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Financial Accounting Foundation names Schroeder to lead review of accounting standards

The Financial Accounting Foundation has announced that Mark Schroeder, a recently retired senior partner at Deloitte & Touche LLP, has been named post-implementation review leader.
A&A

IASB, FASB to focus on convergence between IFRS and US GAAP

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board recently announced their intention to prioritize convergence projects to permit a sharper focus on issues and projects they believe will bring about improvement and convergence between IFRSs and U.S. GAAP.
A&A

AccountingWEB Exclusive: Former FDIC Chief says FASB proposal is "irresponsible"

William Isaac, former chairman of the FDIC and chairman of consulting firm LECG's global financial services unit, tells AccountingWEB that he expects banks to react very negatively to the FASB's recent proposal.
Tax

Lehman update: SEC, FASB to review repo accounting rules

The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.

Systemic risk legislation update: No change in FASB oversight

In the face of opposition from the accounting profession and business community, the House Financial Services Committee has approved a revised amendment to the Financial Stability Improvement Act.

Systemic risk legislation amendment threatens FASB’s independence

Barry Melancon and Cindy Fornelli participated in a joint briefing on Monday to express their strong opposition to an amendment to the Financial Stability Improvement Act.
Education & Careers

FASB Codification will be provided to faculty and students for free

On July 1, 2009, the Financial Accounting Standards Board (FASB) is instituting a major change in the way accounting standards are organized. On that date, the FASB Accounting Standards Codification (FASB Codification) will become the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (U.S. GAAP). After that date, only one level of authoritative U.S. GAAP will exist, other than guidance issued by the Securities and Exchange Commission (SEC). All other literature will be nonauthoritative.
A&A

FASB Accounting Standards codification will launch July 1

The Financial Accounting Standards Board (FASB) has voted to approve the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009. The Codification will be effective for interim and annual periods ending after September 15, 2009, which means that preparers must begin to use the Codification for periods that begin on or about July 1, 2009. All existing accounting standard documents are superseded.
A&A

IASB publishes draft guidance on fair value measurement

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of draft guidance on fair value measurement.
A&A

FASB issues new lease accounting paper

By Shawn D. Halladay The FASB has issued a Discussion Paper on lessee accounting for leases. As expected, the requirement to classify leases as capital or operating is gone and lessees must capitalize all leases. This one-size-fits-all model, which treats dollar-outs and FMV leases the same, accounts for very different transactions in the same way.
A&A

FASB to issue new FIN 48 guidance

FASB will issue a proposed staff position for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for pass-through and tax exempt not-for-profit entities. Once released, the FSP will be available for a 30-day comment period.FASB also decided:Not to provide guidance related to whether a tax is or is not an income tax. That attribution of the income tax to the entity or its owners should be based on the laws and regulations of the taxing authority rather than on who is responsible for payment of the income taxes.  
A&A

FASB chairman says final revisions to Statement 157 reaffirm fair value

In a statement accompanying the release of the final FASB Staff Position (FSP) of proposed changes to FAS 157, Fair Value Measurements, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Order, FASB Chairman Robert H. Herz said that the revised FSP, along with two others related to fair value measurements, provides additional application guidance and calls for new disclosures.
A&A

FASB responds to negative feedback to Proposed FAS 157-e, will vote on final version

When the Financial Accounting Standards Board (FASB) decided to move forward with changes to FAS 157, Accounting for Fair Value, with the proposed FAS 157-e, "Determining Whether a Market is Not Active and a Transaction is not Distressed," it did so in the face of strongly worded comment letters from the American Institute of Certified Public Accountants (AICPA) and the Center for Audit Quality (CAQ), which expressed serious reservations about the proposed changes. Neither organization supported the draft FASB Staff Position (FSP), and both called for major revisions.
A&A

IASB and FASB announce further steps in response to global financial crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced further steps in response to the global financial crisis following their joint board meeting held in London on March 23 and 24, 2009.Building on work underway, the two boards have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instruments. They will also work towards analyzing loan loss accounting within the financial instruments project.
A&A

Expedited fair value guidance may ease pressure on banks

Following a hearing at a House Financial Services subcommittee last week, the Financial Accounting Standards Board (FASB) agreed to expedite release of their proposed guidance for the application of FAS 157 "Fair Value Measurement." The proposed guidance was published for public comment on March 17th and will be voted on by the Board on April 2. If approved, the FASB recommends that the guidance be effective for interim and annual periods ending after March 15, 2009. According to CFO.com, FASB chairman, Robert H.
A&A

FASB Chairman Robert H. Herz testifies on mark-to-market accounting

Robert H. Herz, chairman of the Financial Accounting Standards Board (FASB), testified about mark-to-market accounting today before the U.S. House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. Herz appeared at a hearing convened by Congressman and Committee Chairman Paul E. Kanjorski (D-PA) on "Mark-to-Market Accounting: Practices and Implications."
A&A

FASB to issue FSP FAS 140-4 and FIN 46(R)-8

The Financial Accounting Standards Board (FASB) has announced plans to issue final FASB Staff Position (FSP) FAS 140-4 and FIN 46(R)-8, Disclosures about Transfers of Financial Assets and Interests in Variable Interest Entities, by December 15, 2008. The document will increase disclosure requirements for public companies for reporting periods that end after December 15, 2008.
A&A

Global advisory group to review reporting issues related to credit crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced that they will create a global advisory group comprising regulators, preparers, auditors, investors, and other users of financial statements. The advisory group will help to ensure that reporting issues arising from the global economic crisis are considered in an internationally co-ordinated manner.
A&A

FASB and IASB work together on reporting issues in financial crisis

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced further details on their joint approach to dealing with reporting issues arising from the global financial crisis. The boards reiterated the importance of working cooperatively and in an internationally coordinated manner to consider accounting issues emerging from the global crisis.
A&A

Bankers ask SEC to override FASB’s new fair value guidance

The American Bankers Association has asked the Securities and Exchange Commission (SEC) to use its authority to override the Financial Accounting Board's (FASB) additional guidance on fair value, FAS 157-3. In a strongly worded letter to SEC Chairman Christopher Cox, Edward L. Yingling, President and CEO of the bankers' group said that the guidance, "basically ignores what we believe to be the intent of the SEC's release of September 30, 2008."

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