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Accounting for Cloud Computing

According to a Goldman Sachs study, cloud computing will grow at a rate of 30% through 2018, a trend that started back in 2013.


IFRS’s Hopes in the U.S.: Clear on the What, But Not on the How

The Securities and Exchange Commission has been on a long, fairly strange journey with regard to international financial reporting standards. IFRS are the evolving set of accounting rules issued by the International Accounting Standards Board.


The Non-GAAP Spin on Earnings

"This was a strong start to the year," said Facebook founder and CEO Mark Zuckerberg on the company’s first quarter earnings release reported April 22. “To supplement its consolidated financial statements prepared in accordance with GAAP,” this tech company also presented non-GAAP financial measures.


Cybersecurity Accounting Webinar

Bloomberg BNA will hold a May 13 webinar “Disclosing Cybersecurity Risks in SEC Filings: When and How.”


Accounting and Auditing Highlights - April 2015

Accounting and auditing highlights for April 2015


Ignorance Ain’t Bliss: Those Increasingly Key Cyber Disclosures

There’s that fairly unwise bromide, “What you don’t know can’t hurt you.” A corollary often follows: “Ignorance is bliss.” (Thomas Jefferson is credited with adapting the latter, and offering: “If ignorance is bliss, why aren’t more people happy?”).


A Condensed View of FASB’s Long Road to Disclosures for Property & Casualty Contracts

It’s been a long journey for the Financial Accounting Standards Board that will end – at least for Property & Casualty, healthcare and reinsurers of short term insurance contracts –with new disclosure requirements, which are expected to be issued late June 2015.


Accounting and Auditing Highlights - March - April 2015

Accounting and Auditing Highlights - March - April 2015


IFRS, a Single Set of Global Standards and the “Aspirational Goal”

It’s interesting that the term “aspirational goal” seemed to crop up in speeches and writings of standard setters and regulators when it became clearer that the chances of reaching convergence of international and U.S. accounting rules or global adoption of international standards–objectives once deemed viable–have become remote.


Nonprofits’ be Careful what you ask For in Financial Statements - You Might Get It

Although the Financial Accounting Standards Board hasn’t yet issued its exposure document on nonprofits financial statements, the issue of an operating metric being introduced in their financial statements is generating some robust discussions within the sector.


Likely Prospects of More SEC Staff Reminders about Segments

As spring temperatures keep climbing, public companies and their auditors likely will continue to hear warm reminders from the staff of the Securities and Exchange Commission about the need to follow GAAP on segment reporting.


Accounting and Auditing Highlights - February - March 2015

Accounting and Auditing highlights for February - March 2015


FAF’s Review Brings With it a Shift in the Private Company Council’s Role

A request for comment about the three-year review of the Private Company Council -- issued Feb. 26 by the Trustees of the Financial Accounting Foundation -- interestingly suggests a shift in the role of the PCC going forward.


Recent Accounting and Auditing Highlights, Jan - Feb. 2015.

Accounting and auditing highlights from January and February 2015.


Harvey Goldschmid: Leaving a Lasting Mark on Accounting

  Harvey Goldschmid, a former member of the Securities and Exchange Commission who died suddenly Feb. 12, 2015, worked for both stronger oversight of auditors and improved accounting standards, especially in the global setting. 


Cloud Computing Arrangements May be too Evolving for FASB’s Short Term Simplifications

Some companies are saying the Financial Accounting Standards Board’s proposal on customer’s accounting for fees paid in cloud computing arrangements shouldn’t be tackled via its simplification initiative.


Accounting and Auditing Highlights For January 2014

Check out the accounting and auditing highlights from January 2015.


December 2014 End of Year Accounting and Auditing Highlights

Check out the accounting and auditing highlights from December 2014.


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...


Users at FASB’s Forum Discuss “Aunt Millie” and Their Lack of Concern about Disclosure Overload

There’s been a lot said by practitioners about disclosure overload, but it turns out that financial statement users aren’t complaining about it.  In fact, they say that’s not a problem...


Latest Accounting and Auditing Highlights- Nov. 2014

ACCOUNTING HIGHLIGHTS:   Nov. 18–The Financial Accounting Standards Board published Accounting Standards Update No. 2014-17- Business Combinations (Topic 805): Pushdown Accounting that...


The New Revenue Reporting Rules: Simplifying Gets Complicated

As the new, far-reaching standards on revenue reporting mark a half-year of existence, the rules aimed at simplifying recognition are hitting some complications.


Practitioners Disagree on FASB’s Dual Approach Model for Leases

Why don't practitioners agree--with each other--about the Financial Accounting Standards Board's dual lease accounting model?


Revenue Recognition- International Convergence Challenges: Nov. 2014

Oct. 31– At the meeting of the Revenue Recognition Transition Resource Group—formed this summer by FASB and the International Accounting Standards Board to review Revenue Recognition— FASB Vice...


Latest Accounting and Auditing Nov. 2014 Highlights

Accounting Highlights: Oct. 30- The Financial Accounting Standards Board issued two proposed accounting standards updates:   Fair Value Measurement (Topic 820): Disclosures for...


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...


Differences Narrow Between GAAP and IFRS under FASB’s Simplification Initiative

Some of the proposed accounting simplifications the Financial Accounting Standards Board plans on making will narrow differences between U.S. GAAP and IFRS, according to a Bloomberg BNA...


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....


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...


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...


Standards-Setters Discuss Whether Noncompete Agreements are Part of Business Combinations(1)

Language in the accounting for business combinations, ASC Topic 805, creates diversity in practice when companies make a determination regarding whether a noncompete agreement is part of a...


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...


Abe Briloff, Watchdog Extraordinaire, Admitted into Hall of Fame

Someone writing about a company's accounting is not often followed by the company's stock price diving right after that someone's tough appraisal of the company's financial reporting appears in...


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...


Comptrollers Seeing SEC Crackdown on XBRL data Tagging

The Securities and Exchange Commission’s recent Dear CFO letter on deficient XBRL 10-Q filings likely marks the beginning of stringent enforcement of XBRL data tagging requirements, an industry...


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...


Bloomberg BNA staff correspondent Denise Lugo discusses FASB's Project on Topic 230: Statement of Cashflows

Bloomberg BNA staff correspondent Denise Lugo discusses FASB's  Project on Topic 230: Statement of Cashflow  


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— ...


Will FASB's Consideration of an Electronic GAAP Approach Take off?

An "outside-of-the-box" discussion took place at the Financial Accounting Standards Board June 18 regarding whether the board should think about its conceptual framework and other...


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...


FAF to address Muni Market’s Use of FASB versus GASB Standards

The Financial Accounting Foundation will address concerns raised in a big four publication related to how entities, which raise capital in the municipal securities market, determine whether to...


Latest Accounting and Auditing Highlights May 2014:

ACCOUNTING HIGHLIGHTS: The Financial Accounting Standards Board: April 30 — rejected a call for footnote disclosures on companies' carbon asset holdings; said relevant...


Small Business Advisory Committee Discusses FASB's role in Social Accounting

At the May 7 meeting of the Financial Accounting Standards Board's Small Business Advisory Committee, FASB Chairman Russell Golden asked members what role, if any, the FASB should play, "in this...


In Early ’08, “Inevitable” U.S. Move to IFRS Seen … [Cut to Today]

What time can do to derail expectations. More than six years ago, experts on the advisory board of BBNA’s Accounting Policy & Practice Report saw it as virtually “inevitable” that the...


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...


Private Company Council Says Keep Real Estate Leases off the Balance Sheet

Members of the Private Company Council, the body that develops GAAP alternatives with the Financial Accounting Standards Board, April 29 debated its position with FASB members, including a...


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 ...


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...


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...


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...


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 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 –...


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...


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...


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...


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 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...


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...


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...


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....


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...


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....


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...


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...


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...


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...


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...


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...


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...


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...


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...


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...


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...


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,...


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   ...


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...


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...


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...


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...


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,...


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...


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...


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...


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...


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...


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...


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...


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...


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...


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...


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.

 


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...


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...


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.


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.


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.


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...


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...


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.”


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.


Second Circuit Stays SEC, Citigroup Case; Critiques Judge Rakoff’s Rationale

The U.S. Court of Appeals for the Second Circuit March 15 granted the Securities and Exchange Commission’s and Citigroup’s request for a stay of lower court proceedings which had resulted in a rejection of their proposed consent judgment - a $285 million settlement.


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.


Has FASB’s Recent Efforts Bolstered Trust Among Private Company Constituents?

Whatever the belief regarding the Financial Accounting Standards Board’s future private company financial reporting activities, there hasn’t appeared to be anyone disputing that the board has been making every effort to win-over the trust of its private company constituents.


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.


Despite SEC’s Protests to the Contrary, Has Judge Rakoff Set a New “Public Interest” Standard for Settlements?

On November 28, 2011, Judge Jed Rakoff roundly rebuked the Securities and Exchange Commission for neglecting its statutory mission and refused to serve as a “handmaiden” at the “whim” of the regulatory agency.


Analysts Reiterate Need for Renewed Focus on Financial Statement Presentation Project

Members of the Financial Accounting Standards Board's Investors Technical Advisory Committee on Jan. 31 reiterated support for the viewpoint that the board should return its project on financial statement presentation (FSP) to its priority agenda.


Chamber Study Compounds Lease Accounting’s Reform Troubles

Lease accounting reform efforts by the U.S. Financial Accounting Standards Board and the International Accounting Standards Board have had a history of trouble on their path to a final, converged standard.


Anxiety Builds as SEC Nears Decision on IFRS

Doubts appear to be growing, not abating, over the wisdom of adopting international financial reporting standards for domestic use by U.S. companies.


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