The federal banking and thrift regulatory agencies are seeking comment on a proposed regulatory capital rule related to FASB’s adoption of Statement no. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140, and Statement no. 167, Amendments to FASB Interpretation No. 46(R). Beginning in 2010, these accounting
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Accounting & reporting
IASB Proposes Amendments to 11 IFRSs
The International Accounting Standards Board (IASB) published for public comment an exposure draft of proposed amendments to 11 IFRSs under its annual improvements project. The proposed amendments range from clarification of the measurement of noncontrolling interests in IFRS 3, Business Combinations (as revised in 2008), to changes of wording to
XBRL U.S. GAAP Tags Now Aligned to FASB Accounting Codification
The XBRL U.S. GAAP Taxonomy has been updated to reflect the FASB Accounting Standards Codification and is effective for interim and annual periods ending after Sept.15, 2009, FASB and XBRL US announced Tuesday. The codification, which became effective July 1, reorganizes thousands of U.S. GAAP pronouncements into roughly 90
Highlights
President Barack Obama presented a plan for regulatory reforms that would consolidate banking regulators, create new government agencies and give new powers to the Federal Reserve. One proposal of particular interest to the accounting profession includes three recommendations addressed to accounting standard setters. The plan echoes the Group of 20’s
Financial Reporting
FASB published standards that change the way entities account for securitizations and special-purpose entities. Both standards will require new disclosures. FASB Statement no. 166, Accounting for Transfers of Financial Assets, and Statement no. 167, Amendments to FASB Interpretation No. 46(R), will affect financial institution balance sheets beginning in 2010.
International
The International Accounting Standards Board (IASB) published an exposure draft on fair value measurement. If adopted, the proposals would replace fair value measurement guidance contained in individual IFRS with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement
Government
The Federal Accounting Standards Advisory Board (FASAB) released an exposure draft of Technical Bulletin 2009-1, Deferral of the Effective Date of Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs. The proposed technical bulletin’s purpose is to defer the effective date of Technical Bulletin 2006-1 for two years to
International Fair Value Accounting Draft Cross-Referenced to U.S. Counterpart
The International Accounting Standards Board (IASB) on Wednesday published new resources to help stakeholders understand how its exposure draft on fair value measurement compares to the U.S. accounting standard upon which it is based. The new resources include: A marked-up version of the text that shows the wording differences
Standard Released on GAAP Hierarchy for Federal Government Entities
The Federal Accounting Standards Advisory Board (FASAB) on Tuesday issued a standard, effective immediately, that incorporates the hierarchy of generally accepted accounting principles (GAAP) into FASAB’s authoritative literature but makes no changes to the order of priority for accounting and financial reporting guidance. Statement of Federal Financial Accounting Standards (SFFAS)
Employee Benefits Security Administration Eases New 403(b) Plan Reporting Requirements
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) last week 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
IASB Amends IFRS for First-Time Adopters, Releases Proposal on Rate-Regulated Activities
The International Accounting Standards Board (IASB) on Thursday published amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards, along with an exposure draft on accounting for rate-regulated activities. The amendments to IFRS 1: · Exempt entities using the full cost method from retroactive application of IFRS for oil
Accounting Leaders Discuss Simplifying Financial Reporting
Strategies for ridding the financial reporting system of some of its complexities took center stage at a forum of accounting leaders held in New York on Friday. The Global Accounting Alliance (GAA) and the AICPA held the third of three roundtable discussions about the topic at the AICPA’s office. The
SEC Proposes New Disclosure Rules for Municipal Securities
The SEC on Wednesday proposed amendments to SEC Rule 15c2-12 that prohibits brokers, dealers, and municipal securities dealers from purchasing or selling municipal securities unless they reasonably believe that the state or local government issuing the securities has agreed to disclose such things as annual financial statements and notices of
IASB Proposes Changes to Financial Instruments Accounting
The International Accounting Standards Board on Tuesday published proposals that respond to the recommendations and timetable set out by the Group of 20 leaders following summits last fall in Washington and this spring in London. On Wednesday the IASB will discuss and take questions on the exposure draft via two
International Board Releases Revised Ethics Code
The International Ethics Standards Board for Accountants (IESBA) on Friday issued a revised version of its Code of Ethics for Professional Accountants that strengthens auditor independence requirements. The IESBA is an independent standard-setting board of the International Federation of Accountants (IFAC). The revised code, which is effective Jan. 1, 2011:
FASAB Revises Proposed Standard for Oil and Gas Resources
The Federal Accounting Standards Advisory Board (FASAB) is seeking comment on a Revised Exposure Draft, Accounting for Federal Oil and Gas Resources. The proposed standard would result in recognition of the estimated value of royalties from federal oil and gas leases and changes over time in those values as well
FASB Issues Exposure Draft on Credit Quality Disclosures
FASB issued an exposure draft of a proposed Statement of Financial Accounting Standards, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. Respondents were asked to comment on whether they believe the proposed statement would achieve its goal of providing more information regarding the nature
New Option for Private Companies in Streamlined IFRS
U.S. private companies have a new choice for accounting and financial reporting—a slimmed-down version of IFRS tailored more to their needs. IFRS for SMEs (small- and medium-size entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the standard Thursday after five years of work
FASB Introduces Disclosure Project
FASB introduced a project Wednesday that is intended to make financial statement disclosures more useful, organized and consistent, and less redundant. The project will focus on developing a framework for improved GAAP disclosures, according to FASB Chairman Robert Herz. The vision for the framework is for it to allow companies
GASB Pursues Transparency in Proposals on Service Concession Arrangements, Financial Instruments
GASB issued two exposure drafts of proposed statements, Accounting and Financial Reporting for Service Concession Arrangements and Financial Instruments Omnibus, which are intended to increase transparency. The exposure draft on service concession arrangements (SCAs) would set accounting and financial reporting requirements for partnership arrangements between governments and private entities and
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Preparing clients for new provisions next tax season
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