The SEC extended by two months the comment period for its proposed road map for the adoption of IFRS for U.S. issuers. The comment period for the proposed road map, which was published Nov. 14, was originally scheduled to close Feb. 19. In a rule proposal, the SEC said
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TOPICS
Accounting & reporting
IFRS: A Preparer’s Point of View
If you think IFRS is difficult for CPAs to comprehend, talk to non-CPAs. Historically, accounting professionals have insulated their colleagues from understanding the effort involved in implementing newly issued accounting standards. As a result, you cannot expect them to understand the challenge associated with adopting an entirely new framework. To
Double Accounting for Goodwill: A Problem Redefined
by Martin BloomRoutledge, 2008, 248 pp. This book traces the history of the goodwill accounting controversy in detail. The book explores the problem of recognizing the importance of goodwill as a whole and finding a way of presenting meaningful information regarding it in the context of financial statements. The author
Financial Reporting
FASB issued a proposal intended to improve financial reporting by resolving some potential ambiguity about the breadth of the embedded credit derivative scope exception in Statement no. 133, Accounting for Derivative Instruments and Hedging Activities. The proposal would amend certain accounting and reporting requirements of paragraph 14B of Statement
International
The Trustees of the International Accounting Standards Committee (IASC) Foundation, the oversight body of the International Accounting Standards Board (IASB), announced constitutional changes that address recommendations made in comment letters from numerous stakeholders, including the AICPA, as well as those made by G-20 leaders at the group’s November summit
New, Not Necessarily Improved
After reading the article “Shaking Up Financial Statement Presentation” (Nov. 08, page 56) and reviewing Exhibit 2, I am baffled as to how the new approach of netting assets and liabilities and separating the balance sheet into operating, investing and financing sections similar to the statement of cash flows is
FASB Advances GAAP Codification Plan
FASB took another step forward in its plan to codify U.S. GAAP with the release Friday of an exposure draft on changes to the GAAP hierarchy. FASB is taking comments on the proposal until May 8. In the draft, the standard setter reiterates the planned July 1 effective date for
Standard Setters Outline Possible Lease Accounting Approach
FASB and the International Accounting Standards Board (IASB) released a paper on a possible new approach to lease accounting. The paper Leases: Preliminary Views responds to concerns raised by investors and other financial statements users about the treatment of lease contracts under IFRS and U.S. GAAP. In the paper, the
FAF and FASB Call for Additional Study of IFRS Conversion
FASB and its parent organization, the Financial Accounting Foundation (FAF), are calling on the SEC for additional study of “strengths, weaknesses, costs, and benefits of possible approaches” to a U.S. shift to IFRS. In a 134-page comment letter, the FAF and FASB reaffirmed support for the development of a single
AICPA Issues Financial Reporting Guidance for Credit Unions
The AICPA staff issued guidance to help preparers and auditors consider the financial reporting issues resulting from recent actions taken by the National Credit Union Administration (NCUA) to stabilize the corporate credit union system. The NCUA is injecting $1 billion in cash from the National Credit Union Share Insurance Fund
Banking Regulator Urges Change in Accounting for Loan Losses
U.S. Comptroller of the Currency John Dugan said the “incurred loss” model banks use to account for loan losses may need to be changed to a more counter-cyclical approach that would allow provisions to be made earlier in the credit cycle when times are good. Dugan, who is the
Securities Covered by EITF 99-20
Accountants often struggle when attempting to determine whether an investment is covered by Emerging Issues Task Force (EITF) Issue no. 99-20, because its scope provisions contain a “double negative” that may make interpretation difficult. In summary, the scope of EITF 99-20, Recognition of Interest Income and Impairment on Purchased
IFRS Requirements for Recognizing Impairment on Securities
Given the movement toward acceptance of IFRS in the U.S., a discussion about other-than-temporary impairment on securities would not be complete without a discussion of the IFRS requirements. IFRS requirements for recognizing impairment on securities are specified in International Accounting Standard no. 39, Financial Instruments: Recognition and Measurement. IAS
Weathering the “Other-Than-Temporary” Impairment Storm
As if a recession, the credit crisis and the housing downturn were not causing enough stress, many companies, and their accountants and auditors, must also consider an accounting issue that has become increasingly pressing—should their investments be considered “other-than-temporarily impaired”? This issue is relevant not only for financial institutions but
Government
GASB issued a technical bulletin that clarifies the requirements for calculating the annual required contribution (ARC) adjustment under GASB Statement no. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. Technical Bulletin no.
Time for a “Little GAAP”
Thank you for the article “Shaking Up Financial Statement Presentation” (Nov. 08, page 56). As a practitioner who regularly serves small business owners, I can only assume that those individuals involved with the FASB and IASB (International Accounting Standards Board) financial statement project have never worked with small businesses. The
Highlights
The study made several recommendations to improve the application of mark-to-market (or fair value) accounting standards. The suggested changes included, among others, reconsidering accounting for impairments of financial instruments and developing more guidance for determining the fair value of investments in inactive markets. The report is available at www.sec.gov/news/studies/2008/marktomarket123008.pdf. FASB
Financial Reporting
The SEC adopted new rules that will require public companies to provide an XBRL version of their SEC filings. Under the new rules, approximately 500 of the largest U.S. public companies and foreign private issuers listed with the SEC will be required to provide financial information using XBRL beginning in
International
The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington. Improved accounting for off-balance-sheet items. On Dec. 18, the IASB published proposals to strengthen and improve the requirements for identifying which entities a company
Financial Crisis Task Force Will Take Up Fair Value, Off-Balance-Sheet Transactions
The Financial Crisis Advisory Group, a joint task force assembled by FASB and the International Accounting Standards Board (IASB) to respond to the economic crisis, will take up issues including aspects of fair value accounting and off-balance-sheet transactions at its upcoming meeting. The group, which meets March 5 at
Features
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