The Financial Accounting Standards Board (FASB) on January 16 issued updates for two accounting standards – one on goodwill and the other on interest rate swaps – both of which FASB Chairman Russell Golden said address issues that “private company stakeholders have told us are priorities.”
The FAF finalized a new policy on November 19 that provides the GASB with direction on what information it may incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues state and local governments.
The three research studies examine whether knowing the name of the engagement partner leading an auditing effort is valuable to investors and whether being required to provide this information enhances the performance of engagement partners.
A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
The Sustainability Accounting Standards Board (SASB) is developing a corporate pilot program that will help US public companies use SASB standards to disclose material environmental, social, and governance issues in their annual filings to the SEC.
The primary advisory group for the FASB released results of a recent survey that solicited stakeholder views about the standard-setting board's future agenda, including the top five projects the FASB should pursue in the next three to five years.
In his first public speech since taking the helm of the FASB, Chairman Russell Golden outlined his top four priorities for the standard-setting board's future during an event on September 12 celebrating FASB's fortieth anniversary.
A post-implementation review of two accounting standards that were established to improve the consistency and comparability of reporting US state and local governments' insurance activities concluded that the standards achieve their purposes.
Nearly half of CPAs say they are familiar with the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) released by the AICPA on June 10, according to a recent special report by Thomson Reuters.
The Governmental Accounting Standards Board (GASB) on July 2 issued for public comment a proposed statement on the transition provisions of GASB's new pension standards for state and local governments.
The GASB is seeking public comment on a proposed concepts statement it issued on June 20 that would guide the GASB when establishing standards regarding the measurement of assets and liabilities for state and local governments.
The FASB on June 10 endorsed three accounting proposals from the Private Company Council in the hopes of addressing concerns raised by stakeholders about the complexity of certain aspects of US GAAP for privately held companies.
The IFRS Foundation has completed the first phase of an important initiative to assess the progress toward global adoption of IFRSs. The G20 has called for global adoption of a single set of high-quality financial reporting standards.
Interested individuals and organizations have until September 13 to offer their input on a revised exposure draft – "Proposed Accounting Standards Update - Leases (Topic 842)" – from the FASB and the IASB.
As a result of concerns from stakeholders, the FASB has issued a proposal to defer indefinitely the effective date for certain disclosure requirements for nonpublic employee benefit plans in the plan sponsor's own equity securities. Individuals or organizations can comment on the proposal until May 31.