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TOPICS / ACCOUNTING & REPORTING

FASB financial accounting & reporting

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

FASB and IASB narrow lessee accounting model options

FASB and the International Accounting Standards Board (IASB) have narrowed their focus in anticipation of a vote next month on a lessee accounting model in their joint convergence project on leases. During deliberation Thursday, the boards ceased consideration of two of the four lessee accounting models that had been proposed.

New private company council includes FASB, but in reduced role

The Financial Accounting Foundation (FAF) voted Wednesday to create a Private Company Council (PCC) to identify and vote on differences in U.S. GAAP for private companies. FASB will be responsible for “endorsement” rather than “ratification” of the newly created council’s decisions. The PCC will decide on exceptions and modifications to

FASB nearing release of invitation to comment on disclosure framework

A disclosure framework project that FASB has been developing for almost two years is scheduled to reach a milestone in June or July with the issuance of invitation for public comment, FASB Chairman Leslie Seidman said Thursday. Seidman said the three main objectives of the framework project are determining what

FASB clarifications include plans for qualitative disclosures for financial instruments

FASB on Wednesday clarified its plans regarding requirements for specific qualitative disclosures and the definition of “financial institution” that will be included in the liquidity disclosures section of its proposed Accounting Standards Update (ASU) on accounting for financial instruments. The board decided that a reporting entity should provide any additional

FASB to revisit going-concern question

FASB on Wednesday decided to revisit the question of whether management should be required to assess if there is doubt about an entity’s ability to continue as a going concern. The decision came as a result of FASB’s recent decision not to pursue going-concern-type disclosures in its project about liquidity

FASB makes decisions in project to define nonpublic entity

FASB made two important decisions Wednesday in its project to define a nonpublic entity. An entity that is required to file or furnish financial statements with the SEC to issue securities to be traded in a public market should not be included in the definition of a private company, FASB

FASB and IASB make progress on insurance project

FASB and the International Accounting Standards Board (IASB) reached tentative decisions on reinsurance and issues related to policy loans and contract modifications, including riders, in their ongoing, joint convergence project on insurance. The progress on insurance during last week’s joint board meeting was reported on FASB’s website, where the full

Tweedie: U.S. decision is key to future of international standards

Three former standard setters – who served the accounting profession through the early days of the financial crisis – talked at length Tuesday during a two-hour panel discussion in New York about the U.S. adoption of IFRS, integrated reporting, and the political pressure that standard setters can face. “Shaping the

Final standards in convergence projects expected by mid-2013

FASB and the International Accounting Standards Board (IASB) expect to issue final, joint standards in their major convergence projects by mid-2013, according to a report to the Financial Stability Board (FSB) Plenary on Accounting Convergence posted Monday on the IASB website. The boards expect to begin redeliberations on their joint

Tweedie, Herz, Cherry to discuss financial reporting

Last spring, when he was chairman of the International Accounting Standards Board (IASB), Sir David Tweedie made a case for principles-based accounting standards. “I believe that this approach is superior,” he said during a speech to the U.S. Chamber of Commerce. Tweedie was advocating for standards based on principles rather

FASB and IASB clarify expected credit loss estimate attributes

FASB and the International Accounting Standards Board (IASB) on Wednesday clarified the attributes of an expected credit loss estimate as part of an ongoing joint convergence project on accounting for financial instruments. With the clarification, the boards addressed concerns about the use of the term “expected value,” according to a

FASB, IASB tentatively agree on two financial instruments items

Tentative, joint decisions reached by FASB and the International Accounting Standards Board (IASB) on Tuesday will affect the business model assessment for classifying financial assets at amortized costs, and bifurcation of financial assets and financial liabilities. According to a summary posted on FASB’s website, the boards tentatively made decisions related

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