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 seeking public feedback on a series of questions that will assist the panel in discussing how accounting standards can best meet the needs of U.S. users
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Accounting & reporting
Accounting Groups Back Integrating Sustainability, Financial Reports
A new international committee formed Monday by the Prince of Wales’ Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) will work to integrate the way companies report on strategy, risk, governance, financial performance and sustainability. The International Integrated Reporting Committee (IIRC), whose high-profile members include the heads
Too Soon for IFRS Testing?
The AICPA should be applauded for being at the forefront requiring U.S. accountants to understand IFRS by including IFRS on the CPA Examination (“CPA Exam to Undergo an Evolution,” May 2010, page 54). The confluence of global and U.S. events is rapidly moving the world into using “a single set
Convergence Milestone
FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they gave themselves an extra six months to complete the ambitious project. In what is potentially their most far-reaching joint proposal to date, the boards
IFRS/International
Even though most American CPAs do not prepare or audit IFRS financial statements, many have begun learning the international standards, according to an AICPA survey. Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been cut in
FASB Requires Expanded Disclosures on Credit Quality of Financing Receivables
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 and
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting Monday, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo. All of the remaining models under consideration by the panel would result in differences
Blue-Ribbon Panel to Air Alternative Models for Private Company Financial Reporting
A blue-ribbon panel will meet Monday in Chicago to discuss possible alternative models and structures related to GAAP standard setting for private companies. This is the third meeting of the 18-member panel, which was announced in December 2009 and is tasked with providing recommendations by the end of the year
New Leader to Review Post-Implementation of FASB, GASB Standards
The Financial Accounting Foundation, the parent organization of FASB and GASB, has named Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, to the newly created position of post-implementation review leader. In this role, Schroeder will assume responsibility for the development, implementation and management of the post-implementation
News Highlights for July 2010
While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the JofA in April that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a
Financial Reporting
Responding to the recent rise in loan modifications, FASB updated standards related to troubled-debt restructuring. Amendments in the update are aimed at increasing comparability regarding modifications of loans accounted for within pools under ASC Subtopic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality. FASB said differences in practice
FYI
George Beckwith, CPA, controller of National Gypsum Co. in Charlotte, N.C.; Stephen Bodine, CPA, audit and accounting principal of LarsonAllen LLP in Minneapolis; and Steven D. Lords, CPA, CFO of Martin-Harris Construction in Las Vegas, were named to the Private Company Financial Reporting Committee. “Beckwith’s large private company perspective, Bodine’s
G-20 Reiterates Call for Convergence
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
FASB, IASB Propose Common Standard for Fair Value Measurement and Disclosure
FASB and the IASB on Tuesday issued separate exposure drafts intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and IFRS. The EDs are the result of the boards’ joint efforts to ensure that fair value will have the
Big Changes Proposed for Revenue Recognition
FASB and the IASB on Thursday released a proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. The new standard would also require businesses to
GASB Outlines Potential Improvements to Pension Standards
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 current
Supreme Court Expected to Rule Soon on PCAOB’s Constitutionality
A decision is expected soon in Free Enterprise Fund v. Public Company Accounting Oversight Board, a Supreme Court case that calls into question the future of Sarbanes-Oxley (SOX) and the PCAOB. So what happens if the court rules against the PCAOB? “A key question is how far an adverse ruling would go,”
FASAB Aims for Consistent Reporting on Asbestos-Related Liabilities, Equipment Cleanup Costs
The Accounting and Auditing Policy Committee (AAPC) of the Federal Accounting Standards Advisory Board (FASAB) issued a pair of technical releases intended to achieve consistent reporting among federal entities of asbestos-related liabilities and cleanup costs associated with equipment. Each technical release is effective immediately. Statement of Federal Financial Accounting Technical
Government
GASB issued an exposure draft of a proposed statement, The Financial Reporting Entity, an amendment of GASB Statements No. 14 and No. 34. The proposed statement is intended to improve guidance for including, presenting and disclosing information about component units and equity interest transactions of a financial reporting entity.
New GAAP for Multiple Deliverables
Many companies, large and small, offer a broad range of products and services to their customers. Often these product and service sales are negotiated at the same time with a single customer, resulting in a single contractually binding arrangement with multiple deliverables. Consider the cell phone company that provides a
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Tax season quick guide
Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.
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