FASB

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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!
A&A

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.
A&A

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.
A&A

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.
A&A

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.
A&A

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&A

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.
A&A

IFRS Roundtable: Small public companies and regulators concerned about cost of adopting IFRS

Executives from small public companies and auditors representing regional firms participated in the second panel during the SEC's recent roundtable in Washington that explored the benefits and challenges of adopting International Financial Reporting Standards (IFRS).
A&A

Condorsement and the future role of FASB

Looking ahead to the time when IASB and FASB have nearly completed their high priority convergence projects, Paul Beswick, deputy chief accountant at the SEC, introduced the concept of condorsement as a potential approach for global standard setting process.
A&A

Slippage in IFRS adoption timeline and hints of change add to uncertainty for U.S. companies

The FASB and the IASB late last month announced a delay for completion of the remaining priority convergence projects from June 2011 until late 2011.
Practice Management

FASB issues proposed accounting standards update on testing goodwill for impairment

The FASB has issued an exposure draft of a proposed accounting standards update intended to simplify how an entity is required to test goodwill for impairment.
A&A

FASB issues accounting standards update to improve financial reporting about troubled debt restructurings

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (Update) No. 2011-02, Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring.
A&A

Buck and Schroeder join Financial Accounting Standards Board

The Financial Accounting Foundation has announced the appointments of Daryl E. Buck and R. Harold (Hal) Schroeder to the FASB. Buck and Schroeder will fill two additional seats on the FASB that were announced in August, bringing the size of the FASB board to seven members.
A&A

Texas Society of CPAs recommends separate standards for private companies under FAF

TSCPA officials said that the society has long supported the development of accounting standards that meet the needs of privately held companies in the United States, especially those that are the backbone of the economy, and are not adequately served through current GAAP financial statements.
A&A

FASB's Seidman signals emphasis on converged standards, needs of private companies

Leslie Seidman, the newly appointed chairman of the FASB, repeatedly emphasized the board's intention to communicate with constituents and to produce standards in "an open process that encourages and values input."
A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
A&A

Panel works on final recommendation for separate standards board for private companies

The Blue Ribbon Panel continued its discussion on how to modify existing standards-setting process for private companies during its meeting last week.
A&A

Investment property a likely target for valuation change

The banking world is buzzing with the possibility that investor balance sheets are about to be vastly reshaped. American rule makers in the accounting industry are looking to change the way land and investments are valued.
A&A

FASB Exposure Draft seeks input on Transfers and Servicing

The FASB issued an Exposure Draft last week to solicit input from stakeholders on its proposal to improve the accounting for repos and other agreements that entitle and obligate a transferor to repurchase or redeem financial assets before their maturity.
A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.

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