Accounting Standards

A&A

FASB Will Propose New Credit Impairment Model

How to measure and disclose evidence that a loan or bond is not performing continues to be an issue in the ongoing deliberations of the Financial Accounting Standards Board and the International Accounting Standards Board.
A&A

FASB Issues ASU 'Technical Corrections and Improvements'

The FASB has issued amendments to the FASB Accounting Standards Codification® based on feedback from stakeholders. The amendments, issued as ASU No. 2012-04, are the product of a standing FASB project.
A&A

Sir David Tweedie, Former IASB Chair, to Lead IVSC

The IVSC has announced the appointment of Sir David Tweedie as chairman elect of IVSC's board of trustees. Sir David will assume the role October 29, 2012, following the IVSC 2012 Annual General Meeting.
A&A

FASB Announces an Encore of Its CPE Webcast

Stakeholders will have another opportunity on October 18 to earn CPE credit while learning about a recent FASB staff paper and its recommendations for creating a private company decision-making framework.
A&A

AICPA Extends Comment Deadlines

The Professional Ethics Executive Committee and the Accounting and Review Services Committee have extended deadlines on exposure drafts of proposed revisions for nonattest services and of requirements for compilation services.
A&A

Reminder: FAF Seeks Participants for PIR Survey

The FAF, the oversight body of the GASB, is seeking interested stakeholders who would like to be considered to participate in a post-implementation review survey of GASB statements No. 3 and No. 4.
A&A

FASB Proposes Changes to Presentation of Reclassified Income

The FASB has issued for public comment a proposed Accounting Standards Update that is intended to improve the presentation of reclassifications out of accumulated other comprehensive income.
A&A

FASB and IASB Not Ready to Agree on Impairment

The FASB, the US accounting body, announced in a joint meeting with the IASB on July 17 that it had not voted to release a joint Exposure Draft on accounting for loan losses.
A&A

Best Practices for the Account Reconciliation Process

Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to inaccuracies.
A&A

Paul Beswick Named SEC Acting Chief Accountant

SEC Chairperson, Mary Schapiro, has named Paul Beswick acting chief accountant. As such, he is the commission's new principal spokesperson in the debate over whether the United States should switch to IFRS.
A&A

FASB Seeks Input on Disclosure Framework

The FASB has issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations.
A&A

FASB Publishes Proposed Accounting Standards Update

On June 27, the FASB issued for public comment a proposed ASU intended to improve financial reporting about certain risks inherent in financial instruments and how they contribute to the reporting organization's broader risks.
A&A

IASB and FASB Agree on Lease Accounting Approach

On June 13, the IASB and the FASB agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in IFRS and the US GAAP.
A&A

Accounting Profession Faces Huge Challenges

Gail Kinsella, the newly elected president of the NYSSCPA, shares her perspective on the challenges the NYSSCPA and the profession as a whole must be prepared to deal with in the near term.
A&A

FAF New Council to Improve Standard Setting for Private Companies

After seeking and considering extensive public comment, the Financial Accounting Foundation (FAF) Board of Trustees today established a new body to improve the process of setting accounting standards for private companies.
A&A

FAF Seeks Participants for Review Survey of FASB Statement No. 131

The FAF, the oversight body of the Financial Accounting Standards Board (FASB), is seeking interested stakeholders who would like to be considered to participate in a post-implementation review (PIR) survey of FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information.
A&A

New GASB User Guide Helps Taxpayers Understand School District Finances

How can taxpayers follow how their money is being spent on public education? What is the difference between a school district's budget and its financial statements? Answers to these questions, and many others, can be found in GASB's new user guide, What You Should Know about Your School District's Finances.
A&A

FAF: Post-Implementation Reviews on FASB and GASB Accounting Standards

Accounting standards governing financial reporting for business combinations, operating segments, and government deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the FAF, the oversight body of the FASB and the GASB, the FAF announced.
A&A

Did Ernst & Young really assist financial fraud?

As the auditor of Lehman Brothers, Ernst & Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehman's financial position during the financial meltdown.
A&A

FASB's Seidman signals emphasis on converged standards, needs of private companies

Leslie Seidman, the newly appointed chairman of the FASB, repeatedly emphasized the board's intention to communicate with constituents and to produce standards in "an open process that encourages and values input."

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