The time is now to implement global accounting and auditing standards, said International Federation of Accountants (IFAC) President Robert L. Bunting, CPA, in a speech last week at the World Bank in Washington. In a JofA interview, Bunting, a partner in Seattle-based Moss Adams LLP and a former chairman of
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Accounting & reporting
SEC Amends Accounting Guidance on Other-Than-Temporary Impairment
The SEC’s Office of the Chief Accountant and Division of Corporation Finance on Tuesday announced the release of Staff Accounting Bulletin (SAB) no. 111 that amends Topic 5.M. in the SEC’s Staff Accounting Bulletin Series titled Other Than Temporary Impairment of Certain Investments in Debt and Equity Securities. The release
IFAC Publishes Guide to Quality Control For Small- and Medium-Sized Practices
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
GASB, CAQ Offer Research Grants
GASB and the Center for Audit Quality (CAQ) are each reaching out to the academic community with grant proposals. GASB is offering a $5,000 research grant to encourage academic support for its standard-setting activities, while the CAQ separately plans to give out a combined $200,000 in grants for multiple research
FASB Releases Final Versions of New Mark-to-Market Guidance
FASB on Thursday released final versions of authoritative guidance on the application and disclosure of fair value measurements and impairments of securities. FASB Staff Position (FSP) FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That
AICPA Supports IFRS Adoption, Recommends Changes to SEC Road Map
The AICPA on Thursday submitted comments on the SEC’s proposed road map for the use of IFRS by U.S. public companies. The Institute recommended additional changes to financial reporting regulations, a push to minimize dual recordkeeping requirements, and a call for optional early adoption to be expanded to include smaller
Guidance Released on Registration of Auditors of Nonpublic Broker-Dealers
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, extended
G-20 Committed to Global GAAP, Independence of Standard Setters
Meeting in London, the Group of 20 on Thursday 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 Thursday’s summit said the G-20 would “call on the accounting standard
FASB to Take Up Fair Value Proposals
FASB board members meet today to consider proposed fair value guidance. On the agenda for the meeting are two proposed FASB Staff Positions (FSPs): FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, and FAS 115-a, FAS 124-a, and EITF 99-20-b, Recognition and Presentation
FASB Approves New Mark-to-Market Guidance
Exactly three weeks after FASB Chairman Robert Herz’s March 12 testimony before a rancorous House Financial Services subcommittee, the independent standard-setting board voted Thursday to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions. All three new pronouncements
IFRS Converges to U.S. GAAP on Segment Reporting
As part of the convergence effort between IFRS and U.S. GAAP, the International Accounting Standards Board published IFRS 8, Operating Segments, which became effective Jan 1. IFRS 8 supersedes IAS 14, Segment Reporting, and closely resembles the “through the eyes of management” approach of FASB Statement no. 131, Disclosures about
Highlights
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
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
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