns to the Board about the cost and complexity of performing the goodwill impairment test,” FASB member Daryl Buck said in a press
IASB and FASB Report Progress on Convergence
FASB and the International Accounting Standards Board (IASB) on Thursday published a progress report on their joint convergence projects. Since their previous report in November, the boards have: Completed five projects. In the next few weeks, the IASB will issue new standards on consolidated financial statements (including disclosure of interests
SEC Forum to Address Benefits, Challenges of IFRS for U.S.
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
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
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