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.

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.

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.

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.

FAF Names Members of New Private Company Council

FAF has announced the appointment of the chairman and nine members of the newly created Private Company Council, which will work with FASB to determine whether and when to modify US GAAP for private companies.

FASB Announces an Encore of Its CPE Webcast

Stakeholders will have another opportunity on October 18 to earn CPE credit while learning about a recent FASB staff paper and its recommendations for creating a private company decision-making framework.

Reminder: FAF Seeks Participants for PIR Survey

The FAF, the oversight body of the GASB, is seeking interested stakeholders who would like to be considered to participate in a post-implementation review survey of GASB statements No. 3 and No. 4.

FASB Proposes Changes to Presentation of Reclassified Income

The FASB has issued for public comment a proposed Accounting Standards Update that is intended to improve the presentation of reclassifications out of accumulated other comprehensive income.

FASB Issues Invitation to Comment

On July 31, 2012, the FASB issued an Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify US GAAP for private companies.

FASB and IASB Not Ready to Agree on Impairment

The FASB, the US accounting body, announced in a joint meeting with the IASB on July 17 that it had not voted to release a joint Exposure Draft on accounting for loan losses.

FASB Seeks Input on Disclosure Framework

The FASB has issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations.

FASB Publishes Proposed Accounting Standards Update

On June 27, the FASB issued for public comment a proposed ASU intended to improve financial reporting about certain risks inherent in financial instruments and how they contribute to the reporting organization's broader risks.

IASB and FASB Agree on Lease Accounting Approach

On June 13, the IASB and the FASB agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in IFRS and the US GAAP.

FAF Requests Nominations for New PCC

On June 1, the Financial Accounting Foundation Board of Trustees issued a request for nominations for candidates to serve on the new Private Company Council.

FAF New Council to Improve Standard Setting for Private Companies

After seeking and considering extensive public comment, the Financial Accounting Foundation (FAF) Board of Trustees today established a new body to improve the process of setting accounting standards for private companies.

FAF Seeks Participants for Review Survey of FASB Statement No. 131

The FAF, the oversight body of the Financial Accounting Standards Board (FASB), is seeking interested stakeholders who would like to be considered to participate in a post-implementation review (PIR) survey of FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information.

FAF: Post-Implementation Reviews on FASB and GASB Accounting Standards

Accounting standards governing financial reporting for business combinations, operating segments, and government deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the FAF, the oversight body of the FASB and the GASB, the FAF announced.

IASB Chairman Expects SEC to Approve IFRS

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.

Video News Update for Week of January 9, 2012

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!

FASB Is Viewing Private Company Standards through a Different Lens

In advance of a formal decision by the FAF on a differential framework for making exceptions and modifications to GAAP for private companies, the FASB has taken steps to identify and make decisions/tentative decisions regarding current accounting standards.


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