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
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Accounting & reporting
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
The Recovery Act: An Auditee’s Perspective
In response to the severe economic crisis, the $787 billion American Recovery and Reinvestment Act (Recovery Act) became law in February 2009. The primary goal of this act was to create and save jobs and stimulate long-term economic growth. Only $275 billion of the Recovery Act funds allocated for contracts,
Opening the Door to Financial Regulatory History
At a time when financial regulatory reform is capturing headlines, an online museum administered by the SEC Historical Society is granting users from Wall Street to Main Street equal access to resources, relics and research material. The online galleries at sechistorical.org preserve eyewitness accounts, oral histories, correspondences, research papers and
FASB’s Position on Uncertainty Makes No Sense
With regard to your article “An Update on Accounting for Uncertainty in Income Taxes” (Dec. 09, page 45), I wish to question what was wrong with the accounting rule makers. The position FASB is taking with regard to private companies makes no sense at all. The article states that the
IFRS Article Appreciated
I wanted to let you know that I thought the article “Countdown to Convergence” (March 10, page 24) was very good. I participated in the AICPA IFRS revenue recognition task force and I am helping write IFRS questions for the 2011 CPA exam, so I have a particular interest in
Financial Reporting
FASB and the IASB published an exposure draft, Conceptual Framework for Financial Reporting: The Reporting Entity, that is part of a joint project between the boards to develop a common and improved conceptual framework for developing future accounting standards. The ED discusses what constitutes a reporting entity, which in different
IASB Asks Constituents to Comment on FASB Proposal
The International Accounting Standards Board (IASB) on Thursday asked its constituents to comment on the financial instruments accounting proposals FASB released Wednesday. The IASB said that because FASB’s proposal is part of the global convergence project, it is important for FASB to receive feedback on the proposed model from the
FASB Proposes Comprehensive Changes to Financial Instruments Accounting
FASB on Wednesday issued a much anticipated exposure draft intended to improve accounting for financial instruments. Among other changes under the proposed Accounting Standards Update (ASU), financial statements would incorporate both amortized cost and fair value information about financial instruments held for collection or payment of cash flows. The proposal
IASB Chairman Outlines Approach for Reconciling Financial Instrument Standards
International Accounting Standards Board Chairman Sir David Tweedie on Tuesday outlined a possible approach for reconciling the divergent IASB and FASB models for financial instruments accounting. With FASB’s comprehensive exposure draft on financial instruments expected any day, Tweedie said during a JofA exclusive interview at the AICPA Council meeting
Banks Earn $18B in First Quarter; FASB 166 and 167 Alter Balance Sheets
FDIC-insured commercial banks and savings institutions posted an aggregate profit of $18 billion in the first quarter of 2010, driven mostly by a 16.6% year-over-year drop in provisions for loan losses. It was the industry’s most profitable quarter since the first quarter of 2008, although the FDIC noted it is
Survey: CPAs Growing More Familiar With IFRS
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 released Monday. Two years ago nearly a third of AICPA members reported no familiarity with IFRS. But this year’s results show that number has been
FDIC Clarifies Securitization Safe Harbor Prompted by New FASB Standards
The Board of Directors of the FDIC on Tuesday approved a Notice of Proposed Rulemaking (NPR) to clarify the safe harbor protection in a conservatorship or receivership for financial assets transferred by an insured depository institution in connection with a securitization or participation. (Click here for prior JofA coverage.) The
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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