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
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Accounting & reporting
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
XBRL Functionality Added to FASB Codification
FASB on Monday announced that it has added new XBRL functionality to its Accounting Standards Codification Web site. “The new XBRL functionality provided by the Codification Web site will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” said FASB Chairman
Small Public Companies Have Six More Months to Meet SOX Internal Controls Requirement
The SEC on Friday 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
Canada Finalizes Private Company Accounting Standards
The Canadian Accounting Standards Board (AcSB) on Wednesday approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release. The private
Deal With It
A recent Deloitte poll found that an increasing number of executives are rethinking their deal strategy in light of FASB ASC 805, Business Combinations, formerly Statement no. 141(R). Of executives polled, 44.3% said they are rethinking their strategy or that the standard would otherwise affect their deal strategy or planned
Story on Business Combinations Standard Wins Best Article Award
Paul B.W. Miller, Paul R. Bahnson and Brian P. McAllister received the Journal of Accountancy’s Lawler Award for the best article of 2008. Their article, “A New Day for Business Combinations” (June 08, page 34), discussed the former FASB Statement no. 141(R)— now codified as ASC 805—which focuses on overhauling
Employee Benefits
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) provided transition relief for plan administrators of 403(b) plans who make a good faith effort to comply with applicable annual reporting requirements for the 2009 plan year. The guidance in the EBSA’s Field Assistance Bulletin (FAB) no. 2009-02 allows 403(b)
Highlights
The AICPA released a set of FAQs and a comment letter relating to a FASB discussion paper on a potential new approach to lease accounting. The March 19, 2009, discussion paper, Leases: Preliminary Views, was issued jointly with the International Accounting Standards Board and responds to concerns raised by
Financial Reporting
FASB introduced a project intended to make financial statement disclosures more useful, organized and consistent, and less redundant. It will focus on developing a framework for improved GAAP disclosures. The project will evaluate and address whether the disclosure framework should: apply to all entities or exclude private or nonprofit entities;
Interpreting IFRS
With the increasing acceptance of IFRS in the global economy and its possible adoption in the U.S., CPAs are keenly interested in developing a broader understanding of international standards. A major goal of both the International Accounting Standards Board (IASB) and the SEC is for IFRS to be consistently and
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