Financial Reporting

A&A

IASB Floats Revised Proposals for Loan-Loss Provisioning

In a March 7 press release, the International Accounting Standards Board said it has issued a revised set of proposals for a model for recognizing credit losses on financial instruments that differs from one proposed by the Financial Accounting Standards Board.
A&A

FASB to Review Business Segment Reporting Issues Based on FAF Review

FASB plans to discuss issues raised in FAF's review of Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, with stakeholders and the SEC to determine whether further review of the standard is warranted.
A&A

Accounting Industry Leaders Want Changes to Corporate Reporting

In the wake of the international financial crisis, accounting industry professionals are taking a close look at corporate reporting and calling for reform.
A&A

FASB/IASB Continue Insurance Contracts Reporting Project

The IASB continues its work with the FASB to develop an accounting standard for insurance contracts reporting that would improve on current US GAAP and coincide with IFRS.
A&A

Indiana CPA Society Task Force Studies Integrated Reporting

INCPAS, through the work of a board-level task force, has released a white paper on integrated reporting. The paper defines integrated reporting and addresses and answers several key questions pertaining to it.
A&A

NASBA Opposes AICPA's Proposed FRF for SMEs

The long-running debate over who's responsible for developing a framework for standards for financial reporting by privately held, small and midsized US businesses is far from over.
A&A

AICPA Releases New Financial Instruments Auditing Guide

The AICPA recently released an updated guide that aids auditors in assessing the fair value of financial instruments. The publication is based on new standards resulting from the AICPA's Clarity Project.
A&A

Financial Analysts Say Hedging, Derivatives Reporting Inadequate

Financial analysts say there's not enough detail being provided in reports from companies that use derivatives and hedging activities, which makes analysis of investments that rely significantly on such financial instruments riskier.
A&A

FAF Takes a Look Back at Standards for Segment Disclosures

FAF, the private-sector organization charged with oversight of accounting standards set by FASB, recently took a look back at the effectiveness of a standard established to improve the way public companies report information about their business segments.
A&A

FASB Floats Proposal to Close Repo Agreement Loophole

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.
A&A

GASB Approves New Standard

The Governmental Accounting Standards Board (GASB) has approved a new standard intended to improve accounting and financial reporting for US state and local governments' combinations and disposals of government operations.
A&A

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.
A&A

FASB and CAQ Issue Forum Observations Summary

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.
A&A

CAQ Statement on PCAOB Report, ICFR Inspection Findings

The CAQ has issued a statement from Executive Director Cindy Fornelli regarding the release of the PCAOB's report on inspection findings related to audits of internal control over financial reporting.
A&A

Private Companies Finally (May) Have Their Own Standards

As they grow their private companies, one of the last things - if not the last thing - owners want to spend time and money on is complicated financial reporting requirements.
A&A

Going Concern Guidance To Be Brought into GAAP

The Financial Accounting Standards Board (FASB) voted at its November 7, 2012, meeting to adopt a financial reporting model for management's assessment of going concern and related disclosures.
A&A

Rothstein Kass Reference Manual for Fund Managers

The third annual "Alternative Investment Fund Pro Forma Financial Statements Reference Manual" is a comprehensive guidebook for completing financial statements for hedge and hybrid funds, fund of funds, and master-feeder structures.
A&A

FASB Extends Disclosure Framework Comment Deadline

The Financial Accounting Standards Board announced November 2 that it would extend the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012.
A&A

FASB Extends Deadline for Comment on Private Company Framework

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.
A&A

AICPA FRF for SMEs Exposure Draft Available for Comment

The American Institute of CPAs (AICPA) announced today that an exposure draft on its proposed Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is now available for comment.

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