FASB Releases FAS 162, FAS 163, And Conceptual Framework Docs
By Edith Orenstein, FEI Financial Reporting Blog - There’s been a flurry of activity lately at FASB in issuing two new standards in the past few weeks, plus the release of a couple of proposals for public comment on the Conceptual Framework Project. Here’s a rundown:
- FAS 162, The Hierarchy of Generally Accepted Accounting Principles, (aka the GAAP Hierarchy). Published May 9, 2008. NOTE: The effective date is tied to finalization of related amendments to PCAOB auditing standards which were approved earlier this year by the PCAOB board and await SEC approval. See FEI summary.
- FAS 163, Accounting for Financial Guarantee Insurance Contracts. Published May 23, 2008. See FASB press release.
Proposals Released For Public Comment
Two documents were issued by FASB-IASB yesterday as part of its project to converge and improve the conceptual framework:
- Exposure Draft: Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information. Joint document published by FASB and IASB on May 29, 2008. Comments due September 29.
- Preliminary Views: Conceptual Framework for Financial Reporting: The Reporting Entity.Joint document published by FASB and IASB on May 29, 2008. Comments due September 29.
Read more about the implications of the conceptual framework proposals here.