The International Auditing and Assurance Standards Board (IAASB) on Tuesday released a proposed standard to provide assurance on companies’ reporting of greenhouse gas emissions, a key component in sustainability reporting. The IAASB says the proposed International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements, addresses the
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Accounting & reporting
AICPA: Lease Proposal Fails to Address Application Issues
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 liabilities
SEC Guidance on Disclosure Related to Climate Change
In February 2010, the SEC issued an interpretive release titled Commission Guidance Regarding Disclosure Related to Climate Change (Release Nos. 33-9106; 34-61469; FR-82) that provides guidance concerning disclosures related to the impact of climate change and related legislative and regulatory developments. The release provides assistance to public companies in satisfying
News Highlights for January 2011
FASB issued a discussion paper to gather input from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards, which are part of the FASB and International Accounting Standards Board (IASB) convergence projects, should be
Financial Reporting
FASB issued an exposure draft that contains clarifying guidance intended to improve consistency and transparency in financial reporting about troubled debt restructurings. “Investors, regulators and practitioners asked the board to clarify what types of loan modifications should be considered troubled debt restructurings for accounting and disclosure purposes,” FASB’s Acting
Seidman Named FASB Chairman
Leslie F. Seidman on Thursday was appointed chairman of FASB, effective immediately. Seidman, who had been acting chairman since the retirement of Robert H. Herz on Sept. 30, has been a FASB member since 2003. Her appointment comes as FASB deals with an unprecedented workload to complete priority convergence projects
FASB Aims for Consistency in Business Combination Pro Forma Disclosures
FASB on Wednesday issued an Accounting Standards Update (ASU) that it said should end a “diversity in practice” in the disclosure of pro forma revenue and earnings for business combinations. The ASU says that, if comparative financial statements are presented, the pro forma revenue and earnings of the combined entity
GASB Clarifies Accounting for Partnership Arrangements
GASB issued a pair of new standards last week, one that addresses how to account for and report service concession arrangements (SCAs) and another that the board said is designed to improve financial reporting for governmental entities by amending the requirements of Statement no. 14 and Statement no. 34. Statement
IASB Amends Income Tax, IFRS Adoption Rules
The International Accounting Standards Board (IASB) on Monday issued amendments to IAS 12, Income Taxes, and what it called “narrow amendments” to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendments to IAS 12 were proposed in an exposure draft in September. IAS 12 requires an entity to
Revised Rules for Goodwill Impairment, New Health Care Proposals
The most recent work of FASB’s Emerging Issues Task Force resulted in a new update and two proposed updates to the FASB Accounting Standards Codification (ASC). ASC Update no. 2010-28, Intangibles—Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero
AICPA: Revenue Recognition Proposal Impractical
The AICPA’s Financial Reporting Executive Committee (FinREC) this week voiced extensive concerns with a joint FASB-IASB proposed standard on revenue recognition that is intended to apply across all industry sectors. “We agree with the theoretical merit of many of the concepts included in the proposed standard,” FinREC said in its comment
Panel Moves Forward With Recommendations for a Separate Private Company Financial Reporting Board
A more detailed outline of what would be a blue ribbon panel recommendation for a new private company accounting standard-setting board began to take shape Friday. The new standard-setting board could have between five and seven members with private company financial reporting experience, an estimated $4 million annual budget and
FASB May Delay Troubled Debt Restructuring Standard for Public Entities
FASB on Thursday proposed to delay indefinitely the effective date of new disclosures about troubled debt restructurings in Accounting Standards Update (ASU) no. 2010-20 for public-entity creditors. Currently, the new standard is scheduled to become effective for interim and annual reporting periods ending on or after Dec. 15, 2010. Comments
IASB Issues Guidance on Management Commentary
The International Accounting Standards Board (IASB) on Wednesday published an IFRS Practice Statement Management Commentary, which the standard setter said is a broad, nonbinding framework for the presentation of narrative reporting to accompany financial statements prepared in accordance with IFRSs. The Practice Statement is not an IFRS, therefore, an entity
IASB Hedge Accounting Proposal Adds Disclosure, Presentation Requirements
The International Accounting Standards Board (IASB) on Thursday released a principle-based proposal on accounting for hedging activities that includes new presentation and disclosure requirements. The IASB said the changes in the proposal would enable companies to better reflect their risk management activities in their financial statements. The changes are intended
Panel Expected to Finalize Private Company Financial Reporting Model Recommendations
The blue-ribbon panel on private company financial reporting on Friday appears set to finalize its recommendations that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with modifications and exceptions for private companies and that those standards should be set not by FASB but by a separate
Schapiro, SEC Staff Want Companies to Have Ample Time for IFRS Adoption
The SEC will allow public companies a minimum of four years to adjust if it decides to mandate the use of IFRS, SEC Chairman Mary Schapiro said Monday. The remark came in response to a question from the audience at the AICPA’s National Conference on Current SEC and PCAOB Developments
FASB, IASB: Convergence Priorities on Target for June 2011
FASB and the International Accounting Standards Board (IASB) released a convergence progress report on Monday 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
Panel Poised to Recommend Separate Board, U.S. GAAP Exceptions for Private Companies
The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF’s oversight. A majority
Volunteer Your IFRS Expertise to Develop Questions for the Uniform CPA Examination
The AICPA Examinations Team is seeking professionals with solid skills and knowledge in International Financial Reporting Standards to develop questions (“items”) on IFRS for the Uniform CPA Examination. To qualify, volunteers must have a current CPA license or comparable internationally recognized credential, a minimum of three years of experience as
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