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
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Accounting & reporting
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
Financial Reporting
Investor groups representing $13 trillion in assets called on the U.S. and other governments to adopt strong national climate policies to help spark the necessary flows of private capital for achieving a low-carbon and sustainable global economy. Meeting at the Investor Summit on Climate Risk held Jan. 14 at United
Technology Considerations for Converting to IFRS
Lewis A. Dulitz, vice president of accounting policies and research at Covidien—a $10.7 billion health care products company with 42,000 employees in more than 60 countries—was part of a team that implemented the necessary technology changes in Europe to help Covidien convert to IFRS and led a similar team in
International
The International Accounting Standards Board (IASB) issued a minor amendment to IFRS 1, First-time Adoption of International Financial Reporting Standards. The amendment relieves first-time adopters of IFRS from providing the additional disclosures introduced in March 2009 in an amendment to IFRS 7, Improving Disclosures about Financial Instruments. It thereby ensures
GASB Proposal Addresses Reporting on Component Units, Equity Interest Transactions
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. Component
GASB Offers $5K Grant; Proposals Due May 28
GASB is soliciting proposals for the Gil Crain Memorial Research Grant. Applications for the $5,000 grant are due May 28. GASB will announce the recipient on June 15. The grant encourages the academic community to conduct applied research that is relevant to the board’s standard-setting activities. Applicants’ proposals may address
FASB, IASB Proposal Seeks to Clarify Reporting Entity Concept
FASB and the IASB Thursday 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
Government
GASB issued two statements intended to improve consistency in the measurement and financial reporting of other post-employment benefits (OPEB) such as retiree health insurance, and the effects of municipal bankruptcy (see “Official Releases,” March 10, page 77). Statement no. 57, OPEB Measurements by Agent Employers and Agent Multiple- Employer Plans,
Minding the GAAP
Should private companies adhere to the same set of accounting standards as public companies? This question has been debated for decades by various committees and organizations. In January, Rick Anderson, chairman and CEO of Seattle-based Moss Adams LLP, was named chairman of a new blue-ribbon panel tasked with making recommendations
Countdown to Convergence
In November, FASB and the IASB reaffirmed their commitment to a 2006 Memorandum of Understanding (MoU) that outlines major convergence projects scheduled for completion by June 2011. The affirmed convergence plan continues the commitment made by the two boards seven years ago in “The Norwalk Agreement” to “make their existing
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