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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.

FASB Seeks More Feedback on Decision-Making Framework

June 21 will likely be an important day for the FASB and the Private Company Council (PCC). That day will mark the end of a public comment period on a proposed private company decision-making framework that the FASB and the PCC are developing.

Mary Jo White Confirmed by Senate as SEC Chairman

Mary Jo White, a former federal prosecutor for the Southern District of New York, was unanimously confirmed as chairman of the Securities and Exchange Commission (SEC) by the US Senate on April 8, 2013.

Financial Accounting Foundation Names David A. Vaudt Chairman of GASB

On April 4, 2013, Iowa Auditor of State David A. Vaudt was named as the next chairman of the Governmental Accounting Standards Board (GASB), effective July 1, 2013.

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.

FAF Releases Updated Print Edition of FASB Accounting Standards Codification

On March 11, the Financial Accounting Foundation (FAF) released its latest version of the print edition of the Financial Accounting Standard Board's (FASB) "Accounting Standards Codification."

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.

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.

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.

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.

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.

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.

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.

FASB Update on Private Company Framework

A recent webcast presented by the FASB reviewed key areas of the “Private Company Decision-Making Framework – A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies” staff paper.

FAF Names Members of New Private Company Council

FAF has announced the appointment of the chairman and nine members of the newly created Private Company Council, which will work with FASB to determine whether and when to modify US GAAP for private companies.

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.

FAF Requests Nominations for New PCC

On June 1, the Financial Accounting Foundation Board of Trustees issued a request for nominations for candidates to serve on the new Private Company Council.

AICPA Supports FAF's Creation of Private Company Council

On May 23, the FAF announced its decision to make process and structural improvements by creating the Private Company Council (PCC). The PPC is based upon the body proposed last October by the FAF to set differences in U.S. GAAP, where appropriate, for privately held companies.

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.


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