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
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
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
IRS Releases Final Schedule UTP, Incorporates Changes
In two announcements on Friday, the IRS unveiled a number of significant changes to its plan to require certain business taxpayers to report uncertain tax positions on their tax returns (Announcements 2010-75 and 2010-76). The changes come in response to numerous comments received on the proposal and on the draft
FASB Expands Discussion on Insurance Contracts
FASB issued a Discussion Paper on Friday to solicit broad-based input on how to improve, simplify and converge the financial reporting requirements for insurance contracts. The Discussion Paper, Preliminary Views of Insurance Contracts, is part of FASB’s joint project with the International Accounting Standards Board (IASB), which issued an exposure
FASB Restructuring Results in Board Seat for Golden
FASB’s technical director, Russell Golden, will take a seat on the standard-setting board this fall when current Chairman Bob Herz steps down. Golden’s appointment comes less than a month after the Financial Accounting Foundation (FAF) Board of Trustees announced Herz’s retirement and a restructuring that will expand FASB’s board from
FASB Seeks Input on Private Company Accounting Issues at Public Meetings
FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. at FASB’s offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon in Dallas. The exact location of the
FASB Proposes Expanded Disclosures on Multiemployer Pensions
FASB issued an exposure draft that sets forth proposed disclosures that the board believes would help users of financial statements better assess the potential risks faced by employers participating in multiemployer plans. FASB said the Proposed Accounting Standards Update (ASU), Proposed Improvements to Disclosures about an Employer’s Participation in a
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel tasked with providing recommendations on the future of U.S. accounting standards for private companies by the end of this year is focusing on models that are based on current U.S. GAAP but that would result in different standards for private companies, where warranted, compared with GAAP for
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