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Accounting & reporting

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

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

Financial Reporting

  The SEC voted unanimously to propose measures that would require public companies to disclose additional information to investors about their short-term borrowing arrangements. The SEC’s proposal would shed greater light on a company’s short-term borrowing practices, including what some refer to as balance sheet “window-dressing.” The proposed rules are

International

The IASB published for public comment an exposure draft, Deferred Tax: Recovery of Underlying Assets (tinyurl.com/37dtuo4), that would amend one aspect of IAS 12, Income Taxes. The IASB said it set an exposure period of 60 days—shorter than its normal 120 days—because the amendments address a problem that needs to

GASB Clarifies Presentation of Deferrals

GASB issued an exposure draft Wednesday that it said would improve financial reporting by reducing uncertainty regarding the financial statement presentation of deferrals and their effects on a government’s net position. GASB said the proposal would provide guidance where none previously existed. GASB said in a press release that the

FASB, GASB Standards to Undergo New Review Process

Accounting and financial reporting standards issued by FASB and GASB will be subject to a post-implementation review under a process announced Thursday. 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

FAF, FASB’s Parent Organization, Names Its First CEO

The Financial Accounting Foundation (FAF), FASB’s parent organization on Tuesday approved the election of its first CEO, Teresa S. (Terri) Polley, who will also continue in her role as president of the organization. FAF is the independent, private-sector organization responsible for the oversight, administration, and finances of FASB, the Governmental

SEC Proposes Whistleblower Rule Pursuant to Dodd-Frank Reform

The SEC proposed a rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act to create a whistleblower program that would reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions. The SEC said in a press release that the proposal explains how would-be

IFRS Foundation’s Future Strategy Open for Discussion

The trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, on Friday published a first-stage consultation document to seek input on the foundation’s strategy as it enters its second decade. The trustees’ document, Status of Trustees’ Strategy Review, says the foundation has succeeded in establishing

FASB Proposes Changes to Accounting for Repos

FASB issued an exposure draft Wednesday that seeks to improve the accounting for repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The amendments address concerns raised during the global economic crisis regarding the necessity and usefulness

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