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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.
A&A

FASB Issues Final FSP for Cash Settlements on Contingent Events

Last week the Financial Accounting Standards Board (FASB) issued FASB Staff Position (FSP) No. FAS 123(R)-4:Classification of Options and Similar Instruments Issued as Employee Compensation That Allow for Cash Settlement upon the Occurrence of a Contingent Event. The guidance in this FSP amends paragraphs 32 and A229 of FASB Statement No.
Practice Management

FASB Clarifies When Leases Should be Reclassified

The Financial Accounting Standards Board (FASB) has answered questions relating to lease accounting.The way it stands now, FAS 13 requires that a lease should be recalculated when a change in a key assumption affects the net income.
A&A

Proposed Pension Rules May Threaten Defined Benefit Plans

The Financial Accounting Standards Board (FASB) announced late last year that it planned to make significant changes in the way companies report pension liabilities, the Associated Press reports. The first step will be to require companies to show on their balance sheets the total assets of their plans in comparison to what is owed to workers.
A&A

SOX and Environmental Reporting

The EPA reports that companies, governments and other entities, are required to spend a record $10 billion to come into compliance with environmental laws as a result of enforcement actions in 2005. A record 627 entities voluntarily disclosed violations and more than 600,000 businesses and individuals received EPA assistance in understanding and complying with environmental laws.
A&A

Conditional Asset Retirement Obligations and FIN 47

In the past, companies were not required to report environmental liabilities, such as contaminated property, except in cases where a pending or threatening legal action involved the environmental liability, according to Mondaq.com.
A&A

Going Into Effect December 15, 2005

More than 10 Statements, Issues and other guidance issued by the Financial Accounting Standards Board (FASB) go into effect on Thursday, December 15, 2005. Here is a brief list of those items going into effect.
Community News

Regulators Call for More Transparency, Less Complexity

The Securities and Exchange Commission (SEC) is seeking help from the accounting industry to simplify the rules that may be partly to blame for the corporate scandals of recent years, the SEC chairman said Monday.The SEC, working with the Public Company Accounting Oversight Board (PCAOB) and the Financial Accounting Standards Board (FASB), is undergoing a “major national effort to make accounting less complex,” said SEC Chairman Christopher Cox, at the American Institute of Certified Public Accountants' (AICPA) annual meeting in Washington, D.C.
A&A

AICPA National Conference on Current SEC & PCAOB Developments

The American Institute of Certified Public Accountants (AICPA) is holding its 33rd annual National Conference on Current Securities and Exchange (SEC) and Public Company Accounting Oversight Board (PCAOB) Developments this week. The conference is being held at the Marriott Wardman Park located at 2660 Woodley Road, NW, Washington, DC. The conference will conclude Wednesday, December 7, 2005. The AICPA’s new Chair, Leslie Murphy, opened the conference. Murphy said, “Reliable and transparent financial reporting is fundamental to the well-being of our capital markets.

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