FAF | AccountingWEB



Accounting Standard-Setters Issue Their 2015 Strategic Plan

The document, released on April 9, sets out the long-range vision and mission of the FAF, the FASB, and the GASB.

FAF Issues Report: Brave New World in Accounting

New people, new policies, new releases—and even new logos. The Financial Accounting Foundation's annual report shows just how busy everyone has been in Norwalk.

FAF to Offer Up to $3 Million Toward Joint FASB/IASB Projects

The Financial Accounting Foundation could contribute as much as $3 million this year to the International Financial Reporting Standards (IFRS) Foundation in support of several convergence projects that the Financial Accounting Standards Board and the International Accounting Standards Board are working to complete.

FASB Releases 2014 US GAAP Taxonomy

The FASB released the 2014 US GAAP Financial Reporting Taxonomy, which contains updates for accounting standards and other improvements to the current taxonomy used by US Securities and Exchange Commission issuers.

Complexity Still an Issue for Income Tax Accounting Standard

FASB says it will continue to analyze the FAF's post-implementation review of FASB Statement No. 109. The FAF had concluded that, while generally achieving its purpose, the standard may still be too complex.

FAF: Accounting for Income Tax Standard Achieves Purpose

The post-implementation review team of the FAF concluded on November 19 that, while complex, a 1992 accounting standard addressing accounting for income taxes generally achieves its purpose.

FAF Adopts Policy on GASB Scope of Authority

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.

New FAF Microsite Celebrates Forty Years of the FASB

In commemoration of the fortieth anniversary of the FASB, the FAF unveiled a new section of its website that features audio, transcripts, and photos from the FASB@40 Conference that was held September 12.

GASB Launches New User-Friendly Website

The GASB launched an updated website on September 30 that features more user-friendly navigation and "plain English" resources that provide information on accounting and financial reporting issues for state and local governments.

FASB Proposes Variable Interest Entity Guidance Exemption

A proposal that would exempt many private companies from applying variable interest entity guidance under US GAAP to lessor companies under common control was issued by the FASB on August 23.

Two GASB Insurance-Related Standards Receive Good Review

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.

FAF Proposal Clarifies GASB's Standard-Setting Authority

Citing stakeholder concerns that trustees of the Financial Accounting Foundation were "stepping into the standard-setting role" of the GASB, the FAF on August 20 issued for comment a revised proposal to clarify the characteristics of information that the GASB may incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

FAF Appoints James Kroeker Vice Chairman of FASB

James Kroeker, a former chief accountant for the SEC who most recently served as a deputy managing partner with Deloitte LLP, was appointed a member and vice chairman of the FASB.

NASBA and AICPA Reconcile Differences on FRF for SMEs

The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.

Statements Regarding Retirement of FASB's Seidman and GASB's Attmore

The FAF and the AICPA released the following statements regarding the retirement on June 30 of Financial Accounting Standards Board (FASB) Chairman Leslie F. Seidman and Governmental Accounting Standards Board (GASB) Chairman Robert H. Attmore.

NASBA Advises Private Companies Not to Use AICPA Framework

Stating that it would "significantly weaken the financial reporting of private companies," NASBA is recommending to privately held businesses that they not use the FRF for SMEs that was introduced by the AICPA June 10.

Three Private Company Accounting Proposals Backed by FASB

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.

AICPA Unveils New Non-GAAP Framework for Financial Reporting

The AICPA's FRF for SMEs provides a new accounting option for preparing streamlined, relevant financial statements for privately held, owner-managed businesses that are not required to use US GAAP.

FASB Responds to PIR of Statement 141 on Business Combinations

On May 30, the Financial Accounting Standards Board (FASB) released its response to the Post-Implementation Review (PIR) of its business combinations reporting standard.
Education & Careers

Russell G. Golden Named New FASB Chairman

Russell G. Golden has been named the next chairman of the Financial Accounting Standards Board (FASB) effective July 1, 2013. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends June 30.


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