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,
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TOPICS
Accounting & reporting
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
Panel Expresses ‘Broad-Based Concerns’ for Private Company Financial Reporting
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
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.
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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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