When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National Conference that took
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Accounting & reporting
FDIC Approves Transitional Safe Harbor on Securitizations in Light of New FASB Standards
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
IASB Releases New Standard for Financial Instruments
The International Accounting Standards Board (IASB) on Thursday 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
IASB Proposes New Accounting Model for Financial Instruments
The International Accounting Standards Board (IASB) on Thursday published proposals that if implemented would fundamentally shift the way banks and other financial institutions report the value of loans (or portfolios of loans) and other financial instruments carried at amortized cost. Both International Financial Reporting Standards (IFRS) and U.S. GAAP currently
AICPA Opposes Attempt to “Undermine” FASB’s Independence
AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee on Wednesday to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried out by the Financial Accounting Standards Board (FASB).”
Letter Encourages Congress to Retain SEC Oversight of FASB
A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. The letter said the SEC should remain “the primary
Highlights of IFRS Research
Conversion from U.S. GAAP to IFRS is a heavily discussed topic in the corporate world. Expected benefits of adoption include reporting consistency, enhanced global competition and improved financial reporting transparency. While many countries worldwide have already adopted IFRS, many other countries are closely examining its effects before adoption, not only
Balancing Governmental Budgets Under GASB 54
Fund balance is an important measure that represents the difference between a fund’s assets and liabilities. The overall objective of fund balance reporting is to isolate that portion of fund balance that is unavailable to support the following period’s budget. Because governmental funds’ measurement focus is the flow of financial
Highlights
FASB issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements under what
Financial Reporting
FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards
SEC Chief Accountant Promises “Clarity” on IFRS Road Map This Fall
SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC’s commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. In response to a question following his speech at an AICPA/International Accounting Standards Committee Foundation conference in New York about
FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal
FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New
FASAB Proposes Making AICPA’s Subsequent Events Guidance Authoritative
The Federal Accounting Standards Advisory Board released an exposure draft, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative FASAB
Off Balance Sheet Accounting Rule Change
Are the new off balance sheet rules, effective January 2010, needed? Is the timing right? Or could the change complicate the economic recovery by damaging bank balance sheets? Send us your thoughts. Selected submissions will be published. To be considered for publication, submissions should include your name, title, affiliation and
Building a System of “Sound Securitization”
Editor’s note: Click here or see instructions below to share your thoughts on the new off balance sheet accounting rules The problems and abuses associated with the use of “off balance sheet” vehicles to finance mortgages and a variety of other consumer and commercial debt emerged as one of many serious
New AICPA Chairman Outlines Goals, Council Releases GAAP Survey at Fall Meeting
CPAs must embrace change if they are to succeed in the future, newly elected AICPA Chairman Robert R. Harris said Tuesday during his inaugural speech at the Institute’s fall Council meeting in Las Vegas, where he began a one-year term. Harris has served the Institute in many capacities, most recently
Melancon: Issues Facing CPAs Include Globalization, Economic Recovery
AICPA President and CEO Barry Melancon, speaking at the fall meeting of the Institute’s governing Council in Las Vegas on Monday, gave an update on the impact of globalization on the profession, the AICPA’s ongoing efforts to support members and the public during the economic downturn and recovery, and on
SEC Crafts Strategic Goals for 2010–2015
The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment “to promote the establishment of high-quality accounting standards by independent standard setters” and support for “a single set of high-quality global accounting standards.” The draft Strategic Plan is a
AICPA Invites Feedback on Updated Oil and Gas Industry Guide
The AICPA on Friday published a working draft of the AICPA Audit and Accounting Guide, Entities With Oil and Gas Producing Activities. The draft, which was developed by the Accounting Standards Executive Committee and the Entities with Oil and Gas Producing Activities Task Force, addresses many new accounting issues that
Accounting Leaders Recommend Changes to IASB’s Constitution
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
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Preparing clients for new provisions next tax season
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