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
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TOPICS
Accounting & reporting
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.
SEC Approves Guidance on Climate Change Disclosures
The SEC voted on Wednesday to release interpretive guidance related to the potential impact of climate change and climate change regulation on businesses. The guidance, which does not create new legal requirements or modify existing ones, outlines four areas where the commission says issuers should examine their disclosure obligations. The
IRS Plans to Require Disclosure of Uncertain Tax Positions
The IRS announced Tuesday that it is considering making changes to how business taxpayers report uncertain tax positions (Announcement 2010-9). Specifically, the IRS said it is developing a schedule that certain businesses would be required to use to disclose uncertain tax positions on their returns annually. The IRS plans to
Moss Adams CEO to Head Blue-Ribbon Panel on Private Company Financial Reporting
Rick Anderson, CEO of Moss Adams LLP, on Monday was named chairman of the blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies. In December, the AICPA and the Financial Accounting Foundation, FASB’s parent organization, announced the launch of the panel, and said that
GASB Standards Address OPEB Obligations, Bankruptcies
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. Statement no. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, addresses issues related to measurement of OPEB obligations
Financial Reporting
The heads of both FASB and the International Accounting Standards Board announced at an October conference on IFRS that they will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the 2011 target date. The aim is to allow one
International
The IASB issued a revised version of IAS 24, Related Party Disclosures, that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party. The revised standard is effective for annual periods beginning on or after Jan. 1, 2011. Early application is permitted. The revised
AICPA Offers Aids on Fair Value of Alternative Investments
The AICPA has published a set of free technical practice aids that offer nonauthoritative implementation guidance to FASB’s Accounting Standards Update 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 funds.
FASB Issues Subsequent Events Proposal
FASB issued a Proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements. The proposal stems from questions about whether the requirements to disclose the date that the financial statements are issued could conflict with some SEC guidance, according to FASB. FASB has proposed amendments
Proposal: Connect Sustainable Activities and Financial Reports
Representatives of more than 20 organizations including the AICPA agreed last week on a proposal to form a committee that would oversee development of an integrated reporting model. The model would connect reporting of organizations’ strategy, risk and financial and sustainability performance. The proposals were the outcome of a London
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