FASB financial accounting & reporting

In an effort to improve guidance, FASB on Thursday proposed an updated standard for the financial reporting of all insurance contracts, not just those written by insurance companies, and asked stakeholders to comment on it by Oct. 25. The proposal aims to bring consistency to the existing standards under U.S.

FASB on Wednesday issued a proposal designed to improve disclosures of uncertainties related to an organization’s ability to continue as a going concern. Under U.S. GAAP, financial statements are prepared under the inherent presumption that the reporting organization will be able to continue as a going concern. FASB explained in

The AICPA Financial Reporting Executive Committee (FinREC) expressed significant objections to FASB’s financial instruments impairment proposal. The high-profile project is designed to address some of the causes of the recent financial crisis and calls for measurement and reporting of expected losses rather than incurred losses. Although the project began as

FASB on Wednesday voted to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan (EBP) in the plan sponsor’s own equity securities. Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic EBPs would reveal sensitive proprietary information of private companies. FASB in the

A FASB standard released Friday identifies characteristics a company must assess to determine whether it is considered an investment company for financial reporting purposes. Accounting Standards Update No. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, takes effect for fiscal years beginning after Dec.

Finance executives in the United States expect modest difficulty implementing the sweeping, global changes in revenue recognition that are coming their way, according to a new survey. In the second-quarter AICPA Business and Industry Economic Outlook Survey, released Thursday, CPA executives explained their expectations for the assimilation of the new

FASB has promised to give consideration to various stakeholder concerns that arose during a recent post-implementation review (PIR) of its business combinations standard. The review report, released last week, described concerns about FASB Statement No. 141 (revised 2007), Business Combinations, also known as Statement 141(R). In a response released Thursday,

Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of

A Financial Accounting Foundation (FAF) team gave FASB’s standard on business combinations a mixed review, according to information provided by FAF on Wednesday. The FAF post-implementation review team performed an in-depth analysis of FASB Statement No. 141 (revised 2007), Business Combinations (Statement 141R), which is codified in ASC Topic 805,

FASB’s primary advisory group issued a survey Wednesday to solicit stakeholder views about the board’s future agenda. The Financial Accounting Standards Advisory Council (FASAC) advises FASB on priorities for the future and possible new agenda items. Responses to the survey are requested by May 30. FASAC periodically surveys stakeholders to

Stakeholders have expressed concerns to FASB that certain disclosure requirements for nonpublic employee benefit plans would reveal sensitive proprietary information of private companies. FASB is addressing that concern by proposing an indefinite deferral of the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in

Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, will succeed Leslie Seidman as FASB’s chairman on July 1. The Financial Accounting Foundation (FAF) announced Golden’s appointment Tuesday. FAF Chairman Jeffrey Diermeier said in a news release that

Russell Golden, who was named Tuesday to be Leslie Seidman’s successor as FASB chairman, said the board’s immediate priorities will include completing international convergence projects and ensuring that accounting standards for private companies are relevant. Golden, 42, a FASB board member who will become chairman on July 1 after Seidman’s

A new FASB standard released Monday provides guidance for organizations on when and how to prepare financial statements using the liquidation basis of accounting. Accounting Standards Update (ASU) 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, describes how financial statements must be prepared by a company that