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FASB forum to consider use of global accounting standards by U.S. companies

The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) announced Friday that they will host a forum entitled High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting. The purpose of the forum is for the FAF and the FASB to open a dialogue with constituents about whether and how to continue to move the U.S. toward high-quality global accounting standards, the FAF and FASB's press release says. The forum will take place Monday, June 16, 2008, from 9 a.m. to 4 p.m., at Baruch College, in New York, NY.
A&A

Financial Accounting Foundation announces major changes to FAF, FASB, and GASB

On February 28, 2008, the Board of Trustees of the Financial Accounting Foundation (FAF) announced that, following a public due process period in which 59 comments were received from accounting and financial organizations and others interested in standard setting, it has voted to approve major changes to the oversight, structure, and operations of the FAF and its two standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
A&A

FASB issues FAS 117-a regarding endowments held by not-for-profits

The Financial Accounting Standards Board (FASB) has issued proposed FASB Staff Position (FSP) FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures.
A&A

FIN 48-2: FASB upholds FIN 48 for public companies; non-public entities may defer

The Financial Accounting Standards Board (FASB) has decided to allow nonpublic entities to defer implementation of FIN 48 to fiscal years beginning after December 15, 2007. To address this issue, the Financial Accounting Standards Board has issued FASB Staff Position (FSP) FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises.
A&A

PCAOB approves Auditing Standard No. 6 in response to FASB 154

The Public Company Accounting Oversight Board has voted to adopt Auditing Standard No. 6, Evaluating Consistency of Financial Statements, and an accompanying set of amendments to the Board's interim auditing standards. The Board adopted the standard and amendments in light of the Financial Accounting Standards Board's (FASB) issuance of Statement of Financial Accounting Standards No. 154, Accounting Changes and Error Corrections, and impending issuance of Statement of Financial Accounting Standards, The Hierarchy of Generally Accepted Accounting Principles.
A&A

FASB launches verification phase for Accounting Standards Codification for GAAP

The Financial Accounting Standards Board has officially launched the one-year verification phase of the FASB Accounting Standards Codification. During the verification period, constituents are encouraged to use the online Codification Research System free of charge to research accounting issues and provide feedback on whether the Codification content accurately reflects existing U.S. generally accepted accounting principles (GAAP) for nongovernmental entities.
A&A

FAS 157 - Derivative valuation insights

After careful deliberation, the Financial Accounting Standards Board (FASB) voted in favor of implementing FAS 157 on time for financial assets and liabilities like derivatives. With FAS 157 taking effect as of November 15, 2007, a company reporting at year-end or any time after mid November will be obliged to consider FAS 157. Under FAS 157 companies must measure fair value by segregating observable and unobservable inputs into Level 1, Level 2, and Level 3 inputs: Level 1 inputs are market observed inputs such as quoted prices (e.g.
A&A

FASB announces free webcast on global accounting

The Financial Accounting Standards Board (FASB) has announced the launch of a series of periodic webcasts focusing on topics of importance to its constituents. The first FASB webcast, entitled Towards a Global Reporting System: Where Are We and Where Are We Going?, is scheduled for Tuesday, January 8, 2008, from 10:30 a.m. to 11:30 a.m. (EST), and will feature a panel of experts discussing international convergence of accounting standards.Panelists Robert Herz, Peter Bridgman, Greg Jonas, and Sam Ranzilla will discuss the implications of moving the U.S.
A&A

Nonpublic companies get FIN 48 reprieve from FASB

At a recent board meeting, the Financial Accounting Standards Board voted to defer the effective date of FIN 48 for all non-public entities to periods beginning after December 15, 2007. The FASB instructed the staff to develop an FASB Staff Position which will have a 30-day comment period once it is released. This action is a welcome response to a recent letter issued by the Private Company Financial Reporting Committee (PCFRC) that recommended that FASB delay the effective date of FASB FIN No.
A&A

FASB calls for delay in non-GAAP reporting

The Financial Accounting Standards Board and its oversight foundation, the Financial Accounting Foundation, have sent a letter to the Securities and Exchange Commission asking for a delay in the agreement to allow foreign firms using International Financial Reporting Standards to no longer reconcile their accounts to U.S. GAAP rules. In the letter, Robert Denham, chairman of the FAF, and Robert Herz, chairman of the FASB, said that investors would be better served if all U.S.
A&A

FEI and IMA request deferral of SFAS 157

In a letter to Robert H. Herz, chairman of the Financial Accounting Standards Board (FASB), two committee chairmen of Financial Executives International (FEI) have requested that FASB delay implementation of SFAS No. 157 - Fair Value Measurements (FAS 157) for one year in order to allow companies and their accounting firms time to prepare for implementation. Currently, FAS 157 is effective for fiscal years beginning after November 15, 2007. The Institute of Management Accountants (IMA) has also requested the delay, CFO.com reports.
A&A

A Conversation with Bruce Pounder: The Impact of Convergence on U.S. GAAP

Internationally recognized convergence expert, Bruce Pounder, explains what we can expect to see in financial reporting and the financial statements of the future. To start off, can you briefly describe the phenomenon of "Convergence?"The word Convergence refers to the process of eliminating differences in accounting standards among countries. But Convergence also refers to the goal of that process - the absence of differences in accounting standards among countries. So Convergence is both a process and a goal.
A&A

FASB seeks comments on FAS 140-d

The Financial Accounting Standards Board has issued proposed Staff Position (FSP) FAS 140-d, "Accounting for Transfers of Financial Assets and Repurchase Financing Transactions." The Board currently seeks written comments on the proposed FSP, which addresses the accounting for the transfer of financial assets and a subsequent repurchase financing.The FSP focuses on the circumstances that would permit a transferor and a transferee to separately evaluate the accounting for a transfer of a financial asset and a repurchase financing under FASB Statement No.
A&A

FIN 48 from different perspectives

Financial Accounting Standards Board Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, is intended to substantially reduce uncertainty in accounting for income taxes. Its implementation and infrastructure requirements, however, generate a great deal of uncertainty. This feature provides an overview of FIN 48, addresses some of its federal and international tax issues, as well as issues arising at the state and local level.
A&A

Profits To Be Lost Under New Accounting Rules

Accounting-rule makers are planning to unveil a draft plan to rework financial statements, the data that millions of investors use every day when deciding whether to buy or sell stocks, bonds and other financial instruments, the Wall Street Journal reports. One possible result will be the elimination of net income or net profit, the bottom-line figure showing what is left after expenses have been met and taxes paid. It is the item many investors look to as a key gauge of corporate performance and one measure used to determine executive compensation.
A&A

Smith Appointed to FASB

The Financial Accounting Standards Board (FASB) appointed Lawrence W. Smith to a five-year term as a member effective July 1, 2007. Smith will replace Edward W. Trott who will retire from the board on June 30, 2007. Board members are appointed by the Financial Accounting Foundation (FAF). Smith is currently director of FASB's Technical Application and Implementation Activities, and chairman of the Emerging Issues Task Force. Prior to joining FASB in 2002, Smith worked at KPMG for 25 years. The seven-member FASB is led by Chairman Robert Herz.
Community News

Judith O’Dell to Chair Private Company Financial Reporting Committee

Judith H. O’Dell, CPA, has been named Chair of the new Private Company Financial Reporting Committee (the Committee), part of the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) initiative to improve the FASB’s standard-setting process to include the needs of private companies.
A&A

Changes to a Derivatives Accounting Rule Sought

A new derivatives accounting rule may be changed to reflect investor concerns. Reuters reports that the Financial Accounting Standards Board (FASB) has voted 6-1 to release a draft of Financial Accounting Standard 155 (FAS 155) with changes that exclude some mortgage-backed securities from compliance. If approved, the changes would allow the banks, insurance companies and other market players investing in about $3.5 trillion of these mortgage-backed securities (MBS) from being required to note interest-rate-driven gains and losses on their income statements, according to Reuters.
Tax

International Economic Center, the OECD, Takes Aim at U.S. Tax Policy

The Organisation for Economic Co-operation and Development (OECD), signalled a growing interest in international tax with the publication of a draft of guidelines on tests that investment managers in the UK need to meet before profits from offshore hedge funds can remain outside of the UK’s taxing authority, hedgeweek.com reports.
Tax

Social Security: A Perennial Election Issue

With just two weeks until the Nov. 7 congressional elections, President Bush called Social Security reform one of the “big items” he wants to tackle next year, sparking debate among politicians on both sides.Bush said that he believes “that a worker, at his or her option, ought to be allowed to put some of their own money . . . in a private savings account, an account that they call their own,” according to the Washington Post.Democrats jumped on the comment as a chance to remind voters that his reform ideas never made it to the legislative stage because they were so unpopular.

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