The Federal Accounting Standards Advisory Board (FASAB) issued a standard that furthers one of the standard setter’s federal financial reporting objectives—the stewardship objective—by enabling readers to determine whether future budgetary resources will sufficiently sustain public services and meet obligations as they come due. Statement of Federal Financial Accounting Standards (SFFAS)
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TOPICS
Accounting & reporting
G-20: Achieve Single Set of Global Accounting Standards by June 2011
In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent
FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach
FASB on Wednesday 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. At its board meeting, FASB ratified the consensus approach reached at the
Accounting Educators Say U.S. at Disadvantage Without IFRS
Nearly half of accounting faculty at U.S. universities believe the United States should transition to IFRS to remain competitive, and three-quarters think IFRS needs to be immediately incorporated into their school’s curricula, according to a survey conducted by the American Accounting Association (AAA) and KPMG LLP. The second annual KPMG-AAA
FASAB Committee’s Proposals Intended to Clarify Accounting for Asbestos Cleanup Costs
The Accounting and Auditing Policy Committee (AAPC), a permanent committee of the Federal Accounting Standards Advisory Board (FASAB), on Friday released two exposure drafts of new Federal Financial Accounting Technical Releases, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment and Implementation Guidance on Cleanup Costs Associated
FASB Drops Some FIN 48 Disclosure Requirements for Private Companies
FASB on Wednesday 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
IFRS Risk Planning and Controls Execution
Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks. These include system changes, modifications to processes impacting employees’ day-to-day duties, and
Government
GASB acknowledged the precarious fiscal condition of state and local governments as it issued an exposure draft concerning the effects of Chapter 9 bankruptcies. Chapter 9 of the U.S. Bankruptcy Code applies to filings by governmental entities. The standard setter also issued a proposal intended to improve consistency in
Highlights
U.S. private companies may 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 new standard in July after
Financial Reporting
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. The goal of the proposed statement is to provide more information regarding the nature of credit risk inherent in the creditor’s portfolio
FASB Proposes Fair Value Measurement Disclosures Update
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 Codification.
Proposed Regulatory Capital Rule Incorporates Guidance in FASB 166 and 167
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
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)
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