Special purpose frameworks

TOPICS / ACCOUNTING & REPORTING

October 1, 2009

Canada Finalizes Private Company Accounting Standards

The Canadian Accounting Standards Board (AcSB) on Wednesday approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release. The private

September 3, 2009

FASB Drops Some FIN 48 Disclosure Requirements for Private Companies

FASB on Wednesday issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements

September 1, 2009

Highlights

U.S. private companies may 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 new standard in July after

July 9, 2009

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

January 17, 2009

Private Companies and FIN 48

The good news is that on Oct. 15, 2008, FASB deferred the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for all nonpublic companies for one year. The bad news is that the year is up already. Company and outside tax and financial

January 12, 2009

Committee Raising Awareness About Tax Disclosure Requirement for Private Companies

Private companies may have scored a temporary reprieve on the implementation deadline for accounting standard FIN 48 regarding uncertain tax positions, but they nevertheless face an important disclosure requirement under the standard. FASB has twice deferred the effective date for certain private entities of FASB Interpretation no. 48, Accounting

November 1, 2008

PCPS Publications Recognized for Excellence

Over the last year, publications from the AICPA’s Private Companies Practice Section received 10 awards in five national and international communications competitions. The publications honored are: ■ Seasonality Success—Award of Excellence in the 2008 Apex Awards for Publication Excellence ■ Small Firm Solutions—Gold award in the 2008 Hermes Creative Awards

October 1, 2008

Highlights

FASB issued a revised exposure draft of a Proposed Statement of Financial Accounting Standards, Earnings per Share—an amendment of FASB Statement No. 128. The proposed statement is intended to improve financial reporting by clarifying and simplifying the method of calculating earnings per share. As part of international convergence efforts, the

July 1, 2008

Smith, Stevenson Named to PCFRC

James K. Smith, CFO of Phonon Corp. in Connecticut, and James Stevenson, CFO of ABS Capital Partners in Maryland, were named to the Private Company Financial Reporting Committee. Smith has expertise as a preparer of financial statements and Stevenson as a reviewer. Sponsored by FASB, with additional administrative

January 1, 2008

Driving Change: Judith O’Dell

Judith O’Dell is the chair of the Private Company Financial Reporting Committee, which advises FASB and advocates for private companies on matters of existing and prospective accounting standards. The permanent committee—created by the AICPA and FASB in late 2006—gained traction on its first major project

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AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.