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
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Accounting & reporting
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
Panel to Address Accounting Standards for Private Companies
A new 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, announced Thursday the launch of a blue-ribbon panel charged with making recommendations on the future of standard setting for private
SEC Action on IFRS Could Come Early in 2010
SEC Commissioner Elisse B. Walter on Wednesday said she expects the commission to “consider further action” on IFRS adoption early next year. Walter’s comments at an AICPA conference followed remarks by SEC Chief Accountant James Kroeker on Monday in which he said more information about IFRS adoption would be forthcoming
FASB Chairman Defends Fair Value, Calls for Separation From Banking Regulation
FASB Chairman Robert Herz on Tuesday delivered a rapid-fire policy speech that addressed head-on criticism of the role of accounting standards in the financial crisis and called for GAAP to be “decoupled” from bank regulation. Herz, speaking at an AICPA conference, contended that many of FASB’s critics simply do not
AICPA Committee Weighs In on Fair Value for Financial Instruments
The AICPA’s Accounting Standards Executive Committee has weighed in on FASB’s discussion of when fair value should be used to measure and record financial instruments on the balance sheet. In a comment letter, AcSEC Chairman Jay Hanson said the committee favors an approach that would measure many but not all
SEC Chief Accountant Remains Mum on Specifics of Possible IFRS Adoption
Those waiting for clarity from the SEC regarding its road map for adopting International Financial Reporting Standards in the U.S. are still waiting following a speech by the agency’s chief accountant Monday. In an October speech, Chief Accountant James Kroeker said the Commission would provide greater clarity on the future
An Update on Accounting for Uncertainty in Income Taxes
Preparers of private company and not-for-profit organization financial statements will have to implement provisions of Topic 740 of the FASB Accounting Standards Codification (ASC) relating to accounting for uncertainty in income taxes (formerly FASB Interpretation no. 48, commonly known as FIN 48) for annual financial statements for periods beginning after
Highlights
FASB brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. FASB ratified the consensus approach reached at the Sept. 9–10 Emerging Issues Task Force
Financial Reporting
The SEC announced that the smallest public companies have six more months to provide audited assessments on the effectiveness of their internal control over financial reporting. Under section 404 of the Sarbanes-Oxley Act, public companies and their independent auditors are each required to report to the public on the effectiveness
IFRS for SMEs: The Next Standard for U.S. Private Companies?
In July 2009, the International Accounting Standards Board (IASB) released International Financial Reporting Standards designed for use by small and medium-sized entities (SMEs). IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. Along with the standards, the board released implementation guidance, such as example financial
International
To be most effective, international financial reporting standards should be field-tested prior to adoption, and the international standard setter needs to more clearly communicate its processes while gathering stakeholders’ opinions, a group of global accounting leaders including AICPA President and CEO Barry Melancon told the representatives of the International Accounting
House Panel Eases Threat to FASB Independence
The House Financial Services Committee on Thursday removed language from an amendment to the proposed Financial Stability Improvement Act (FSIA) (H.R. 3996) that would have given a new systemic risk regulator power to oversee FASB standard-setting activities. The original amendment, which was introduced by Rep. Ed Perlmutter, D-Colo., would have
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