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
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Accounting & reporting
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
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
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