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.
May 21, 2013
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
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...
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
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
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
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
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,...
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
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 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
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
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
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
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
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
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...
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 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...
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
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
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
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
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 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
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
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...
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
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 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
May 31, 2012
The U.S. Court of Appeals has set the case between the Securities and
Exchange Commission and Citigroup Global Markets, Inc. for oral argument
May 18, 2012
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
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
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
April 26, 2012
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.
April 10, 2012
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.
April 4, 2012
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.
April 2, 2012
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.
March 20, 2012
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.
March 7, 2012
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.
February 28, 2012
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.
February 24, 2012
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.
September 23, 2011
Doubts appear to be growing, not abating, over the wisdom of adopting international financial reporting standards for domestic use by U.S. companies.
June 23, 2011
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
June 10, 2011
The Financial Accounting Standards Board and the International Accounting Standards Board are keenly aware that the bad loans banks hold on their balance sheets harbor the potential for another world financial meltdown, but they aren’t quite sure what to do
May 18, 2011
Even if the Financial Accounting Standards Board and the
International Accounting Standards Board can agree on exactly what
to merge in their standards, there still will be much work to do on
how and when to do it, Accounting Policy and Practice Report
discovers. A recent videoconference of the boards showed m
Just as Republicans do not have the legislative muscle in both
houses of Congress to repeal health care, they also will not be
able repeal or substantially alter the Dodd-Frank Wall Street
Reform and Consumer Protection Act. However, they will try to
influence its implementation, as reported in Accounting Policy a
The new year dawns with fewer than six months remaining until
the FASB and the IASB face their deadline for substantially
converging several of their standards, a key criterion for the SEC
to use in determining if international financial reporting
standards should be used in the United States. Accounting Policy
Yet another accounting standard proposal has run into a buzz saw
of constituent criticism, and so the International Accounting
Standards Board has beat a retreat to the status quo in its
International Accounting Standard 37, Provisions, Contingent
Liabilities and Contingent Assets. The International Accounting St
International Accounting Standards Board to converge their high
priority projects by their June 30, 2011 goal was always going to
be tough, but the barrage of criticism the boards received over
their revenue recognition piece of it just made the effort more
difficult. The revenue recognition proposal is seen by t
The convergence crush is intensifying, forcing the Financial
Accounting Standards Board and the International Accounting
Standards Board to drop two projects from their priority list for
convergence by their self-imposed deadline of June 30, 2011.The
boards have decided to delay until at least later in 2011 their
The European Union is coming to grips with the idea that it must
have tighter controls over the auditing community within its
jurisdiction, perhaps creating a Public Company Accounting
Oversight Board-type agency, although they didn't go so far as to
actually say that.
Instead, the European Commission Oct. 13 s
The IRS Sept. 24, in announcing the 2010 instructions for
Schedule UTP at the American Bar Association Section of Taxation
meeting in Toronto, backed off its positions in Textron Inc. v.
United States and United States v. Deloitte. IRS Commissioner
Douglas Shulman stated that the IRS would not seek documents that
It looks like a few standards-setters have joined the social
media wave. The Financial Accounting Foundation (FAF), the
Financial Accounting Standards Board (FASB), and the Governmental
Accounting Standards Board (GASB) recently joined Twitter. For
real-time updates, follow them at http://twitter.com/FAFNorwalk
In a recent
letter to leaders of the G-20 nations, the International Accounting
Standards Board (IASB) and the Financial Accounting Standards
Board (FASB) outlined a modified accounting standards
convergence strategy. This modified convergence strategy retains a
June 2011 target completion date for conver
The change portended by the fresh U.S. accounting proposal on
financial instruments and its planned shift to recording loans and
many more items at fair value on balance sheets already appears to
be causing controversy in the standard-setting world, at
banks, and in seats of finance and government.
February 10, 2010
Is there a shift in attitudes toward fair value financial reporting? Financial institutions continue to argue against fair value. But other perspectives are also being advanced. Researcher Sanders Shaffer from the Boston Fed's Quantitative Analysis Unit reported recently on his analysis of a sample of large
January 25, 2010
Accounting professionals interviewed by BNA raised serious questions about whether the FASB and IASB ought to be knocking themselves out trying to converge major standards on financial instruments, revenue recognition, and leasing by their self-imposed June 30, 2011, deadline.
For example, Robert Uhl, director of
January 15, 2010
Already this year,the FASB and IASB held a joint meeting by videoconference Jan. 5. Next week, they are set to meet Monday through Wednesday in London (Jan. 18 - 20), following up on their pledge to consider standards jointly as the more efficient approach to holding separate meetings.
December 8, 2009
The term of International Accounting Standards Board Chairman David Tweedie is set to expire in June 2011, which also happens to be the timeframe for the IASB and FASB to complete the massive amount of work they've undertaken to converge significant accounting guidance under the 2008 version of their memorandum of
December 4, 2009
Officials from the Financial Accounting Standards Board --- and others that support the independence of the FASB -- have been emphasizing a "decoupling" argument for about a year now, and they have been hitting the theme with new emphasis over the last month, and expect to sing the refrain at greater volume in comin
November 18, 2009
The exemption from SOX auditor attestation requirements for small businesses got most of the attention when the House Financial Services Committee approved the Investor Protection Act (H.R. 3817) Nov. 4. But the House bill also includes amendments to the authority of the Public Company Accounting Oversight Board.
November 3, 2009
By most reports, the Financial Accounting Standards Board and the International Accounting Standards Board made good progress during their joint meeting Oct. 26 - 28 in Norwalk, Conn.
So much so, that the two boards agreed to meet jointly more often in 2010.
"We seem to be more effective and efficient when we m
October 23, 2009
Less than a month after being installed as chief accountant for the Securities and Exchange Commission, James Kroeker sat down with BNA senior accounting correspondent Steve Burkholder for an on-the-record interview, the transcript of which was published in the Oct. 2 issue of Accounting Policy & Practice Report
October 8, 2009
During the Oct. 5-6 meeting of the Financial Accounting Standards Advisory Council, Ralph Ferrara, managing partner of Dewey & LeBoeuf LLP, asked the question: "Does the system need a hard shake?" We "continue to take this rusting superstructure and add to it," Ferrara said, expressing frustration that more out-
FASB-IASB’s new Revenue Recognition Standard is Coming to Town(2)
Recent Accounting and Auditing Highlights(1)
Recent Accounting and Auditing Highlights(2)
Toiling Up the Mountain of a New Conceptual Framework: If Sisyphus Were an Accounting Rulemaker
Latest Accounting and Auditing Highlights