--- title: Audit, Compliance and Risk Blog | STP | GAAP description: GAAP | STP's blog giving insight into audit, compliance and risk issues for EHS, business and accounting. --- [![Specialty Technical Publishers](https://blog.stpub.com/hubfs/STP-logo-white-orange.png)](http://www.stpub.com/) - [My Account](http://stponline.stpub.com) - 1-800-251-0381 # Audit, Compliance and Risk Blog ## [Derivatives and Hedging: Good News for Dealers and Brokers From FASB](https://blog.stpub.com/bid/190779/Derivatives-and-Hedging-Good-News-for-Dealers-and-Brokers-From-FASB) Posted by [Viola Funk](https://blog.stpub.com/author/viola-funk) on Wed, Nov 27, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-391258841-jpg/images/stock_market.jpg) ](https://blog.stpub.com/bid/190779/Derivatives-and-Hedging-Good-News-for-Dealers-and-Brokers-From-FASB) 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](https://blog.stpub.com/bid/190779/Derivatives-and-Hedging-Good-News-for-Dealers-and-Brokers-From-FASB) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/190779/Derivatives-and-Hedging-Good-News-for-Dealers-and-Brokers-From-FASB#comments-listing) Tags: [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Accountants](https://blog.stpub.com/topic/accountants), [US GAAP](https://blog.stpub.com/topic/us-gaap), [GAAP](https://blog.stpub.com/topic/gaap) ## [Currently Proposed Changes to U.S. Lease Accounting Rules](https://blog.stpub.com/bid/189949/Currently-Proposed-Changes-to-U-S-Lease-Accounting-Rules) Posted by [STP Editorial Team](https://blog.stpub.com/author/stp-editorial-team) on Fri, Nov 08, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-372217481-jpg/images/cars.jpg) ](https://blog.stpub.com/bid/189949/Currently-Proposed-Changes-to-U-S-Lease-Accounting-Rules) 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](http://www.stpub.com/accounting-for-leases-interpretations-of-us-gaap-online). [Read More](https://blog.stpub.com/bid/189949/Currently-Proposed-Changes-to-U-S-Lease-Accounting-Rules) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/189949/Currently-Proposed-Changes-to-U-S-Lease-Accounting-Rules#comments-listing) Tags: [Business & Legal](https://blog.stpub.com/topic/business-legal), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Lease Accounting](https://blog.stpub.com/topic/lease-accounting), [Accountants](https://blog.stpub.com/topic/accountants), [US GAAP](https://blog.stpub.com/topic/us-gaap), [GAAP](https://blog.stpub.com/topic/gaap) ## [Will Proposed New Insurance Contract Accounting Rules Apply to You?](https://blog.stpub.com/bid/184099/Will-Proposed-New-Insurance-Contract-Accounting-Rules-Apply-to-You) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Thu, Jul 25, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-235957591-jpg/images/insurance.jpg) ](https://blog.stpub.com/bid/184099/Will-Proposed-New-Insurance-Contract-Accounting-Rules-Apply-to-You) 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](http://www.stpub.com/insurance-claims-a-comprehensive-guide-online) (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](https://blog.stpub.com/bid/184099/Will-Proposed-New-Insurance-Contract-Accounting-Rules-Apply-to-You) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/184099/Will-Proposed-New-Insurance-Contract-Accounting-Rules-Apply-to-You#comments-listing) Tags: [Corporate Governance](https://blog.stpub.com/topic/corporate-governance), [Business & Legal](https://blog.stpub.com/topic/business-legal), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Audit Standards](https://blog.stpub.com/topic/audit-standards), [Accountants](https://blog.stpub.com/topic/accountants), [US GAAP](https://blog.stpub.com/topic/us-gaap), [GAAP](https://blog.stpub.com/topic/gaap), [Insurance](https://blog.stpub.com/topic/insurance) ## [FASB Proposes Selected “Breaks” for Private Companies from U.S. GAAP](https://blog.stpub.com/bid/182986/FASB-Proposes-Selected-Breaks-for-Private-Companies-from-U-S-GAAP) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Mon, Jul 08, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-219222811-png/images/caution_sign.png) ](https://blog.stpub.com/bid/182986/FASB-Proposes-Selected-Breaks-for-Private-Companies-from-U-S-GAAP) 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](https://blog.stpub.com/bid/182986/FASB-Proposes-Selected-Breaks-for-Private-Companies-from-U-S-GAAP) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/182986/FASB-Proposes-Selected-Breaks-for-Private-Companies-from-U-S-GAAP#comments-listing) Tags: [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Accountants](https://blog.stpub.com/topic/accountants), [US GAAP](https://blog.stpub.com/topic/us-gaap), [GAAP](https://blog.stpub.com/topic/gaap) ## [Accounting Guidance for Not-for-Profit Entities Is Changing](https://blog.stpub.com/bid/178491/Accounting-Guidance-for-Not-for-Profit-Entities-Is-Changing) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Fri, May 03, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-31855859-jpg/images/coin_rolls.jpg) ](https://blog.stpub.com/bid/178491/Accounting-Guidance-for-Not-for-Profit-Entities-Is-Changing) The Financial Accounting Standards Board (FASB) has recently clarified certain guidance relating to not-for-profit (NFP) entities. Specifically, it has issued Accounting Standards Update (ASU) No. 2012-05, *Statement of Cash Flows* *(Topic 230), Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows*, and ASU No. 2013-06, *Not-for-Profit Entities (Topic 958), Services Received from Personnel of an Affiliate*. The latter ASU was issued on April 19, 2013. Separately, the American Institute of Certified Public Accountants (AICPA) in March 2013 issued new guidance in the form of an updated Audit & Accounting Guide (AAG), *Not-for-Profit Entities*. [Read More](https://blog.stpub.com/bid/178491/Accounting-Guidance-for-Not-for-Profit-Entities-Is-Changing) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/178491/Accounting-Guidance-for-Not-for-Profit-Entities-Is-Changing#comments-listing) Tags: [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Lease Accounting](https://blog.stpub.com/topic/lease-accounting), [Audit Standards](https://blog.stpub.com/topic/audit-standards), [Accountants](https://blog.stpub.com/topic/accountants), [GAAS](https://blog.stpub.com/topic/gaas), [GAAP](https://blog.stpub.com/topic/gaap) ## [Proposed New Approaches to Accounting for Credit Losses](https://blog.stpub.com/bid/175823/Proposed-New-Approaches-to-Accounting-for-Credit-Losses) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Mon, Apr 01, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-25386155-jpg/images/loss_arrow.jpg) ](https://blog.stpub.com/bid/175823/Proposed-New-Approaches-to-Accounting-for-Credit-Losses) Until May 31, 2013, the U.S. accounting standard-setter, the Financial Accounting Standards Board (FASB), is seeking comments on its lengthy, 158-page proposed accounting standards [update](http://www.fasb.org/cs/ContentServer?c=Document_C&pagename=FASB%2FDocument_C%2FDocumentPage&cid=1176160587228), *Financial Instruments—Credit Losses (Subtopic 825-15)*, issued on December 20, 2012. The proposed guidance would change how companies determine when and how a credit loss should be recognized. [Read More](https://blog.stpub.com/bid/175823/Proposed-New-Approaches-to-Accounting-for-Credit-Losses) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/175823/Proposed-New-Approaches-to-Accounting-for-Credit-Losses#comments-listing) Tags: [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Accountants](https://blog.stpub.com/topic/accountants), [GAAP](https://blog.stpub.com/topic/gaap), [IFRS](https://blog.stpub.com/topic/ifrs) ## [Post-Implementation Reviews of U.S. Accounting Standards](https://blog.stpub.com/bid/174969/Post-Implementation-Reviews-of-U-S-Accounting-Standards) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Tue, Mar 19, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-24384497-jpg/images/open_book.jpg) ](https://blog.stpub.com/bid/174969/Post-Implementation-Reviews-of-U-S-Accounting-Standards) This blog article discusses the formal post-implementation review (PIR) process for U.S. [accounting standards](http://www.stpub.com/search.asp?keyword=accounting+and+tax&search=GO) used by companies, not-for-profit entities, and state and local governments. [Read More](https://blog.stpub.com/bid/174969/Post-Implementation-Reviews-of-U-S-Accounting-Standards) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/174969/Post-Implementation-Reviews-of-U-S-Accounting-Standards#comments-listing) Tags: [Corporate Governance](https://blog.stpub.com/topic/corporate-governance), [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Audit Standards](https://blog.stpub.com/topic/audit-standards), [Accountants](https://blog.stpub.com/topic/accountants), [US GAAP](https://blog.stpub.com/topic/us-gaap), [GAAP](https://blog.stpub.com/topic/gaap) ## [New Standard for Revenue Accounting Finally Coming!](https://blog.stpub.com/bid/172965/New-Standard-for-Revenue-Accounting-Finally-Coming) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Fri, Feb 22, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-21329618-jpg/images/handshake_globe.jpg) ](https://blog.stpub.com/bid/172965/New-Standard-for-Revenue-Accounting-Finally-Coming) On February 20, 2013, the U.S. Financial Accounting Standards Board (FASB) and its international counterpart, the International Accounting Standards Board (IASB), completed their “substantive deliberations” on the joint project to issue a comprehensive new standard on accounting for revenue. The changes in this standard will affect almost all companies in one way or another. While minor “tweaks” might occur over the next few weeks, the major decisions have been reached. [Read More](https://blog.stpub.com/bid/172965/New-Standard-for-Revenue-Accounting-Finally-Coming) 1 Comment [Click here to read/write comments](https://blog.stpub.com/bid/172965/New-Standard-for-Revenue-Accounting-Finally-Coming#comments-listing) Tags: [Corporate Governance](https://blog.stpub.com/topic/corporate-governance), [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [International](https://blog.stpub.com/topic/international), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Audit Standards](https://blog.stpub.com/topic/audit-standards), [Accountants](https://blog.stpub.com/topic/accountants), [GAAP](https://blog.stpub.com/topic/gaap), [Decision on IFRS](https://blog.stpub.com/topic/decision-on-ifrs) ## [Best Practices for Preparing Public Company Annual Reports](https://blog.stpub.com/bid/171252/Best-Practices-for-Preparing-Public-Company-Annual-Reports) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Wed, Feb 06, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-19876446-jpg/images/woman_reading_report_cropped.jpg) ](https://blog.stpub.com/bid/171252/Best-Practices-for-Preparing-Public-Company-Annual-Reports) Most [public companies in the United States](http://www.stpub.com/securities-aw-a-guide-to-the-1933-and-1934-acts-and-their-amendments-including-sarbanes-oxley-and-dodd-frank-online) have a reporting year that ends on December 31. Such companies must report their financial results with the Securities and Exchange Commission (SEC) within 90 days (by April 1 this year since the 90th day is a Sunday), or sooner if they are an “accelerated filer” as defined by the SEC. [Read More](https://blog.stpub.com/bid/171252/Best-Practices-for-Preparing-Public-Company-Annual-Reports) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/171252/Best-Practices-for-Preparing-Public-Company-Annual-Reports#comments-listing) Tags: [Corporate Governance](https://blog.stpub.com/topic/corporate-governance), [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Accountants](https://blog.stpub.com/topic/accountants), [GAAP](https://blog.stpub.com/topic/gaap) ## [Expected Developments Affecting Accountants in 2013—Part 3, Non-FASB](https://blog.stpub.com/bid/170557/Expected-Developments-Affecting-Accountants-in-2013-Part-3-Non-FASB) Posted by [Ron Pippin](https://blog.stpub.com/author/ron-pippin) on Wed, Jan 30, 2013 - [Tweet](https://twitter.com/share) [![](https://blog.stpub.com/hs-fs/file-19038450-jpg/images/man_with_binoculars_cropped.jpg) ](https://blog.stpub.com/bid/170557/Expected-Developments-Affecting-Accountants-in-2013-Part-3-Non-FASB) 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](https://blog.stpub.com/bid/170557/Expected-Developments-Affecting-Accountants-in-2013-Part-3-Non-FASB) 0 Comments [Click here to read/write comments](https://blog.stpub.com/bid/170557/Expected-Developments-Affecting-Accountants-in-2013-Part-3-Non-FASB#comments-listing) Tags: [Corporate Governance](https://blog.stpub.com/topic/corporate-governance), [Business & Legal](https://blog.stpub.com/topic/business-legal), [SEC](https://blog.stpub.com/topic/sec), [Accounting & Tax](https://blog.stpub.com/topic/accounting-tax), [Accountants](https://blog.stpub.com/topic/accountants), [US GAAP](https://blog.stpub.com/topic/us-gaap), [GAAP](https://blog.stpub.com/topic/gaap), [IFRS](https://blog.stpub.com/topic/ifrs) [All posts](https://blog.stpub.com/all) [Next](https://blog.stpub.com/topic/gaap/page/2) ### Follow Me ### Subscribe by Email ### Browse by Topic Area - [Accounting & Tax ](https://blog.stpub.com/topic/accounting-tax) - [Business & Legal ](https://blog.stpub.com/topic/business-legal) - [Corporate Governance  ](https://blog.stpub.com/topic/?Tag=Corporate+Governance) - [Environmental ](https://blog.stpub.com/topic/?Tag=Environmental) - [Global ](https://blog.stpub.com/topic/?Tag=Global) - [Health & Safety ](https://blog.stpub.com/topic/health-safety) - [Internet ](https://blog.stpub.com/topic/?Tag=Internet) - [Transportation ](https://blog.stpub.com/topic/?Tag=Transportation) ### Browse by Tag - [Environmental (344)](https://blog.stpub.com/topic/environmental) - [Business & Legal (309)](https://blog.stpub.com/topic/business-legal) - [Environmental risks (300)](https://blog.stpub.com/topic/environmental-risks) - [Health & Safety (296)](https://blog.stpub.com/topic/health-safety) - [EPA (283)](https://blog.stpub.com/topic/epa) - [Terms & Conditions](https://stphub.stpehs.com/wp-content/uploads/2021/01/STP-Terms-of-Use-Dec-20.pdf) - [Privacy Policy](https://stphub.stpehs.com/wp-content/uploads/2020/12/STP-Privacy-Policy.pdf) - [License Agreement](https://stphub.stpehs.com/wp-content/uploads/2021/01/STP-License-Agreement-Dec-20.pdf) - [Sitemap](http://stpub.com/sitemap) - [Support](http://stpub.com/support) © 2021 STP ComplianceEHS - All rights reserved