FASB issued a discussion paper to gather input from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards, which are part of the FASB and International Accounting Standards Board (IASB) convergence projects, should be
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
Financial Reporting
FASB issued an exposure draft that contains clarifying guidance intended to improve consistency and transparency in financial reporting about troubled debt restructurings. “Investors, regulators and practitioners asked the board to clarify what types of loan modifications should be considered troubled debt restructurings for accounting and disclosure purposes,” FASB’s Acting
Seidman Named FASB Chairman
Leslie F. Seidman on Thursday was appointed chairman of FASB, effective immediately. Seidman, who had been acting chairman since the retirement of Robert H. Herz on Sept. 30, has been a FASB member since 2003. Her appointment comes as FASB deals with an unprecedented workload to complete priority convergence projects
FASB Aims for Consistency in Business Combination Pro Forma Disclosures
FASB on Wednesday issued an Accounting Standards Update (ASU) that it said should end a “diversity in practice” in the disclosure of pro forma revenue and earnings for business combinations. The ASU says that, if comparative financial statements are presented, the pro forma revenue and earnings of the combined entity
Revised Rules for Goodwill Impairment, New Health Care Proposals
The most recent work of FASB’s Emerging Issues Task Force resulted in a new update and two proposed updates to the FASB Accounting Standards Codification (ASC). ASC Update no. 2010-28, Intangibles—Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero
AICPA: Revenue Recognition Proposal Impractical
The AICPA’s Financial Reporting Executive Committee (FinREC) this week voiced extensive concerns with a joint FASB-IASB proposed standard on revenue recognition that is intended to apply across all industry sectors. “We agree with the theoretical merit of many of the concepts included in the proposed standard,” FinREC said in its comment
FASB May Delay Troubled Debt Restructuring Standard for Public Entities
FASB on Thursday proposed to delay indefinitely the effective date of new disclosures about troubled debt restructurings in Accounting Standards Update (ASU) no. 2010-20 for public-entity creditors. Currently, the new standard is scheduled to become effective for interim and annual reporting periods ending on or after Dec. 15, 2010. Comments
Panel Expected to Finalize Private Company Financial Reporting Model Recommendations
The blue-ribbon panel on private company financial reporting on Friday appears set to finalize its recommendations that the Financial Accounting Foundation (FAF), FASB’s parent organization, move to U.S. GAAP with modifications and exceptions for private companies and that those standards should be set not by FASB but by a separate
FASB, IASB: Convergence Priorities on Target for June 2011
FASB and the International Accounting Standards Board (IASB) released a convergence progress report on Monday that said their priority projects are on target for completion by June 2011 or earlier. (For recent JofA coverage of the FASB-IASB convergence project, see “Convergence Milestone,” Aug. 2010, page 26.) The priority projects, which
Financial Reporting
The SEC voted unanimously to propose measures that would require public companies to disclose additional information to investors about their short-term borrowing arrangements. The SEC’s proposal would shed greater light on a company’s short-term borrowing practices, including what some refer to as balance sheet “window-dressing.” The proposed rules are
FASB, GASB Standards to Undergo New Review Process
Accounting and financial reporting standards issued by FASB and GASB will be subject to a post-implementation review under a process announced Thursday. The Board of Trustees of the Financial Accounting Foundation (FAF), the oversight body for the two standard setters, announced a review process it described as independent of the
FAF, FASB’s Parent Organization, Names Its First CEO
The Financial Accounting Foundation (FAF), FASB’s parent organization on Tuesday approved the election of its first CEO, Teresa S. (Terri) Polley, who will also continue in her role as president of the organization. FAF is the independent, private-sector organization responsible for the oversight, administration, and finances of FASB, the Governmental
FASB Proposes Changes to Accounting for Repos
FASB issued an exposure draft Wednesday that seeks to improve the accounting for repurchase agreements (“repos”) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The amendments address concerns raised during the global economic crisis regarding the necessity and usefulness
Highlights
Unlike their discussion paper, Leases: Preliminary Views (available at tinyurl.com/lugqe2), published in March 2009, which focused primarily on lessee accounting, the exposure draft, Leases, would result in changes on both sides of a lease transaction. The proposal includes simplified accounting for short-term leases—leases having a maximum term of 12 months
Financial Reporting
FASB issued a Proposed Accounting Standards Update (ASU) that is intended to clarify how defined contribution pension plans should classify and measure loans to participants. Under the Proposed ASU, Plan Accounting—Defined Contribution Pension Plans (Topic 962), Reporting Loans to Participants by Defined Contribution Pension Plans (a consensus of the
SEC Releases Update on IFRS Plan
In a progress report released Friday, the SEC staff details its progress thus far and remaining research and analysis to be done as the commission considers whether, when and how to allow domestic issuers in the U.S. to use IFRS. The SEC staff’s first update draws no major conclusions. It
FASB Seeking Input on the Costs of Convergence
FASB issued a discussion paper to gather input from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards, which are part of the FASB and International Accounting Standards Board (IASB) convergence projects, should be effective.
FASB Seeks Greater Transparency, Consistency for Troubled Debt Restructurings
FASB issued an exposure draft Tuesday that contains clarifying guidance intended to improve consistency and transparency in financial reporting about troubled debt restructurings. “Investors, regulators and practitioners asked the board to clarify what types of loan modifications should be considered troubled debt restructurings for accounting and disclosure purposes,” FASB’s Acting
AICPA Expresses Concerns on FASB Financial Instruments Proposal
The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday said it was concerned about the fair value measurement and impairment models along with other provisions of FASB’s comprehensive proposal to revamp financial instruments accounting. FinREC (formerly the Accounting Standards Executive Committee) said that while it shares the board’s desire
Financial Reporting
FASB issued Accounting Standards Update (ASU) no. 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, which FASB said in a press release will improve transparency in financial reporting by public and nonpublic companies that hold financing receivables, which include loans, lease receivables
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