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.
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.
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.
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.
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.
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.
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.
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 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 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.
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.