Financial Reporting | AccountingWEB.com

The Ins and Outs of New Reporting Rules in 2012

02/01/2012 - 11:39 - 1269 reads

New cost basis reporting rules now apply to Form 1099-B sent to investors and to the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed. If you're confused, you're not alone. Here's a brief recap on what is and isn't taking place this year.

Governments and Private Companies Exploring Benefits of XBRL

01/31/2012 - 13:15 - 1460 reads

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.

IASB Chairman Expects SEC to Approve IFRS

01/30/2012 - 15:22 - 654 reads

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.

FASB Is Viewing Private Company Standards through a Different Lens

01/05/2012 - 17:55 - 1920 reads

In advance of a formal decision by the FAF on a differential framework for making exceptions and modifications to GAAP for private companies, the FASB has taken steps to identify and make decisions/tentative decisions regarding current accounting standards.

IFRS Update: SEC Decision on Adopting IFRS Still Months Away

12/12/2011 - 12:42 - 1975 reads

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.

FAF Rejects Independent Standard Setting Board for Private Companies

10/06/2011 - 13:55 - 1625 reads

A new council with the authority to identify, propose, and vote on specific improvements to U.S. accounting standards for private companies has been proposed by the Board of Trustees of the Financial Accounting Foundation (FAF).

Privately held companies are overwhelmingly in favor of separate reporting standards

09/26/2011 - 10:58 - 1575 reads

Nearly 2,500 letters were sent to the Financial Accounting Foundation demanding the creation of an independent separate board to develop different standards for privately held businesses. According to the AICPA's review, 99 percent of privately held businesses are in favor.

New XBRL and proposed 2012 US GAAP financial reporting taxonomy released

09/22/2011 - 10:11 - 4743 reads

The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), has announced that it has completed the first part of its project to address requests for extensions to the IFRS XBRL taxonomy.

Seven tips for your first filing of detailed footnotes in XBRL

09/20/2011 - 10:10 - 2350 reads

As organizations have completed their year-one SEC requirement with block note tagging in XBRL, they are preparing for the next major milestone: filing their detailed footnotes (DFN) in XBRL.

AICPA says U.S. companies should have option to use IFRS as issued by IASB

08/25/2011 - 15:02 - 1913 reads

The SEC is expected to decide later this year whether, and if so, how, public companies in this country should incorporate IFRS into their financial reporting. The AICPA thinks public companies should be given the option of using IFRS as issued by IASB.