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
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Accounting & reporting
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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Government
FASAB’s Accounting and Auditing Policy Committee (AAPC) issued Statement of Federal Financial Accounting Technical Release (TR) 12, Accrual Estimates for Grant Programs, guidance that the board says provides a cost-effective framework for developing reasonable estimates of accrued grant liabilities. TR 12 applies to grants that are paid by a federal
Highlights
Unlike their discussion paper, Leases: Preliminary Views (available at tinyurl.com/lugqe2), published in March 2009, which focused primarily on lessee accounting, the exposure draft, Leases, would result in changes on both sides of a lease transaction. The proposal includes simplified accounting for short-term leases—leases having a maximum term of 12 months
Shaping the Future
Paul Stahlin is acutely aware that his term as AICPA chairman appears to be on course to intersect with a series of major changes for the profession. The year ahead holds the potential for a shift to different accounting standards for private companies. FASB and the International Accounting Standards Board
Financial Reporting
FASB issued a Proposed Accounting Standards Update (ASU) that is intended to clarify how defined contribution pension plans should classify and measure loans to participants. Under the Proposed ASU, Plan Accounting—Defined Contribution Pension Plans (Topic 962), Reporting Loans to Participants by Defined Contribution Pension Plans (a consensus of the
International
The IFRS Interpretations Committee, the interpretative body of the IASB, published proposed guidance on the accounting for stripping costs in the production phase of a surface mine. The committee was asked to consider how to account for the process of removing waste from a surface mine in order to
SEC Releases Update on IFRS Plan
In a progress report released Friday, the SEC staff details its progress thus far and remaining research and analysis to be done as the commission considers whether, when and how to allow domestic issuers in the U.S. to use IFRS. The SEC staff’s first update draws no major conclusions. It
IASB’s Additions to IFRS 9 Address “Own Credit” Problem
The International Accounting Standards Board (IASB) on Thursday issued requirements on the accounting for financial liabilities that address the problem of volatility in profit and loss (P&L) arising when an issuer measures its own debt at fair value—often referred to as the “own credit” problem. According to a news release,
FASB Seeking Input on the Costs of Convergence
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 effective.
Expediency at Heart of Panel’s Recommendations on Private Company Reporting
Asked why the panel on private company financial reporting appears to be favoring a separate standards board making modifications to existing U.S. GAAP (as compared to writing new standards)several members of the panel pointed to a simple factor – time. “How we got to where we got to as
AICPA to SEC: Companies Will Need as Much as Five Years to Ready for IFRS Adoption
Giving companies enough time to carefully prepare for a move from U.S. GAAP to IFRS is critical, the AICPA told the SEC in a comment letter filed Thursday. The AICPA assembled members from business and industry with public company backgrounds to discuss questions the SEC posed in a recent request
FASB Seeks Greater Transparency, Consistency for Troubled Debt Restructurings
FASB issued an exposure draft Tuesday 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
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