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
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
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
Proposed Amendments Ease First-Time Adoption of IFRS
The International Accounting Standards Board (IASB) on Thursday published proposed amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of “1 January 2004” with “the date of transition to IFRS.” As a result, entities
FASB Loss Disclosures Proposal Conflicts With AICPA-ABA Agreement
The AICPA’s Financial Reporting Executive Committee (FinREC) told FASB in a comment letter issued Monday that it has concerns about auditors’ ability to corroborate information on loss contingencies with the client’s legal counsel until the AICPA and the American Bar Association can update a longstanding agreement that details information attorneys
FASB Will Get New Leadership, Bigger Board
Bob Herz is retiring as FASB’s chairman. Fellow board member Leslie Seidman has been appointed acting chairman, effective Oct. 1, according to a press release issued by the Financial Accounting Foundation, FASB’s parent organization. Along with the leadership change, FAF announced that FASB is reverting from its current five member
FASB Would Drop Fair Value for Pension Plan Loans
FASB this week 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
FASB Releases Draft of Insurance Contracts Proposal
FASB released a staff draft of an Accounting Standards Update regarding potential changes to accounting for costs related to acquiring or renewing insurance contracts. The draft applies to insurance organizations that are within the scope of Topic 944, which includes stock life insurance entities, mutual life insurance entities, and property
Proposal Would Require Most Leases to Appear on the Balance Sheet
FASB and the International Accounting Standards Board (IASB) today unveiled a joint proposal to revamp lease accounting. The proposal would result in a single “right-of-use” approach applied consistently to lease accounting for lessees and lessors. Among other changes, the approach would result in the liability for payments under all lease
Convergence Milestone
FASB and the IASB wrapped up the first of three rounds of issuing proposed standards in their final push toward U.S. GAAP-IFRS convergence, even as they gave themselves an extra six months to complete the ambitious project. In what is potentially their most far-reaching joint proposal to date, the boards
FASB Requires Expanded Disclosures on Credit Quality of Financing Receivables
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 and
Blue-Ribbon Panel Narrows Field for Private Company Financial Reporting
A blue-ribbon panel weighed in on seven alternative models for private company financial reporting at its meeting Monday, eliminating models that were based on IFRS and a model that effectively would have maintained the status quo. All of the remaining models under consideration by the panel would result in differences
New Leader to Review Post-Implementation of FASB, GASB Standards
The Financial Accounting Foundation, the parent organization of FASB and GASB, has named Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, to the newly created position of post-implementation review leader. In this role, Schroeder will assume responsibility for the development, implementation and management of the post-implementation
News Highlights for July 2010
While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the JofA in April that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a
Financial Reporting
Responding to the recent rise in loan modifications, FASB updated standards related to troubled-debt restructuring. Amendments in the update are aimed at increasing comparability regarding modifications of loans accounted for within pools under ASC Subtopic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality. FASB said differences in practice
G-20 Reiterates Call for Convergence
For the fourth time in less than two years, the Group of 20 (G-20) leaders called for a single set of global accounting standards and urged FASB and the IASB to complete their convergence projects. “We re-emphasized the importance we place on achieving a single set of high quality improved
FASB, IASB Propose Common Standard for Fair Value Measurement and Disclosure
FASB and the IASB on Tuesday issued separate exposure drafts intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. GAAP and IFRS. The EDs are the result of the boards’ joint efforts to ensure that fair value will have the
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