FASB

A&A

IASB Floats Revised Proposals for Loan-Loss Provisioning

In a March 7 press release, the International Accounting Standards Board said it has issued a revised set of proposals for a model for recognizing credit losses on financial instruments that differs from one proposed by the Financial Accounting Standards Board.
A&A

FASB to Review Business Segment Reporting Issues Based on FAF Review

FASB plans to discuss issues raised in FAF's review of Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, with stakeholders and the SEC to determine whether further review of the standard is warranted.
A&A

FASB/IASB Continue Insurance Contracts Reporting Project

The IASB continues its work with the FASB to develop an accounting standard for insurance contracts reporting that would improve on current US GAAP and coincide with IFRS.
A&A

FASB Clarifies Scope of Balance Sheet Offsetting Disclosures

On January 31, the Financial Accounting Standards Board issued ASU No. 2013-01, "Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which narrows the scope of ASU No. 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities," issued in December 2011.
A&A

FAF Takes a Look Back at Standards for Segment Disclosures

FAF, the private-sector organization charged with oversight of accounting standards set by FASB, recently took a look back at the effectiveness of a standard established to improve the way public companies report information about their business segments.
A&A

FASB Floats Proposal to Close Repo Agreement Loophole

FASB has issued a request for public comment on its proposal to improve financial reporting disclosures on repurchase agreements in order to more properly reflect a company's obligations and risks in some circumstances.
A&A

FASB Issues Proposed Clarification to Fair Value Disclosure Exemption

The FASB has issued for public comment a proposed ASU intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonprofit organizations.
A&A

FASB Focuses on Nonpublic Companies

Private companies and not-for-profit entities can expect to be the focus in many of the deliberations of the Financial Accounting Standards Board (FASB) in 2013 as the result of major decisions made in 2012.
A&A

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.
A&A

US GAAP Financial Reporting Taxonomy Now Available

On December 21, 2012, the Financial Accounting Standards Board (FASB) announced the availability of the 2013 US GAAP Financial Reporting Taxonomy pending final acceptance by the SEC.
A&A

FASB and CAQ Issue Forum Observations Summary

On December 12, 2012, the Financial Accounting Standards Board (FASB), in conjunction with the Center for Audit Quality (CAQ), issued a summary of observations from two forums on disclosure effectiveness.
A&A

Private Companies Finally (May) Have Their Own Standards

As they grow their private companies, one of the last things - if not the last thing - owners want to spend time and money on is complicated financial reporting requirements.
A&A

Going Concern Guidance To Be Brought into GAAP

The Financial Accounting Standards Board (FASB) voted at its November 7, 2012, meeting to adopt a financial reporting model for management's assessment of going concern and related disclosures.
A&A

FASB Overview: New Credit Loss Model

The Financial Accounting Standards Board expects to issue an Exposure Draft of an Accounting Standards Update that proposes a single measurement model for measuring credit losses, possibly by the end of 2012.
A&A

FASB Extends Disclosure Framework Comment Deadline

The Financial Accounting Standards Board announced November 2 that it would extend the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012.
A&A

FASB Extends Deadline for Comment on Private Company Framework

The FASB announced it would extend the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify GAAP for private companies. The deadline is now November 9.
A&A

Newly Created PCC to Hold First Public Meeting

The Private Company Council, a new body created by the Board of Trustees of the Financial Accounting Foundation, will host its inaugural public meeting December 6, 2012, at the FAF offices in Norwalk, Connecticut.
A&A

FASB Will Propose New Credit Impairment Model

How to measure and disclose evidence that a loan or bond is not performing continues to be an issue in the ongoing deliberations of the Financial Accounting Standards Board and the International Accounting Standards Board.
A&A

FASB Issues ASU 'Technical Corrections and Improvements'

The FASB has issued amendments to the FASB Accounting Standards Codification® based on feedback from stakeholders. The amendments, issued as ASU No. 2012-04, are the product of a standing FASB project.
A&A

FASB Update on Private Company Framework

A recent webcast presented by the FASB reviewed key areas of the “Private Company Decision-Making Framework – A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies” staff paper.

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