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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.
A&A

FASB Issues Standard as Part IASB Convergence Effort

The Financial Accounting Standards Board (FASB) has issued Statement No. 154, Accounting Changes and Error Corrections applying to all voluntary accounting principle changes as well as the accounting for and reporting of such changes. Statement No. 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. Earlier application is permitted for fiscal years beginning after June 1, 2005.Statement No.
A&A

AICPA & FASB Exploring Changes in GAAP for Private Companies

The accounting profession will work with the Financial Accounting Standards Board (FASB) to evaluate potential changes to generally accepted accounting principles (GAAP) for privately held, for-profit companies the governing council of the American Institute of Certified Public Accountant (AICPA) announced on Monday.The AICPA Council resolution directs AICPA management to work with the Financial Accounting Foundation (FAF) and the Financial Accounting Standards (FASB) in identifying and implementing a process for evaluating potential changes in recognition, measurement and disclosure from G
A&A

Cisco Proposes Option for Options

When the new rules regarding the expensing of options go into effect over the next year, technology firms, like Cisco Systems Inc., will be among the hardest hit. Billions of dollars are stake in Silicon Valley with its high concentration of technology firms.
A&A

FASB May Re-Open Talks on Derivatives and Hedging Activities

The Financial Accounting Standards Board (FASB) may re-start discussions on one of its most controversial standards–accounting for derivatives.Financial Accounting Standard 133–Accounting for Derivative Instruments and Hedging Activities–took effect in 2000 and angered many business owners.
A&A

FASB Issues GAAP Hierarchy Exposure Draft

The Financial Accounting Standards Board (FASB) has issued an Exposure Draft titled “The Hierarchy of Accepted Accounting Principles,” as part of an effort to improve the quality of accounting standards and the standard-setting process.Recently, the Securities and Exchange Commission (SEC) has reaffirmed the FASB as the designated private-sector standard-setter for public companies. The FASB, in turn, has implemented procedures to narrow the types of accounting principles it issues.
A&A

SEC Delays Implementation of Accounting Rules

The Securities and Exchange Commission (SEC) announced on Thursday that large public companies won’t have to expense options until the fiscal year beginning after December 15, 2005.The rules, issued by the Financial Standards Accounting Board (FASB), were have gone into effect for large firms in the first quarter starting after June 15, 2005. The deadline for smaller firms has always been the first fiscal after June 15, 2005.
A&A

FASB Options Rules Also Affect Private Firms

Late in 2004, the Financial Accounting Standards Board (FASB) issued a controversial ruling regarding how companies list outstanding options as expenses on their books. The impact of the new guidelines on public companies, which goes into effect in June, has attracted most of the attention.
A&A

Consolidation Rules for Sole General Partner LPs & LLPs

In its comments on EITF Issue No. 04-5, “Investor’s Accounting for an Investment in a Limited Partnership When the Investor Is the Sole General Partner and the Limited Partners Have Certain Right,” TIC noted that the title should be revised to clarify it also covers entities that are equivalent to limited partnerships, such as LLCs. The proposed standard discusses three types of rights: kick-out rights (as used in FASB’s FIN 46R), participatory rights and protective rights.
A&A

SEC's Office of the Chief Accountant Release Staff Accounting Bulletin on Share-Based Payments

The Securities and Exchange Commission’s Office of the Chief Accountant and its Division of Corporation Finance announced on Tuesday announced the release of a Staff Accounting Bulletin relating to the Financial Accounting Standard’s Board (FASB) accounting standard for stock options and other share-based payments. Staff Accounting Bulletin No.
A&A

FASB Issues Final Interpretation of Accounting for Conditional Asset Retirement Obligations

The Financial Accounting Standards Board (FASB) on Wednesday published FASB No. 47, Conditional Asset Retirement Obligations. Interpretation No. 47, clarifies that the term “conditional asset retirement obligations” as used in FASB Statement No. 143, Accounting for Asset Retirement Obligations, refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the entity.
A&A

Debt vs. Equity: Accounting for Claims Contingent on Firms’ Common Stock Performance

Determining accurate accounting methods for employee stock options and other stock-related claims has long been a headache for companies, investors, analysts, standard-setters and regulators. Contradictory GAAP rulings that classify similar securities as both debt and equity have resulted in inconsistent company reporting over the years.

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