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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Accounting & reporting
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
CAQ Offers Pointers for Integrated Audits of Internal Control
The Center for Audit Quality (CAQ) issued a report highlighting lessons learned from section 404 audits of internal control over financial reporting. The nonauthoritative report, designed to help audit firms that have not yet conducted an integrated audit, as well as more experienced firms, identifies 21 practical tips for auditors.
IFAC Launches Sustainability Framework
The Professional Accountants in Business Committee of the International Federation of Accountants has developed a sustainability framework for businesses. The free Web-based framework tool is designed to support professional accountants and their organizations in integrating a sustainable way of thinking and working in all business processes. The framework, which
Treasury Plan Calls for More Disclosure, Cooperation With SEC, Accounting Standard Setters
Treasury Secretary Timothy Geithner’s plan to rescue the nation’s financial system doesn’t appear to signal a major departure from the current accounting regime, observers said. “The [Treasury’s call for more transparency] doesn’t announce anything new,” said Paul B.W. Miller, CPA, Ph.D., a professor of accounting at the University of
SEC Extends Comment Period on IFRS Road Map
The SEC announced Tuesday that it will extend 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
Updated Airline Industry Guide Available
The AICPA issued the Audit and Accounting Guide Airlines, which provides the latest information on accounting and auditing issues affecting the airline industry. The guide addresses a number of new transactions and issues that have emerged over the years, including frequent flyer programs, electronic ticketing, revenue breakage, power-by-the hour maintenance
IASB Oversight Body Responds to Call for Accountability
The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), announced constitutional changes that address recommendations made in comment letters from stakeholders, including the AICPA, as well as those made by G-20 leaders at the group’s November summit in Washington, D.C. The constitutional
GAA Wants Debate on Simplifying Financial Reporting
An international group of professional accountancy organizations is calling for a global debate on reducing complexity in financial reporting. The Global Accounting Alliance (GAA), a group that includes the AICPA and nine non-U.S. accountancy bodies, published a report that outlines a need for international discussion of financial reporting complexity and accelerating
Online Exclusive: More From IFAC President Robert Bunting
Editor’s note: These are Web-exclusive interview questions from the JofA‘s February 2009 interview with IFAC President Robert Bunting. To read the print interview, click here. JofA: You’ve served as CEO of Moss Adams LLP and chairman of the AICPA. What do you see as your most significant accomplishment? Bunting:
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