FASB

A&A

IASB and FASB Seek Nominations for Lease Accounting Working Group

On July 19, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced a joint project on leasing to their respective agendas.
A&A

FASB Adds Joint Lease Accounting Project with IASB

Concerns that current lease accounting does not accurate reflect the resources and obligations of lease transactions, the Financial Accounting Standards Board (FASB) on Wednesday officially added a lease accounting project to their agenda.
A&A

FASB Increases Relevance & Comparability of Income Tax in Financial Reporting

The Financial Accounting Standards Board (FASB) on Thursday issued an interpretation that increases the relevancy and comparability of financial reporting by clarifying the way companies account for uncertainty in income taxes. “T[his] interpretation reflects our concerns that widespread diversity in practice, including inconsistent measurement associated with uncertainty in accounting for income taxes, has resulted in less relevant, less comparable and less complete information for investors and other users of financial statements,” Edward W.
A&A

CPAs Debate FASB’s Pension Draft

The American Institute of Certified Public Accounting (AICPA), state societies of Certified Public Accountants and accounting firms have expressed the views of many in the profession in comment letters published on the Financial Accounting Standards Board’s (FASB) web site on the Exposure Draft of the Proposed Statement, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans.
A&A

Business Objects to FASB’s Plan for Measuring Future Pension Costs

Participants in a public roundtable held on Tuesday, June 27, at the Financial Accounting Standards Board (FASB) headquarters in Norwalk, Connecticut, engaged in heated debate on FASB’s plan to use a projected benefit obligation (PBO) metric for measuring pension liabilities that will appear on the balance sheet according to a revised standard, rather than the accumulated benefit obligation (ABO) that most companies prefer.
Community News

Auditors Spotlighted As Options Scandals Come To Light

Auditors are in the spotlight as the number of stock-option scandals expands. It seems the manipulation of option prices was more common than previously believed.
A&A

FASB Seeks Clarity on Definition of A Public Entity

What is a public entity?
A&A

IASB Chairman Calls For Accounting Standards Convergence by 2011

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), sees small differences in worldwide accounting standards within five years. CFO.com reports that Robert Herz, the Financial Accounting Standards Board (FASB) chairman, predicts that within three to five years, U.S.
A&A

FASB Pension Draft Draws Fire

The Financial Accounting Standards Board (FASB) issued an exposure draft Employers’ Disclosures about Pensions and Other Postretirement Benefits that required all written comments for the proposal be submitted by May 31, 2006. That is exactly what they got. CFO.com reports that the draft is stage one of two stages designed to overhaul retiree benefits accounting.The FASB received some 112 letters from senior management and other corporate executives voicing strong opposition to the implementation of these changes.
A&A

FASB Launches Review of Accounting for Leases

The Financial Accounting Standards Board (FASB) has begun reviewing its guidance on one of the most complex areas of off-balance sheet reporting, accounting for leases, Chairman Robert Herz told Forbes. The Securities and Exchange Commission (SEC) had requested that FASB review off-balance sheet arrangements, special purpose entities and related issues in a staff report issued in June 2005.
A&A

A Conversation About Equity Incentives with Jonathan Miller

Companies are not doing away with stock options. Jonathan Miller, President of Plan Management Corp. of Ardmore, Penn., recently sat down with AccountingWEB to discuss the present and future of options regulations and their impact on financial planning and reporting. Plan Management Corp. helps companies account for all forms of equity incentives, including stock options, restricted stock, stock appreciation rights (SARs) and stock purchase plans. “There was an initial impression that stock options were going to disappear, but we haven’t noticed that," Miller told AccountingWEB.com.
A&A

Historic AICPA/FASB Joint Proposal Aims to Improve Private Company Financial Reporting

The Financial Accounting Standards Board (FASB) joins the American Institute of Certified Public Accountants (AICPA) today in announcing a joint proposal exploring the development of accounting standards for privately held companies.
A&A

FASB Invites Comments on Insurance and Reinsurance Contracts

The Financial Accounting Standards Board (FASB) is seeking constituent comment and perspectives on the potential bifurcation of insurance and reinsurance contracts into insurance components and financing components as part of a broader initiative to improve the financial reporting for insurance accounting.Advertisement
A&A

Financial Statements Still Significant In Predicting Bankruptcy

Researchers have found that financial ratios are still valuable tools in predicting bankruptcy.
A&A

FASB Mulls Change to Rule on Pending Lawsuits

The Financial Accounting Standards Board (FASB) is considering lowering the threshold for recognizing a public company's potential loss from pending litigation, a board member disclosed in a recent forum.Advertisement
A&A

Finance Executives Support Stronger Pension Funds

A survey of 122 Chief Financial Officers (CFOs) by Grant Thornton showed that 84 percent support the Financial Accounting Standard Board (FASB) proposal to report the level of pension funding on the balance sheet. The response came as a surprise to many, but “because corporate pension information is already disclosed in the notes to the financial statements,” said John Hepp, a senior financial professional-standards manager at Grant Thornton, according to CFO.com, finance executives would not object to the new rule.
A&A

FASB Makes 3 EITF Draft Abstracts for Comment

The Financial Accounting Standards Board (FASB) has made three Emerging Issues Task Force (EITF) Draft Abstracts available for comment through May 4, 2006. The Task Force invites individuals and organizations to provide written comments on all matters within the draft abstracts to director@FASB.org.
A&A

FASB Proposes Bringing Pension Obligations to Balance Sheet

The Financial Accounting Standards Board (FASB) issued a proposed statement on Friday that would require public companies to recognize the overfunded or underfunded position of defined benefit postretirement plans on their balance sheets, effective for fiscal years ending after December 31, 2006.
A&A

Fair Value Reporting Getting A Closer Look

The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have commissioned a survey concerning the trend toward requiring or allowing more financial instruments to be measured at fair value. The FASB/IASB survey seeks to address whether current reporting standards provide enough information for investors and creditors to analyze companies that report any financial instruments at fair value.
A&A

FASB Responds to SEC Study

The Financial Accounting Standards Board (FASB) last week responded to the Security and Exchange Commission’s (SEC’s) Off Balance Sheet Report by identifying forces causing complexity and impeding financial transparency, as well as providing an update on the FASB’s activities intended to address complex accounting standards.

Pages