Financial Reporting | AccountingWEB

Financial Reporting


Financial statements in QuickBooks: Done right and in less time

Learn how to use the Intuit Statement Writer and the new and improved features in QuickBooks 2010 that allow you to present financial statements in compliance with GAAP.

FEI files amicus curiae brief with Supreme Court in support of petition for review of Textron case

Financial Executives International (FEI) has filed an amicus curiae "friend of the court" brief with the Supreme Court of the United States in support of a petition for review of the U.S. vs. Textron case.

Consolidating variable interest entities – Overview of FAS 167

FAS 167 replaces the quantitative risks and rewards approach of FIN 46(R) with a qualitative approach that will identify which enterprise has a controlling financial interest in a variable interest entity and has the power to direct the activities of that entity.

Grant Thornton suggests bank regulators should adjust capital requirements

In recent months, the impact of fair-value accounting (also known as mark-to-market accounting) on financial institutions and the capital markets has been the focus of considerable controversy. An equally controversial topic is the manner in which banks record losses in their loan portfolios. Last week Grant Thornton LLP issued a proposal that can (1) enhance the safety and soundness of financial institutions in difficult economic times and (2) preserve the benefits to investors of the current accounting model.

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.

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, FASB chairman, Robert H.

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."

Highlights of CCH Seminar: FAS 141(R) Business Combinations

AccountingWEB staff writer Teresa Ambord attended the recent CCH audio seminar: FAS 141(R): Business Combinations: Understanding and Applying FAS 141(R) and FAS 160.

Fraud and bankruptcy go hand in hand

Bankrupt companies are three times more likely to have been cited for fraud by U.S. regulators, according to a new study released last week from Deloitte Financial Advisory Services LLP. The study also showed that fraud incidents were much more likely to land a company in bankruptcy court.

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.

Business IT tips: Five ways to make your reports stand out

Simple and short are best when it comes to reports, according to the advice in our latest technology tips from Business IT Guides, courtesy of our sister site, Use color sparingly: A report is about content, so bear this in mind. Use color to enhance the report but remember that the presentation will be a distant memory if it is not well written.2. Cut, cut, and cut again.

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.

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.

FASB gives private companies temporary reprieve from FIN 48

At the October 15, 2008 meeting, the Financial Accounting Standards Board (FASB) redeliberated the scope of the proposed deferral of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic entities.

IASB proposes improvements to financial instruments disclosures of information

The International Accounting Standards Board (IASB) has published for public comment proposals to improve the information available to investors and others about fair value measurements of financial instruments and liquidity risk. The proposals form part of the IASB's response to the credit crisis and follow recommendations of the Financial Stability Forum, which had the support of the Group of Seven (G-7) Finance Ministers.

SEC to study mark-to-market accounting

The Securities and Exchange Commission has announced additional details on the process and initial steps that the SEC has undertaken to conduct a study on "mark-to-market" accounting, as authorized by Sec. 133 of the Emergency Economic Stabilization Act of 2008, recently signed into law by President Bush.Under the legislation enacted to help stabilize financial markets, the SEC is required to conduct a study of "mark-to-market" accounting. The study is to be completed by Jan.

SEC, FASB issue clarifications on fair value accounting

The current environment has made questions surrounding the determination of fair value particularly challenging for preparers, auditors, and users of financial information. The SEC's Office of the Chief Accountant and the staff of the FASB have been engaged in extensive consultations with participants in the capital markets, including investors, preparers, and auditors, on the application of fair value measurements in the current market environment.

Conversion to IFRS will challenge information systems and IT personnel

Changes in filing requirements and accounting standards will drive conversion to international financial reporting standards (IFRS) in an organization, but the process of conversion will impact general business information technology systems, according to an analysis published by KPMG, International Financial Reporting Standards: The information systems impacts of IFRS. Every system within an organization that uses financial information will be affected by conversion to

Sarbanes-Oxley requirements have made financial statements more confusing

The goal of the 2002 Sarbanes-Oxley Act was to make corporate accounting more transparent. In practice, a new Cato Institute study finds, the law's requirements have had the opposite effect.Sarbanes-Oxley sought to achieve its aims by having the Financial Accounting Standards Board (FASB) mandate that corporations use Generally Accepted Accounting Principles (GAAP) in reporting their balance sheets to shareholders. In the Cato Institute Briefing Paper FASB: Making Financial Statements Mysterious, T.J.

FASB looking for feedback on proposed earnings per share revision

The Financial Accounting Standards Board has issued a revised Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards, Earnings per Share — an amendment of FASB Statement No. 128. The proposed Statement seeks to improve financial reporting by clarifying and simplifying the method of calculating earnings per share (EPS), while promoting the international convergence of accounting standards by eliminating major differences that currently exist between FASB Statement No. 128, Earnings per Share, and International Accounting Standard (IAS) 33, Earnings per Share.


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