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The Bloomberg BNA Accounting Blog is a forum for practitioners and Bloomberg BNA editors to share ideas, raise issues, and network with colleagues. The ideas presented here are those of individuals, and Bloomberg BNA bears no responsibility for the appropriateness or accuracy of the communications between group members.

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April 15, 2014

April 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS On April 2, the Financial Accounting Standards Board held its 16 th meeting with the Accounting Standards Board of Japan activities — a biannual event that occurs...

April 10, 2014

Snowed In in Punxsutawney: FASB and Going Concern

[Scene: A '70s-era, flapping-number alarm clock on a doily-covered nightstand goes off at 6 a.m. Bill Murray lies asleep under a grandma-made quilt. Cue Sonny and Cher.] Then put your little...

March 31, 2014

March Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: Sponsors of tax code Section 401(k) plans that are waiting for the Internal Revenue Service to release its Questionnaire Self-Audit Tool (QSAT) guide, intended to help...

March 24, 2014

Goodwill for Public Entities and Not-for-Profits

Denise Lugo, staff correspondent spotlights the Financial Accounting Standards Board project on accounting for goodwill for public business entities and not-for-profit organizations .  ...

March 21, 2014

March 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: The Financial Accounting Standards Board: On March 4 issued a Conceptual Framework for Financial Reporting: Chapter 8: Notes to Financial Statements , a draft ...

February 28, 2014

Latest February 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: The Financial Accounting Standards Board Feb. 12 decided to hold off on any decisions on the subsequent measurement of goodwill until the board's staff can research...

February 25, 2014

GASB Basing Leasing Proposal Approach on FASB-IASB Proposals

For the last eight months, the Governmental Accounting Standards Board has been working on new lease accounting rules for state and local governments, with an approach based on the controversial...

February 19, 2014

U.S. Funding for IASB: A Fence in a Tangle of Vines

To understand what led to the Jan. 28 news of an unusual, $3 million donation to global accounting standard-setters by the parent group of the Financial Accounting Standards Board (10 APPR 161,...

February 7, 2014

Jan. 31-Feb. 6 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: Jan. 31-Members of the Financial Accounting Standards Board Jan. 29 tentatively voted to change one of the conditions that a reporting company evaluates to consider...

February 4, 2014

Latest January Accounting and Auditing Highlights

Jan. 23 the Financial Accounting Standards Board   issued Accounting Standards Update No. 2014-05, Service Concession Arrangements (ASC Topic   853), to clear up divergent practices, by deciding...

January 24, 2014

FASB’s Struggle to Find Investors Willing to Opine on Standard-Setting

FASB’s Struggle to Find Investors Willing to Opine on Standard-Setting Jan. 24 -- Members at the Financial Accounting Standards Board (FASB) are talking of the board’s struggle to find...

January 24, 2014

January 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: From Jan. 15 to Jan. 17, the Financial Accounting Standards Board issued four accounting standards updates and one proposed accounting standard update. Jan. 15...

January 3, 2014

End of 2013 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS The Financial Accounting Standards Board and its Private Company Council Dec. 23 issued an Accounting Standards Update and accompanying guide for the PCC to address the...

December 18, 2013

December Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS The Financial Accounting Standards Board Dec. 11 ratified the following consensuses for issuance as Generally Accepted Accounting Principles that the Emerging Issues...

December 17, 2013

FASB’s Disclosure Framework Project

Denise Lugo, Bloomberg BNA staff correspondent, discusses the Financial Accounting Standards Board’s Disclosure Framework Project. ...

December 16, 2013

No GAAP for Bit Coins FASB Discussions Indicated

No GAAP for Bit Coins FASB Discussions Indicated     Would “Bit Coins” potentially be a functional currency under which financial statements can be prepared? This was a question...

December 6, 2013

November/December Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS The Financial Accounting Standards Board issued a proposal Nov.7 that would amend Accounting Standards Codification 915, aimed at reducing cost and complexity associated...

December 4, 2013

An SEC Decision on IFRS in 2014? Not Likely.

Two years ago, audit firms, big companies and accounting rulemakers looked hopefully to the Securities and Exchange Commission. Anticipation was at a Mt. Everest – or at least maybe Denver –...

November 26, 2013

Global Convergence as Opposed to Broken Accounting Rules Drove FASB-IASB Revenue Project, Panel says

Two interesting questions were raised at the Financial Executives International's financial reporting conference in New York Nov. 18: What element of the current revenue recognition...

November 15, 2013

Paul Albergo to Speak at Financial Executives International Conference

Financial Executives International will be hosting the 32nd Annual Current Financial Reporting Issues (CFRI) conference in New York City on Nov. 18-19. The conference will detail the latest...

November 1, 2013

October 2013 Accounting and Auditing Highlights

The Financial Accounting Standards Board proposed two new accounting standards Oct.23 after its Emerging Issues Task Force unit reached consensuses for exposure in September. Compensation – ...

October 22, 2013

Steering to a Compass: Notable Speeches, Part 2

SEC Chairman Arthur Levitt’s stern warning in 1998 about a “numbers game” in financial reporting proved to be the speech on accounting cited most often in a quick-and-dirty survey that I carried...

October 3, 2013

15 Years After: The “Numbers Game” Speech Remembered

The words were direct, hard-hitting and memorable. So memorable, that – 15 years on -- several veteran rulemakers in accounting and accounting academics cited the speech as one of the most...

September 30, 2013

September Accounting and Auditing Highlights

In Sept. 11 meetings, the Financial Accounting Standards Board voted to extend the comment period of the proposed accounting standards update, Consolidation (Topic 810): Measuring the Financial...

September 26, 2013

Expectations, Scaled Back: From FASB’s New Chief, Signs of a Shift

The road to improved accounting rules seems to be littered with diminished expectations. That appears to be a hard – and everlasting -- lesson for the diligent rulemakers at the Financial...

September 25, 2013

Panelists See Light at End of FASB-IASB Lease Accounting Tunnel: Leases on Balance Sheets

Roundtable panelists in Norwalk--during the afternoon session of the Financial Accounting Standards Board and the International Accounting Standards Board’s lease accounting discussion Sept. 23...

September 12, 2013

BBNA's Paul Albergo is Featured Speaker at FEI's 32nd Annual CFRI Conference

Paul Albergo, Bloomberg BNA's Director of News Coverage, will be a featured speaker at Financial Executives International (FEI)'s 32nd Annual Current Financial Reporting Issues (CFRI) Conference....

September 10, 2013

August-September 2013 Accounting and Auditing Highlights

On Aug. 22 the Financial Accounting Standards Board issued a proposal, Consolidation (Topic 810), Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements. The...

August 26, 2013

Codders, Fazzers, and the Next Generation

Ah, youth. To those accounting rulemakers and FASB observers over 50, ASC Topic 350-20-35 – the basics of day-two measurement of goodwill, and goodwill impairment -- doesn’t exactly roll off...

August 19, 2013

August 2013 Accounting and Auditing Highlights

On Aug. 7 the Financial Accounting Standards Board issued Proposed Accounting Standards Update— Definition of a Public Business Entity: An Amendment to the Master Glossary with comments due Sept....

August 8, 2013

Industry Reactions to the June 27 Financial Accounting Standards Board Insurance Proposal

In this spotlight video on the June 27 insurance proposal issued by the Financial Accounting Standards Board, Denise Lugo, staff correspondent with Bloomberg BNA discusses the wide scope and...

August 1, 2013

July 2013 Accounting and Auditing Highlights

In July 2013, the Financial Accounting Standards Board issued two final accounting standards updates and three proposed updates.     On July 17 the FASB issued ASU 2013-10 , Derivatives and...

July 17, 2013

Costs of Shifting to IFRS: Canadian Case Buoys IASB

Over the years, those who have counseled caution in having companies in their countries move to international financial reporting standards have suggested that costs of transition could be large...

July 12, 2013

Recent July 2013 Accounting and Auditing Highlights

On July 8, 2013 the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-09—Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for...

July 9, 2013

Does FASB’s Insurance Proposal Represent a Sufficient Improvement to U.S. GAAP to justify its Issuance?

NEW YORK--Does the possible new accounting guidance for insurance contracts--issued by the Financial Accounting Standards Board June 27--represent a sufficient improvement to U.S. GAAP to justify...

July 3, 2013

Leases Webcast, Plus Dissents, Signal IASB-FASB Proposal to Be in For Bumpy Ride

NORWALK, Conn -- For some years, accounting rulemakers and their advisers have spoken occasionally about the Financial Accounting Standards Board being a ‘change agent,’ and that often change is...

July 2, 2013

Recent Accounting Highlights

Both the Financial Accounting Standards Board and the International Accounting Standards Board have been active recently issuing proposals.   FASB has just issued five Accounting Standards...

June 27, 2013

Other Comprehensive Basis of Accounting

In this video, Spotlighting : Other Comprehensive Basis of Accounting, Denise Lugo is describing the controversy surrounding the adoption of "Other Comprehensive Basis of Accounting" (OCBOA),  a...

June 10, 2013

Accounting and Auditing Highlights May 2013

Last month’s top story had to be the joint leasing proposal issued May 16, 2013 by both the International Accounting Standards Board and the Financial Accounting Standards Board. The boards had...

June 7, 2013

FASB at 40: Keeping the Humor Handy

NORWALK, Conn. -- “He who laughs, lasts,” is the way author Mary Pettibone Poole put it. Oscar Wilde sounded a related note: “Seriousness is the only refuge of the shallow.” In 40 years of...

May 29, 2013

The Impact of FASB’s Current Project to Revise the Definition of a Non-Public Entity

Denise Lugo, Bloomberg BNA staff correspondent,  discusses the impact of FASB’s current project to revise the definition of a non-public entity. Should private companies should be able to use...

May 21, 2013

Lease Accounting Webinar

Bloomberg BNA will hold a June 27 webinar, “Changes In Lease Accounting: Analysis and Implications for Your Business.” On May 16, 2013, the Financial Accounting Standards Board and the...

May 14, 2013

Toiling Up the Mountain of a New Conceptual Framework: If Sisyphus Were an Accounting Rulemaker

If Sisyphus were an accounting rulemaker, he probably would be working on the conceptual framework project. The International Accounting Standards Board has been laboring mightily on the...

May 14, 2013

Recent Accounting and Auditing Highlights(2)

The Financial Accounting Standards Board has issued two new Accounting Standards Update proposals, the most recent Technical Corrections and Improvements Related to Glossary Terms in its...

April 23, 2013

Recent Accounting and Auditing Highlights(1)

In the last week the Financial Accounting Standards Board has issued two final standards and two proposed Accounting Standards Updates. On April 12, 2013, the Financial Accounting Standards...

April 9, 2013

FASB-IASB’s new Revenue Recognition Standard is Coming to Town(2)

NEW YORK—The Financial Accounting Standards Board and the International Accounting Standards Board in March completed their joint deliberations on the revenue recognition project. The boards are...

April 8, 2013

Latest Accounting and Auditing Highlights

The Financial Accounting Standards Board’s staff March 25 2013, issued a question- and –answer guide on its proposed Accounting Standard Update, Financial Instruments- Credit Losses (Subtopic...

March 22, 2013

Accounting Under FASB's Credit Loss Model: Too Much of an Audit Challenge?

When the Financial Accounting Standards Board began to flesh out what became a fresh acronym in the halls of U.S. accounting's chief rulemakers – FASB's "current expected credit loss," or CECL,...

March 22, 2013

Recent Accounting and Auditing Highlights

On March 20, 2013 the Financial Accounting Standards Board voted to revise its earlier decision on an effective date for public companies applying a revenue recognition accounting standard under...

March 11, 2013

This Week's Accounting and Auditing Highlights

In the last week the International Accounting Standards Board published two exposure drafts. The first exposure draft, released on February 28, with a comment deadline of April 2, 2013, details   ...

March 4, 2013

Members of FASB's NonProfit Group Say Board Should Address Joint Cost Allocation Rules

Members of the Financial Accounting Standards Board’s not-for-profit committee March 1 raised the topic of joint cost allocation as a potential new project for the board to address for nonprofit...

March 1, 2013

February Accounting and Auditing Highlights

On February 28, the Financial Accounting Standards Board issued Update No. 2013-04- Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total...

February 8, 2013

Will the Change in Strategy by the Securities and Exchange Commission Resolve the Impasse With the China Securities Regulatory Commission?

The Securities and Exchange Commission is taking a different approach than back in September 2011 when the agency first sought to compel Deloitte’s Shanghai affiliate to produce subpoenaed work...

January 4, 2013

Analysts Worry About Repeat of HP/Autonomy Scenario Under New Revenue Reporting Rules

Security analysts who have the appellation "CPA" after their names are starting the new year with some worries that next-up accounting rules on revenue reporting may do little to prevent the kinds...

December 11, 2012

Judges Application of `Scienter' test in Accounting Fraud Cases

Since the bursting of the sub-prime mortgage bubble, the Securities and Exchange Commission   has brought many securities fraud enforcement actions against many defendants. Of these defendants,...

November 30, 2012

Analysts split Regarding FASB's Continuing Development of Disclosure Framework

NORWALK, Conn.--Some analysts on the Financial Accounting Standards Board’s Investors Technical Advisory Committee Nov. 29 said the board should not continue developing its disclosure...

November 15, 2012

Can the U.S. Legal System Adapt to Princple Based Accounting Standards?

An interesting question was posed Nov. 13 to senior accountants during a joint Financial Accounting Standards Board and Securities and Exchange Commission Q&A panel: how do you expect the...

November 15, 2012

Controllers from Top Firms say XBRL Costly and Useless

The eXtensible Business Reporting Language (XBRL) process, rather than providing an added value, has caused a lot more cost than it is worth and has been of little use to companies, a panel of...

October 29, 2012

BNA to Hold Webcast Nov. 16 that Includes SEC's Conflict Minerals Rule

BNA will hold a Webcast Nov. 16 that will include discussions on the Securities and Exchange Commission’s rule that requires companies using conflict minerals, that is, gold, tin, tungsten and...

October 29, 2012

Panel Reveals CFOs More Focused on Execution than Other Aspects of Job

The role of Chief Financial Officers have evolved to one of helping position companies to ascertain good earnings growth and ensure sustainability, discussions held by a panel of industry...

October 5, 2012

Accounting Groups Stall Responses to SEC's IFRS Staff Paper until After November Election

Responses to the Securities and Exchange Commission’s July staff paper on the potential path for U.S. adoption of international accounting financial standards (IFRSs), have stalled until after the...

September 18, 2012

FASB's Not-for-Profit Committee Highlights Complexities in Addressing Accounting for Nonprofits

Addressing the financial reporting needs of not-for-profit entities is proving to be more complicated than those of private companies due to the diversity among not-for-profits as well as the...

August 31, 2012

USS FASB in Impairment Waters: Navigating the Shoals of Dubious Wording

The officers on the ship of accounting rulemaking known as the Financial Accounting Standards Board sometimes have to navigate among shoals of dubious wording.   The way an accounting...

August 29, 2012

Will the Verdict in Stoker Resolve the Stalemate SEC-Citigroup Settlement?

When Judge Rakoff rejected the Securities and Exchange Commission’s settlement with Citigroup on November 28 th , 2011, he consolidated the case with that of former Citigroup executive Brian Stoker...

August 14, 2012

The Public Company Accounting Oversight Board’s Decade of Achievements and Challenges

The Public Company Accounting Oversight Board’s ten year anniversary was July 31. The PCAOB was created by the Sarbanes-Oxley Act of 2002, in the aftermath of the Enron and WorldCom accounting...

July 31, 2012

Diversity among Analysts Makes Objective of FASB-IASB Lease Accounting Difficult to Achieve

The diversity in how analysts and investors look at leases in practice appears to be making it much harder for the Financial Accounting Standards Board and the International Accounting Standards Board to achieve their objectives for the joint lease accounting project.  

July 11, 2012

GASB’s new Pensions Brings Weight of Education to Industry

NEW YORK—Will the new pension accounting standards--to be publicly available in August by the Governmental Accounting Standards Board-- spur a new round of debate as a result of the new accounting...

July 11, 2012

Two Old Brands -- Fender and Manchester United - Use JOBS Act to List as 'Emerging Growth Companies'

Venerable guitar-maker Fender Musical Instruments and even older British soccer team Manchester United have filed papers with the U.S. Securities and Exchange Commission to sell shares of their...

June 13, 2012

Standards Fatigue Seems to Be Setting in Among Accounting Professionals, But They Shouldn’t Expect Much Relief

The intensity of effort by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board to converge their standards—especially since pledging to complete their top four priority projects in 2013—has left exhaustion in its wake.

June 6, 2012

Cross-Cutting Issues Impede Boards' Insurance Contracts Acquisition Costs Discussions

Cross-cutting issues involving other accounting rules appear to be impeding the Financial Accounting Standards Board and the International Accounting Standards Board from wrapping up discussions on how acquisition costs will be accounted for under an insurance contracts standard.

May 31, 2012

Lawmakers, Business Groups and Federal Judges Weigh in on Pending SEC v. Citigroup Appeal

The U.S. Court of Appeals has set the case between the Securities and Exchange Commission and Citigroup Global Markets, Inc. for oral argument September 2012.

May 18, 2012

Deloitte Shanghai Unit Continues to be Challenged by the SEC to Produce Documents

On April 25, 2012 the Securities and Exchange Commission sought and was granted a 3 week extension by the U.S. District Court for the District of Columbia to respond to Deloitte Touche Tohmatsu...

May 16, 2012

FASB Tries to Avoid Wrong Signals on Private Company Decision-Making Framework

Should the Financial Accounting Standards Board wait for input from the expected to be established Private Company Standards Improvement Council (PCSIC) before issuing a discussion paper...

May 1, 2012

Guitar-Maker Fender as an Emerging Growth Company Under the JOBS Act: Out of Tune?

Under the new JOBS Act, the regulation-relaxing law aimed at spurring initial public offerings by “emerging growth companies,” the venerable guitar-maker Fender Musical Instruments Corp. would qualify as one such “EGC.”

April 26, 2012

DTTC Caught in the Impasse Between the Securities and Exchange Commission and the China Securities Regulatory Commission

In an April 11 statement over DTTC‘s - the Shanghai affiliate of Deloitte Touche Tohmatsu - refusal to produce subpoenaed workpapers related to audit client Longtop Financial Technologies Ltd., DTTC’s counsel objected that DTTC had been placed in an untenable position.