Hans Hoogervorst will become the next chairman of the International Accounting Standards Board (IASB). The Trustees of the IFRS Foundation, the IASB’s oversight body, named Hoogervorst as the successor to Sir David Tweedie, who will retire as chairman of the IASB at the end of June 2011. The trustees announced
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Accounting & reporting
Panel Majority Signals Support for Separate Board, U.S. GAAP Exceptions for Private Companies
The blue ribbon panel on private company financial reporting is heading down a path to recommend that the Financial Accounting Foundation, FASB’s parent organization, accept 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.
Panel May Recommend Alternative Models for Private Company GAAP Friday
A blue-ribbon panel will meet Friday at the AICPA’s New York office to possibly recommend alternative models and structures related to GAAP standard setting for private companies. The panel will receive a brief overview of the more than 140 public comments FASB received in response to a series of questions
CAQ Outlines Plan to Mitigate Fraud, Announces Partnerships
The Center for Audit Quality (CAQ) on Wednesday published a report that outlines the organization’s long-term agenda to combat financial reporting fraud. The report, Deterring and Detecting Financial Reporting Fraud—A Platform for Action, identifies three areas of focus: a strong, highly ethical tone at the top that permeates the corporate
AICPA Expresses Concerns on FASB Financial Instruments Proposal
The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday said it was concerned about the fair value measurement and impairment models along with other provisions of FASB’s comprehensive proposal to revamp financial instruments accounting. FinREC (formerly the Accounting Standards Executive Committee) said that while it shares the board’s desire
Government
GASB issued its Suggested Guidelines for Voluntary Reporting, SEA Performance Information. The purpose of this document is to provide state and local governments with suggested guidelines intended to provide a common framework for the effective external communication of service efforts and accomplishments (SEA) information. GASB said the reporting of
Highlights
Along with the leadership change, FAF announced that FASB is reverting from its current five-member board makeup to seven members. FASB previously operated with seven board members from its inception in 1973 until 2008. The changes come at a time when FASB and its international counterpart, the International Accounting Standards
Financial Reporting
FASB issued Accounting Standards Update (ASU) no. 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, which FASB said in a press release will improve transparency in financial reporting by public and nonpublic companies that hold financing receivables, which include loans, lease receivables
International
The International Accounting Standards Board (IASB) published for public comment an exposure draft of improvements to the accounting for insurance contracts. The ED proposes a single IFRS that all insurers, in all jurisdictions, could apply consistently to all contract types. When the IASB was established in 2001, there were no
IRS Releases Final Schedule UTP, Incorporates Changes
In two announcements on Friday, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (Announcements 2010-75 and 2010-76). The changes come in response to numerous comments received on the proposal and on the draft
Obama Taps Dodaro for Comptroller General
President Barack Obama on Wednesday announced his intent to nominate Gene L. Dodaro for the job of U.S. comptroller general. As such, Dodaro would lead the Government Accountability Office (GAO), which reviews how the federal government spends taxpayer dollars. Dodaro has served as acting U.S. comptroller general and head of
FASB Expands Discussion on Insurance Contracts
FASB issued a Discussion Paper on Friday to solicit broad-based input on how to improve, simplify and converge the financial reporting requirements for insurance contracts. The Discussion Paper, Preliminary Views of Insurance Contracts, is part of FASB’s joint project with the International Accounting Standards Board (IASB), which issued an exposure
FASB Restructuring Results in Board Seat for Golden
FASB’s technical director, Russell Golden, will take a seat on the standard-setting board this fall when current Chairman Bob Herz steps down. Golden’s appointment comes less than a month after the Financial Accounting Foundation (FAF) Board of Trustees announced Herz’s retirement and a restructuring that will expand FASB’s board from
FASAB Pursues Discussion of Measurement Standards
The Federal Accounting Standards Advisory Board (FASAB) released for comment an exposure draft of a concepts statement that the board says identifies and clarifies conceptual issues for it to consider when deliberating measurement standards in the future. Statement of Federal Financial Accounting Concepts, Measurement of the Elements of Accrual-Basis Financial
FASB Seeks Input on Private Company Accounting Issues at Public Meetings
FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. at FASB’s offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon in Dallas. The exact location of the
IASB Proposes Amendment to Aspect of Deferred Tax Accounting
The International Accounting Standards Board (IASB) on Friday published for public comment an exposure draft, Deferred Tax: Recovery of Underlying Assets, that would amend one aspect of IAS 12, Income Taxes. The IASB said it is setting an exposure period of 60 days—shorter than its normal 120 days—because the amendments
FASB Proposes Expanded Disclosures on Multiemployer Pensions
FASB issued an exposure draft that sets forth proposed disclosures that the board believes would help users of financial statements better assess the potential risks faced by employers participating in multiemployer plans. FASB said the Proposed Accounting Standards Update (ASU), Proposed Improvements to Disclosures about an Employer’s Participation in a
Government
GASB issued a Preliminary Views document, Pension Accounting and Financial Reporting by Employers, listing what it believes are the most fundamental issues related to recognition and measurement of pension obligations by state and local government employers. The approach presented would move governmental pension accounting and reporting away from the
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is focusing on models that are based on current U.S. GAAP but that would result in different standards for private companies, where warranted, compared with GAAP for
Financial Reporting / International
For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects. “We re-emphasized the importance we place on achieving a single set of high quality improved
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