FAF: Post-Implementation Reviews on FASB and GASB Accounting Standards
Accounting standards governing financial reporting for business combinations, operating segments, and government deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the Financial Accounting Foundation (FAF), the oversight body of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), the FAF announced.
- FASB Statement No. 141R, Business Combinations (FAS 141R) - requires an acquiring organization to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquired organization at the acquisition date, measured at their fair values as of that date, with limited exceptions.
- FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (FAS 131) - requires that public companies report financial and descriptive information about their reportable operating segments.
- GASB Statements No. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements; and No. 40, Deposit and Investment Risk Disclosures - require note disclosures about deposits and investments, including related credit risks. In addition, Statement No. 3 also provides accounting guidance for repurchase and reverse repurchase agreements.
- FAF Rejects Independent Standard Setting Board for Private Companies
- Private Co Standard Setting: FAF Expects To Issue Conclusions This Fall
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.