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
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
AICPA Opposes Attempt to “Undermine” FASB’s Independence
AICPA President and CEO Barry Melancon sent a letter to the leadership of the House Financial Services Committee on Wednesday to state that the Institute is “strongly opposed” to any legislation that would “undermine the independent accounting standard process as currently carried out by the Financial Accounting Standards Board (FASB).”
Letter Encourages Congress to Retain SEC Oversight of FASB
A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation. The letter said the SEC should remain “the primary
Highlights
FASB issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements under what
Financial Reporting
FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards
SEC Chief Accountant Promises “Clarity” on IFRS Road Map This Fall
SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC’s commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. In response to a question following his speech at an AICPA/International Accounting Standards Committee Foundation conference in New York about
FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal
FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New
Off Balance Sheet Accounting Rule Change
Are the new off balance sheet rules, effective January 2010, needed? Is the timing right? Or could the change complicate the economic recovery by damaging bank balance sheets? Send us your thoughts. Selected submissions will be published. To be considered for publication, submissions should include your name, title, affiliation and
Building a System of “Sound Securitization”
Editor’s note: Click here or see instructions below to share your thoughts on the new off balance sheet accounting rules The problems and abuses associated with the use of “off balance sheet” vehicles to finance mortgages and a variety of other consumer and commercial debt emerged as one of many serious
XBRL Functionality Added to FASB Codification
FASB on Monday announced that it has added new XBRL functionality to its Accounting Standards Codification Web site. “The new XBRL functionality provided by the Codification Web site will help entities as they prepare or plan to prepare XBRL financial statements using the U.S. Financial Reporting Taxonomy,” said FASB Chairman
Deal With It
A recent Deloitte poll found that an increasing number of executives are rethinking their deal strategy in light of FASB ASC 805, Business Combinations, formerly Statement no. 141(R). Of executives polled, 44.3% said they are rethinking their strategy or that the standard would otherwise affect their deal strategy or planned
Story on Business Combinations Standard Wins Best Article Award
Paul B.W. Miller, Paul R. Bahnson and Brian P. McAllister received the Journal of Accountancy’s Lawler Award for the best article of 2008. Their article, “A New Day for Business Combinations” (June 08, page 34), discussed the former FASB Statement no. 141(R)— now codified as ASC 805—which focuses on overhauling
Highlights
The AICPA released a set of FAQs and a comment letter relating to a FASB discussion paper on a potential new approach to lease accounting. The March 19, 2009, discussion paper, Leases: Preliminary Views, was issued jointly with the International Accounting Standards Board and responds to concerns raised by
Financial Reporting
FASB introduced a project intended to make financial statement disclosures more useful, organized and consistent, and less redundant. It will focus on developing a framework for improved GAAP disclosures. The project will evaluate and address whether the disclosure framework should: apply to all entities or exclude private or nonprofit entities;
G-20: Achieve Single Set of Global Accounting Standards by June 2011
In an agreement reached Friday to make dozens of changes to the regulation of financial markets, systems and institutions, the leaders of the G-20 called on “international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within the context of their independent
FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach
FASB on Wednesday 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. At its board meeting, FASB ratified the consensus approach reached at the
FASB Drops Some FIN 48 Disclosure Requirements for Private Companies
FASB on Wednesday issued Accounting Standards Update (ASU) 2009-06 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740-10-50-15(a) through (b) for nonpublic entities, including pass-through and not-for-profit entities. The new guidance involves requirements
Financial Reporting
FASB issued an exposure draft of a proposed Statement of Financial Accounting Standards, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. The goal of the proposed statement is to provide more information regarding the nature of credit risk inherent in the creditor’s portfolio
FASB Proposes Fair Value Measurement Disclosures Update
FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification.
Proposed Regulatory Capital Rule Incorporates Guidance in FASB 166 and 167
The federal banking and thrift regulatory agencies are seeking comment on a proposed regulatory capital rule related to FASB’s adoption of Statement no. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140, and Statement no. 167, Amendments to FASB Interpretation No. 46(R). Beginning in 2010, these accounting
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