FASB

A&A

PCAOB Face Pay Cuts, FASB Dips Into Reserves

The federal government agreed to help out the Public Company Accounting Oversight Board (PCAOB) with emergency funding until the new fee-based system is in place. But members of the board may have to take pay cuts for awhile. The Financial Accounting Standards Board also faces funding delays and is coping by dipping into reserves.
A&A

FASB Issues FIN 46 to Curb Enron-Style Abuses

It took several decades and a crisis of unprecedented proportions to bring the issues to a head, but today's accountants have only weeks to come to grips with the new rules on accounting for special purpose entities (SPEs) like the ones that contributed to Enron's collapse.
A&A

FASB Releases FAS 148 on Stock Options

The Financial Accounting Standards Board (FASB) has released Statement No. 148 on "Accounting for Stock-Based Compensation—Transition and Disclosure." This statement provides alternative methods of transition for companies that choose to switch to the fair value method of accounting for stock options. Statement 148 also makes changes in the disclosure requirements for stock-based compensation, regardless of which method of accounting is chosen.
A&A

FASB Tightens Accounting Rules For Loan Guarantees

The Financial Accounting Standards Board
A&A

FASB Issues 2nd Draft on Accounting for Stock Options

The Financial Accounting Standards Board (FASB) has issued another invitation to comment on stock-based compensation. This one asks for your views on accounting for the fair value of employee stock options.FASB's document provides you with background information in the form of a concise helpful explanation of the similarities of and differences between the international accounting proposal and one of the two types of accounting now permitted in the U.S.
A&A

Hit List Picked For Fast-Track FASB/IASB Convergence

The Financial Accounting Standards Board (FASB) has reached into its vast reservoir of U.S. accounting standards and drawn up a hit list of 17 topics targeted for fast track convergence with international standards. The winning topics in this lottery are not necessarily the U.S.
A&A

AcSEC Relinquishes Accounting Standard-Setting Role

The American Institute of Certified Public Accountants (AICPA) announced that its Accounting Standards Executive Committee (AcSEC) will stop issuing general purpose accounting statements of position and concentrate its focus instead on industry-specific accounting and auditing guidance. The decision, which was made several weeks ago, was also announced by Financial Accounting Standards Board (FASB) Chairman Robert Herz at a conference of financial executives in New York.
A&A

IASB and FASB Tout Their 'Norwalk Agreement'

Accounting standard-setters and regulators in the U.S. and Europe jointly announced an agreement to stamp out differences in accounting standards. The pact was reportedly made in Norwalk, Connecticut last month by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
A&A

Results of 2002 Survey on FASB's Priorities

The Financial Accounting Standards Board (FASB) got an earful this year, when it conducted its annual survey on priorities. As in prior years, members of the Financial Accounting Standards Advisory Council (FASAC) and others were asked their views. But, this year, everyone was asked to start with a clean sheet of paper, rather than the usual list of projects to rubber stamp.
A&A

FASB Wants Your Vote on 'Principles-Based' Standards

The Financial Accounting Standards Board (FASB) is putting some flesh on the bones of the much idealized but little understood "principles-based" approach to U.S. standard-setting. The board wants your reaction to a proposal that provides an indication of what you can expect from the new approach:Fewer exceptions. In the past, as part of its "rules-based" approach, FASB made lots of exceptions. Some were designed to limit volatility in earnings; others to ease the transition to new standards.
Tax

Lawmakers Want Tax Disclosures Tougher Than FASB's

In a letter to President Bush, Senate Finance Committee ranking member Charles E. Grassley urged a sweeping review of disclosure requirements related to corporate income taxes. He wants more details on IRS Schedule M-1, and he wants someone other than the Financial Accounting Standards Board (FASB) to decide what is adequate tax footnote disclosure for financial statements.Sen.
A&A

FASB Moves Toward IASB, Big Investors Disagree

The Financial Accounting Standards Board (FASB)
A&A

FASB Proposes Changes in Accounting For Stock Options

The Financial Accounting Standards Board (FASB) has issued an exposure draft of proposed changes to Financial Accounting Standard (FAS) 123, "Accounting for Stock-Based Compensation."The proposed changes would:Provide three alternative methods of transition for companies that voluntarily decide to expense stock options using the fair value method.Require clearer and more prominent disclosures about the cost of stock-based employee compensation and increase the frequency of these disclosures to inc
A&A

FASB Issues FAS 147, Holds Roundtable on SPEs

The Financial Accounting Standards Board (FASB) issued Statement No. 147 on "Acquisitions of Certain Financial Institutions" and held a roundtable discussion on accounting for special purpose entities (SPEs). FAS 147. Statement 147 fills in one of the gaps left when FASB issued Statements No. 141, "Business Combinations," and No.
A&A

FASB to Consider Project on International Convergence

On September 18, 2002, the Financial Accounting Standards Board (FASB) met with the International Accounting Standards Board (IASB). There were reports that the meeting ended in a definite commitment to future action. But the truth seems to be that no decisions were reached, except that FASB will consider a project on international convergence.A tentative approach might be a 3-part project to address differences between U.S.
A&A

FASB Mulls Retroactive Expensing of Stock Options

With dozens of companies deciding to switch their method of accounting for stock options this year, the Financial Accounting Standards Board (FASB) agreed on August 7, 2002 to consider a significant change in the transition requirements that apply to the year of the switch.
A&A

FASB Issues FAS 146, Ending Six-Year Project

Yesterday, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 146, Accounting for Costs Associated with Exit or Disposal Activities. The statement has been six years in the making. It arrives at the tail end of an economic downturn that has forced many companies to make difficult decisions of the type addressed by the standard.
A&A

FASB to Take Up Accounting For Stock Options

In a surprise reaction to recent events, it appears the Financial Accounting Standards Board (FASB) may soon undertake a project on accounting for stock options. The project does not appear on the technical plan approved by the board on July 10, 2002.
Practice

Cypress CEO Blasts GAAP, Urges Balance Sheet Integrity

In a paper released last week, T. J. Rodgers, chief executive officer of Cypress Semiconductor Corporation, blasted the Financial Accounting Standards Board (FASB) and generally accepted accounting principles (GAAP) for causing U.S. companies to move toward a second set of numbers known as proforma numbers.Mr. Rodgers cites a PricewaterhouseCoopers finding that 74% of semiconductor companies issue proforma earnings statements.
A&A

Lawmakers Advance Anti-Fraud Rules and FASB Act

On July 10, 2002, as capital market slides reflected a continuing erosion of investor confidence, lawmakers in both the House and Senate made progress on accounting reforms.

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