There are legitimate, broad-based concerns about whether current U.S. GAAP and the underlying standard-setting process are meeting the needs of private companies, and it is time to start exploring alternatives that have surfaced in other countries, the chairman of a blue ribbon panel told panel members Friday. “There’s a reason
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TOPICS
Accounting & reporting
Blue-Ribbon Panel on Private Company Financial Reporting to Meet Friday
The blue-ribbon panel established to provide recommendations on the future of U.S. accounting standards for private companies will hold its second meeting Friday at the offices of the Financial Accounting Foundation, FASB’s parent organization, in Norwalk, Conn. The public portion of the meeting will take place from 9:10 a.m. to
FASAB Proposes Changes to Deferred Maintenance Reporting
The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on an exposure draft that proposes amendments to Statement of Federal Financial Accounting Standards (SFFAS) 6, Accounting for Property, Plant, & Equipment (PP&E), specifically relating to deferred maintenance (DM). The ED, Definitional Changes Related to Deferred Maintenance and Repairs: Amending
IFAC Signs Agreement with Accounting for Sustainability Project
The International Federation of Accountants (IFAC) and the Accounting for Sustainability (A4S) Project headed by the Prince of Wales on Tuesday entered into a memorandum of understanding to support the global accountancy profession’s role in developing sustainable organizations. “Professional accountants play a vital role in helping to create sustainable organizations
New Guidance Targets Loan Modifications
Responding to the recent rise in loan modifications, FASB on Thursday 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
Financial Reporting
The AICPA, the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) on Feb. 26 announced the members of the new blue-ribbon panel on U.S. accounting standards for private companies. The 18-member panel includes lenders, investors and business owners as well as preparers and auditors.
Test Your Knowledge of International Standards
More than 100 countries around the world, including all major U.S. trading partners, now use or have committed to adopting IFRS. Nearly as many use international auditing and assurance standards and international ethics standards developed by independent standard-setting boards under the International Federation of Accountants. To ensure that CPAs have
International
The International Accounting Standards Committee (IASC) Foundation published its second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The training material is designed to assist companies and accountants in applying the standard. The remaining material will be published in
FASB Guidance Details How to Recognize R&D Milestone Payments
Guidance issued Wednesday by FASB attempts to help companies determine when it’s appropriate to use the milestone method of revenue recognition for research or development transactions. Revenue from R&D deals often hinges in whole or in part on reaching certain milestones, such as completion of phases in a drug study.
SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011
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 Tuesday that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay. “June
Project Planning and IT Considerations During an IFRS Conversion Project
This free white paper, “Financial System Considerations in IFRS Conversion Projects,” is provided by the AICPA’s IT Section of the Specialized Communities/Firm Practice Management Group and includes: High level discussion of potential system impacts during an IFRS conversion Highlighting key differences between IFRS and US GAAP as well as
FASB Issues Health Care Proposals
FASB on Friday issued two exposure drafts that would change accounting for health care organizations. One proposal would require that the measurement of charity care for disclosure purposes by health care providers be based on the direct and indirect costs of providing the charity care. The second proposal is aimed
SFFAS 38 Requires Reporting of Federal Oil and Gas Royalties
The Federal Accounting Standards Advisory Board (FASAB) issued Statement of Federal Financial Accounting Standards (SFFAS) no. 38, which requires the value of the federal government’s estimated petroleum royalties from the production of federal oil and gas proved reserves to be reported in a schedule of estimated federal oil and gas
Panel Meets to Discuss Private Company Financial Reporting
Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades. The key portion of the meeting featured the viewpoints of those panel members
Blue-Ribbon Panel on Private Company Financial Reporting to Meet Monday
A blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies will meet for the first time Monday at the AICPA’s New York office. The public portion of the meeting will take place from 10:30 a.m. to 4:30 p.m. and will be accessible via live
FASAB Issues SFFAS 37 to Enhance Financial Reporting on Social Insurance
The Federal Accounting Standards Advisory Board (FASAB) issued Statement of Federal Financial Accounting Standards (SFFAS) no. 37, which requires additional discussion and analysis of social insurance programs, enhances the statement of social insurance, and creates a new financial statement presenting the causes of change in the net present value of
Government
GASB issued an exposure draft of a proposed statement, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The proposed statement is intended to enhance the usefulness of GASB’s Codification by incorporating guidance that previously could only be found in certain FASB and
The SEC’s IFRS Work Plan
The SEC’s unanimous approval in February of a new policy statement and staff work plan set the scene for a watershed vote next year on if and when the CPA profession will be required to transition to IFRS for U.S. public company financial reports. Though much remains uncertain, the SEC
IFRS for SMEs-U.S. GAAP Comparison Tool Available Online
While the SEC moves toward a 2011 vote on whether to require U.S. public companies to report using IFRS, a more compact version of the international standards is already an option, subject to state board approval, for U.S. private companies. Now there’s a free online tool to help preparers understand
Banking
The FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) seeking input on whether certain employee compensation structures pose risks that should be incorporated into the deposit insurance assessment program. Section 7 of the Federal Deposit Insurance Act requires the FDIC to establish a risk-based assessment system that incorporates statutory
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