FASB on Tuesday issued an Accounting Standards Update that the board said improves financial reporting by creating greater consistency in the way GAAP is applied for various types of debt restructurings, which FASB’s chairman said have become more common since the most recent recession. FASB said in a press release
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
Condorsement: FASB’s Potential New Role Under IFRS
In part three of this exclusive JofA interview, FASB Chairman Leslie Seidman shares her thoughts on how FASB might function in an IFRS world. JofA: Last fall at the AICPA National Conference on Current SEC and PCAOB Developments, Paul Beswick, one of the SEC’s deputy chief accountants, introduced the concept of
AICPA: Financial Instruments Compromise Potentially Flawed
The AICPA’s Financial Reporting Executive Committee (FinREC) on Thursday expressed a number of concerns on the supplementary document, Accounting for Financial Instruments and Revisions to the Accounting for Derivatives Instruments and Hedging Activities-Impairment published Jan. 31 by FASB and the IASB. “Although we recognize the need for convergence, the current
FASB Not-for-Profit Panel’s Subgroups to Study Possible Improvements
FASB’s Not-for-Profit Advisory Committee (NAC) has established three working groups to study ways for FASB or others to improve financial reporting for nonprofit entities and to develop recommendations and alternatives for consideration by the full committee. FASB established the NAC in 2009 to serve as a standing resource for the
Financial Reporting
FASB Chairman Leslie Seidman said via webcast in January that FASB and the International Accounting Standards Board (IASB) reached a compromise on a single approach to impairment for financial instruments. She acknowledged, however, that substantial constituent feedback on the boards’ joint proposals for revenue recognition and leases reveals several
FASB Chairman Provides Update on Financial Instruments
Editor’s note: On April 14, FASB and the IASB said the priority projects on revenue recognition, leases and financial instruments, scheduled to be completed in June, would require a few more months of work. No specific deadline was set for the projects. Read “FASB, IASB Announce Delay on Priority Projects”
FASB Balances Revenue Recognition Guidance With Principles
Editor’s note: On April 14, FASB and the IASB said the priority projects on revenue recognition, leases and financial instruments, scheduled to be completed in June, would require a few more months of work. No specific deadline was set for the projects. Read “FASB, IASB Announce Delay on Priority Projects”
FinREC Releases Working Draft of Revised “Cheap Stock” Practice Aid
The AICPA’s Financial Reporting Executive Committee (FinREC) on Monday released a working draft of the revised practice aid Valuation of Privately Held Company Equity Securities Issued as Compensation, also known as the “Cheap Stock” practice aid. This is an update of the practice aid, which was originally issued in April
Financial Reporting
The AICPA’s Financial Reporting Executive Committee (FinREC) commented on FASB’s Proposed Accounting Standards Update, Leases. The exposure draft was developed jointly with the International Accounting Standards Board (IASB). FinREC said it supports the boards’ overall objective to develop a single approach to lease accounting and to require assets and
FASB, IASB Address Offsetting Transactions, Impairment Models
FASB and the International Accounting Standards Board (IASB) took two more steps toward convergence with the release of joint proposals that address offsetting transactions and accounting for impairment of financial assets. An exposure draft released on Friday proposes to establish a common approach to offsetting financial assets and financial liabilities
Compromise Reached for Financial Instruments; Revenue Recognition and Leases Less Certain
FASB Chairman Leslie Seidman said Tuesday via webcast that FASB and the International Accounting Standards Board (IASB) have reached a compromise on a single approach to impairment for financial instruments. She acknowledged, however, that substantial constituent feedback on the boards’ joint proposals for revenue recognition and leases reveals several major
AICPA: Lease Proposal Fails to Address Application Issues
The AICPA’s Financial Reporting Executive Committee (FinREC) commented on FASB’s Proposed Accounting Standards Update, Leases. The exposure draft was developed jointly with the International Accounting Standards Board (IASB). FinREC said it supports the boards’ overall objective to develop a single approach to lease accounting and to require assets and liabilities
News Highlights for January 2011
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
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
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