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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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September 12, 2014

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...

September 5, 2014

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...

September 2, 2014

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...

August 18, 2014

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...

August 12, 2014

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 11, 2014

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...

August 7, 2014

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...

August 4, 2014

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 23, 2014

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...

July 21, 2014

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   -->

July 3, 2014

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 30, 2014

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 23, 2014

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...

June 11, 2014

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...

June 6, 2014

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 30, 2014

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...

May 28, 2014

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...

May 27, 2014

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...

May 15, 2014

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...

May 13, 2014

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...

May 12, 2014

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...

May 2, 2014

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 30, 2014

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 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...