Going-concern assertions are appropriately made by management, the AICPA’s Financial Reporting Executive Committee (FinREC) and the Center for Audit Quality (CAQ) said in comment letters supporting a FASB proposal. The comment period ended Tuesday for FASB’s proposed Accounting Standards Update, Presentation of Financial Statements (Topic 205), Disclosure of Uncertainties About
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FASB financial accounting & reporting
Type A or Type B? Lease concerns emerge at round table
The economics of cellphone towers was cited Monday as one of the many challenges FASB and the International Accounting Standards Board are encountering as they attempt to build one, converged, principles-based financial reporting model for leases. The boards proposed a standard that would mandate a dual approach to recognition, measurement,
Businesses voice stiff opposition to lease proposal
The converged proposal on financial reporting for leases faces significant opposition from businesses from around the globe. Friday was the final day for the public to submit comment letters on the reproposal to FASB and the International Accounting Standards Board (IASB). An analysis of comment letters on the proposed standard
Stakeholders seek simplification, better information from FASB standards
A FASB advisory committee asked stakeholders what they thought the board’s standard-setting priorities should be. Respondents said they wanted simplicity and better information. The top three reasons improvements are needed to financial reporting standards, according to 105 respondents participating in a Financial Accounting Standards Advisory Council (FASAC) survey, are: Simplification
Big changes in store for FASB, Golden says
FASB Chairman Russell Golden on Thursday described plans to increase the efficiency and effectiveness of the board’s operations. Golden provided wide-ranging remarks about FASB’s future as he spoke at a one-day conference in New York City celebrating the board’s 40th anniversary. He said the board needs to evaluate its agenda
FASB seeks to simplify reporting for development-stage entities
FASB voted Wednesday to propose changes designed to improve the relevance and reduce the complexity of development-stage entity financial reporting. The board expects to issue an exposure draft (ED) by the end of October that would apply to public and private entities. During a July 16 meeting, the Private Company
IASB chair states case for leases on balance sheets
With the comment deadline on the converged lease accounting proposal just days away, International Accounting Standards Board (IASB) Chairman Hans Hoogervorst reiterated his support for the proposal that would put leases on company balance sheets. Friday is the deadline for public comment on a proposal by the IASB and FASB
FASB’s Investor Advisory Committee opposes leases proposal
The converged proposal on financial reporting for leases continues to face resistance with the deadline for comment letters little more than one week away. FASB’s Investor Advisory Committee (IAC) last week declined to support the proposal, stating that the proposal is not an improvement to current accounting. And the Equipment
FASB releases proposed 2014 U.S. GAAP taxonomy
FASB released its proposed 2014 U.S. GAAP Financial Reporting Taxonomy on Friday. The taxonomy consists of a list of computer-readable financial reporting labels coded in XBRL. The proposal contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the
Leases case study: How J&J prepared a global inventory
Creating an inventory for all leases is one of the first actions experts say companies should consider in preparation for the converged lease accounting standard proposed by FASB and the International Accounting Standards Board. Johnson & Johnson (J&J), the global health care products company, has received two distinct benefits from
GASB risk financing standards get positive review
Accounting standards for risk financing and insurance-related activities of state and local governments, including public risk pools, achieve their purpose, according to a Financial Accounting Foundation (FAF) review report released Tuesday. GASB Statements No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, and No. 30, Risk
Revised proposal would clarify which projects GASB can consider
The Financial Accounting Foundation (FAF) on Tuesday issued a revised proposal describing a process that would decide which information GASB could consider for its standard setting for state and local governments. Under the proposal, GASB would consult with the FAF trustees’ Standard-Setting Process Oversight Committee to determine whether particular information
Six areas where new revenue recognition standard will require judgment
The new, converged revenue recognition standard will include substantially less industry-specific, “bright-line” guidance than many U.S. companies are accustomed to. The standard that FASB and the International Accounting Standards Board are expected to issue this year will create the need for new judgments to be reached by financial statement preparers
FASB to propose relief for private companies from VIE requirements
FASB moved closer Wednesday to providing relief for private companies from variable-interest entity (VIE) consolidation requirements for common control leasing arrangements, which are considered costly and irrelevant by many small business owners. The board voted to endorse a decision by the Private Company Council (PCC) to propose an alternative for
NFPs excluded from FASB’s proposed definition of a public business entity
FASB would not consider not-for-profits (NFPs) and employee benefit plans public business entities for purposes of future standard setting, according to a new proposal the board exposed for public comment Wednesday. FASB is defining a public business entity to prevent confusion over which entities can apply the alternatives within GAAP
FASB, IASB creating team to aid revenue recognition transition
FASB and the International Accounting Standards Board (IASB) plan to create a joint transition resource group to aid in implementation of the upcoming, converged standard on revenue recognition. The standard will have wide-ranging implications for many businesses, and the transition group will be tasked with keeping the boards up to
Leases: What should companies do now?
When important new accounting standards are under development, forward-thinking companies often look ahead to anticipate possible changes and work ahead so they don’t have to scramble when the standard takes effect. Some companies already are doing some of that work with leases, experts say. But the lease accounting proposal—a joint
Former SEC chief accountant Kroeker joins FASB as vice chairman
Former SEC Chief Accountant Jim Kroeker is joining FASB in a new vice chairman position designed to reduce the burden on board Chairman Russell Golden. Kroeker fills a vacancy on the board created by the June 30 retirement of Leslie Seidman, who was FASB’s chairman. FASB had a vice chairman
Managing change, people and transparency
Robert Herz, CPA, was FASB chairman from 2002 through 2010. Before joining FASB, he worked 28 years in public accounting with PwC and Coopers & Lybrand. His memoir, Accounting Changes: Chronicles of Convergence, Crisis, and Complexity in Financial Reporting, was published this spring. He also is co-author of The Value
FASB changes leadership, not direction
Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, was scheduled to succeed Leslie Seidman as FASB’s chairman on July 1. Golden said the board’s immediate priorities include completing international convergence projects and ensuring that accounting standards for
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