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
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Accounting & reporting
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
Virtual Business Valuation Round Table: Definitions
Editor’s note: This is a Web-exclusive sidebar for “Valuations for Financial Reporting in Today’s Market,” May 09. The following definitions from the International Glossary of Business Valuation Terms or Glossary of Additional Terms may help readers who are not active business valuation analysts. Standard of Value—the identification of the type
Additional Comments From the Business Valuation Virtual Round Table
The JofA hosted a virtual round-table discussion with valuation professionals from the financial reporting sector to gauge how they are handling critical valuation issues in today’s climate and what their outlook is for the near future. Excerpts from that discussion were published in the JofA’s May 2009 issue (see “Valuations
Government
To address a lack of consistency in fund balance reporting, GASB’s new Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes a hierarchy of fund balance classifications based primarily on the extent to which a government is bound to observe spending constraints imposed upon how resources reported
Valuations for Financial Reporting in Today’s Market
The current economic environment has presented unprecedented circumstances for members of the business valuation profession. Those who perform valuations for financial reporting are grappling with issues surrounding impairment, market capitalization versus fair value determinations, reasonable rates of return, and active versus distressed and inactive markets, to name a few. The
FASB Updates Fair Value Guidance
Editor’s note: This is a sidebar to “Valuations for Financial Reporting in Today’s Market,” May 09. At its April 2 meeting, FASB voted to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions. As a result, FASB
Highlights
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker- dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006,
Concerns From an Auditor’s Standpoint
Editor’s note: This is a sidebar to “Valuations for Financial Reporting in Today’s Market,” May 09. Having never done a valuation, I have an alternative view from the valuation panel participants since I am from the audit and accounting side. I have been working with Dixon Hughes PLLC’s valuation
International
IFAC has published a Guide to Quality Control for Small- and Medium-Sized Practices. This nonauthoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
Regulatory Reform Tops Agenda at Opening of AICPA Council Meeting
Talk of financial regulatory reform took center-stage as CPAs from across the country gathered Sunday in Washington to open the AICPA’s 2009 Spring Meeting of Council. The agenda for the three-day meeting includes speeches by AICPA leadership, Congressional lawmakers and political pundits. The meeting concludes Tuesday with visits by CPAs
Features
FROM THIS MONTH'S ISSUE
Tax season quick guide
Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.
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