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
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Accounting & reporting
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
GASB Proposals Address Chapter 9 Bankruptcies, Retiree Health Plans
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
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
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