Accounting Standards

A&A

FASB Looks to Defer Certain Disclosures for Benefit Plans

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.
A&A

ASU No. 2013-07 Establishes Liquidation Accounting Principle in US GAAP

The FASB amended US GAAP to explain how businesses and other organizations should prepare financial statements when they're ceasing operations and selling assets to settle debts with creditors.
A&A

FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses

The FASB has extended the comment deadline for its proposal to improve financial reporting on expected credit losses on loans and other financial assets held by banks, financial institutions, and other organizations.
A&A

FASB Issues FAQs on Proposal to Improve Accounting for Current Expected Credit Losses

On March 25, the Financial Accounting Standards Board (FASB) posted on its website a sixteen-page staff document that responds to frequently asked questions (FAQs) about its proposed Accounting Standards Update, Financial Instruments – Credit Losses (Subtopic 825-15).
A&A

FASB to Join IFRS Foundation's Accounting Standards Advisory Forum

The Financial Accounting Standards Board (FASB) will join the newly formed Accounting Standards Advisory Forum (ASAF), an advisory group that will help the International Accounting Standards Board (IASB) set international accounting standards, the Financial Accounting Foundation (FAF) announced.
A&A

Accounting Industry Leaders Want Changes to Corporate Reporting

In the wake of the international financial crisis, accounting industry professionals are taking a close look at corporate reporting and calling for reform.
A&A

FASB Clarifies Scope of Balance Sheet Offsetting Disclosures

On January 31, the Financial Accounting Standards Board issued ASU No. 2013-01, "Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which narrows the scope of ASU No. 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities," issued in December 2011.
A&A

NASBA Opposes AICPA's Proposed FRF for SMEs

The long-running debate over who's responsible for developing a framework for standards for financial reporting by privately held, small and midsized US businesses is far from over.
A&A

FAF Takes a Look Back at Standards for Segment Disclosures

FAF, the private-sector organization charged with oversight of accounting standards set by FASB, recently took a look back at the effectiveness of a standard established to improve the way public companies report information about their business segments.
A&A

FASB Floats Proposal to Close Repo Agreement Loophole

FASB has issued a request for public comment on its proposal to improve financial reporting disclosures on repurchase agreements in order to more properly reflect a company's obligations and risks in some circumstances.
A&A

FASB Issues Proposed Clarification to Fair Value Disclosure Exemption

The FASB has issued for public comment a proposed ASU intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonprofit organizations.
A&A

FASB Focuses on Nonpublic Companies

Private companies and not-for-profit entities can expect to be the focus in many of the deliberations of the Financial Accounting Standards Board (FASB) in 2013 as the result of major decisions made in 2012.
A&A

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.
A&A

US GAAP Financial Reporting Taxonomy Now Available

On December 21, 2012, the Financial Accounting Standards Board (FASB) announced the availability of the 2013 US GAAP Financial Reporting Taxonomy pending final acceptance by the SEC.
A&A

Private Companies Finally (May) Have Their Own Standards

As they grow their private companies, one of the last things - if not the last thing - owners want to spend time and money on is complicated financial reporting requirements.
A&A

Going Concern Guidance To Be Brought into GAAP

The Financial Accounting Standards Board (FASB) voted at its November 7, 2012, meeting to adopt a financial reporting model for management's assessment of going concern and related disclosures.
A&A

Accounting Tool Keeps Billions in Profits Overseas

New research found that an obscure accounting tool gives US companies the option of omitting from their financial statements, except in footnotes, that any taxes at all are owed to the IRS on profits made by their foreign subsidiaries.
A&A

FASB Overview: New Credit Loss Model

The Financial Accounting Standards Board expects to issue an Exposure Draft of an Accounting Standards Update that proposes a single measurement model for measuring credit losses, possibly by the end of 2012.
A&A

FASB Extends Disclosure Framework Comment Deadline

The Financial Accounting Standards Board announced November 2 that it would extend the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012.
A&A

Newly Created PCC to Hold First Public Meeting

The Private Company Council, a new body created by the Board of Trustees of the Financial Accounting Foundation, will host its inaugural public meeting December 6, 2012, at the FAF offices in Norwalk, Connecticut.

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