The Board of Directors of the FDIC on Tuesday approved a Notice of Proposed Rulemaking (NPR) to clarify the safe harbor protection in a conservatorship or receivership for financial assets transferred by an insured depository institution in connection with a securitization or participation. (Click here for prior JofA coverage.) The
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
New Guidance Targets Loan Modifications
Responding to the recent rise in loan modifications, FASB on Thursday 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
FASB Guidance Details How to Recognize R&D Milestone Payments
Guidance issued Wednesday by FASB attempts to help companies determine when it’s appropriate to use the milestone method of revenue recognition for research or development transactions. Revenue from R&D deals often hinges in whole or in part on reaching certain milestones, such as completion of phases in a drug study.
FASB Issues Health Care Proposals
FASB on Friday issued two exposure drafts that would change accounting for health care organizations. One proposal would require that the measurement of charity care for disclosure purposes by health care providers be based on the direct and indirect costs of providing the charity care. The second proposal is aimed
Banking
The FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) seeking input on whether certain employee compensation structures pose risks that should be incorporated into the deposit insurance assessment program. Section 7 of the Federal Deposit Insurance Act requires the FDIC to establish a risk-based assessment system that incorporates statutory
FASB, IASB Proposal Seeks to Clarify Reporting Entity Concept
FASB and the IASB Thursday published an exposure draft, Conceptual Framework for Financial Reporting: The Reporting Entity, that is part of a joint project between the boards to develop a common and improved conceptual framework for developing future accounting standards. The ED discusses what constitutes a reporting entity, which in
Countdown to Convergence
In November, FASB and the IASB reaffirmed their commitment to a 2006 Memorandum of Understanding (MoU) that outlines major convergence projects scheduled for completion by June 2011. The affirmed convergence plan continues the commitment made by the two boards seven years ago in “The Norwalk Agreement” to “make their existing
Financial Reporting
The AICPA published a set of free technical practice aids that offer nonauthoritative implementation guidance to FASB’s Accounting Standards Update (ASU) 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). These entities, often called alternative investments, include hedge, private equity and real estate
No IFRS Requirement Until 2015 or Later Under New SEC Timeline
The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with a mandate to use
SEC to Consider IFRS Statement
In its first formal action on IFRS since Chairman Mary Schapiro took office, the SEC plans to consider its policy on the use of IFRS by U.S. issuers at an open meeting Wednesday. The SEC, under former Chairman Christopher Cox, published in November 2008 a proposed road map for the
GASB Proposes Adding Pre-1990 FASB, AICPA Guidance Into Codification
GASB issued an exposure draft of a proposed statement, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The proposed statement is intended to enhance the usefulness of GASB’s Codification by incorporating guidance that previously could only be found in certain FASB and
Highlights
The FDIC Board of Directors, responding to accounting standard changes promulgated by FASB, adopted an interim rule amending 12 C.F.R. § 360.6 to provide a transitional safe harbor effective immediately for all participations and securitizations in compliance with that rule as originally adopted in 2000. Under the rule, participations and
IRS Plans to Require Disclosure of Uncertain Tax Positions
The IRS announced Tuesday that it is considering making changes to how business taxpayers report uncertain tax positions (Announcement 2010-9). Specifically, the IRS said it is developing a schedule that certain businesses would be required to use to disclose uncertain tax positions on their returns annually. The IRS plans to
Financial Reporting
The heads of both FASB and the International Accounting Standards Board announced at an October conference on IFRS that they will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the 2011 target date. The aim is to allow one
FASB Issues Subsequent Events Proposal
FASB issued a Proposed Accounting Standards Update, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements. The proposal stems from questions about whether the requirements to disclose the date that the financial statements are issued could conflict with some SEC guidance, according to FASB. FASB has proposed amendments
FASB Chairman Defends Fair Value, Calls for Separation From Banking Regulation
FASB Chairman Robert Herz on Tuesday delivered a rapid-fire policy speech that addressed head-on criticism of the role of accounting standards in the financial crisis and called for GAAP to be “decoupled” from bank regulation. Herz, speaking at an AICPA conference, contended that many of FASB’s critics simply do not
AICPA Committee Weighs In on Fair Value for Financial Instruments
The AICPA’s Accounting Standards Executive Committee has weighed in on FASB’s discussion of when fair value should be used to measure and record financial instruments on the balance sheet. In a comment letter, AcSEC Chairman Jay Hanson said the committee favors an approach that would measure many but not all
An Update on Accounting for Uncertainty in Income Taxes
Preparers of private company and not-for-profit organization financial statements will have to implement provisions of Topic 740 of the FASB Accounting Standards Codification (ASC) relating to accounting for uncertainty in income taxes (formerly FASB Interpretation no. 48, commonly known as FIN 48) for annual financial statements for periods beginning after
Highlights
FASB brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. FASB ratified the consensus approach reached at the Sept. 9–10 Emerging Issues Task Force
House Panel Eases Threat to FASB Independence
The House Financial Services Committee on Thursday removed language from an amendment to the proposed Financial Stability Improvement Act (FSIA) (H.R. 3996) that would have given a new systemic risk regulator power to oversee FASB standard-setting activities. The original amendment, which was introduced by Rep. Ed Perlmutter, D-Colo., would have
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