Audit, Compliance and Risk Blog

Derivatives and Hedging: Good News for Dealers and Brokers From FASB

Posted by Viola Funk on Wed, Nov 27, 2013

Dealers and brokers seeking hedging exposures to the Overnight Index Swap rate (OIS) are in luck. The Financial Accounting Standards Board (FASB) recently issued final guidance that allows dealer-brokers to designate the US OIS, the Fed Funds Effective Swap Rate, as a benchmark interest rate for hedge accounting purposes.

Read More

Tags: Business & Legal, SEC, Accounting & Tax, Accountants, US GAAP, GAAP

Currently Proposed Changes to U.S. Lease Accounting Rules

Posted by STP Editorial Team on Fri, Nov 08, 2013

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), under their joint Leases Project, propose to substantially revise the existing rules for lease accounting.

Read More

Tags: Business & Legal, Accounting & Tax, Lease Accounting, Accountants, US GAAP, GAAP

Will Proposed New Insurance Contract Accounting Rules Apply to You?

Posted by Ron Pippin on Thu, Jul 25, 2013

Companies and users of financial statements should be alert to the potentially far-reaching consequences of a June 27, 2013, proposal issued by the U.S. Financial Accounting Standards Board (FASB). If adopted, the proposal would likely change how certain companies that provide insurance (not policyholders) account for insurance contracts. Maybe most importantly, the proposal would affect financial accounting by many companies that don’t consider themselves an “insurance company.” Financial institutions, including banks, are just one example. Undoubtedly, the scope of this proposal will surprise many—possibly even the FASB. This proposal, titled Insurance Contracts (Topic 834), is a whopping 405 pages in length—not exactly light reading!

Read More

Tags: Corporate Governance, Business & Legal, Accounting & Tax, Audit Standards, Accountants, US GAAP, GAAP, Insurance

FASB Proposes Selected “Breaks” for Private Companies from U.S. GAAP

Posted by Ron Pippin on Mon, Jul 08, 2013

On July 1, 2013, the FASB issued three proposals designed to reduce the complexity of certain accounting requirements for private companies. While that is certainly the intent, some unintended consequences may result as discussed below.

Read More

Tags: Business & Legal, SEC, Accounting & Tax, Accountants, US GAAP, GAAP

Post-Implementation Reviews of U.S. Accounting Standards

Posted by Ron Pippin on Tue, Mar 19, 2013

This blog article discusses the formal post-implementation review (PIR) process for U.S. accounting standards used by companies, not-for-profit entities, and state and local governments.

Read More

Tags: Corporate Governance, Business & Legal, SEC, Accounting & Tax, Audit Standards, Accountants, US GAAP, GAAP

Expected Developments Affecting Accountants in 2013—Part 3, Non-FASB

Posted by Ron Pippin on Wed, Jan 30, 2013

This is my third and final blog article on my thoughts on developments that may occur in 2013 in “Accounting Land” in the United States. I cover the activities at the Securities and Exchange Commission (SEC), the Public Company Oversight Board (PCAOB), the American Institute of Certified Public Accountants (AICPA), and, finally, the Governmental Accounting Standards Board (GASB).

Read More

Tags: Corporate Governance, Business & Legal, SEC, Accounting & Tax, Accountants, US GAAP, GAAP, IFRS

Expected Developments Affecting Accountants in 2013—Part 1, FASB

Posted by Ron Pippin on Mon, Jan 21, 2013

My last two blog postings discussed what happened in “Accounting Land” in the United States in 2012. But that’s history. What about the future? Let’s dust off the crystal ball and I’ll share with you my thoughts on developments that may occur in 2013, in a series of three blog articles.

Read More

Tags: SEC, Accounting & Tax, Lease Accounting, Accountants, US GAAP

2012: A Year in Review for Accountants—Part 2, Auditing and SEC

Posted by Ron Pippin on Fri, Jan 04, 2013

This is the second of two blog articles on 2012 changes in the literature frequently used by accountants. Previously, I covered accounting developments in the United States and internationally. This article covers developments affecting companies (registrants) subject to Securities and Exchange Commission (SEC) oversight and auditing developments.

Read More

Tags: SEC, Accounting & Tax, Audit Standards, Accountants, JOBS Act, US GAAP, GAAP, IFRS, Internal Control

2012: A Year in Review for Accountants—Part 1, Accounting Standards

Posted by Ron Pippin on Fri, Dec 21, 2012

As 2012 comes to a close, it is time for accountants in the United States to reflect on new financial reporting rules or developments and what may transpire in 2013. This is the first of two blog articles on the topic. In this article, I cover accounting developments in the United States and internationally. The second article will cover Securities and Exchange Commission (SEC) developments and auditing developments.

Read More

Tags: SEC, Accounting & Tax, Lease Accounting, Accountants, US GAAP, GAAP, IFRS, Decision on IFRS

Possible New Lease Accounting Rule—An Update

Posted by Ron Pippin on Wed, Sep 19, 2012

It has been more than two years since the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their joint proposal on lease accounting. In fact, the proposal was issued on August 17, 2010, and the boards were seeking comments on their proposal by December 15 of that year.

Read More

Tags: Business & Legal, Accounting & Tax, Lease Accounting, US GAAP, GAAP