FASB

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.
A&A

Stock Option Expensing Coming in 2006

American companies with fiscal years ending December 31, 2005 will start expensing their stock options in 2006. This newly required reporting is expected to drop company net income figures noticeably. The Financial Accounting Standards Board (FASB) has been working to require American public companies to account for the impact of stock options in their financial statements since 1993, according to Business Journalism.
A&A

FASB Adds Pension and Postretirement Benefit Project

The Financial Accounting Standards Board (FASB) is initiating a new project to reconsider guidance given in two statements concerning pensions and post retirement benefits. The goal is to improve the reporting of these plans and increasing the use and transparency of this information on financial statements. Reuters reports that the FASB’s review should be completed by the end of 2006.
A&A

FASB Launches Investor Task Force (ITF)

The Financial Accounting Standards Board (FASB) last week announced the launch of its Investor Task Force (ITF), an advisory Resource that will provide the Board with sector specific insight and expertise from the professional investment community on relevant accounting issues. The first ITF research session will probably be held this month.The ITF represents the latest in a series of steps designed to enhance participation of investors and other users of financial information in the standard setting process.
A&A

For Accounting Purposes, Katrina Considered 'Ordinary'

If Hurricane Katrina and the Sept. 11, 2001 terrorist attacks are not considered “extraordinary” events, what are?
A&A

FASB Issues Exposure Drafts on Accounting for Financial Assets & Instruments

The Financial Accounting Standards Board, on Thursday, issued a revised Exposure Draft, Accounting for Transfers of Financial Assets, Accounting for Servicing of Financial Assets and Accounting for Certain Hybrid Financial Instruments. All the proposed Statements would amend FASB Statement 140.
Tax

Accounting for Uncertain Tax Positions

The Financial Accounting Standards Board (FASB) issued an Exposure Draft on Accounting to Uncertain Tax Positions on Thursday, July 14, 2005. The Exposure Draft would apply to all tax positions accounted for in accordance with FASB Statement No.
A&A

IASB and FASB Publish First Major Exposure Draft Standard

The International Accounting Standards Board (IASB), based in London, and the US Financial Accounting Standards Board (FASB) have announced publication of an Exposure Draft containing joint proposals to improve and align accounting for business combinations.
A&A

SEC Staff Report on SOX Section 401(c) Includes FASB Comments

The Securities and Exchange Commission (SEC) on Tuesday released a staff Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley (SOX) Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities and Transparency of Filings by Issuers. The report include several recommendations from the Financial Accounting Standards Board (FASB).“We provided input to and have discussed the content of the report with the SEC staff.

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