The NAC heard feedback from three working groups that formed recommendations for FASB to add to its standard-setting agenda. FASB has not yet considered the recommendations. The NAC created the working groups earlier this year (see previous JofA coverage, “FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements”). The NAC charged
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
FASB Standard Broadens Disclosures on Multiemployer Pensions
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. The ASU requires employers to provide more information about their financial obligations to multiemployer pension plans. Multiemployer pension plans commonly are used by an employer to provide benefits to
FASB Issues Update to Simplify Goodwill Impairment Testing
FASB on Thursday issued Accounting Standards Update (ASU) no. 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment, that the board said simplifies how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely
FASB Issues Proposed 2012 GAAP Taxonomy for XBRL
FASB on Thursday released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. Comments are due Oct. 31. The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012. The taxonomy is a list of computer-readable financial reporting labels coded
Financial Reporting
The International Accounting Standards Board (IASB) issued an amended version of IAS 19, Employee Benefits, that the board said completes its project to improve the accounting for pensions and other postemployment benefits and further aligns IFRS and U.S. GAAP by eliminating the so-called “corridor method.” The IASB said the
FASB Standard Simplifies Testing Goodwill for Impairment
FASB on Wednesday approved a revised accounting standard that the board said simplifies how an entity tests goodwill for impairment. The amendments will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity no longer will
Presentation of Patient Service Revenue Changed for Health Care Entities
FASB issued an Accounting Standards Update (ASU) containing amendments that require health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances
FASB Expands Employer Disclosures for Multiemployer Pension Plans
FASB last week 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 expects that the final
Beyond Convergence
Nearly a decade after FASB and the International Accounting Standards Board (IASB) agreed to converge their standards in “The Norwalk Agreement,” the SEC staff floated a concept in May that would redefine convergence and establish FASB as an endorsement body for IASB standards in the U.S. The paper (available at
FASB Proposal Clarifies Scope of Real Estate Derecognition Guidance
FASB issued an exposure draft that would clarify that the guidance in Accounting Standard Codification (ASC) Subtopic 360-20 applies to a transaction in which the parent of an in substance real estate subsidiary ceases to have a controlling financial interest (as described in Subtopic 810-10) in the subsidiary because of
FASB, IASB Set to Re-Expose Leasing Proposals
FASB and the International Accounting Standards Board (IASB) announced Thursday they intend to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide an opportunity for comment on revisions the boards have made since the publication of an exposure draft on leasing in August 2010.
Financial Reporting
A staff paper published in May by the SEC’s Office of the Chief Accountant (OCA) presents in detail and solicits comments on the so-called “condorsement” approach to incorporating IFRS into the U.S. financial reporting system. “The Staff’s discussion in this Staff Paper is not intended to suggest that the
AICPA Conference Tackles Hot Global Business Issues
As the world continues to grow closer together, the role that accountants play in helping companies develop and manage new global business opportunities will increase. This was a key theme of the AICPA’s International Business Conference held June 13–15 in New York City. Attended by more than 200 accounting and
FASB Launches XBRL Taxonomy Online Review and Comment System
FASB launched a new online system that makes it easier for stakeholders to review and provide input to its team on XBRL development taxonomy. The Taxonomy Online Review and Comment System enables organizations and individuals to submit comments directly to FASB, increasing convenience and ease of use. All comments are
AICPA Survey Tracks IFRS Readiness
The large majority of CPAs in the United States have some knowledge of IFRS—the emerging, globally accepted set of accounting rules, according to a recent AICPA survey. The survey also indicated that many CPAs have begun to develop greater expertise, as American and world authorities work to converge U.S. standards
FASB, IASB Align Presentation of Other Comprehensive Income
FASB on Thursday issued an Accounting Standards Update (ASU) that the board said is intended to increase the prominence of other comprehensive income in financial statements and to facilitate convergence of U.S. GAAP and IFRS. Simultaneously, the International Accounting Standards Board (IASB) issued amendments to IAS 1, Presentation of Financial
Revenue Recognition Proposals to Be Re-exposed in Third Quarter
FASB and the IASB agreed Wednesday to re-expose their revised proposal for a common revenue recognition standard. The decision comes following joint deliberations on stakeholder feedback received from a June 2010 exposure draft that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The proposal, which
FASB, IASB Issue “Largely Identical” Guidance on Fair Value
FASB and the International Accounting Standards Board (IASB) on Thursday issued guidance on fair value measurement and disclosure requirements that the boards said in a press release is “largely identical” across IFRS and U.S. GAAP. The guidance, set out in IFRS 13, Fair Value Measurement, and FASB Accounting Standards Update
FAF Holding Webcast on Post-Implementation Review
The Financial Accounting Foundation (FAF), FASB’s parent organization, is hosting a webcast May 20 on its post-implementation review effort, which is focused on generating real-world feedback on accounting and financial reporting standards. A pilot of the post-implementation review process has begun on a FASB standard, the details of which will
FASB Amends “Effective Control” Criteria for Repo Transactions
FASB issued an Accounting Standards Update (ASU) that it said is intended to improve financial reporting of repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The board said the amendments in ASU no. 2011-03, Transfers and
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