GAAP

A&A

FASB to Join IFRS Foundation's Accounting Standards Advisory Forum

The Financial Accounting Standards Board (FASB) will join the newly formed Accounting Standards Advisory Forum (ASAF), an advisory group that will help the International Accounting Standards Board (IASB) set international accounting standards, the Financial Accounting Foundation (FAF) announced.
A&A

FAF Releases Updated Print Edition of FASB Accounting Standards Codification

On March 11, the Financial Accounting Foundation (FAF) released its latest version of the print edition of the Financial Accounting Standard Board's (FASB) "Accounting Standards Codification."
A&A

Newly Created PCC to Hold First Public Meeting

The Private Company Council, a new body created by the Board of Trustees of the Financial Accounting Foundation, will host its inaugural public meeting December 6, 2012, at the FAF offices in Norwalk, Connecticut.
A&A

FASB Update on Private Company Framework

A recent webcast presented by the FASB reviewed key areas of the “Private Company Decision-Making Framework – A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies” staff paper.
A&A

E&Y to Pay $2 Million to Settle Audit Failure Charges

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.

IASB Chairman Expects SEC to Approve IFRS

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
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

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

New XBRL and proposed 2012 US GAAP financial reporting taxonomy released

The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), has announced that it has completed the first part of its project to address requests for extensions to the IFRS XBRL taxonomy.