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
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TOPICS / ACCOUNTING & REPORTING
FASB financial accounting & reporting
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
XBRL U.S. GAAP Tags Now Aligned to FASB Accounting Codification
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
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
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Drafting an AI policy that actually works
As AI use accelerates, many firms are discovering their policies haven’t kept pace. This article breaks down what CPAs and finance leaders should consider when drafting an AI policy that’s practical, flexible, and fit for real world use.
