FASB and the International Accounting Standards Board (IASB) in November released a revised proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. The new standard
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
Financial reporting
The AICPA’s Financial Reporting Executive Committee (FinREC) issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. The guide provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing. While the guide includes some guidance
FASB Defers Part of Comprehensive Income Standards Update
FASB on Friday released an update that defers a portion of new accounting requirements for comprehensive income issued earlier this year. The update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other
FASB, IASB Announce New Disclosure Requirements on Offsetting
FASB and the IASB today issued investor-focused common disclosure requirements on the effect or potential effect of offsetting arrangements on a company’s financial position. U.S. GAAP and IFRS differ on the criteria for offsetting, also known as netting. Offsetting presents net amounts of assets and liabilities in the balance sheet
FASB Clarifies Scope of Derecognition of In Substance Real Estate
FASB on Wednesday issued Accounting Standards Update (ASU) no. 2011-10, Property, Plant, and Equipment (Topic 360): Derecognition of in Substance Real Estate—a Scope Clarification (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20, Property, Plant, and Equipment—Real
FASB, IASB Make Progress in Convergence Project on Leasing
In one of their most important convergence projects, FASB and the International Accounting Standards Board (IASB) have reached tentative decisions on aspects of the treatment of leases in financial reporting. How to account for leases is one of four remaining major areas in which FASB and the IASB are trying
Time to Test-Drive the Revenue Recognition Proposal
GE’s global technical controller said a new standard on revenue is close enough to reality that he is instructing business managers to keep the likely new regulations in mind as they draw up contracts. “To the extent you’re entering into five-, 10-, 15-year contracts today, you really need to think
FASB, IASB Chiefs Agree New Convergence Model Is Needed
The heads of the U.S. and international accounting boards that have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective. FASB Chair Leslie Seidman said Tuesday at the AICPA National Conference on Current SEC and PCAOB
News Highlights for December 2011
FASB issued Accounting Standards Update no. 2011-09, Compensation—Retirement Benefits—Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan, which requires employers to provide more information about their financial obligations to multiemployer pension plans. Employers commonly use multiemployer pension plans to provide benefits to union employees who may
SEC Staff Reports Assess IFRS
The SEC staff on Wednesday released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP and IFRS requirements in specific areas. The first report, An Analysis of IFRS in Practice, is a 65-page joint effort by the SEC’s Division of Corporation Finance and Office of
Revised Revenue Recognition Proposal Unveiled
FASB on Monday released a revised exposure draft on the financial reporting requirements for recognizing revenue from contracts with customers. The proposed standard, which was released for public comment jointly with the International Accounting Standards Board (IASB), makes a number of changes to a joint ED issued in June 2010
FASB Agenda Projects to Focus on Issues Unique to Nonprofits
FASB said Wednesday it added two agenda projects—a standard-setting project and a research project—intended to improve financial reporting of nonprofit organizations. The objectives of these projects encompass suggestions from FASB’s Not-for-Profit Advisory Committee (NAC) at that panel’s September 2011 meeting. The NAC recommended action in these areas after its September
FASB Mulls Changes to Financial Reporting for Consolidations
FASB issued a Proposed Accounting Standards Update (ASU) it said is intended to increase transparency and consistency of financial reporting about consolidations. The proposed amendments would affect all companies required to evaluate whether they should consolidate another entity, according to a FASB press release. But the changes are expected to most
FAF Rejects Independent Standard Setter for Private Companies
The AICPA has expressed profound disappointment with a Financial Accounting Foundation (FAF) proposal on private company accounting standard setting and is urging CPAs and others to weigh in on the debate. The FAF proposal released in October (available at tinyurl.com/3stvppq) would create a Private Company Standards Improvement Council (PCSIC) to
Financial Reporting
The AICPA recommended to the SEC that U.S. public companies be allowed the option of adopting use of IFRS as the commission weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system. The SEC requested the comments when it issued its staff paper, Work Plan
FASB Proposes Fair Value for Investment Properties
FASB on Friday issued two Proposed Accounting Standards Updates (ASUs), one that the board said would improve and converge financial reporting by setting forth consistent criteria for determining whether an entity is an investment company and a second that would require an entity that meets certain criteria to measure its
AICPA Turns Up Volume on Call for Independent Board
The AICPA governing Council approved a resolution on Tuesday to voice its significant concerns about a Financial Accounting Foundation (FAF) proposal released Oct. 4 that rejected a blue-ribbon panel’s recommendation for a separate board to set private company GAAP. The Blue-Ribbon Panel on Standard Setting for Private Companies was a
GASB Proposes Resolution to “Conflicting Guidance”
GASB on Monday issued an exposure draft, Technical Corrections—an amendment of GASB Statements No. 10 and No. 62, that it said would resolve “conflicting guidance” that resulted from the issuance of two recent pronouncements. The pronouncements are Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and Statement
IFRS Resources
With FASB and the IASB fast approaching their June 2011 completion deadline for major convergence projects, the CPA profession is poised to assimilate—at unprecedented speed—an array of profound changes to GAAP. As public companies watch the SEC for guidance on IFRS adoption, private companies have begun to examine whether the
Financial Reporting
FASB completed redeliberations on a revised accounting standard it said will provide more information about an employer’s financial obligations to multiemployer pension plans. Previously, employers were required to disclose only their total contributions to all multiemployer plans in which they participate. FASB said it expected that the final Accounting
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