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
Advertisement
TOPICS
Accounting & reporting
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
News Highlights for March 2010
A new blue-ribbon panel is poised to take on the issue of whether separate accounting standards are needed for private companies. The AICPA and the Financial Accounting Foundation, FASB’s parent organization, have launched the panel charged with making recommendations on the future of standard setting for private companies. The
Financial Reporting
The AICPA published a set of free technical practice aids that offer nonauthoritative implementation guidance to FASB’s Accounting Standards Update (ASU) 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). These entities, often called alternative investments, include hedge, private equity and real estate
International
The International Accounting Standards Board (IASB) re-exposed part of a proposed replacement for IAS 37, Provisions, Contingent Liabilities and Contingent Assets. IAS 37 applies to liabilities not covered by other accounting standards, such as liabilities to decommission assets and liabilities arising from legal disputes. The IASB previously published proposals
Private Company Financial Reporting Panelists Named
The AICPA, the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) on Friday 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. The
No IFRS Requirement Until 2015 or Later Under New SEC Timeline
The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with a mandate to use
SEC to Consider IFRS Statement
In its first formal action on IFRS since Chairman Mary Schapiro took office, the SEC plans to consider its policy on the use of IFRS by U.S. issuers at an open meeting Wednesday. The SEC, under former Chairman Christopher Cox, published in November 2008 a proposed road map for the
Financial Accounting Foundation to Maintain XBRL Taxonomy for U.S. GAAP
The Financial Accounting Foundation announced it will take on responsibility for the ongoing maintenance of the XBRL U.S. GAAP Financial Reporting Taxonomy. Its activities will focus on updating the taxonomy for changes in U.S. GAAP, best practices in taxonomy extensions, and technical enhancements. The taxonomy is a list of computer-readable
GASB Proposes Adding Pre-1990 FASB, AICPA Guidance Into Codification
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
Avoiding Common Errors of XBRL Implementation
Following three years of voluntary XBRL submissions, the SEC’s mandatory requirements for XBRL financial report submissions began phasing in June 15, 2009. As with any new process, companies can easily underestimate the challenges posed by this complex reporting technology and make mistakes along the way. This article describes common errors
Highlights
The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally adopted in 2000. Under the rule, participations and
International
The International Accounting Standards Board (IASB) issued a new standard on the classification and measurement of financial assets. Publication of the standard represents completion of the first part of a three-part project to replace IAS 39, Financial Instruments: Recognition and Measurement, with a new standard, IFRS 9, Financial Instruments.
Features
SPONSORED REPORT
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.
From The Tax Adviser
October 31, 2025
Recent developments in estate planning
October 31, 2025
Current developments in taxation of individuals: Part 2
September 30, 2025
Current developments in taxation of individuals: Part 1
August 30, 2025
