FASB | AccountingWEB



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.

IFRS Update: SEC Decision Still Months Away

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.

Insurance Standard Proposals Are Fatally Flawed and Unworkable

Speaking at the AICPA/IFRS Foundation Conference on International Financial Reporting Standards in Boston recently, Jerry de St. Paer, executive chair, Group of North American Insurance Enterprises (GNAIE), said the current proposals and timelines advanced by the International Accounting Standards Board (IASB) contain fatal flaws.

Accounting community calls for independent standards board for private companies

CPA firms, private companies, lenders, and nonprofit entities have joined in a massive letter-writing campaign to the Financial Accounting Foundation (FAF) to express their views on the need for separate standards and an independent standard setting board for private companies.

FASB, GASB: Accountants can be heard on upcoming controversial issues

A series of hearings and roundtables scheduled by the standard-setting boards during October will address two controversial issues: (1) the GASB proposals on accounting for government pensions, and (2) standard setting for private companies and nonprofit entities.

A move toward separate accounting standards for private companies begins

For all those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or spending hours drafting disclosures that users may not read, or being burdened with a myriad of other financial reporting responsibilities, there may be some relief on the way.


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