The XBRL U.S. GAAP Taxonomy has been updated to reflect the FASB Accounting Standards Codification and is effective for interim and annual periods ending after Sept.15, 2009, FASB and XBRL US announced Tuesday. The codification, which became effective July 1, reorganizes thousands of U.S. GAAP pronouncements into roughly 90
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
Financial Reporting
FASB published standards that change the way entities account for securitizations and special-purpose entities. Both standards will require new disclosures. FASB Statement no. 166, Accounting for Transfers of Financial Assets, and Statement no. 167, Amendments to FASB Interpretation No. 46(R), will affect financial institution balance sheets beginning in 2010.
International Fair Value Accounting Draft Cross-Referenced to U.S. Counterpart
The International Accounting Standards Board (IASB) on Wednesday published new resources to help stakeholders understand how its exposure draft on fair value measurement compares to the U.S. accounting standard upon which it is based. The new resources include: A marked-up version of the text that shows the wording differences
Accounting Leaders Discuss Simplifying Financial Reporting
Strategies for ridding the financial reporting system of some of its complexities took center stage at a forum of accounting leaders held in New York on Friday. The Global Accounting Alliance (GAA) and the AICPA held the third of three roundtable discussions about the topic at the AICPA’s office. The
FASB Issues Exposure Draft on Credit Quality Disclosures
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. Respondents were asked to comment on whether they believe the proposed statement would achieve its goal of providing more information regarding the nature
FASB Introduces Disclosure Project
FASB introduced a project Wednesday that is intended to make financial statement disclosures more useful, organized and consistent, and less redundant. The project will focus on developing a framework for improved GAAP disclosures, according to FASB Chairman Robert Herz. The vision for the framework is for it to allow companies
GAAP Codification Resources
Accounting research has changed dramatically, shifting CPAs to an online tool for searching and referencing U.S. GAAP. On July 1, the FASB Accounting Standards Codification (ASC) became the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The ASC disassembled
Cap-and-Trade Accounting Resources
Editor’s note: These are Web-exclusive resources for “Accounting for Emissions.” Excel worksheets and other tools to estimate carbon output by individuals and certain businesses at the EPA Web site. The Carbon Disclosure Project Global 500 Report 2008 and a number of other national and international disclosure studies, www.cdproject.net/reports.asp The Petition
Highlights
The PCAOB issued Staff Audit Practice Alert no. 4 to describe potential implications of three FASB Staff Positions on reviews of interim financial information and annual audits. The FSPs relate to fair value measurement and other-than-temporary impairment. They are: FSP FAS 157-4, Determining Fair Value When the Volume and
Financial Reporting
The AICPA’s accounting standards staff issued Technical Practice Aid (TPA) 6931.11, Fair Value Measurement Disclosures for Master Trusts. The aid, available at tinyurl.com/d94du2, provides guidance on fair value measurement disclosure requirements for an employee benefit plan when the plan holds investments in a master trust. The Financial Crisis
Obama Announces Broad Regulatory Reform Proposals
President Obama on Wednesday presented a plan for regulatory reforms that would consolidate banking regulators, create new government agencies and give new powers to the Federal Reserve. One proposal of particular interest to the accounting profession includes three recommendations addressed to accounting standard setters. The plan echoes the Group of
FASB Issues Standards on Securitizations, SPEs
FASB on Friday published standards that change the way entities account for securitizations and special-purpose entities. Both standards will require new disclosures. FASB Statement no. 166, Accounting for Transfers of Financial Assets, and Statement no. 167, Amendments to FASB Interpretation No. 46(R), will affect financial institution balance sheets beginning in
Financial Reporting
FASB revised FASB Statement no. 141 (revised 2007), Business Combinations, to address application issues raised by preparers, auditors, and people in the legal profession on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. The application concerns
Highlights
Significant changes next month will affect the way CPAs perform accounting research and reference accounting literature in day-to-day work. On July 1, FASB is expected to issue the FASB Accounting Standards Codification (ASC) as authoritative. The ASC will become the single source of authoritative U.S. accounting and reporting standards
New Disclosure Required for Subsequent Events
FASB on Thursday issued new rules that should alert financial statement users about the timing and events at issue in the statements. FASB Statement no. 165, Subsequent Events, takes effect soon. It applies to interim and annual periods ending after June 15, 2009. The standard requires the disclosure of the
CPAs Becoming More Familiar With IFRS, Many Want More Time
CPAs hold mixed views on the SEC’s proposed timeline for the adoption of IFRS by U.S. public companies, according to an AICPA survey. Asked whether they think the timeline, which would require IFRS adoption for public companies starting in 2014, should be changed, 47% of CPA respondents said it should
FASB Expected to Issue Accounting Standards Codification as Authoritative on July 1
Significant changes in July will affect the way CPAs perform accounting research and reference accounting literature in day-to-day work. On July 1, FASB is expected to issue the FASB Accounting Standards Codification (ASC) as authoritative. The ASC will become the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities,
Government
To address a lack of consistency in fund balance reporting, GASB’s new Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishes a hierarchy of fund balance classifications based primarily on the extent to which a government is bound to observe spending constraints imposed upon how resources reported
FASB Updates Fair Value Guidance
Editor’s note: This is a sidebar to “Valuations for Financial Reporting in Today’s Market,” May 09. At its April 2 meeting, FASB voted to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions. As a result, FASB
Highlights
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker- dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006,
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