On May 22, 2013, the Financial Accounting Foundation (FAF) issued a post-implementation review (PIR) report on the accounting rule that the Financial Accounting Standards Board (FASB) prescribes for business combination accounting—specifically, FASB Statement No. 141 (Revised 2007), Business Combinations, now codified into FASB Codification Topic 805. In general, the report found that Statement 141(R) improved rules for the purchase method of accounting for business combinations but that problems remain, particularly in relation to fair value measurements. The PIR report also acknowledges unexpected compliance costs for companies that have applied the requirements in Statement 141(R).
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Business & Legal,
Accounting & Tax,
Accountants,
IFRS,
Decision on IFRS
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, 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.
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Business & Legal,
SEC,
Accounting & Tax,
Accountants,
GAAP,
IFRS
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).
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Corporate Governance,
Business & Legal,
SEC,
Accounting & Tax,
Accountants,
US GAAP,
GAAP,
IFRS
This is the second of three blog articles on my thoughts on developments that may occur in 2013 in “Accounting Land” in the United States. In this article I discuss the joint projects that the U.S. Financial Accounting Standards Board (FASB) and its international counterpart, the International Accounting Standards Board (IASB), are working on. In my third blog article, I will cover the major 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).
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SEC,
Accounting & Tax,
Lease Accounting,
Accountants,
IFRS
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.
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SEC,
Accounting & Tax,
Audit Standards,
Accountants,
JOBS Act,
US GAAP,
GAAP,
IFRS,
Internal Control
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.
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Tags:
SEC,
Accounting & Tax,
Lease Accounting,
Accountants,
US GAAP,
GAAP,
IFRS,
Decision on IFRS
Accountants in the United States are in demand once again. There are specific needs at the Financial Accounting Standards Board (FASB) and the U.S. Securities and Exchange Commission (SEC). Separately, the skills and talents of those CPAs that practice in the “income tax world” will be helpful to address scheduled individual income-related issues as year-end looms.
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Tags:
Business & Legal,
SEC,
Accounting & Tax,
Accountants,
GAAP,
IFRS,
Decision on IFRS
As discussed in my prior blog item, the staff in the Securities and Exchange Commission (SEC) did not make a recommendation to the commissioners of the SEC on whether U.S. registrants should be required or permitted to use International Financial Reporting Standards (IFRS). I termed it a “punt.” On October 22, 2012, the IFRS Foundation staff published an 84-page analysis of this SEC staff report. In the press release announcing issuance of the IFRS Foundation staff report, Trustee Chairman Michel Prada observed that there are “no insurmountable obstacles for adoption of IFRS by the United States.”
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Tags:
Business & Legal,
SEC,
Accounting & Tax,
JOBS Act,
GAAP,
IFRS,
Decision on IFRS
