Former CFA Institute President and CEO Jeffrey Diermeier has been elected chairman of the board of trustees of the Financial Accounting Foundation (FAF), succeeding John Brennan. Brennan, who is chairman emeritus of the investment management company The Vanguard Group, had led FAF’s board since February 2009. While stepping down from
Advertisement
TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB moves forward with new model for financial instrument impairment
FASB’s new model for impairment of financial instruments is clearing hurdles as the board pursues a different path than its international counterpart on expected credit loss. The revised credit impairment model FASB is developing will be re-exposed separately from tentative proposals on the classification and measurement of financial instruments, according
Investors aware of issues before goodwill impairment announcements, study shows
By the time a company announces that goodwill is impaired, investors have been aware for months that the company is facing problems, a new study indicates. One objective of the fourth annual Financial Executives International (FEI) Goodwill Impairment Study was to compare the stock price performance of companies that recorded goodwill
FASB, IASB keep time value of money in revenue recognition standard
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 last week tentatively affirmed a proposal in the
Financial reporting
FASB released its initial staff recommendations on whether and when it will be appropriate to adjust financial reporting requirements for private companies. The recommendations are contained in a paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies. FASB invited stakeholders to
FASB sees flexibility, relevance as cures to disclosure overload
As described by FASB member Marc Siegel during a webcast Wednesday, disclosure requirements are becoming increasingly burdensome for financial statement preparers. One objective of a current FASB project is reducing the volume of those disclosures by enabling flexible requirements geared toward relevance. Siegel described the disclosure overload problem in detail
Financial reporting / regulation
The release of a FASB discussion paper for its disclosure framework project represents a significant step in the effort to improve the effectiveness of disclosures in financial statements. The 81-page document, which FASB calls an invitation to comment, came the same day the European Financial Reporting Advisory Group (EFRAG) released
FASB takes new path in contentious financial instruments project
FASB is crafting a new expected credit loss impairment model in hopes of moving forward again in the joint accounting for financial instruments project the board is pursuing with the International Accounting Standards Board (IASB). In July, IASB Chairman Hans Hoogervorst reacted with consternation when informed that FASB intended to
FASB releases proposed 2013 U.S. GAAP taxonomy for comment
FASB released Thursday the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The taxonomy is a list of computer-readable financial reporting labels coded in XBRL, a computer language that allows companies to tag the pieces of financial data included in typical long-form financial statements and related
FASB proposes presenting amounts reclassified out of accumulated OCI
A new FASB proposal would require preparers of financial statements to present in one place information about the amounts reclassified out of accumulated other comprehensive income (OCI). On Thursday, FASB issued a Proposed Accounting Standards Update (ASU) for public comment. The board presented a plan to require a tabular disclosure
Impairment of financial instruments on FASB meeting agenda
FASB will continue its discussion of impairment of financial instruments during its board meeting on Aug. 22. A decision by FASB last month to address a number of topics and constituent concerns in the joint project with the International Accounting Standards Board (IASB) was met with frustration by IASB Chairman
FAF reviewing FASB business combinations standard
The Financial Accounting Foundation (FAF) is gathering survey participants for a post-implementation review of a FASB standard on business combinations that generated controversy after it was issued in 2007. A joint project with the International Accounting Standards Board (IASB) resulted in FASB Statements No. 141(R), Business Combinations, and No. 160,
Financial reporting
Accounting standard setters have agreed on a lessee accounting approach, setting the stage for a lease accounting exposure draft in the fourth quarter this year. FASB and the International Accounting Standards Board (IASB) previously agreed that leases should be recorded on the balance sheet, but have been debating the
FASB releases recommendations for private company framework
FASB on Tuesday released its initial staff recommendations on whether and when it will be appropriate to adjust financial reporting requirements for private companies. The recommendations are contained in a paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies. FASB on Tuesday
FASB simplifies impairment testing of indefinite-lived intangible assets
The guidance for testing the impairment of intangible assets such as indefinite-lived trademarks, licenses and distribution rights has been simplified by FASB. FASB on Friday issued Accounting Standards Update (ASU) no. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The standard applies to testing the decline
“More than insignificant” is key judgment in leases proposal
CPAs may have difficulty at times determining what constitutes “more than insignificant” consumption of a leased asset by a lessee under a proposed standard being jointly developed by FASB and the International Accounting Standards Board (IASB), according to a webcast conducted by the boards on Thursday. On rare occasions, a
FASB seeks advice on improving financial statement disclosures
FASB released a discussion paper for its disclosure framework project Thursday, a significant step in the effort intended to improve the effectiveness of disclosures in financial statements. The 81-page document, which FASB calls an invitation to comment, came the same day the European Financial Reporting Advisory Group (EFRAG) released a
FASB proposes liquidity risk, interest rate risk disclosures
FASB issued a proposed standard Wednesday that is intended to help financial statement users better understand organizations’ exposure to liquidity risk and interest rate risk. The proposed liquidity risk disclosures would provide information about the risk encountered by the reporting organization when meeting its financial obligations. It would apply to
Decision on lessee model clears way for lease accounting project’s final act
Accounting standard setters agreed Wednesday on a lessee accounting approach, setting the stage for a lease accounting exposure draft in the fourth quarter this year. FASB and the International Accounting Standards Board previously agreed that leases should be recorded on the balance sheet, but have been debating the classification and
FASB nears vote on impairment testing of certain intangible assets
After reviewing a staff analysis of comment letters on its exposure draft on intangibles, FASB decided Wednesday to move forward with several of the concepts in the document and prepare the standard for a vote. The board also made progress on public company subsidiaries and employee benefit plans in its
Features
FROM THIS MONTH'S ISSUE
Building a better CPA firm: Stepping up service offerings
A key step in business model modernization is determining how to implement services that satisfy clients and employees.
From The Tax Adviser
August 30, 2025
2025 tax software survey
July 31, 2025
