US GAAP | AccountingWEB



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.

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.

US GAAP Financial Reporting Taxonomy Now Available

On December 21, 2012, the Financial Accounting Standards Board (FASB) announced the availability of the 2013 US GAAP Financial Reporting Taxonomy pending final acceptance by the SEC.

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.

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.

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.

FASB Issues ASU 'Technical Corrections and Improvements'

The FASB has issued amendments to the FASB Accounting Standards Codification® based on feedback from stakeholders. The amendments, issued as ASU No. 2012-04, are the product of a standing FASB project.

FAF Names Members of New Private Company Council

FAF has announced the appointment of the chairman and nine members of the newly created Private Company Council, which will work with FASB to determine whether and when to modify US GAAP for private companies.

FASB Proposes Changes to Presentation of Reclassified Income

The FASB has issued for public comment a proposed Accounting Standards Update that is intended to improve the presentation of reclassifications out of accumulated other comprehensive income.

FASB Issues Invitation to Comment

On July 31, 2012, the FASB issued an Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify US GAAP for private companies.

IASB and FASB Agree on Lease Accounting Approach

On June 13, the IASB and the FASB agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in IFRS and the US GAAP.

IFRS Update: SEC Decision Still Months Away

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.


Already a member? log in here.