LATEST BLOG POSTS



Standard-Setting,Truth, and (Economic) Consequences

As long as the Financial Accounting Standards Board has existed—for more than 40 years—it has fielded comments and criticism that focus on the perceived economic consequences of the accounting...








October 2014 Accounting and Auditing Highlights:

ACCOUNTING HIGHLIGHTS:   Oct. 23- The Financial Accounting Foundation (FAF)–which oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards...



Free Revenue Recognition Webinar

Great news for ACRC! Bloomberg BNA will host a FREE webinar on Revenue Recognition focusing on industry impacts! Rev Rec is the biggest financial accounting issue right now – and many reps have...


September Accounting and Auditing Highlights(1)

ACCOUNTING HIGHLIGHTS: Sept. 18 — The IRS issued long-awaited guidance on how taxpayers and practitioners can make automatic method changes to comply with final rules on dispositions of...


FASB and IASB: A Difficult Duet on Leases

For some three years, the coordinated performance program of the Financial Accounting Standards Board and the International Accounting Standards Board has presented increasingly tougher tasks....



Revenue Recognition Implementation Stress

“Effective implementation of the revenue recognition standards is critical to its success in providing financial statement users with the information they need to make the right decisions about...


A FASB Timetable on Instruments: With All Deliberate Speed?

“Time is nature’s way of keeping everything from happening at once.”                                                                                      - Unknown savant It seems likely that...


August Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: Aug. 27–The Financial Accounting Standards Board issued Accounting Standards Update No. 2104-15 : Presentation of Financial Statements- Going Concern (Subtopic...



IFRS 9 and a European O.K: Hurry Up and Wait

The phrase “hurry up and wait” has been a rueful mantra uttered by soldiers and sailors for generations as they’ve gone about their duties. For the International Accounting Standards Board,...


August 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: The Financial Accounting Standards Board issued two new Accounting Standard Updates: Aug. 8:   FASB issued ASU- 2014-14   Receivables—Troubled Debt...



July Accounting and Auditing Highlights(1)

ACCOUNTING HIGHLIGHTS: July 21 — A bipartisan group of lawmakers said they're worried that the Securities and Exchange Commission will adopt international financial reporting standards...


July Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: The Financial Accounting Standards Board July 15:   FASB issued two narrow-scoped proposals, comments due September 30, as part of its ongoing project to...



June 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS In June 2014, the Financial Accounting Standards Board issued three new Accounting Standard Updates: On June 19, FASB issued ASU No. 2014-12— ...



June Accounting and Auditing Highlights

ACCOUNTING: June 12 - Certain financing arms of banks, auto makers, real estate companies and asset managers will be afforded more flexibility in fair value-related accounting under...


MAY/JUNE 2014 ACCOUNTING AND AUDITING HIGHLIGHTS:

ACCOUNTING HIGHLIGHTS    Revenue Recognition : The long –awaited, over- a-decade- in the making joint revenue recognition standard was released May 28 by the Financial Accounting...


Revenue Recognition Webinar

Bloomberg BNA and ? are holding a complimentary webinar Monday June 9 from 12:30p.m. until 1:30p.m. ET to assist subscribers to understand and apply the new joint revenue recognition standard. The...


May 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: May 15 - The Governmental Accounting Standards Board issued a proposal on fair value measurements and application, which includes the requirement that state and local...


FASB, IASB Transform Revenue Recognition Standard

May 28, 2014 - After 12 years of work, the International Accounting Standards Board and the U.S. Financial Accounting Standards Board issued the long- awaited revenue recognition standard, which...






April 2014 Accounting and Auditing Highlights

ACCOUNTING HIGHLIGHTS: Apr. 28- The Financial Accounting Standards Board issued a proposed accounting standards update that will allow all entities the option to apply pushdown accounting in...



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...


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 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...


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 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 ...




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,...


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...


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 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...


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 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...


FASB’s Disclosure Framework Project

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


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...


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...


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 –...




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 – ...


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...



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...






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 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....



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...


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...


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...




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...


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...


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...


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...



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...



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...


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...



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...


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...



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   ...



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...


























The Securities and Exchange Conflict Minerals Rulemaking, an Impossible Balancing Act?

The Dodd-Frank Act's Section 1502 requires the Securities and Exchange Commission, in consultation with the U.S. Department of State, to propose regulations by April 2011 for companies which use "conflict minerals" from the Democratic Republic of Congo and adjoining countries, i.e. Tantalum (used in cellphones and iPods), tin, gold or tungsten.



Ten Years After: Time Thievery at FASB and IASB

Oscar Wilde once said, "Punctuality is the thief of time." A decade after U.S. and international rulemakers in accounting made their initial, formal vow to try to converge on standards, those standard-setters have struggled mightily to stay on schedules they have set for themselves. They have seen time get stolen away.






FASB, IASB Strive To Get Revenue Recognition Right

2011-06-23 The Financial Accounting Standards Board and the International Accounting Standards Board are trying to get all the details right in their bid to create a single, global standard for recognizing revenue.   The boards June 15 decided to re-expose their proposal for revenue recognition, a slightly