FASB changed the format for reporting amounts reclassified out of other comprehensive income (OCI) in a move designed to increase transparency at minimal cost. Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, does not change current requirements for
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FAF to review standard on accounting for income taxes
The Financial Accounting Foundation (FAF) has chosen a 1992 standard focusing on accounting for income taxes as the subject of its next post-implementation review. FASB Statement No. 109, Accounting for Income Taxes, establishes standards for reporting the effects of income taxes in an organization’s financial statements. The standard is mostly
What have IASB and FASB convergence efforts achieved?
For nearly 40 years, the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC), have been working to develop a set of high-quality, understandable, and enforceable International Financial Reporting Standards (IFRS) to serve equity investors, lenders, creditors, and others in globalized capital markets. When the
Revenue recognition: Time for early-stage planning
Experts say it’s time for CFOs and other finance professionals to engage in early-stage planning for how they will handle the changes necessary to comply with the new revenue recognition rules. It might be tempting for financial statement preparers to push their analysis of the proposed converged revenue recognition standard
FASB clarifies scope of offsetting disclosure requirements
An Accounting Standards Update (ASU) issued Thursday by FASB makes it clear that a 2011 standard on offsetting disclosures does not apply to ordinary trade receivables and receivables. ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities, excludes trade receivables and receivables
FASB repurchase agreement proposal aims to adequately reflect risks
FASB issued proposed revisions Tuesday to financial reporting standards for repurchase agreements, in part to address investors’ concerns that some current practices do not adequately reflect the transferor’s obligations and risks. The Proposed Accounting Standards Update, Transfers and Servicing (Topic 860)—Effective Control for Transfers With Forward Agreements to Repurchase Assets
Segment disclosure standard affirmed by FAF review team
A Financial Accounting Foundation (FAF) review released Monday has affirmed the general effectiveness of a FASB statement that establishes standards for the way public companies report information about operating segments in annual and interim financial statements. But the report on the post-implementation review also revealed room for improvement in Statement
New mechanisms eyed by FASB, IASB in long march toward global comparability
The mechanisms for continuing to facilitate global comparability in accounting standards will change over the next few years. But the leaders of two major standard-setting boards said Thursday during a meeting in New York City that the commitment to global comparability remains. With their joint board meetings and convergence projects
FASB working on fair value disclosure exemption for nonpublic entities
FASB is moving quickly to clarify the applicability of a certain fair value disclosure requirement to nonpublic entities. In a Proposed Accounting Standards Update (ASU), FASB asks for public comment on a clarification that is intended to reduce confusion among stakeholders. The proposal would amend Accounting Standards Update No. 2011-04,
FAF names 3 new trustees
Charles Cox, John Dugan, and Teri List-Stoll have been appointed to the Financial Accounting Foundation (FAF) Board of Trustees, the foundation announced Friday. Their five-year terms begin Jan. 1. The three new trustees replace Frank Brod, Edward Harrington and John Perrell, whose terms end Dec. 31. Another trustee, Mary Stone,
Seidman hopeful for converged expected loss approach despite differing FASB, IASB proposals
FASB released Thursday an expected credit loss proposal that is likely to differ from the approach to be recommended by the International Accounting Standards Board (IASB). But FASB Chairman Leslie Seidman said she has not given up on the idea of convergence in the project, which involves impairment of financial
Streamlining disclosures a tricky job for FASB
There is considerable agreement that more disclosures often do not lead to more useful financial statements. The question FASB faces now is: How to decide the best way to instruct preparers on which footnote disclosures to omit? Stakeholders at round-table discussions held this fall by FASB and the Center for
FASB, IASB union fragile amid SEC indecision on IFRS
The difficulties the world’s most prominent accounting standard setters face in convergence were unmistakable as FASB Chairman Leslie Seidman and International Accounting Standards Board Chairman Hans Hoogervorst spoke on the same stage Tuesday. During a speech at the AICPA Conference on Current SEC and PCAOB Developments in Washington, Hoogervorst pushed
SEC to study what information should be required in broader financial reporting
The SEC plans to study the issue of what information should be required in the financial reporting package outside the financial statements—an examination aimed at providing investors the right information in the right places while preventing overlap in demands on preparers. “We intend to initially focus on whether the issue
News highlights for December 2012
The first item of business for the Private Company Council (PCC), which will be chaired by Billy Atkinson, will be working with FASB to continue developing a framework for making decisions about whether and when U.S. GAAP should be modified for private companies. The PCC—created by the Financial Accounting Foundation
Financial reporting
Adjustments for the time value of money, which have generated some opposition from stakeholders, are likely to remain a part of the converged revenue recognition standard that is being jointly developed by FASB and the International Accounting Standards Board (IASB). The boards tentatively affirmed a proposal in the 2011
Impairment testing: Effectively using the qualitative assessment
Historically, many organizations have conducted goodwill and indefinite-lived intangible asset impairment testing by collaborating with valuation professionals and other advisers to measure fair value of their reporting units and indefinite-lived intangible assets. With recent changes to impairment testing and, specifically, the introduction of optional qualitative assessments to potentially avoid the
FASB proposes narrowing scope of offsetting disclosures
A new proposal would narrow the definition of financial instruments in FASB’s recently implemented standard on disclosures about offsetting assets and liabilities. FASB on Monday issued a Proposed Accounting Standards Update (ASU), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities. Comments from stakeholders are
FASB, IASB tentatively change revenue recognition constraint
The cumulative amount of revenue entities recognize under a new converged standard should not be subject to a significant revenue reversal or downward adjustment under guidance tentatively approved this week by FASB and the International Accounting Standards Board (IASB). The boards met Monday by videoconference to discuss elements of the
FASB to draft ASU on presenting items reclassified out of accumulated OCI
FASB has directed its staff to prepare an exposure draft of an Accounting Standards Update (ASU) on presentation of items reclassified out of accumulated other comprehensive income (OCI), according to the board’s website. During a meeting Wednesday, the board discussed feedback from stakeholders on the exposure draft issued in August,
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