GASB acknowledged the precarious fiscal health of state and local governments around the country as it issued an exposure draft intended to give guidance on 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 an
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Accounting & reporting
GAAP Codification Resources
Accounting research has changed dramatically, shifting CPAs to an online tool for searching and referencing U.S. GAAP. On July 1, the FASB Accounting Standards Codification (ASC) became the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The ASC disassembled
Cap-and-Trade Accounting Resources
Editor’s note: These are Web-exclusive resources for “Accounting for Emissions.” Excel worksheets and other tools to estimate carbon output by individuals and certain businesses at the EPA Web site. The Carbon Disclosure Project Global 500 Report 2008 and a number of other national and international disclosure studies, www.cdproject.net/reports.asp The Petition
Government
GASB released a statement that incorporates accounting and financial reporting guidance, which was previously only contained in the AICPA’s auditing literature, into GASB’s financial reporting literature for state and local governments. Statement no. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards,
Accounting for Emissions
For several decades, the environmental, economic and health effects from greenhouse gases (GHG) have been closely studied and debated by the scientific community, regulatory authorities and other diverse groups. GHGs are emitted into the atmosphere mainly as a by-product of waste disposal and the burning of fossil fuels by individuals,
Highlights
The PCAOB issued Staff Audit Practice Alert no. 4 to describe potential implications of three FASB Staff Positions on reviews of interim financial information and annual audits. The FSPs relate to fair value measurement and other-than-temporary impairment. They are: FSP FAS 157-4, Determining Fair Value When the Volume and
Financial Reporting
The AICPA’s accounting standards staff issued Technical Practice Aid (TPA) 6931.11, Fair Value Measurement Disclosures for Master Trusts. The aid, available at tinyurl.com/d94du2, provides guidance on fair value measurement disclosure requirements for an employee benefit plan when the plan holds investments in a master trust. The Financial Crisis
International
The IASB announced a detailed timetable for replacing its existing financial instruments standard, IAS 39, Financial Instruments: Recognition and Measurement. The IASB’s comprehensive project on financial instruments responds directly to and is consistent with the recommendations and timetable set out by the G-20 nations at their April meeting, according
Obama Announces Broad Regulatory Reform Proposals
President Obama on Wednesday 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
FASB Issues Standards on Securitizations, SPEs
FASB on Friday 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
SEC Considering New Proxy Disclosure Rules on Executive Compensation
SEC Chairman Mary Schapiro announced Wednesday that the commission is considering a package of new proxy disclosure rules that would provide more information to investors on public companies’ compensation decisions. “At the SEC, our role has not been to set pay scales or cap compensation,” said Schapiro in a news
SEC Staff Updates Guidance on Business Combinations and Consolidation
The SEC’s Office of the Chief Accountant last week published a Staff Accounting Bulletin (SAB) that updates previous guidance by removing material no longer necessary because of developments in U.S. GAAP regarding business combinations and noncontrolling interests in consolidated financial statements. FASB Statement no. 141(R), Business Combinations, and Statement no.
Government
GASB issued a statement that incorporates the hierarchy of GAAP for state and local governments into GASB’s authoritative literature. GASB Statement no. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, is intended to make it easier for preparers of state and local government financial
Financial Reporting
FASB revised FASB Statement no. 141 (revised 2007), Business Combinations, to address application issues raised by preparers, auditors, and people in the legal profession on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. The application concerns
Highlights
Significant changes next month will affect the way CPAs perform accounting research and reference accounting literature in day-to-day work. On July 1, FASB is expected to issue the FASB Accounting Standards Codification (ASC) as authoritative. The ASC will become the single source of authoritative U.S. accounting and reporting standards
International
The Group of 20 reaffirmed its commitment to strengthening the financial system and again weighed in on accounting issues as it did last November in Washington. The primary communiqué released at the end of a summit held in London on April 2 said the G-20 would “call on the
New Disclosure Required for Subsequent Events
FASB on Thursday issued new rules that should alert financial statement users about the timing and events at issue in the statements. FASB Statement no. 165, Subsequent Events, takes effect soon. It applies to interim and annual periods ending after June 15, 2009. The standard requires the disclosure of the
CPAs Becoming More Familiar With IFRS, Many Want More Time
CPAs hold mixed views on the SEC’s proposed timeline for the adoption of IFRS by U.S. public companies, according to an AICPA survey. Asked whether they think the timeline, which would require IFRS adoption for public companies starting in 2014, should be changed, 47% of CPA respondents said it should
FASB Expected to Issue Accounting Standards Codification as Authoritative on July 1
Significant changes in July will affect the way CPAs perform accounting research and reference accounting literature in day-to-day work. On July 1, FASB is expected to issue the FASB Accounting Standards Codification (ASC) as authoritative. The ASC will become the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities,
The Long View on IFRS: Gerhard Mueller
Gerhard G. Mueller helped popularize the field of international accounting among academics and their students. His contributions have spanned many areas of accountancy, including teaching, research and professional service. Mueller, who is retired, has been a professor at the University of Washington, served as a FASB board member from 1996
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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