US GAAP

A&A

AICPA Releases Decision Tool on Accounting Frameworks

The AICPA released a decision tool to help privately held businesses determine which accounting framework, including the "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs), best meets their financial reporting needs.
A&A

FASB Proposes Variable Interest Entity Guidance Exemption

A proposal that would exempt many private companies from applying variable interest entity guidance under US GAAP to lessor companies under common control was issued by the FASB on August 23.
A&A

FASB Issues Proposal to Define Public Business Entity

A proposal that defines a public business entity was issued by the Financial Accounting Standards Board (FASB) on August 7. The FASB is encouraging stakeholders to review and provide comments on the proposal by September 20.
A&A

FASB and PCC Finalize GAAP Framework for Private Companies

A decision-making framework that outlines criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following US GAAP was finalized by the FASB and the PCC on July 16.
A&A

NASBA and AICPA Reconcile Differences on FRF for SMEs

The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.
A&A

Survey: Almost Half of CPAs Know about AICPA FRF for SMEs

Nearly half of CPAs say they are familiar with the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) released by the AICPA on June 10, according to a recent special report by Thomson Reuters.
A&A

FASB Issues Three PCC Proposals for Public Comment

The FASB on July 1 issued for public comment three accounting proposals from the PCC in response to concerns raised by private company stakeholders about the complexity of certain aspects of US GAAP.
A&A

FASB Proposes Improvements to Financial Reporting of Going Concern Uncertainties

On June 26, 2013, the Financial Accounting Standards Board (FASB) issued a proposal intended to improve disclosures of uncertainties related to an organization's ability to continue as a going concern.
A&A

Three Private Company Accounting Proposals Backed by FASB

The FASB on June 10 endorsed three accounting proposals from the Private Company Council in the hopes of addressing concerns raised by stakeholders about the complexity of certain aspects of US GAAP for privately held companies.
A&A

AICPA Unveils New Non-GAAP Framework for Financial Reporting

The AICPA's FRF for SMEs provides a new accounting option for preparing streamlined, relevant financial statements for privately held, owner-managed businesses that are not required to use US GAAP.
A&A

US GAAP Financial Reporting Taxonomy Green-Lighted by SEC

The US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy, which allows companies to use eXtensible Business Reporting Language (XBRL) in reporting financial statements.
A&A

ASU No. 2013-07 Establishes Liquidation Accounting Principle in US GAAP

The FASB amended US GAAP to explain how businesses and other organizations should prepare financial statements when they're ceasing operations and selling assets to settle debts with creditors.
A&A

FASB Seeks More Feedback on Decision-Making Framework

June 21 will likely be an important day for the FASB and the Private Company Council (PCC). That day will mark the end of a public comment period on a proposed private company decision-making framework that the FASB and the PCC are developing.
A&A

FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses

The FASB has extended the comment deadline for its proposal to improve financial reporting on expected credit losses on loans and other financial assets held by banks, financial institutions, and other organizations.
A&A

FASB Adds Three Implementation Guides to XBRL Series

The FASB recently added three Implementation Guides to the XBRL series, including two for the insurance industry. The guides are designed to help users of the US GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.
A&A

GASB Offers Governmental Accounting Research System Online Platform

The Governmental Accounting Standards Board (GASB) has launched a new Governmental Accounting Research SystemT (GARS) platform – GARS Online. Previously, GARS was available only on CD-ROM.
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

FASB Clarifies Scope of Balance Sheet Offsetting Disclosures

On January 31, the Financial Accounting Standards Board issued ASU No. 2013-01, "Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which narrows the scope of ASU No. 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities," issued in December 2011.
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

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.

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