|
: Financial Accounting Standards Board (FASB)
|
11-09-21 :
CCR Responds to the FASB on ASU 2011-05 Comprehensive Income
The Committee on Corporate Reporting of Financial Executives International is writing to share its insights into certain interpretive and implementation issues that have arisen with respect to ASU 2011-05, Comprehensive Income. As this ASU is effective in the first quarter of 2012 for calendar year reporting companies, we believe that these matters should be addressed as soon as possible.
11-06-30 :
FASB, IASB Completed Redeliberations On Revenue Recognition Exposure Draft
FASB an IASB completed redeliberations on their joint Exposure Draft on revenue recognition during their June 13-15 meting. Read about the revisions in this Defining Issues by KPMG.
11-05-27 :
SEC Staff Paper On FASB Endorsement, Incorporation Of IFRS Into US GAAP
The SEC released for public comment a staff paper on a possible framework in which the FASB would be responsible for endorsing IFRS standards for incorporation into U.S. GAAP.
11-05-23 :
New Standards On Fair Value; Changes Planned For Financial Instruments, By KPMG
11-05-04 :
FASB Changes Accounting For Repurchase Agreements (Repos)
11-05-04 :
FASB, IASB News Roundup As Of May 4, 2011
This summary of recent highlights from FASB and IASB is provided as a benefit of membership for FEI members.
11-05-04 :
Executive Enterprise Institute (EEI) FASB Update: Co-Sponsored By FEI
11-04-29 :
Offsetting Financial Assets and Financial Liabilities
CCR shares its views with the FASB and IASB on Offsetting Financial Assets and Financial Liabilities.
11-04-26 :
CCR Comment Letter To FASB And IASB On Hedge Accounting
CCR Supports Efforts to Improve and Simplify the Hedge Accounting Model
11-04-19 :
FEI Files Comment Letter With Chairs of FASB and IASB In Response To MoU Projects
11-04-15 :
FEI Committee on Private Co. Standards Sends Comments To FAF
CPC-s Comment Letter to FAF on BRP Private Company Accounting Standards
11-04-14 :
FASB, IASB Extend Convergence Project Deadline 'By A Few Months'
11-04-05 :
Derivative Instruments and Hedging Activities - Impairment (the Supplement)
Supplementary Document, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities - Impairment (the Supplement).
11-04-01 :
Financial Reporting: April 2011
11-03-01 :
Financial Reporting: March 2011
11-02-24 :
FASB, IASB Tentatively Decide to Revise Lease Accounting Proposals
At a recent joint meeting in February, FASB and IASB tentatively decided to revise some of their more significant lease accounting proposals to address concerns concerns.
11-02-02 :
FASB, IASB Seek Feedback On Converged Solution to Impairment
FASB and IASB seek feedback on converged solution to impairment -- comment period ends April 1, 2011.
11-01-26 :
Blue Ribbon Panel On Private Cos. Issues Report, Recommendations To FAF
On Jan. 26, 2011 the Blue Ribbon Panel on Standard-Setting for Private Cos. issued its report and recommendations to the Financial Accounting Foundation, which oversees FASB.
11-01-26 :
Highlights of Recommendations Made By Blue Ribbon Panel On Private Cos.
Following are some highlights from the report of the Blue Ribbon Panel on Private Cos.
11-01-19 :
FASB Reaches Decisions On Certain Changes To Consolidation, VIE Guidance
At its Jan. 12, 2011 board meeting, the Financial Accounting Standards Board reached decisions on certain changes to be made to existing guidance on consolidations and variable interest entities (VIEs).
10-12-23 :
FEI Applauds Appointment Of Leslie Seidman As FASB Chairman
10-12-14 :
CCR filed its Lease comment letter with the FASB and IASB
On December 14, CCR filed its Lease comment letter with the FASB and IASB. CCR continues to support the convergence of U.S. GAAP and IFRS and the project’s overall goal of improving the accounting for leases. A lease provides a lessee use of an asset and contains an obligation to pay rent. As a result, the proposed right-of-use accounting model that leads to the recognition by the lessee of the
10-12-08 :
FEI Express Public Company Edition #88
10-12-01 :
FEI Express Private Company Edition #85
10-11-17 :
FEI Express Private Company Edition #84
10-11-05 :
FEI Comments On Standard-Setting Developments To FASB, IASB, SEC
10-11-03 :
FEI Express Private Company Edition #83
10-10-29 :
SEC Releases Report On IFRS Workplan; Tweedie Emphasizes Single Set Of Standards
On Oct. 29, 2010 the SEC published its first progress report on its IFRS Workplan.
10-10-27 :
FASB Delays Changes To Disclosure Of Loss Contingencies; Not Effective This Year
At its Oct. 27, 2010 board meeting, the FASB agreed that its proposal amending disclosure of loss contingencies (including lawsuits) - as yet not a final standard - would not become effective this year.
10-10-27 :
Majority Of Constituents Do Not Support Fair Valuing Loans, Liablities, FASB Board Told
At its Oct. 27, 2010 board meeting, FASB staff summarizing feedback on FASB's proposal on financial instruments noted a majority of constituents do not favor fair valuing loans, core deposits, and liablities.
10-10-25 :
FEI CPC-S comments on Revenue Recognition
10-10-25 :
FEI Committees Comment To FASB, IASB On Revenue Recognition ED
On Oct. 21, 2010, FEI's Committee on Corporate Reporting filed a comment letter in response to the FASB/IASB Exposure Draft: Revenue from Contracts with Customers.
10-10-21 :
CCR Views on Proposed Accounting Standards Update, Revenue from Contracts with Customers
CCR Views on Proposed Accounting Standards Update, Revenue from Contracts with Customers
10-10-19 :
FASB, IASB Seek Comment On Effective Dates, Transition For Remaining MoU Standards
On Oct. 19, 2010, FASB released a Discussion Paper seeking comment on the effective dates and transition methods under the remaining MoU standards.
10-10-14 :
FASB Releases Proposal Clarifying Troubled Debt Restructuring By Creditors
On Oct. 12, 2010 the FASB released a proposed Accounting Standards Update that would clarify accounting for troubled debt restructurings.
10-10-11 :
Blue Ribbon Panel on Private Cos. Prefers New Standard-Setting Model And Separate Board
On Fri., Oct. 8, 2010 the Blue Ribbon Panel on Standard Setting for Private Companies indicated a preference for a new standard setting model for private company generally accepted accounting principles, with a separate private company standards board. FEI staff attending the BRP meeting as observers prepared the detailed summary of the meeting which follows.
10-10-05 :
Blue Ribbon Panel On Standard Setting For Private Cos. To Vote This Week
The Blue Ribbon Panel on Standard Setting for Private Companies is expected to vote on a recommendation this week.
10-10-04 :
FEI Providing Preparer Input To FASB On Investment Properties
FEI has launched an online survey to help gather input from the preparer community on accounting Investment Properties, including particularly the scope what will be defined as 'investment properties,' including real estate.
10-09-30 :
FEI CPC-S Committee shares views on Proposed ASU Financial Instruments.
FEI CPC-S Committee shares views on Proposed ASU Financial Instruments.
10-09-30 :
FASB To Release Discussion Document On MoU Implementation
Chairing his last FASB board meeting, Bob Herz noted that the FASB will be releasing a discussion document seeking public comment on matters relating to implementation of the standards under the FASB-IASB MoU, such as effective date, transition, and other matters. The board also acted recent EITF consensuses and consensuses for exposure.
10-09-29 :
Comprehensive Income
Comprehensive Income – File Reference 1790-100 ED – Presentation of Items of Other Comprehensive Income – Reference ED/2010/5.
10-09-29 :
FASB, IASB Complete First Phase Of Joint Conceptual Framework
On Sept. 28, 2010, FASB and IASB announced they had completed the first phase of the joint conceptual framework project.
10-09-20 :
FEI Committees share views on the FASB's proposed Accounting Standards Update Contingencies
The Committees on Corporate Reporting, Government Business, and Taxation ("The Committees") of Financial Executives International ("FEI") appreciate the opportunity to share their views on the FASB‟s proposed Accounting Standards Update Contingencies (Topic 450), Disclosure of Certain Loss Contingencies, (the "ED") dated July 20, 2010.
10-09-17 :
Russell Golden Appointed To FASB Board
The FAF has appointed Russell Golden to the FASB Board.
10-09-15 :
FASB-IASB News Roundup As Of Sept. 15, 2010
This summary is provided as a benefit of membership for FEI members only.
10-09-15 :
FEI Commitee On Private Company Standards Responds To Blue Ribbon Panel
On September 15, 2010 FEI's Committee on Private Company Standards filed a comment letter in response to questions posed by the Blue Ribbon Panel on Standard Setting for Private Companies.
10-09-13 :
CCR comments on Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS
10-09-10 :
FASB Issues Update On Blue Ribbon Panel On Private Cos.; Seeks Comment By Sept. 15
On Sept. 10, 2010 FASB issued an update on the Blue Ribbon Panel on Private Company Standard Setting. As a reminder, comments on the Blue Ribbon Panel's Questions for
10-09-10 :
FASB To Hold Roundtables On Financial Instruments, Other Standards
On Sept. 10, FASB announced it will hold a series of public roundtables on the proposed Accounting Standards Update: Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities - Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815).
10-09-08 :
FASB-IASB News Roundup As Of Sept. 8, 2010
This summary of recent highlights from FASB and IASB is provided as a benefit of membership for FEI members only.
10-09-07 :
CBF Responds to Defined Contribution Pension Plan Exposure Draft
10-09-03 :
FAF, SEC Seek Comment On GAAP, Non-GAAP Taxonomies For XBRL
10-09-03 :
FEI CPC-S Committee shares views on Proposed ASU. Plan Accounting Defined Contribution Pension Plan
FEI CPC-S Committee shares views on Proposed ASU. Plan Accounting Defined Contribution Pension Plan
10-09-02 :
FEI Comments On FASB's Fair Value Proposal
10-09-01 :
Financial Instruments ED Comment Letter
The Committee on Corporate Reporting (“CCR”) and Committee on Corporate Treasury (“CCT”) of Financial Executives International (“FEI”), appreciate the opportunity to provide their views on the Proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities (the “Proposed ASU”).
10-08-25 :
FASB Chair Robert Herz To Retire, FASB Increases Size From Five To Seven
10-08-25 :
FASB, IASB News Roundup - July 1, 2010 - August 25, 2010
This summary of recent highlights at FASB and the IASB is offered as a benefit of membership to FEI members only.
10-07-23 :
FEI Comments To FASB On Effective Dates Of Standards For Private Cos.
10-07-21 :
FASB Standard On Disclosure Of Credit Quality-Financing Rec'bles, Allow. For Credit Losses
On the afternoon of July 21, 2010 FASB announced the release of a new standard on Disclosures of Credit Quality of Financing Receivables and the Allowance for Credit Losses.
10-07-20 :
FASB Releases Proposal On Disclosure Of Certain Loss Contingencies
On July 20, 2010 the Financial Accounting Standards Board released an Exposure Draft (ED) of a proposed Accounting Standards Update on Disclosure of Certain Loss Contingencies. The 30-day comment period ends August 20, 2010.
10-07-19 :
Conceptual Framework for Financial Reporting: The Reporting Entity
The Committee on Private Company Standards (CPC-S) of Financial Executives International (FEI) wishes to express its views on the Financial Accounting Standards Board’s (FASB’s) Exposure Draft (ED) of a proposed Statement of Financial Accounting Concepts, Conceptual Framework for Financial Reporting: The Reporting Entity.
10-07-19 :
FEI CPC-S letter to FASB proposed Statement of Financial Accounting Concepts, Conceptual Framework
The Committee on Private Company Standards (CPC-S) of Financial Executives International (FEI) wishes to express its views on the Financial Accounting Standards Board’s (FASB’s) Exposure Draft (ED) of a proposed Statement of Financial Accounting Concepts, Conceptual Framework for Financial Reporting: The Reporting Entity.
10-07-12 :
Exemptions from CASB Regulations
10-07-12 :
FAS 168
10-07-07 :
FASB, IASB News Roundup June 1, 2010 - July 7, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members only.
10-07-01 :
Compliance: July 10
10-06-30 :
FASB, IASB News Roundup June 1, 2010 - June 30, 2010
This summary of highlights from recent actions of the FASB and IASB is provided as a benefit of membership to FEI members.
10-06-25 :
FASB, IASB Issue Progress Report On Convergence Strategy, By KPMG
FASB
10-06-24 :
FASB, IASB Propose New Joint Standard For Revenue Recognition
June 24, 2010, FASB and IASB published for public comment a draft standard for Revenue Recognition.
10-06-23 :
FASB, IASB Roundup June 1, 2010 - June 23, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership to FEI members only.
10-06-09 :
FASB, IASB Modify Convergence Timetable In Response To Stakeholder Concern
On June 2, 2010 FASB and the IASB announced a modification to the convergence timetable set forth in the FASB-IASB Memorandum of Understanding (MoU).
10-06-02 :
FASB, IASB News Roundup May 1, 2010 - June 2, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members only.
10-06-01 :
FASB, IASB News Roundup May 1, 2010 - June 16, 2010
This summary of highlights of recent developments at FASB and the IASB is offered as a benefit of membership to FEI members only.
10-06-01 :
FASB, IASB News Roundup May 1, 2010 - June 9, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members.
10-05-27 :
FASB Releases Proposals On Financial Instruments, Comprehensive Income
On May 26, 2010 FASB released proposed standards on Financial Instruments and Comprehensive Income.
10-05-26 :
FASB, IASB News Roundup May 1, 2010 - May 26, 2010
This summary is availalble for FEI members only.
10-05-19 :
FASB, IASB News Roundup April 1, 2010 - May 19, 2010
This summary of highlights of recent activities at FASB and the IASB is provided as a benefit of membership for FEI members.
10-05-10 :
FEI Committee Files Letter With FASB, IASB On Impact Of MoU Standards
10-05-05 :
FASB, IASB News Roundup April 1, 2010 - May 12, 2010
This summary of recent developments relating to FASB and the IASB is provided as a benefit of membership for FEI members.
10-05-05 :
FASB Chief Herz To Constituents: 'Get Engaged' in Commenting On IFRS Convergence
FASB Chairman Robert H. Herz speaking to the FEI New Jersey Chapter on May 4, 2010, urged members to get engaged and comment on a number of Exposure Drafts to be released before June 30, 2011.
10-05-04 :
FEI Committee on Private Co. Standards Releases Working Draft On Private Co. Accounting
10-05-03 :
FEI Committee on Private Cos. Writes FASB With Concern About Pace Of Standard-Setting
FEI's Committee on Private Companies - Standards, filed a comment letter with John J. Brennan, Chairman of the Financial Accounting Foundation (which oversees the Financial Accounting Standards Board) and with Robert Herz, Chairman of the FASB. The CPC-S letter voices concern about the pace of accounting standard-setting under the FASB-IASB MOU.
10-04-29 :
FASB, IASB News Roundup April 1, 2010 - April 29, 2010
The following summary of recent events at FASB and the IASB is provided as a benefit of membership for FEI members.
10-04-15 :
FASB Prepares Proposals On Disclosure Of Loss Contingencies, More
Following are highlights from the Financial Accounting Standards Board's April 14, 2010 board meeting, at which several upcoming proposals were discussed, including a revised proposal on Disclosure of Loss Contingencies. A U.S. Securities and Exchange Staff Announcement was also made at the meeting.
10-04-14 :
FASB, IASB News Roundup March 1, 2010 - April 14, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership to FEI members.
10-04-06 :
FASB, IASB News Roundup March 1, 2010-April 7, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members.
10-04-01 :
FASB, IASB News Roundup - April 1, 2010 - May 5, 2010
This summary of recent developments at the FASB and IASB has been prepared for the benefit of FEI members.
10-04-01 :
Summary Of First Meeting Of Blue Ribbon Panel On Private Company Accounting
Following is a summary of the first meeting of the Blue Ribbon Panel on Private Company Accounting, held on April 12, 2010.
10-03-24 :
Private Company Financial Reporting In The Spotlight
10-03-24 :
FASB, IASB News Roundup March 1, 2010 - March 31, 2010
This summary of recent developments at the FASB and IASB is provided as a benefit of membership to FEI members.
10-03-24 :
FASB, IASB News Roundup Feb. 1, 2010-March 24, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members.
10-03-17 :
Blue Ribbon Panel on Private Company Accounting To Hold First Meeting April 12
The Blue Ribbon Panel on Private Company Accounting will hold its first meeting on April 12, 2010.
10-03-17 :
FASB, IASB News Roundup Feb. 1, 2010 - March 17, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members.
10-03-11 :
FASB, IASB Release Exposure Draft On Reporting Entity
On March 11, 2010 FASB and the IASB released for public comment an Exposure Draft on the Reporting Entity.
10-03-10 :
FASB, IASB News Roundup Feb. 1, 2010 - March 10, 2010
This summary of recent developments at FASB and the IASB is provided as a benefit of membership for FEI members.
10-03-08 :
FASB Issues ASU 2010-11 On Embedded Credit Derivatives
On March 5, 2010 FASB released ASU 2010-11 on embedded credit derivatives.
10-03-01 :
Private Company Financial Reporting, By Grant Thornton
10-03-01 :
FASB, IASB Roundup March 1, 2010 - April 21, 2010
This summary of recent activity at FASB and the IASB is provided as a benefit of membership for FEI members.
10-03-01 :
FASB Releases ASU 2010-10, Defers FAS 167 For Certain Investment Funds
On Feb. 25, 2010 FASB released ASU 1010-10, deferring the effective date of FAS 167 for certain investment funds (however, disclosure requirements are not deferred).
10-02-26 :
Blue Ribbon Panel Members Named - To Address Private Co. Accounting
10-02-25 :
FASB ASU 2010-09 Amends Subsequent Events Standard; Effective Immediately
On Feb. 24, 2010 FASB amended its standard on Subsequent Events. The amendment is effective immediately.
10-02-24 :
FASB, IASB News Roundup - Feb. 1, 2010-Feb. 24, 2010
This summary is provided as a benefit of membership to FEI members.
10-02-19 :
SEC Announces Feb. 24 Meeting To Consider IFRS Statement
On Feb. 19, 2010, the SEC published a Sunshine Act Notice announcing it will hold an open commission meeting on Wed. Feb. 24 at which it will consider issuing a statement on IFRS.
10-02-18 :
FEI Provides Recommendations To FASB, IASB On Convergence Standards
FEI's Committee on Corporate Reporting (CCR) filed letters recently with FASB and the IASB providing recommendations on the convergence standards.
10-02-17 :
FASB, IASB News Roundup Feb. 1, 2010- Feb. 17, 2010
This summary of recent developments at FASB and the IASB is prepared as a benefit of membership for FEI members.
10-02-17 :
FASB Posts Updates On Financial Instruments, Fair Value Measurement Projects
FASB recently posted updates on its Financial Instruments and Fair Value Measurement projects.
10-02-15 :
SEC Chairman, Chief Accountant, Others Provide Highlights At PLI's SEC Speaks
Following are highlights from SEC staff, including SEC Chief Accountant Jim Kroeker and SEC Division of Corporation Finance Chief Accountant Wayne Carnall, at the annual PLI SEC Speaks conference on Feb. 5, 2010.
10-02-09 :
FAF To Maintain XBRL Taxonomy For U.S. GAAP; SEC Approves FASB Budget
On Feb. 5, 2010 the FAF announced its new responsibility for maintaining the U.S. GAAP taxonomy for XBRL. Separately, on Feb. 2, 2010 the SEC issued an Order approving the FASB's budget (by approving the FASB's annual support fee, paid by public companies.)
10-02-09 :
FASB, IASB News Roundup Feb. 1, 2010 - Feb. 10, 2010
This summary is provided to FEI members as a benefit of membership.
10-02-03 :
FASB, IASB News Roundup - Jan. 1, 2010-Feb. 3, 2010
This summary is FASB and IASB news is provided as a benefit of membership to FEI members.
10-02-01 :
FASB, IASB News Roundup Feb. 1, 2010- March 3, 2010
This summary of recent FASB, IASB activity is provided as a benefit of membership for FEI members.
10-01-27 :
FASB, IASB News Roundup Jan. 1, 2010 - Jan. 27, 2010
This summary is provided as a benefit of membership for FEI members only.
10-01-27 :
Highlights From FASB Board Meeting: Jan. 27, 2010
At its its Jan. 27, 2010 board meeting, FASB discussed a number of projects including the Deferral of FAS 167 for Certain Entities, Financial Statement Presentation, and Insurance Contracts. Additionally, the topic of whether to have aggregated or staggered effective dates for upcoming standards was briefly raised.
10-01-22 :
FASB ASU 2010-06: Improving Disclosures About Fair Value Measurements
On Jan. 21, 2010 the FASB released ASU 2010-06, Improving Disclosures About Fair Value Measurements.
10-01-20 :
FASB, IASB News Roundup Jan. 1, 2010- Jan. 20, 2010
This summary is provided as a benefit of membership for FEI members only.
10-01-13 :
FASB, IASB News Roundup Dec. 3, 2009 - Jan. 13, 2010
Following are highlights of new documents issued by, and other developments at, the FASB and IASB from Dec. 3, 2009 - Jan. 13, 2010.
10-01-06 :
New From FASB, IASB
In the first week of 2010, the FASB and the IASB held a joint board meeting by videoconference, released a number of new items, and made various announcements.
10-01-06 :
FASB, IASB News Roundup Dec. 3, 2009-Jan. 6, 2010
The following summary of FASB and IASB News from Dec. 3, 2009 - Jan. 6, 2010 is provided as a benefit of membership to FEI members-only.
09-12-22 :
Year-End Update: FASB Releases; IASB Podcasts
Below is a brief summary of recent developments at FASB and the IASB.
09-12-21 :
FEI CEO: 2010 Top Challenges For Financial Executives
09-12-18 :
FEI Applauds Formation Of Blue Ribbon Panel On Private Co. Accounting Standards
09-12-17 :
Blue Ribbon Panel On Private Company Accounting Standards Formed
09-12-16 :
FASB, IASB News Roundup Dec. 3, 2009-Dec. 16, 2009
This summary is provided as a benefit for FEI members only.
09-12-11 :
Accounting Standards And Audit-Related Provisions Of H.R. 4173
The following summary of accounting standards and audit related provisions of H.R. 4173, the Wall Street Reform and Consumer Protection Act, is provided for FEI members only.
09-12-11 :
House Passes Financial Regulatory Reform Bill
On Dec. 11, 2009 the House of Representatives passed by a 223-202 vote, its version of a comprehensive financial regulatory reform bill, entitled H.R. 4173, the Wall Street Reform and Consumer Protection Act.
09-12-09 :
FASB, IASB News Roundup Nov. 19, 2009 - Dec. 9, 2009
The following summary of current FASB, IASB developments is provided as a benefit of membership for FEI members only.
09-12-08 :
FASB Chairman Calls for Decoupling of Bank Regulation from U.S. GAAP
09-12-07 :
Highlights Of SEC Chief Accountant Speech On Dec. 7
Following are highlights from SEC Chief Accountant James Kroeker's remarks at the AICPA's annual conference on current SEC and PCAOB developments.
09-12-02 :
FASB, IASB News Roundup Nov. 19, 2009 - Dec. 2, 2009
This summary of recent developments at the FASB and IASB is provided as a benefit for FEI members only.
09-11-30 :
Highlights Of FEI Current Financial Reporting Issues Conference - By KPMG
09-11-18 :
FASB, IASB News Roundup Nov. 5, 2009 - Nov. 18, 2009
Following are selected highlights of new documents issued by, and other developments taking place at, the FASB and IASB.
09-11-18 :
FEI Summary of Current Issues In Financial Reporting, Nov. 16-17
09-11-11 :
FASB, IASB News Roundup Oct. 29, 2009 - Nov. 11, 2009
Following are selected highlights of new documents issued by, and other developments taking place at, FASB and the IASB between Oct. 29, 2009 and Nov. 11, 2009.
09-11-11 :
FEI Private Co. Committee and FEI CCR Write Congress In Support Of Independent Standard-Setting
09-11-05 :
FEI Committee On Corporate Reporting Writes Congress On Standard-Setting
09-11-04 :
FASB, IASB News Roundup - Oct. 22, 2009 - Nov. 4, 2009
Following is an update of recent activity at the FASB and IASB.
09-11-03 :
FASB, IASB To 'Retriple' Convergence Efforts; Political Pressures Mount
09-11-01 :
FASB Advisory Committee Calls For FAF To Consider Separate Private Co. Standards
At a joint meeting of the Financial Accounting Standards Board's Private Co. Financial Reporting Committee and Small Business Advisory Committee on Dec. 3, 2009, PCFRC Chair Judy O'Dell said, "We've dome to the conclusion it's time to look at a separate set of private company accounting standards."
09-10-26 :
FASB, IASB News Roundup Oct. 15, 2009-Oct. 28, 2009
Following are selected highlights of new documents issued by, and other developments taking place at the FASB and IASB for the period Oct. 15, 2009 - Oct. 28, 2009.
09-10-21 :
FASB, IASB News Roundup Oct. 8 - Oct. 21, 2009
Following is a FASB-IASB update for the period Oct. 8, 2009 - Oct. 21, 2009.
09-10-16 :
FAS 168
09-10-14 :
FASB, IASB News Roundup Oct. 1, 2009 - Oct. 14, 2009
This summary is provided as a service for FEI members-only.
09-10-08 :
FASB Discusses Direct Cash Flow, Comment Deadline on Embedded Credit Derivatives
On Oct. 7, 2009 the FASB board hear feedback from an academic researcher and from an analyst on the boards proposal regarding the direct cash flow method. Separately, the board voted on the comment deadline on its upcoming proposal on embedded credit derivatives.
09-10-07 :
FASB, IASB News Roundup Sept. 24, 2009-Oct. 7, 2009
Following are selected highlights of new documents issued by, and other developments taking place at the Financial Accounting Standards Board and at the International Accounting Standards Board.
09-10-01 :
Excerpts From Past SEC Speeches On Accounting
09-09-30 :
FASB, IASB News Roundup Sept. 17, 2009-Sept. 30, 2009
The following news roundup is posted as a service for FEI members-only.
09-09-25 :
Canada's Move To IFRS: Impact On Public Companies
09-09-23 :
FASB, IASB News Roundup Sept. 10, 2009 - Sept. 23, 2009
This summary is provided as a membership benefit for FEI-members only.
09-09-16 :
FASB, IASB News Roundup Sept. 3, 2009-Sept. 16, 2009
The following summary is provided for FEI members only.
09-09-16 :
Summary Of FASB Board Meeting On Leasing
Following is a summary of FASB's Sept. 16, 2009 board meeting at which FASB discussed comments received on its Discussion Paper on Leasing.
09-09-14 :
FASB-IASB Hold Roundtables On Financial Instruments
On Sept. 14, 2009 FASB and the IASB held the third in a series of three roundtables on their financial instruments project.
09-09-10 :
SEC Reporting For Business Combinations And Related Topics, By Deloitte
09-09-09 :
House Passes Promoting Transparency In Financial Reporting Act
On Sept. 9, 2009 the U.S. House of Representatives passed the Promoting Transparency in Financial Reporting Act of 2009. The bill now awaits Senate action.
09-09-09 :
FASB, IASB News Roundup Aug. 27-Sept. 9, 2009
The following news roundup is posted as a service to FEI members only.
09-09-01 :
Financial Statements and the Return of Professional Judgment
09-08-24 :
FASB Proceeds On Loss Contingencies; Financial Instruments
At its Aug. 19, 2009 board meeting, FASB made certain decisions as it moves toward a final standard on disclosure of certain loss contingencies. Additionally, FASB decided on a definition of financial instruments and some items to scope out of the definition for purposes of its current financial instruments project.
09-08-14 :
Financial Instruments Exposure Draft Coming; Final Standard 2010 Could Be Effective 2011
In opening remarks at FASB's Aug. 13, 2009 board meeting, FASB Chairman Robert Herz said the board is working toward issuing an Exposure Draft on its financial instruments project, but several board meetings would take place at which the subject is discussed, before the ED is issued.
09-08-13 :
American Bankers Association Voices Concern On FASB-IASB Financial Instruments Project
On Aug. 12, 2009 the American Bankers Association filed a comment letter on FASB's financial instruments project. ABA included in an attachment to that letter a white paper entitled: The Current Pace and Direction of Accounting Standard Setting. The letter and white paper follow another letter and white paper filed by ABA on the financial instruments project on Aug. 4.
09-08-13 :
FASB Chairman's Opening Remarks On Status Of Financial Instruments Project
Following are opening remarks of FASB Chairman Robert Herz at FASB's Aug. 13, 2009 board meeting, at which he described the status of FASB's financial instruments project.
09-08-12 :
Changes To Securitization, Asset Sale Rules To Be Featured On FASB Webcast Aug. 24
09-08-07 :
FASB Publishes Actions Taken In Response To CIFIR Recommendations
On the one year anniversary of the issuance of the final report of SEC's Advisory Committee on Improvments to Financial Reporting (CIFIR), FASB issued a response listing its actions taken in response to CIFIR's recommendations.
09-08-05 :
FASB Proposals Coming On Fair Value Disclosure, Oil & Gas; More
At its Aug. 5, 2009 board meeting, FASB voted to proceed toward releasing proposed changes to fair value disclosures and oil and gas reporting. FASB also agreed to finalize a standard on fair valuing alternative investments.
09-08-04 :
XBRL-US Issues Extension File For FASB Codification
On Aug. 4, 2009 XBRL-US published a taxonomy extension file of references to FASB's Codification.
09-07-28 :
Financial Crisis Advisory Group Issues Report
On July 28, 2009 the FASB-IASB Financial Crisis Advisory Group issued its final report.
09-07-17 :
Leases Comment Letter from CCR and CPC Committees
CCR and CPC comments to FASB and IASB on Preliminary Views on Leases
09-07-17 :
FEI Files Response On FASB-IASB Discussion Paper On Leasing
On July 17, 2009 FEI's Committee on Corporate Reporting and Committee on Private Companies, Standards Subcommittee filed a joint comment letter on the FASB-IASB Discussion Paper entitled Leasing: Preliminary Views.
09-07-08 :
FASB Adds Project On Disclosure Framework To Its Agenda
FASB Chairman Robert Herz announced on July 8, 2009 that FASB is adding a project on the Disclosure Framework to its agenda.
09-07-08 :
FASB Finalizing Additional FIN 48 Guidance, Focuses On Pass-Throughs
At its July 7, 2009 board meeting, FASB voted to move to issuing additional guidance relating to FIN 48, focusing on pass-through entities, after deliberating on comments received on Proposed FSP FIN 48-d. Separately, FASB discussed comments on Proposed FSP FAS 157-f on fair valuing liabilities, and announced a new project on the Disclosure Framework.
09-07-01 :
FASB Codification Launches; Becomes Single Source Of U.S. GAAP
On July 1, 2009 FASB's Codification became the single, official source of U.S. GAAP.
09-07-01 :
washington insights: July 09
The tension between the concurrent goals of independence and accountability of accounting standard setters — including the Financial Accounting Standards Board and International Accounting Standards Board — has been an evergreen issue.
09-07-01 :
financial reporting: July 09
Two articles highlight some key aspects of International Financial Reporting Standards. First, Ellen Heffes spoke with former Financial Accounting Standards Board Chairman Dennis R. Beresford about the roots of IFRS and his thinking on the current state of convergence. He also discussed fair-value accounting, which along with IFRS, he dubbed: “The two issues of the day, no question.”
09-06-30 :
FASB Releases FAS 168: Amendment To GAAP Hierarchy Sets Stage For Codification
On June 29, 2008 FASB released FAS 168, amending the GAAP hierarchy and setting the stage for the launch of the Codification on July 1.
09-06-26 :
FASB Chairman Delivers Speech At National Press Club
09-06-26 :
Highlights Of FASB Chairman's Speech At National Press Club
Following are highlights from FASB Chairman Robert Herz' June 26, 2009 speech at the National Press Club, and selected highlights from the Q&A that followed.
09-06-24 :
Proposal On Disclosures About Credit Quality, Allowance For Credit Losses Issued By FASB
On June 24, 2009 FASB released an Exposure Draft of a proposed standards on disclosures about credit quality and the allowance for credit losses.
09-06-19 :
FEI Sends Comments To FASB On Revenue Recognition
09-06-18 :
FEI Files Comment Letter On FIN 48 For Pass-Though Entities
09-06-17 :
FASB Announces Access to Accounting Standards Codification July 1
09-06-12 :
FASB Issues FAS 166, 167 On Securitizations and SPEs (Amending FAS 140, FIN 46R)
On June 12, 2009 FASB issued FAS 166 and FAS 167 on securitizations and special purpose entities (SPEs), amending FAS 140 and FIN 46R.
09-06-03 :
FASB Reaffirms Codification To Become Official GAAP July 1; Update On Going Concern
At its June 3, 2009 board meeting, FASB reaffirmed that its Accounting Standards Codification will become the official source of U.S. GAAP on July 1. In practical terms, the board agreed the effective date of the change in the GAAP hierarchy reflecting the Codification will be for financial statements for interim or annual periods ending on or after Sept. 15, 2009.
09-06-01 :
financial reporting: June 09
This IFRS section summarizes key points from the comment letters received by the U.S. Securities and Exchange Commission
09-05-28 :
FASB Issues FAS 165: Subsequent Events
On May 28, 2009 FASB issued FAS 165, Subsequent Events. Learn more about this standard and other current FASB developments at FEI's June 9 webcast, "What's New With FASB?"
09-05-27 :
FASB Prepares To Propose More Fair Value Disclosures
At its May 27, 2009 board meeting, FASB discussed its upcoming proposal to require more fair value disclosures.
09-05-22 :
Pressure On FASB, IASB Could Result In Tragedy, Advisory Group (FCAG) Warns
At least three members of the Financial Crisis Advisory Group, formed jointly by FASB and IASB to advise them on accounting matters relating to the credit crisis, warned that political pressure on FASB - and the IASB in particular - could result in tragedy.
09-05-21 :
FASB Accounting Codification Is Coming: July 1
09-05-20 :
President Obama Signs Fraud Enforcement And Recovery Act (FERA); Mortgage Act
On May 20, 2009 President Barack Obama signed into law the Fraud Enforcement and Recovery Act of 2009 (FERA).
09-05-18 :
FASB Releases Proposed FSP FIN 48-d On Pass-Throughs
On May 18, 2009 FASB released Proposed FSP FIN 48-d on application of FIN 48 (Accounting for Uncertainty in Income Taxes) with pass-throughs and tax-exempt entities, and disclosure modifications for nonpublic entities.
09-05-18 :
FASB Votes To Retain 2010 Effective Date On Securitization, Asset Transfer Rules
At its May 18, 2009 board meeting FASB voted to retain the effective date as originally proposed in its upcoming upcoming amendments to FAS 140, Transfers of Assets, and FIN 46R, Consolidation of Variable Interest Entities, for fiscal years beginning after Nov. 15, 2009. Thus, for calendar year companies, the new standards will be effective at the beginning of 2010.
09-05-18 :
Summary Of FASB Board Meeting On FAS 140, FIN 46R, Leasing And Insurance
Following is a detailed summary of the results of FASB's May 18, 2009 board meeting, at which FASB discussed its upcoming amendments to FAS 140, Transfers of Assets, FIN 46R, Consolidation of Variable Interest Entities, Lease Accounting, and accounting for Insurance Contracts.
09-05-14 :
FEI Webcast June 9: What's Happening At FASB That You Need To Know
On June 9, 2009 FEI presents a webcast on What's New With FASB, featuring Russell Golden, FASB Technical Director, and leading auditors. Advance registration is required.
09-05-08 :
EU's McCreevy, IASB's Smith, On Financial Reporting In A Changing World
On May 7-8, 2009 EU Internal Markets Commissioner Charlie McCreevy and IASB Board Member John Smith were among those who gave speeches at a conference hosted by the European Commission in Brussels on: Financial Reporting in a Changing World.
09-05-06 :
FASB Prepares Guidance On Fair Value Of Alternative Investments
At its May 6, 2009 board meeting, the FASB discussed upcoming guidance on fair value of alternative investments. In other news relating to fair value accounting, FASB recently released Proposed FSP 157-3 on fair value of liabilities.
09-04-29 :
FASB-IASB Financial Crisis Advisory Group Updates G-20
On April 29, 2009 the FASB-IASB Financial Crisis Advisory Group sent a letter updating the G-20 on recent FASB and IASB actions and providing its views on the boards' priorities.
09-04-22 :
FASB Wants Changes To Loan Loss Disclosures This Year
At its April 22, 2009 board meeting, FASB agreed to that its upcoming proposal on loan loss disclosures should be effective this year (interim and annual periods ending after Dec. 15, 2009). FASB staff expects to release the proposal in May, and the board agreed to a 60-day comment period.
09-04-21 :
FEI Committee On Private Cos. Files Comment Letter With FASB, IASB On Fin. Statement Presentation
09-04-20 :
Highlights of FASB-IASB Financial Crisis Advisory Group Meeting
Following is a summary of highlights from the April 20, 2009 FASB-IASB Financial Crisis Advisory Group (FCAG) meeting.
09-04-20 :
FEI Comments On SEC's Proposed IFRS Roadmap
On April 20, 2009 FEI's Commmittee on Corporate Reporting filed a comment letter on the SEC's proposed IFRS Roadmap.
09-04-14 :
FEI CCR, CPC Respond To FASB-IASB On Financial Statement Presentation
On April 14, 2009 FEI's Committee on Corporate Reporting (CCR) filed a comment letter on the FASB-IASB Discussion Paper on Financial Statement Presentation.
09-04-10 :
FEI Committee on Private Companies Files Comment Letter On FASB Proposal On Discontinued Operations
09-04-09 :
FASB Issues Final FSPs On Fair Value, OTTI, Disclosure
On April 9, 2009 FASB issued three final FSPs on fair value in inactive markets, other-than-temporary-impairment (OTTI), and interim fair value disclosures.
09-04-07 :
G-20 Leaders Pledge Action; Financial Stability Board To Replace FSF
At the conclusion of the G-20 Summit on April 2, 2009 the leaders issued a statement pledging action on various fronts, including as relate to restoring confidence, growth and jobs, and relating to strengthening financial regulation, and more.
09-04-03 :
FASB Releases "Plain English" Summary Of Fair Value Action
On April 3, 2009 the Financial Accounting Standards Board released a 'plain English' summary of the actiosn taken at its April 2 board meeting.
09-04-02 :
FASB Votes To Issue Final Guidance On Fair Value, OTTI, Disclosures
At its board meeting on April 2, 2009 FASB voted to issue three final FASB Staff Positions (FSPs) providing guidance on fair value in inactive markets, other-than-temporary-impairment (OTTI), and disclosures.
09-04-01 :
FEI Responds To FASB On Proposed Fair Value, Impairment Guidance
On April 1, 2009 FEI's Committee on Corporate Reporting (CCR) filed comments letters with FASB in response to FASB's proposals to improve guidance for fair value in inactive markets, and other-than-temporary-impairment (OTTI).
09-03-19 :
Lease Accounting Discussion Paper Released By FASB-IASB
On March 19, 2009 FASB and the IASB released for public comment their joint Discussion Paper, Leases: Preliminary Views. Comments are due July 17.
09-03-18 :
FASB Discusses Variable Interest Entities, Loan Loss Disclosures
At its March 18, 2009 board meeting, FASB discussed its upcoming amendments to FIN 46R, Variable Interest Entities, and separately discussed its project on Loan Loss Disclosures, which applies to loans and finance leases (financing receivables).
09-03-16 :
FASB To Propose Additional Guidance On OTTI
At its March 16, 2009 board meeting, FASB voted to release a proposed FSP to provide additional guidance on other-than-temporary-impairment (OTTI).
09-03-16 :
FASB Releases Proposed FSPs On Fair Value, OTTI; Comments Due April 1
At its board meeting on March 16, 2009 the FASB voted to propose two FASB Staff Positions (FSPs) on fair value and other-than-temporary-impairment (OTTI).
09-03-16 :
FASB Votes To Propose Additional Guidance On Fair Value In Inactive Markets, Distressed Transactions
At its board meeting on March 16, 2009, the Financial Accounting Standards Board voted to release Proposed FSP FAS 157-x (number to be assigned), Determining Whether a Market is Not Active and a Transaction is Not Distressed. The proposed FSP is expected to be issued on March 17, with comments due April 1, so FASB can vote whether to issue a final FSP on April 2.
09-03-12 :
FASB Chairman Robert H. Herz Testifies on Mark-to-Market Accounting
09-03-11 :
FASB-IASB Financial Crisis Advisory Group Seeks Comment By April 2
The Financial Crisis Advisory Group, a high level advisory group formed by FASB and the IASB late last year, has issued a request for comment.
09-03-10 :
FASB Considers 'Michael Young Principle' Of Disclosing Facts For FAS 5 Contingencies
At a public roundtable on March 6, 2009 FASB considered a principle suggested by Michael Young, of disclosing facts and contentions, not predictions, for FAS 5 contingencies.
09-03-06 :
Congressional Hearings Slated On Mark-To-Market, More
The House Financial Services Committee has announced it will hold a hearing on March 12, 2009 on mark-to-market accounting. Additional hearings are being conducted by this and other Congressional commiteees relating to the credit crisis, systemic risk, and regulatory reform.
09-03-06 :
Detailed Summary: FASB Roundtable-Proposed Amendments To Disclosure Of Contingencies
Following is a detailed summary of FASB's March 6, 2009 roundtable on proposed changes to disclosure of contingencies under FAS 5, Accounting for Contingencies. This detailed summary can only be downloaded by FEI members.
09-03-05 :
FASB Discusses Amendments To FAS 140 (Asset Transfers), Embedded Derivatives
FASB discussed upcoming amendments to FAS 140, and separately discussed a FAS 133 implementation issue relating to embedded derivatives at its March 4, 2009 board meeting.
09-03-01 :
Sen. Dodd Considers 'Breakers' For Mark-To-Market; Niederauer: MTM Like 'Gas On A Fire'
Sen. Chris Dodd (D-Conn.) responded to a question on mark-to-market accounting at the U.S. Chamber of Commerce's 3rd Annual Capital Markets Summit by saying an idea worth considering was whether to use a 'breaker system' to stem downward spirals relating to mark-to-market.
09-03-01 :
NYSE-Euronext Chair Niederauer Says: 'Don’t Let IFRS Become The Next Sarbanes-Oxley'
In a keynote address on March 11, 2009 at the U.S. Chamber of Commerce 3rd Annual Capital Markets Summit, NYSE-Euronext Chairman Duncan Niederauer raised cautions about a potential move to IFRS in the U.S.
09-03-01 :
FASB, SEC Commit To Providing Fair-Value (Mark-to-Market) Guidance By April 2
Following is a summary of the March 12, 2009 Congressional hearing on mark-to-market accounting.
09-02-26 :
FASB Discusses Contingencies in Business Combinations, Fair Value Liabilities, More
FASB met on several issues at its Feb. 25, 2009 board meeting, summarized here.
09-02-18 :
FASB Adds Fair Value, Other New Projects
FASB Chairman Robert Herz announced at FASB's Feb. 19, 2009 board meeting that FASB will add new, short-term projects on fair value accounting and disclosures, and additional projects, to its agenda.
09-02-18 :
Going Concern, Subsequent Events Standards To Be Effective June 15
At its Feb. 19, 2009 board meeting, FASB voted to authorize its staff to proceed to final standards on Going Concern and Subsequent Events.
09-02-15 :
Detailed Summary of FASB-IASB Financial Crisis Advisory Group Meeting
Following is a detailed summary of the Feb. 13, 2009 meeting of the Financial Crisis Advisory Group, a joint advisory group of the FASB and IASB.
09-02-15 :
FASB-IASB Group Discusses Fair Value, Financial Stability
On Feb. 13, 2009 the Financial Crisis Advisory Group - an advisory group of the FASB and IASB - met to discuss topics including fair value accounting, loan loss provisions, financial stability, and transparency.
09-02-09 :
FEI Comments To FASB On Financial Statement Presentation
09-02-05 :
FASB Advisory Group Calls For Further Guidance On Fair Value
On Feb. 5, 2009, FASB's Valuation Resource Group called for further gudiance on fair value accounting in inacive markets.
09-01-30 :
FASB Releases New Proposal On Interim, Annual Financial Instruments Disclosures
On Jan. 30, 2009 FASB released Proposed FSP FAS 107-a and APB 28-a, Interim Disclosures About Fair Value of Financial Instruments.
09-01-29 :
FASB Engages With Academics Through 'FASB Research Hours' In Second Life
09-01-28 :
FASB To Drop Quantitative Test From FIN 46R; FAS 140, Liability-Equity Also Discussed
Following is a summary of actions taken at FASB's Jan. 28, 2009 board meeting.
09-01-27 :
FASB Panel Discusses Proposed Improvements To Financial Statement Presentation
On Jan. 27, 2009 FASB hosted a webcast of a panel discussion on its Discussion Paper which is presently out for public comment, on Financial Statement Presentation.
09-01-23 :
FASB To Re-expose Amended Proposal On Fin. Instruments Disclosures; Effective 1Q-09
On Jan. 23, 2009 FASB voted to reexpose an amended version of Proposed FSP FAS 107-a, Disclosures About Certain Financial Instruments, which was originally proposed on Dec. 24, 2008. The amended proposal will have a 30 day comment period.
09-01-15 :
FEI Responds To FASB Proposal On Contingencies In Business Combinations
09-01-14 :
FASB Adds Certain Lessor Accounting Issues To Leasing Project
At its Jan. 14, 2009 board meeting, FASB voted to include certain lessor-related accounting issues in its upcoming Discussion Paper on lease accounting
09-01-12 :
FASB Issues FSP EITF 99-20-1 On Impairment Of Financial Instruments (OTTI)
On Jan. 12, 2009 the Financial Accounting Standards Board released final FSP No. EITF 99-20-1, Amendments to the Impairment Guidance of EITF Issue No. 99-20. The FSP is effective for interim and annual reporting periods ending after December 15, 2008.
09-01-12 :
Private Companies: Year-End 2008 Reporting Issues On Taxes, OPEB, More
At its Jan. 9, 2009 meeting with FASB, PCFRC members noted private companies may not be aware of new disclosure requirements applicable to year-end 2008 contained in final and proposed FASB documents issued in late December 2008. These relate to income taxes, post retirement benefits, financial instruments and more.
09-01-07 :
FASB Votes To Finalize FSP On Impairment, Plus Reminder Of Existing Guidance
On Jan. 7, 2009 FASB voted to finalize an FSP incorporating certain changes based on comment letters received - based on proposed FSP EITF 99-20-a, Amendments to Impairment and Interest Income Measurement Guidance of EITF Issue 99-20.
08-12-24 :
European Commission Grants Equivalence To U.S. GAAP, More
On Dec. 12, 2008 the European Union announced: "European Commission Grans Equivalence In Relation to Third Country GAAPs." This decision found U.S GAAP and Japan GAAP 'equivalent' to IFRS for purposes of non-EU based ('foreign') filers with listings in the EU. Additionally, certain other GAAP were found equivalent to IFRS on a transitional basis as those countries converge to IFRS.
08-12-24 :
FASB Affirms Deferral Of FIN 48 For Private Cos-Will Require Certain Disclosures
08-12-23 :
Comments Due Dec. 30 On FSP On Impairment Of Fin. Instr.; Jan. 15 On Disclosures FSP
On Dec. 19, 2008 FASB released Proposed FSP EITF 99-20-a, with a comment deadline of Dec. 30.
UPDATE: On Dec. 24, 2008 FASB released Proposed FSP FAS 107-a, comments due Jan. 15, 2009.
08-12-22 :
FASB, IASB Release Joint Discussion Paper On Revenue Recognition
On. Dec. 19, 2008 the FASB and IASB released their joint Discussion Paper on Revenue Recognition.
08-12-17 :
Private Cos. Receive Deferral Of FIN 48, As FASB Votes To Issue Proposed FSP As Final
At its Dec. 17, 2008 board meeting, the Financial Accounting Standards Board voted to finalize its FSP deferring the effective date of FIN 48 for private companies.
08-12-16 :
FASB Seeks Comment On Proposal On Contingencies In Business Combinations
On Dec. 15, 2008 FASB released Proposed FSP FAS 141R-a, Accounting for Assets Acquired and Liabiliteis Assumed in a Business Combination.
08-12-16 :
FASB Votes To Propose Amendment To Certain Impairment, Financial Instruments Rules
Following is a summary of FASB's Dec. 15, 2008 board meeting, at which it voted to propose an amendment to EITF 99-20 (relating to impairment), as well as propose new disclosures for year-end, and to take on various other projects of a mid-to longer term nature.
08-12-11 :
FASB Releases New Requirements On FAS 140, FIN 46R Disclosures
FASB released FSP FAS 140-4 and FIN 46-R-8 on Dec. 11, 2008, setting forth new disclosure requirements for public companies, effective this year-end.
08-12-10 :
FASB Considers Comments, Timetable On Conceptual Framework
At its board meeting on Dec. 10, 2008, FASB considered comments received on and were presented with an updated project plan (timetable) on certain phases of the conceptual framework project.
08-12-10 :
PCFRC Seeks Member From Small Private Company
There is currently a vacancy on the FASB-AICPA joint Private Company Financial Reporting Committee, for a preparer from a small private company. The deadline to apply is Dec. 15, 2008. Details follow.
08-12-09 :
SEC, FASB, PCAOB Remarks At AICPA Conference
The chairman of the SEC, FASB and PCAOB made keynote remarks, along with other SEC and PCAOB staff, at the AICPA's annual conference on current SEC and PCAOB developments Dec. 8-10, 2008.
08-12-08 :
Highlights Of FASB Chairman Robert Herz’ Speech At AICPA Conference
Following are highlights from FASB Chairman Robert Herz' keynote address at the AICPA National Conference on Current SEC and PCAOB Developments on Dec. 8, 2008.
08-12-05 :
FEI CPC Sends Letter To FASB Supporting Delay Of FIN 48 For Private Cos.
On Dec. 5, 2008 FEI's Committee on Private Companies, Standards Subcommittee, filed a comment letter with the FASB on Proposed FSP FIN 48-c, supporting FASB's proposed delay of FIN 48, Accounting for Uncertainty in Income Taxes, for private companies.
08-12-04 :
FASB Codification To Become Single Source Of U.S. GAAP On July 1, 2009
FASB announced on Dec. 4, 2008 it expects its Codification to become the single source of U.S. GAAP on July 1, 2008, superceding all other sources of GAAP.
08-11-26 :
FASB-IASB Roundtable On Accounting Issues In Financial Crisis
On Nov. 25, 2008 the FASB and the IASB held the second in their series of three joint roundtables on accounting issues arising in the financial crisis.
08-11-26 :
FEI CCR, U.S. Chamber CCMC File Joint Comment Letter With FASB On Fair Value
On Nov. 25, 2008, a comment letter was sent to the FASB by FEI’s Committee on Corporate Reporting (“CCR”) and the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (“CCMC”), relating to FAS 157, Fair Value Measurement.
08-11-25 :
ABA Letter To Paulson Says SEC Should Take Immediate Action On Fair Value
On Nov. 25, 2008, the American Bankers Association sent a letter to the U.S. Treasury Secretary Henry M. Paulson, asking that immediate action be taken by the SEC to combat the procyclical effects of mark-to-market accounting,
08-11-24 :
FASB Votes on FAS 140, FIN 46R Disclosures; Ratifies EITF Consensuses
Following is a summary of FASB's Nov. 24, 2008 board meeting.
08-11-23 :
FEI CFRI Conference Features Panel On Fair Value
Fair value accounting was the subject of a breakfast panel at Financial Executives International’s (FEI’s) Current Financial Reporting Issues conference on Nov. 18, 2008. The panel, presented by SmartPros Ltd., featured Kenneth N. Goldmann of J.H. Cohn LLP, and Michael R. Young of Willkie Farr & Gallagher, and Colleen Cunningham of Resources Global Professionals.
08-11-21 :
Highlights From SEC Roundtable On Mark-to-Market Accounting
Following are highlights from the SEC's Nov. 21, 2008 roundtable on mark-to-market (fair value) accounting. The roundtable, the second of two, is being conducted to provide feedback (along with comment letters) on SEC's Congressionally mandated study of mark-to-market accounting.
08-11-20 :
Panelists Announced For SEC Forum On Small Business, Roundtable On Mark-To-Market
The SEC announced the panelists and agendas for its Nov. 20 Government-Business Forum on Small Business Capital Formation and its Nov. 21 Roundtable on Mark-to-Market Accounting.
08-11-19 :
FEI Current Financial Reporting Issues Conference, Hall of Fame Summary
Financial Executive's editors distill some key facts from speakers at the two-day CFRI conference in NYC.
08-11-19 :
Highlights Of FASB Board Meeting On Leasing
Following are highlights from FASB's Nov. 19, 2008 board meeting at which FASB discussed its leasing project, a joint project being conducted with the IASB.
08-11-17 :
Press Attend CFRI
08-11-16 :
G-20 Recommends Specific Actions To Address Credit Crisis
The Declaration issued at the conclusion of the Nov. 15, 2008 “G-20 Summit on Financial Markets and the Economy” laid out specific actions to be taken by finance ministers, regulators, accounting standard–setters, and others – some of which are to be accomplished by March 31, 2009. The G-20 agreed its next economic summit will take place by April 30, 2009.
08-11-14 :
FEI Committee on Corporate Reporting Comments on Proposed Amendments to FAS 140 and FIN 46(R)
08-11-14 :
FEI Comments On Proposed Amendments To FAS 140, FIN 46(R)
On Nov. 14, 2008, FEI’s Committee on Corporate Reporting (CCR) sent a comment letter to FASB on FASB's proposed amendments to FAS 140 and FIN 46R regarding transfers of assets and variable interest entities.
08-11-14 :
FAF, IASCF Write President Bush, G-20; Hoogervorst, Goldschmid Tapped For Advisory Group
In advance of a meeting of leaders of the Group of 20 countries taking part in a Summit on Financial Markets and the World Economy taking place Nov. 14-15, 2008 in Washington, D.C., the FAF and the IASCF wrote to President Bush and the G-20. Separtely, Hans Hoogervorst and Harvey Goldschmid were named to lead a n IASB-FASB global advisory group.
08-11-12 :
FASB Votes To Make New Securitization Disclosures Effective This Year
At its Nov. 12, 2008 board meeting, FASB voted to make the new disclosure requirements relating to transfers of financial assets and interests in variable interest entities effective for fiscal periods ending after Dec. 15, 2008, with earlier application encouraged.
08-11-06 :
Highlights of FASB Roundtable On Proposed Changes To Securitization, Consolidation
Following are highlights from FASB's Nov. 6, 2008 roundtable on its proposed changes to securitization and related consolidation rules.
08-11-05 :
FASB To Hold Nov. 6 Roundtable on Proposed Changes to Securitization Rules
FASB recently announced in its Action Alert newsletter that it will hold a public roundtable on Nov. 6, 2008 featuring respondents to FASB’s Exposure Drafts (EDs) proposing changes to accounting for securitizations and related consolidation treatment, released earlier this year.
08-11-05 :
Treasury Posts Guidance From SEC, FASB On Equity Treatment Of CPP Warrants
Guidance issued by the U.S. Treasury Department on Oct. 31, 2008 on the Commercial Paper Program under the Emergency Economic Stabilization Act contained a link to a joint letter from the SEC and FASB providing gudiance on equity treatment of warrants under the program.
08-11-04 :
FASB Releases Proposal To Delay FIN 48, Uncertain Income Taxes, For Private Cos.
On Nov. 4, 2008 the FASB released its proposed FSP FIN 48-c, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises.
08-10-31 :
IASB Publishes Final Report Of Expert Advisory Panel On Fair Value
On Oct. 31, 2008 the IASB published the final Report of its Expert Advisory Panel on “Measuring and disclosing the fair value of financial instruments in markets that are no longer active.”
08-10-29 :
FASB Votes on Pension Disclosures, Business Combinations
On Oct. 29, 2008 FASB reaffirmed that the effective date for its upcoming FASB Staff Position on Employers’ Disclosures about Postretirement Benefit Plan Assets will be fiscal years ending after Dec. 15, 2009, with early application permitted
08-10-29 :
Highlights of SEC Roundtable on Mark-To-Market Accounting
On Oct. 29, 2008 the SEC convened a roundtable on mark-to-market (fair value) accounting. Highlights follow.
08-10-28 :
FAF Urges SEC To Reject Calls To Overturn FASB Standards
In a letter dated Oct. 27, 2008, FAF Chairman Robert Denham wrote to SEC Chairman Christopher Cox, asking the SEC to reject calls to overturn FASB standards.
08-10-21 :
Global Advisory Group Forming To Advise FASB, IASB On Issues Related To Credit Crisis
On Oct. 20, 2008 FASB and the IASB announced they will rapidly form a high level global advisory committee whose meetings will be public and webcast, to advise them on accounting issues relating to today’s credit markets.
08-10-17 :
Going Concern, Subsequent Events Proposals Released By FASB For Comment Dec. 8
On Oct. 9, 2008, the Financial Accounting Standards Board released two Exposure Drafts for public comment, including a proposed standard on Going Concern, and a proposed standard on Subsequent Events.
08-10-16 :
FASB-IASB Seek Comment on Financial Statement Presentation By April 14
On Oct. 16, 2008, the Financial Accounting Standards Board and the International Accounting Standards Board released their joint Discussion Paper on Financial Statement Presentation
08-10-15 :
OTTI Guidance In SEC Letter To FASB
08-10-15 :
Detailed Summary of FASB Board Meeting
Following is a detailed summary of highlights from the Financial Accounting Standards Board’s October 15, 2008 board meeting
08-10-15 :
All Private Entities Would Receive Delay Of FIN 48 Under FASB Proposal
On Oct. 15, 2008, FASB voted to propose a further defer FIN 48, Uncertain Income Taxes, for ALL private entities, not only private pass-through entities.
08-10-14 :
SEC Seeks Comment on Mark-To-Market Accounting; Roundtable Oct. 29
As part of its congressionally mandated study of mark-to-market (fair value) accounting, the SEC is holding a roundtable on Oct. 29 and posted a related Request for Comment.
08-10-10 :
FASB Releases Final FSP FAS 157-3 On Fair Value In Inactive Markets
On Oct. 10, 2008 FASB released final FSP FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset is Not Active."
08-10-10 :
Detailed Summary of FASB Board Meeting
Following is a detailed summary of discussion that took place at FASB's October 10, 2008 board meeting at which it discussed comments received on Proposed FSP FAS 157-d and voted to issue a final FSP on fair value in inactive markets.
08-10-10 :
FASB Plans To Issue Final FSP On Fair Value ‘Today or Tomorrow’
At its October 10, 2008 board meeting, FASB discussed comments received on Proposed FSP FAS 157-d on fair value in inactive markets, and voted to proceed with issuing a final FSP, and staff said they expect to be able to issue it 'today or tomorrow.'
08-10-09 :
FEI Committee on Corporate Reporting Comments On FASB Fair Value Proposal
FEI’s Committee on Corporate Reporting (CCR) filed a comment letter on October 9, 2008 in response to the Financial Accounting Standards Board’s Proposed FASB Staff Position (FSP) FAS 157-d.
08-10-08 :
FEI Issues Statement Commending Response To Credit Crisis
On October 8, 2008, Financial Executives International (FEI) issued a statement in response to the credit crisis.
08-10-06 :
FEI's CCR committee and IMA's FRC Committee express concerns related to the adoption of FAS 141R
The Committee on Corporate Reporting (“CCR”) of Financial Executives International (“FEI”) and the Financial Reporting Committee (the “FRC”) of the Institute of Management Accountants (“IMA”) would like to make the Board aware of certain implementation issues we are encountering related to the adoption of FASB Statement No. 141(R), Business Combinations (“SFAS 141(R)”), and FASB Statement No. 160,
08-10-03 :
President Bush Signs Sweeping Financial Rescue Plan After House Passage
By a vote of 263-171, on Oct. 3, 2008, the House of Representatives voted to concur with the Senate version of the financial rescue bill, The Emergency Economic Stabilization Act of 2008.
08-10-03 :
FASB Releases Proposed FSP On Fair Value; Comments Due Oct. 9
On Oct. 3, 2008 FASB released Proposed FSP FAS 157-d, Determining the Fair Value of a Financial Asset in a Market That Is Not Active.
08-10-01 :
SEC-FASB Issue Joint Guidance On Fair Value Accounting
On Sept. 30, 2008, the SEC and FASB jointly issued guidance on use of fair value accounting in inactive markets. Separately, FASB voted on October 1 to propose further guidance in the form of an example(s).
08-10-01 :
Private Cos. Will Receive Further Guidance From FASB On FIN 48 (Uncertain Income Taxes)
The FASB met on Oct. 1, 2008 to discuss FIN 48, Accounting for Uncertainty in Income Taxes, specifically regarding the existing deferral for private companies.
08-10-01 :
Senate Passes Financial Rescue Bill – EESA, Goes To House Next
On Oct. 1, 2008 the U.S. Senate passed the Emeregency Economic Stabilization Act of 2008, a bill aimed at rescuing the financial markets and the broader economy from the current market turmoil. The next step is to go to the House for approval; a voted is expected by Fri., Oct. 3.
08-09-29 :
FASB Drafting Guidance On Fair Value In Inactive Markets, BNA Reports
On Sept. 29, 2008, Steve Burkholder wrote in BNA’s Daily Report for Executives, that: “FASB Staff Crafting Guidance to Help Gauge Fair Value in Inactive Markets.”
08-09-29 :
Emergency Economic Stabilization Act Awaits Congressional Vote
Congress is set to vote this week on the Emergency Economic Stability Act of 2008 (EESA). Mark-to-market accounting provisions are mentioned in the bill.
08-09-28 :
Sections 132, 133 Of Emergency Economic Stability Act of 2008
Mark-to-market (MTM) accounting – also called fair value accounting - is addressed in Sections 132 and 133 of the Emergency Economic Stability Act of 2008 (EESA).
08-09-26 :
FASB Appoints New Board Member-Marc Siegel; More FASB News
On Sept. 26, 2008 the Financial Accounting Foundation which oversees the Financial Accounting Standards Board announced the appointment of a new FASB board member: Marc A. Siegel
08-09-24 :
American Bankers Association Asks SEC To Provide Immediate Guidance On Fair Value
08-09-24 :
FASB Delays Proposed FAS 5 Amendment To 2009
At its Sept. 24, 2008 board meeting, the Financial Accounting Standards Board announced it will delay the effective date of its proposed changes to contingency disclosures in FAS 5 until next year.
08-09-23 :
Bernanke Tells Senate: Auction Will Help Facilitate Held-To-Maturity Vs. Fire Sale Price
At a Senate Banking hearing on Sept. 23, 2008, Federal Reserve Board Chairman Ben Bernanke advocated against suspending mark-to-market accounting, but noted he believes Treasury's proposed auction process for subprime securities would help determine a held-to-maturity vs. fire sale value.
08-09-18 :
Proposed Changes To Securitization, Off-Balance Sheet Rules Subject Of Senate Hearing
On Sept. 18, 2008 the Senate Banking Committee, Securities Subcommittee, convened a hearing on FASB's recent proposed amendments to its standards on securitization and off-balance sheet entities.
08-09-15 :
FASB Releases Proposed Amendments to FAS 140, FIN 46R
On Sept. 15, 2008 FASB released its proposed amendments to its securization and related consolidation standards, FAS 140 and FIN 46R.
08-09-12 :
Credit Default Swaps, Credit Derivatives, Require More Disclosure In FSP Issued Sept. 12
On Sept. 12, 2008, FASB issued an FSP requiring new disclosures about credit derivatives, including credit default swaps and certain embedded derivatives, (amending FAS 133 and FIN 45), and, more generally, clarifying the effective date of FAS 161on derivatives disclosures.
08-09-11 :
FASB-IASB Say Convergence Projects To Be Completed By 2011
On Sept. 11, 2008, FASB and IASB issued a progress report and timetable for completion of joint active projects, which says they expect all convergence projects to be completed by 2011; all 10 of the active projects list completion dates of 2011.
08-09-08 :
FASB To Hold Webcast On Applying FAS 157, Fair Value Measurement
08-09-04 :
FASB Proposals Amending Securitization, Consolidation Rules Due By Sept. 15
FASB announced on Sept. 3, 2008 it will release three Exposure Drafts amending its standards on securitization and consolidation by September 15.
08-08-27 :
FASB To Propose IFRS “All Available Information” Model For Going Concern
At its Aug. 28, 2008 board meeting, FASB voted to adopt language from IAS 1 requiring consideration of “all available information” in determining if an entity is a going concern. FASB also discussed its subsequent events project.
08-08-22 :
FEIs CCR Committee expresses concerns with the proposed FASB amendmen to FAS 133 Hedge Accounting.
FEIs Committee on Corporate Reporting expresses significant concerns with the proposed FASB amendments to FAS 133 on Hedge Accounting.
08-08-21 :
FASB Adds Business Combinations, Including Related Tax Issues, To Codification
On Aug. 21, 2008, FASB announced that it has released the Business Combinations Topic, including related tax issues, to the FASB Accounting Standards CodificationTM.
08-08-12 :
FEI Committee On Private Companies Asks FASB To Exempt Private Cos. From FIN 48
On Aug. 12, 2008, FEI’s Committee on Private Companies, standards subcommittee, filed a comment letter with the FASB asking that private companies be exempted from FIN No. 48, Accounting for Uncertainty in Income Taxes.
08-08-08 :
FEI Comments On FAS 5 Proposal On Contingencies
In comment letters filed on Aug. 8, 2008, FEI technical committees voiced concern about the FASB's Exposure Draft, Disclosure of Certain Loss Contingencies – an amendment of FAS 5 and FAS 141R.
08-08-08 :
FEI Technical committees (CCR, CGB, CPC) express concern with FASB’s Exposure Draft to amend FAS 5
FEI Technical committees (CCR, CGB, CPC) express concern with the FASB’s Exposure Draft to amend FAS 5 regarding disclosures of contingencies.
08-08-07 :
FASB Releases Revised Proposal On Earnings Per Share
On August 7, 2008 the FASB released a revised Exposure Draft on Earnings Per Share; the IASB also issued an Exposure Draft on this subject.
08-08-06 :
FASB Retains Nov. Effective Date For Disclosures Of Credit Derivatives, Other Guarantees
At its meeting on Aug. 6, 2008, FASB voted retain the effective date stated in its proposed FASB Staff Position on credit derivatives and certain other guarantees.
08-07-30 :
FASB Adjusts Effective Date For FAS 140; FIN 46R Changes, Require Sooner Disclosures
At its board meeting on July 30, 2008, FASB voted to have a single effective date for its proposed amendments to certain standards impacting securitizations and off-balance sheet transactions, agreeing on fiscal years beginning after Nov. 15, 2009. Separately, FASB will propose ‘transition’ disclosures
08-07-29 :
IFRS, U.S. GAAP Performance In Subprime Crisis: Topic Of SEC Aug. 4 Roundtable
08-07-23 :
FASB Votes To Scope Out Lessor Accounting; Moves To Preballot Draft On Discontinued Ops
At its July 23, 2008 board meeting, the FASB voted to scope out lessor accounting from its leasing project, and authorized its staff to move to a preballot draft on its discontinued operations project.
08-07-22 :
Noncompliance With FIN 48 On Tax Reserves Cited In Seigel & Co Report
08-07-16 :
FASB Hears Comments On Pension/Postretirement Disclosures; May Delay Effective Date
At its July 16 board meeting, FASB discussed comments received on its proposed changes to FAS 132R on disclosures of pension and other postretirement plans.
08-07-16 :
FASB Removes Exception for Fair Value in FAS 140; Discusses Revenue Recognition
At its July 16 board meeting, FASB voted to remove the practicability exception for fair value in FAS 140 and discussed its revenue recognition project.
08-07-11 :
Accounting Roundup, Second Quarter In Review 2008, By Deloitte
08-07-07 :
Proposal on FAS 5, Contingencies, Raises Serious Concerns - Gibson, Dunn & Crutcher
08-06-25 :
FASB Closes In On Defining Liability; Ratifies EITF Consensuses
At its June 25, 2008 board meeting, the Financial Accounting Standards Board (FASB) tentatively agreed on a proposed definition of a liability for its conceptual framework project. Additionally, the board ratified recent Emerging Issues Task Force (EITF) consensuses. Further details are below.
08-06-24 :
Detailed Summary: FASB Mid-Year Update
On June 23, 2008 the Financial Accounting Standards Board (FASB) webcast a “Mid-Year Update.” Below is a detailed summary of the webcast.
08-06-17 :
Mid-Year FASB Update, Webcast June 23
08-06-16 :
Highlights Of SEC, FASB, FEI Remarks, A.M. Session, FASB Forum On Global Standards
Following are highlights from remarks of U.S. Securities and Exchange Commission (SEC) Chief Accountant Conrad Hewitt, Financial Accounting Standards Board (FASB) Chairman Robert Herz and Financial Executives International (FEI) President and CEO Michael P. Cangemi at FASB's June 16, 2008 Forum on High Quality Global Accounting Standards.
08-06-16 :
‘Full Blown’ IFRS May Not Be Desired By, Relevant For Private Cos, Panelists Tell FASB
The ‘full-blown’ set of International Financial Reporting Standards (IFRS) may not be the first choice of private companies in deciding if and when to adopt IFRS, vs. adopting alternatives like the International Accounting Standards Board’s (IASB’s ) current project on IFRS for Private Entities, panelists said at a FASB forum on Global Accounting Standards on June 16, 2008.
08-06-13 :
FEI Participating In FASB Forum On High-Quality Global Standards June 16
08-06-12 :
Proposed Effective Date of FIN 46R, FAS 140 Amendments
FASB voted at its June 11, 2008 board meeting on proposed effective dates for its upcoming Exposure Drafts amending FIN 46R and FAS 140.
08-06-10 :
FASB Releases Exposure Drafts on Loss Contingencies, Hedging
08-06-10 :
IASB Webcast On Financial Instruments Discussion Paper
08-06-05 :
FASB Issues Exposure Draft on Disclosure of Certain Loss Contingencies
08-06-04 :
FASB To Address FAS 140, FIN 46R Amendments; Fair Value Discussed On Webcast
08-06-04 :
Detailed Summary Of FASB Board Meeting On FIN 46R, FAS 140
Following is a detaield summary of FASB's June 4, 2008 board meeting at which amendments to FIN 46R and FAS 140 were discussed.
08-06-04 :
FASB Agrees To Propose Certain Amendments, Disclosures For FIN 46R, FAS 140
08-06-02 :
Detailed Summary Of FASB Webcast On Credit Markets (Off-Balance Sheet, Fair Value)
Following is a detailed summary of FASB's June 2, 2008 webcast on the Credit Markets, including issues involving off-balance sheet accounting and fair value.
08-05-29 :
FASB, IASB Release Documents On Conceptual Framework; Comments Due Sept. 29
08-05-23 :
FASB Releases FAS 163, Financial Guarantee Insurance Contracts; KPMG Summary
08-05-20 :
Panel Testifying To CIFiR Split On Role Of Non-Authoritative Guidance
08-05-09 :
FASB Releases Final FSP On Convertible Debt That Can Be Settled In Cash
FASB released final FSP No. APB 14-1 on May 9, 2008, "Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement)."
08-05-09 :
Summary of FAS 162, GAAP Hierarchy
Following is a summary of FAS 162, "The Hierarchy of Generally Accepted Accounting Principles," issued by FASB on May 9, 2008.
08-05-07 :
FASB Moving On Share-Based Payments, Participating Securities; Discusses Liabilities
Following is a summary of decisions reached at the May 7, 2008 FASB board meeting.
08-05-06 :
FEI Responds To FASB Proposal On Pension, Post-Retirement Benefit Disclosures
08-05-01 :
FEI IFRS Conference June 5, 2008: Updated Agenda, Speakers
08-04-30 :
Detailed Summary Of FASB Board Meeting
Following is a detailed summary of FASB's April 30, 2008 board meeting.
08-04-30 :
FASB Moves Closer To Proposing Guidance On Credit Derivatives, Hedging
08-04-28 :
FASB, China Accounting Standards Committee, Sign MOU For Cooperation
08-04-25 :
GASB Revamps 2008 Technical Plan
GASB added three projects to its 2008 agenda -- a review of existing postemployment benefits standards, public/private partnerships and a reexamination of GASB Statement No. 14, The Financial Reporting Entity.
08-04-22 :
KPMG Forms IFRS Institute
08-04-21 :
FASB-IASB Discuss Updating MOU
At a joint meeting on April 21, 2008, the FASB and IASB discussed updating their Memorandum of Understanding (MOU) on convergence, last updated in 2006.
08-04-17 :
Unsolicited letter on FAS 5 Contingencies to the FASB from CCR
The Committee on Corporate Reporting (“CCR”) of Financial Executives International (“FEI”) wishes to share its views on one particular matter concerning the Financial Accounting Standards Board’s (“FASB” or “Board”) reconsideration of FASB Statement No. 5 – Accounting for Contingencies (“FAS 5”). Specifically CCR is concerned with the implications this project will have on the accounting and discl
08-04-17 :
FAF, FASB To Host Forum On Global Accounting Standards
08-04-16 :
G-7, Endorsing FSF Recommendations, Asks IASB, Others, To Act Within 100 Days
The G-7 issued a joint statement supporting the Financial Stability Forum's recommendations, calling for certain actions within 100 days.
08-04-16 :
FASB Discusses Revenue Recognition, Off-Balance Sheet, Fair Valuing Liabilities
Following is a summary of FASBs April 9, 2008 board meeting at which it discussed revenue recognition, off-balance sheet, and fair valuing liabilities.
08-04-11 :
Q&A With Michael Young, Willkie Farr & Gallager, On Fair Value Accounting
08-04-09 :
U.S. Treasury Releases Restatements Study
On April 9, 2008, the U.S. Treasury Department releases its study of restatements.
08-04-02 :
FASB Responds To SEC Request To Address QSPE Issue in FAS 140
Actions taken at FASB’s April 2, 2008 board meeting to remove the concept of QSPEs from FAS 140 and FIN 46R appear in part to be responsive to a request from the SEC.
08-04-02 :
FASB Board Members Comments On Removing QSPE Concept From FAS 140, FIN 46R
Following are some comments of FASB board members at their April 2, 2008 meeting at which they voted to remove the QSPE concept from FAS 140 and FIN 46R.
08-04-02 :
FASB Votes To Remove QSPE Concept From FAS 140, Scope Exception From FIN 46R
08-03-31 :
FASB, IASB Seek Comment On: Reducing Complexity In Reporting Financial Instruments
08-03-28 :
FASB Moves To Finalize GAAP Hierarchy, Guidance on Convertible Debt
08-03-26 :
Detailed Summary Of FASB Votes On Finalizing GAAP Hierarchy, FSP On Convertible Debt
Following is a detailed summary of FASB's March 26, 2008 board meeting. This summary is available to FEI members only.
08-03-19 :
FASB Issues FAS 161 On Derivatives, Hedging Disclosures
On March 19, 2008, FASB issued FAS 161 on derivatives and hedging disclosures, and proposed FSP FAS 132R-a on employer's disclosures about post-retirement benefit assets.
08-03-19 :
Results Of March, 2008 EITF Meeting
08-03-11 :
IASCF Names New Trustees; Attend FEI's IFRS Conference June 5
08-03-06 :
Accounting Roundup, February 2008, By Deloitte
Review of current accounting and financial reporting developments, By Deloitte
08-02-26 :
Changes To Oversight, Structure, Operations Of FAF, FASB, GASB Approved
The Board of Trustees of the Financial Accounting Foundation (FAF) on Feb. 26, 2008 announced that following a public due process period in which 59 comments were received, it has voted to approve major changes to the oversight, structure and operations of the FAF and its two standard-setting boards, the Financial Accounting Standards Board (FASB) and the Government Accounting Standards Board (GAS
08-02-21 :
Proposed FASB Staff Positions 157-c
08-02-13 :
CPC Standards Subcommittee Files Comment Letter on FAF Proposal To Restructure FASB
08-02-13 :
CCR comment letter to the FAF
08-02-13 :
FASB To Amend Pension, OPEB Standard To Include Fair Value Disclosures, More
At the Feb. 13, 2008 FASB board meeting, the board agreed to amend the disclosures about postretirement benefit (OPEB) plan assets by amending FAS 132R, “Employers’ Disclosures about Pensions and Other Postretirement Benefits.” Separately, the board also agreed to amend an AICPA standard for companies emerging from bankruptcy.
08-02-13 :
FEI Response On Reducing FASB Board Size: ‘Respectfully Disagree’
08-02-01 :
FASB Issues Final Guidance Delaying FIN 48 For Private Cos.; More FASB Highlights
FASB issued final guidance on the deferral of the effective date of FIN 48 (Accounting for Income Taxes) for private companies. Highlights of this and other current FASB news follow.
08-02-01 :
Former FASB Board Members Weigh In On FAF Proposal To Restructure FASB
08-01-29 :
PCAOB Adopts AS6 on Consistency of Financial Statements, Agrees To Move GAAP Hierarchy
At its board meeting today, the PCAOB voted to adopt AS6, "Evaluating Consistency of Financial Statements" in light of FAS 154 on Accounting Changes and Error Corrections. PCAOB also agreed to amend its standards to move the GAAP Hierarchy from audit to accounting standards.
08-01-23 :
FASB's Herz Says 'Get Ready For Change'
08-01-23 :
FASB Votes To Modify Guidance On Deferral Of FIN 48 For Private Companies
At its Jan. 23, 2008 board meeting, FASB voted to clarify the scope of its proposed deferral of the effective date of FIN 48 for private companies. The board also agreed to modify the effective date of the deferral, and noted early adoption of FIN 48 will still be permitted. FASB will proceed to a ballot draft of the final FSP.
08-01-23 :
CCR Responds regarding proposed FSP FAS 142-f
08-01-22 :
FASB Releases Proposed FSP FAS 157-c, 'Measuring Liabilities Under FAS 157'
On January 18, 2008, FASB released proposed FSP No. FAS 157-c, “Measuring Liabilities under FASB Statement No. 157.” The proposed FSP relates to FAS 157, “Fair Value Measurement."
08-01-18 :
FEI Responds To FASB On Proposed Delay Of FIN 48 For Private Companies
08-01-16 :
FASB Closer To Issuing Guidance On Repurchase Financing Transactions
On Jan. 16, 2008, FASB deliberated remaining issues on proposed FSP FAS 140-d on repurchase financing transactions, as it moves closer to issuance of a final FSP.
08-01-16 :
New Guidance From FASB (FAS 133 Interp E23) On 'Shortcut Method' Of Hedge Accounting, by KPMG
KPMG's "Defining Issues" published Jan. 16, 2008 addresses FASB's new guidance on use of the short-cut method for hedging (FAS 133 Issue E23).
08-01-15 :
FASB Codification Released; One-Year 'Verification' Phase Begins
On Jan. 15, 2007. FASB released its draft Codification, marking the start of the one year "verification" period.
08-01-11 :
Proposals Adopted At SEC CIFR Meeting
Following is a list of proposals adopted at the January 11, 2008 meeting of the SEC Advisory Committee on Improvements to Financial Reporting (CIFR).
08-01-11 :
SEC Sets Sights On Reducing Complexity, CIFR Proposals Move Ahead
On Jan. 11, 2008, the SEC Advisory Committee on Improvements to Financial Reporting (CIFR) unanimously adopted all proposals contained in CIFR’s Draft Decision Memo (DDM), with the exception of a proposal to make XBRL mandatory, on which there was one dissenting vote.
08-01-10 :
IASB Publishes Business Combinations Standard; Consistent With FASB
IASB assnounced on Jan. 10, 2008 that it completed the 2nd phase of its business combinations project by issuing a revised IFRS 3 and amended IAS 27; ensuring that accounting for business combinations, whether via IFRS or U.S. GAAP are subsequently the same.
08-01-08 :
FASB Codification Coming Next Week; Five Years To IFRS?
FASB Chairman Robert Herz announced on a webcast earlier today (Jan. 8) that FASB will release its draft codification of all U.S. GAAP next week. Panelists also said five years would seem reasonable for a transition to IFRS in the U.S., with phasing in for smaller companies.
08-01-08 :
SEC Won't Object To Treatment Of Certain Mortgage Modifications; Disclosures Required
On Jan. 8, 2008, U.S. SEC Chief Accountant Conrad Hewitt, sent a letter to Sam Ranzilla, chairman of the AICPA's Professional Practice Committee, and Arnold C. Hanish, chairman of Financial Executives International’s (FEI’s) Committee on Corporate Reporting providing the views of the SEC staff on certain accounting and disclosure issues relating to mortgage modifications and related activity.
08-01-08 :
FASB Proposes Delay Of FIN 48 For Nonpublic Enterprises, Comments Due Jan. 18
FASB proposes delay of Interpretation 48 for Nonpublic Enterprises; comments due January 18
08-01-08 :
Accounting Roundup: Year In Review 2007, By Deloitte
Deloitte's Heads Up summarizes major events for 2007 at FASB, IASB, PCAOB, SEC, etc.
08-01-08 :
CCR supports the two proposed FSPs related to FAS 157 (FSP FAS 157-a and FSP FAS 157-b)
CCR supports the two proposed FSPs related to FAS 157 (FSP FAS 157-a and FSP FAS 157-b)
08-01-01 :
washington insights: January 08
This month’s column could perhaps be ceremonially renamed the “Brussels Insights” column in honor of the mutual efforts by the U.S. Securities and Exchange Commission (SEC) and European Union (EU) toward global harmonization and mutual recognition.
07-12-18 :
FAF Proposes Changes to Oversight, Structure Of FAF, FASB, GASB
On Dec. 18, 2007, the Financial Accounting Foundation (FAF), which oversees the FASB and GASB, eleased for public comment, "Proposed Changes to Oversight, Structure, Operations of FAF, FASB and GASB."
07-12-17 :
Detailed Summary of SEC's Second IFRS Roundtable - Dec. 17, 2007
Following is a detailed summary of SEC’s second roundtable on implications of SEC potentially permitting – or requiring – U.S. public companies to adopt IFRS, held on Dec. 17, 2007.
07-12-17 :
Highlights From SEC's Second Roundtables On IFRS For U.S. Companies
On Dec. 17, 2007 the SEC held the second of two roundtables to gather feedback on potentially permitting – or requiring- U.S. companies to file their financial statements with the SEC using IFRS instead of U.S. GAAP.
07-12-17 :
FASB Preliminary Views on Financial Instruments With Characteristics Of Equity
KPMG's Defining Issues on FASB Preliminary Views On Financial Instruments with Characteristics of Equity
07-12-15 :
FASB Issues FAS 141(R), 160, PwC Breaking News
FAS 141(R), 160, PwC Breaking News
07-12-13 :
Detailed Summary Of SEC 's First IFRS Roundtable- Dec. 13, 2007
On Dec. 13, 2007, the SEC held the first of two roundtables aimed at gathering feedback on the ramifications of potentially permitting or requiring U.S. companies to file financial statements with the SEC in IFRS instead of U.S. GAAP.
07-12-13 :
Highlights From SEC First Roundtable On IFRS Adoption For U.S. Companies
On Dec. 13, 2007, the SEC held the first of two roundtables aimed at gathering feedback on the ramifications of the SEC potentially permitting or requiring U.S. companies to file financial statements in IFRS instead of U.S. GAAP. A number of FEI members are participating on the roundtables.
07-12-13 :
FEI CEO's Top Challenges For Financial Executives In 2008
07-12-10 :
FASB Issues Business Combinations Standard, FAS 141(R), And FAS 160
On Dec. 4, 2007, FASB issued FAS 141(R) and FAS 160
07-12-10 :
SEC, PCAOB, FASB Leaders Speak At 35th Annual AICPA Conference
On Dec. 10-12, 2007, leaders from the SEC, PCAOB and AICPA spoke at the AICPA's 35th annual National Conference on Current SEC and PCAOB Developments.
07-12-05 :
Final Derivatives Disclosure Standard Expected Early '08, FASB Says
At its Dec. 5, 2007 board meeting, FASB discussed various matters raised in comment letters and other matters relating to its 2006 Exposure Draft (ED) on “Disclosures About Derivatives and Hedging Activities.”
07-12-05 :
FASB Meets On Income Taxes; Exposure Draft Coming
At its Dec. 5, 2007 board meeting, FASB voted on matters pertaining to its income tax convergence project, and the next step will be to issue an Exposure Draft for public comment in the first quarter, 2008
07-11-30 :
FASB Releases Preliminary Views on Liability-Equity; Comments Due May 8, 2008
FASB released its preliminary views on its liability equity project on Nov. 30, 2007.
07-11-28 :
Comments Due January 4 On Scope-Out Of Leasing From FAS 157
On Nov. 28, 2007, FASB released Proposed FSP No. FAS 157-a, “Application of FASB Statement No. 157 to FASB Statement No. 13 and Its Related Interpretive Accounting Pronouncements That Address Leasing Transactions.”
07-11-26 :
FASB Proposes Guidance On Useful Life Of Intangible Assets
On Nov. 26, 2007, the Financial Accounting Standards Board (FASB) released proposed FASB Staff Position (FSP) No. FAS 142-f, “Determination of the Useful Life of Intangible Assets.”
07-11-16 :
How IFRS Will Affect Financial Reporting In The U.S., By KPMG
What the transition to IFRS will look like and mean for U.S. companies.
07-11-16 :
FASB Proposes Delay of Investment Company SOP; Parent Companies Can Be Impacted
On Nov. 16, 2007, FASB posted for public comment proposed FSP SOP 07-1-a, that would delay the effective date of AICPA SOP 07-1.
07-11-14 :
FASB To Delay Certain Provisions Of FAS 157, Fair Value Measurement
At its Nov. 14, 2007 board meeting, the FASB voted to propose a ‘partial’ one year deferral (i.e., delaying the effective date of certain provisions) of FAS 157, “Fair Value Measurement.”
07-11-07 :
FASB Votes To Delay FIN 48 For Private Companies
FASB voted November 7 to delay FIN 48 for private companies. FEI's Committee on Private Companies filed a letter requesting the delay.
07-11-06 :
FEI Asks FASB To Delay FIN 48 For Private Cos. And FAS 157 For All
07-10-24 :
Senate Hearing Asks: Is It Too Soon To Move To IFRS?
Following is a summary of the Oct. 24, 2007 Senate hearing on moving to one set of global accounting standards.
07-10-23 :
Highlights From FASB-IASB Joint Board Meeting
The biannual joint meeting of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) boards took place in Norwalk, CT on October 22-23, 2007.
07-10-23 :
FASB, IASB Chairmen Share Views In Advance Of Senate Hearing
FASB Chairman Robert Herz and IASB Chairman Sir David Tweedie shared their views in advance of their appearance at an October 24 Senate hearing on global reporting standards.
07-10-19 :
FASB Announces Plan For Accounting Standards Codification Release
The Financial Accounting Standards Board announced its plan for the late-2007 or early-2008 release of the FASB Accounting Standards CodificationTM for verification by constituents.
07-10-17 :
FASB Votes 'Not' To Delay FAS 157, May Delay Some Items/Cos.
07-10-16 :
FEI Comment Letter on Prop FSP APB 14-a, Accounting for Con. Debt Instr. That May Be Settled in Cash
07-10-10 :
Accounting Roundup: Third Quarter 2007, By Deloitte
Review of accounting regulators and standard-setting developments.
07-10-10 :
Comment Deadline Oct. 15 on FASB Proposal on Convertible Debt
The comment deadline on FASB's Proposed FSP APB 14-a relating to accounting for convertible debt is Oct. 15.
07-10-05 :
Radical Changes in FASB Proposal on Convertible Debt - BNA column by Robert Willens, Lehman Brothers
07-10-02 :
Notes From FEI's Financial Reporting Convergence Conference
brief summary from some sessions at FEI Global Financial Reporting Conference, Sept. 28, 2007
07-10-01 :
FEI Asks FASB To Delay Effective Date of FAS 157 By One Year
07-09-26 :
FASB To Scope Leasing Out Of FAS 157; Discusses Derivative Disclosures
At its Sept. 26, 2007 board meeting, the FASB voted to scope out leasing (FAS 13) from its Fair Value Measurement standard (FAS 157.) Additionally, FASB discussed its derivatives and hedging disclosure project, and ratified three EITF consensuses.
07-09-25 :
CCR expresses concern regarding FASB proposed implementation issues E 23 (“DIG E23”)
07-09-19 :
FASB Votes to Move Subsequent Events, Going Concern to Codification Project
07-09-17 :
EITF Snapshot - September 2007, By Deloitte
This EITF Snapshot summarizes the Sept. 11, 2007 meeting of the Emerging Issues Task Force. It is prepared by Adrian Mills and Bob Uhl, Deloitte & Touche LLP.
07-09-06 :
FASB Adds Project On FAS 5/Contingencies; Discusses FSP on Intangibles
At its Sept. 6, 2007 board meeting, the FASB voted to add a comprehensive project to revise FAS 5, Accounting for Contingencies. They also moved closer to issuing a proposed FSP on Useful Life and Amortization of Intangible Assets.
07-09-05 :
FAF President and COO Bob DeSantis Resigns
The September 5, 2007 BNA Daily Report for Executives contained a report that Bob DeSantis, President and Chief Operating Officer of FASB’s oversight board, the Financial Accounting Foundation (FAF), has resigned.
07-08-31 :
FASB Proposed FSP: Convertible Debt That May Settle In Cash
On Aug. 31, 2007 FASB released for public comment Proposed FSP No. APB 14-a, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement).”
07-08-29 :
FASB Broadens Objective Of Fin Reporting, Discusses Pension/OPEB
At its August 29, 2007 board meeting, the FASB voted to broaden the objective of financial reporting that appeared in its July 2006 Conceptual Framework Preliminary Views (PV) document. FASB also discussed its planned approach to the next phase of its project on Postretirement Benefits, including Pensions.
07-08-06 :
Accounting Roundup, July 2007, By Deloitte
07-08-03 :
FASB Asks: Need An Accounting On Insurance Contracts Project?
The Financial Accounting Standards Board (FASB) issued an Invitation to Comment, An FASB Agenda Proposal: Accounting for Insurance Contracts by Insurers and Policyholders, including the IASB Discussion Paper, Preliminary Views on Insurance Contracts. The FASB issued the Invitation to Comment to gather information from its constituents to help decide whether there
07-08-01 :
FASB Votes To Not Proceed With Materiality FSP At This Time
At its Aug. 1, 2007 board meeting, FASB voted not to proceed with guidance on determining materiality for error corrections at this time; i.e., they will not proceed to finalize Proposed FSP FAS 154-a. The comment letter filed by FEI's Committee on Private Companies (CPC) standards subcommittee was among those cited in FASB staff's comment letter summary.
07-07-18 :
Conforming Changes To GAAP Suggested By Codification Project
On July 18, 2007, FASB agreed to make certain conforming changes to GAAP where they have found certain GAAP to be outdated or in conflict, which came to their attention as part of FASB’s Codification project.
07-07-18 :
Detailed Summary Of FASB Discussion of Codification Project
Following is a detailed summary of the Financial Accounting Standards Board's (FASB) July 18, 2007 discussion on conforming changes to generally accepted accounting principles (GAAP), to be made as part of its Codification project.
07-07-10 :
GASB Issues Standard On Intangible Assets
The Governmental Accounting Standards Board (GASB) issued Statement No. 51, Accounting and Financial Reporting for Intangible Assets.
07-07-09 :
Accounting Roundup, Second Quarter 2007, By Deloitte
A review of developments pronouncements from accounting standard setters, prepared monthly and quarterly by Deloitte & Touche LLP
07-07-02 :
GASB Proposes Standards For Reporting Gov. Derivatives
The Governmental Accounting Standards Board (GASB) proposed new standards for how state and local governments should report their involvement in often complex transactions known as derivative instruments. The proposal is contained in an Exposure Draft, Accounting and Financial Reporting for Derivative Instruments.
07-06-29 :
GASB Defines Elements Of Financial Statements
07-06-27 :
FASB Changes ‘Recast’ To ‘Disclosure,’ Certain Tax Treatment of Bus Comb
At its June 21, 2007 board meeting, in response to external reviewer comments on the Financial Accounting Standards Board’s (FASB) pre-ballot drafts on Business Combinations and Noncontrolling Interests, FASB voted to replace a certain requirement to recast net income attributable to noncontrolling interests vs. controlling interests under the new standard, with a disclosure requirement.
07-06-27 :
FASB Says Perpetual Preferred Stock Should Be Classified As Liability
At its June 27, 2007 board meeting, in moving toward issuing its Preliminary Views (PV) document in its Liabilities/Equity project, the FASB board members voted that perpetual preferred stock should be classified as a liability, not equity. FASB staff said they still hope to issue the Liability/Equity PV doc by Sept 30. FASB also redeliberated certain matters on its Conceptual Framework project.
07-06-26 :
FASB Forming Resource Group On Valuation Guidance
07-06-21 :
FASB To Form Resource Group On Valuation Guidance Issues
Based on the feedback received from its Invitation to Comment, "Valuation Guidance for Financial Reporting," in January 2007, and consistent with its mission to improve and enhance the quality, consistency, and comparability of financial reporting, the FASB plans to form a resource group.
07-06-19 :
EITF Approves Two Consensuses, June 2007, By KPMG
07-06-18 :
EITF Snapshot, June 2007, By Deloitte & Touche LLP
07-06-18 :
CCR Concerned with FASB´s Project on Noncontrolling Interests and Business Combinations
07-06-13 :
FASB Moves Closer To Final Bus. Comb. Standard, Asset Transfer FSP
At its June 13, 2007 board meeting, FASB moved closer to issuing a final standard on Business Combinations, as well as a proposed FSP on asset transfers with repurchase financing
07-06-12 :
Error Made By Companies In Adopting FAS 158’s Recognition Provisions, By Deloitte
Error Made by Companies in Adopting FAS 158's Recognition Provisions, By Deloitte
07-05-31 :
GASB Reconciles Disclosure Requirements For Governmental Pensions, Retiree Healthcare
07-05-30 :
FASB On Going Concern, Subsequent Events, FAS 140
At its May 30, 2007 meeting, FASB added a project on going concerns/liquidation basis, discussed its subsequent events project, and directed its staff to consider a Linked Presentation model as an alternative to the QSPE model in FAS 140, as part of its discussion of an upcoming ED amending FAS 140 and a related FSP on repurchase finance arrangements.
07-05-23 :
FASB Adds Project On Hedge Accounting
At its May 23, 2007 board meeting yesterday, the Financial Accounting Standards Board (FASB) voted to add a project to its agenda on hedge accounting, but voted not to add a project on "D-Topic 109" relating to hybrids
07-05-16 :
FASB: 'Short-Cut' Method Under FAS 133, Financial Statement Presentation
At its May 16, 2007 board meeting, FASB agreed on additional guidance for its proposed FSP on use of the short-cut method under FAS 133, and further deliberated its Financial Statement Presentation project.
07-05-11 :
FEI Members Participate In FASB-AICPA Private Company Initiative
The following detailed notes from the May 10,11, 2007 FASB-AICPA joint Private Company Financial Reporting Committee (PCFRC) meeting were prepared by FEI Director of Technical Activities Serena Dávila, based on her attendance as an observer at the meeting.
07-05-08 :
FASB To Propose Guidance On Transferred Assets, Refinancings
At its May 8, 2007 board meeting, FASB agreed its staff should proceed with drafting a proposed FSP on FAS 140 relating to transfers of assets with "repurchase financing." The board also discussed its conceptual framework-reporting entity project, and the liability-equity project.
07-05-08 :
Accounting Roundup, April 2007, By Deloitte
07-05-02 :
FASB FSP On Meaning Of "Settlement" In FIN 48, Uncertain Income Taxes
On May 2, 2007, the Financial Accounting Standards Board (FASB) released FASB Staff Position (FSP) No. FIN 48-1, "Definition of Settlement in FIN 48." (FIN 48 is: "Accounting for Uncertainty in Income Taxes.")
07-05-01 :
FEI To FASB On Effects Of Misstatements In Financial Statements
07-04-19 :
FASB Issues Exposure Draft To Improve The Accounting For Financial Guarantee Insurance Contracts
07-04-18 :
FASB: Business Combinations, Discontinued Operations, Offsetting
At its April 18, 2007 board meeting, the FASB redeliberated its Business Combinations standard, decided to ‘fast-track’ its Discontinued Operations project, and moved toward finalizing guidance on offsetting.
07-04-18 :
FASB Proposes Interpretation on FAS 60 Financial Guarantees
On April 18, 2007, FASB issued an Exposure Draft of a proposed new standard: “Accounting For Financial Guarantee Insurance Contracts - an Interpretation of FASB Statement No. 60 (FAS 60). The comment deadline is June 18.
07-04-18 :
FASB Redeliberation of Business Combinations
At its April 18, 2007 board meeting, FASB continued to redeliberate its 2005 Business Combinations Exposure Draft (ED), and the related ED on Noncontrolling Interests (NCI), as it moves toward finalizing the standards. Following is a summary of decisions reached at the meeting.
07-04-16 :
Revised Definition Of 'Settlement' In Tax Uncertainties Interpretation, KPMG
07-04-11 :
FASB Nears Final Guidance On Fin 48 'Settlement'
At its April 11, 2007 board meeting, the FASB moved toward finalizing its guidance on FIN 48, “Accounting for Uncertainty in Income Taxes,” and voted to change the term in the final guidance from “highly likely” to “remote.” FASB also instructed its staff to forego further work on the “claims” approach to defining liability and equity at this time, pending input on its Prelim View doc.
07-04-09 :
Lawrence W. Smith Appointed FASB Board Member
07-04-06 :
SEC Staff Guidance: Assumed Perfect Effectiveness Of Hedge Relationships, By KPMG
07-04-06 :
Accounting Roundup, First Quarter 2007, By Deloitte
07-03-28 :
CCR Supports FASB’s Revised Definition of Settlement under FIN 48
07-03-26 :
FASB Decisions on Business Combinations
At its March 21, 2007 board meeting, the FASB made the following decision in redeliberating its June 2005 Exposure Draft (ED) on Business Combinations.
07-03-26 :
FASB Votes to Add Back Intangibles Project, Drops FAS 133 Issue
At its March 21, 2007 board meeting, FASB added back to its agenda a project that had been dropped previously on useful life of intangible assets, dropped a different project relating to hedging, and dropped the term “cash equivalents” as a financial statement caption in its broad financial statements presentation project. Leasing and Bus Comb were also discussed.
07-03-22 :
GASB: Standards For Reporting Land, Other Real Estate Investments
The Governmental Accounting Standards Board (GASB) today issued a proposal related to the reporting of land and other real estate investments by endowments. Current accounting standards require endowments to report those investments at historical cost, although other entities that exist for the purpose of generating income—such as pension plans—report them at their fair value.
07-03-01 :
FASB Releases Proposal FSP FIN 48-a
07-02-28 :
FASB Discusses Conceptual Framework, Business Combinations
At its Feb. 28, 2007 board meeting, the FASB continued to redeliberate its Business Combinations Exposure Draft, and began to discuss comment letters on the Conceptual Framework Preliminary Views document.
07-02-27 :
FASB 159: Allows A Fair Value Option For Most Financial Assets and Liabilities, By Deloitte
07-02-26 :
FAS 159: New Statement Allows Fair-Value Measurements For Financial Assets and Liabilities, by KPMG
07-02-21 :
FASB Adds Project on Emissions Allowances
On Feb. 21, 2007, the FASB voted to add a project to its agenda on the accounting for emissions allowances and trading.
07-02-21 :
FASB Releases Conforming Amendments For Pension/OPEB
On Feb. 21, 2007, FASB released final FASB Staff Position (FSP) No. FAS 158-1, "Conforming Amendments to the Illustrations in FASB Statements No. 87, No. 88, and No. 106 and to the Related Staff Implementation Guides."
07-02-15 :
FASB On Insurance, Share-Based Payment Issues in Bus Comb
At its Feb. 13, 2007 board meeting, FASB redeliberated its 2005 Exposure Draft on Business Combinations, specifically with respect to acquisition of insurance contracts, and replacement of acquiree share-based payment awards. A summary of the board's decisions follows.
07-02-15 :
FASB Issues FAS 159, Fair Value Option
07-02-07 :
FASB Proceeding With FIN 48 Implementation Guidance
On Feb. 7, 2007, FASB voted to authorize its staff to proceed to a ballot draft of proposed implementation guidance on the meaning of “ultimate settlement” as it appears in FIN 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). The board agreed with the staff’s proposed definition of ‘ultimate settlement,’ and there will be a 30-day comment period on the proposed guidance.
07-02-07 :
Accounting Roundup, January 2007, By Deloitte
07-02-05 :
FASB On FAS 133, Tax, Pension/OPEB, Bus Comb, More
07-01-31 :
FASB On FAS 133 Short-Cut Method; Tax, Business Combinations
On Jan. 31, 2007, the Financial Accounting Standards Board (FASB) voted to propose FAS 133 Implementation Guidance on use of the Short-Cut method. FASB also discussed various tax issues under its income tax convergence project and business combinations project.
07-01-31 :
FASB Issues Invitation To Comment On Valuation Guidance; Roundtable To Be Held In April
On Jan. 16, 2007, the Financial Accounting Standards Board (FASB) released an Invitation to Comment (ITC) on "Valuation Guidance for Financial Reporting."
07-01-31 :
FASB On Pension/OPEB; Allowance For Loan/Lease Losses
In a departure from its usual schedule, FASB held board meetings on two, not just one, day the last week in January, 2007. On Tuesday January 30, FASB moved toward finalizing conforming pension/OPEB guidance, and voted to begin a project on the allowance for loan/lease losses.
07-01-26 :
FASB Seeks Views On Developing Valuation Guidance, By KPMG
07-01-24 :
FASB On Fair Value Option; Financial Statement Presentation
The Financial Accounting Standards Board (FASB) discussed two projects at its Jan. 24, 2007 board meeting. The first was its Fair Value Option Project, the second was its Financial Statement Presentation project (formerly called Reporting Financial Performance).
07-01-23 :
Accounting Roundup 2006, Year In Review, By Deloitte (Jan 2007)
07-01-23 :
Robert H. Herz Reappointed FASB Chairman For 2nd Term
Robert H. Herz reappointed FASB Chairman for a second term.
07-01-17 :
FASB Will NOT Delay FIN 48, Considers Implementation Guidance
On Jan. 17, 2007, FASB voted NOT to delay the effective date of FIN 48, “Accounting for Uncertainty in Income Taxes.” However, FASB will consider potential implementation guidance to be drafted by its staff and presented for the board’s consideration at a future meeting, on one particular issue: the definition of “ultimate settlement.”
07-01-17 :
FASB: NO Delay For FIN 48; Considers Defining 'Ultimate Settlement'
07-01-17 :
Investors Technical Advisory Committee Recommendations To FASB
FASB's Investors Technical Advisory Committee (ITAC) made initial recommendations to FASB at its first meeting on Jan. 11, 2007.
07-01-02 :
FASB Establishes Investors Technical Advisory Committee
06-12-20 :
FASB: Errors/Materiality For Private Cos., Business Combinations, More
At its Dec. 19, 2006 board meeting, the Financial Accounting Standards Board (FASB) voted to draft guidance for private companies on quantification of misstatements for the determination of materiality and correction of errors. FASB also discussed business combinations and credit losses.
06-12-18 :
GASB Proposal Enhances Disclosure Requirements for Governmental Pension Plans
06-12-12 :
FEI Members Named to FASB-IASB Leasing Working Group
06-12-11 :
FASB Proposes Improved Disclosures For Derivatives, Hedging Activities
06-12-08 :
FASB Releases Proposals On Derivatives, Pension/OPEB
On Dec. 8, 2006 the Financial Accounting Standards Board (FASB) released two proposals for public comment relating to derivatives disclosures and pension/OPEB. The proposals are:
06-12-01 :
GASB New Standard Requires Governments to Come Clean on Pollution Remediation Costs
06-11-30 :
EITF Roundup, November 2006, By Deloitte
06-11-29 :
FASB Releases Proposed FSP No. FIN 46R-d Re: Investment Companies
06-11-29 :
FASB Discusses Netting, Financial Guarantees, Pension/OPEB, EITF
At its Nov. 29, 2006 board meeting, the Financial Accounting Standards Board (FASB) made the following decisions:
06-11-21 :
PwC Publishes Additional Guidance on FIN 48
On Nov. 16, 2006, PricewaterhouseCoopers (PwC) published the fourth in its series of Frequently Asked Questions (FAQ) documents providing guidance on implementing Financial Accounting Standards Board (FASB) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109" (FIN 48).
06-11-21 :
CCR and IMA request FASB Amendments to FAS 142
FEI`s Committee on Corporate Reporting (CCR) and IMA`s Financial Reporting Committee (FRC) request FASB Amendments to FAS 142.
06-11-20 :
EITF Snapshot, November 2006, Deloitte
06-11-15 :
FASB To Explore “Claims” Approach To Liability-Equity
At its Nov. 15, 2006 board meeting, the Financial Accounting Standards Board (FASB) discussed its liability-equity project, and also discussed an agenda request from the National Association of Real Estate Investment Trusts (NAREIT) regarding discontinued operations.
06-11-06 :
FASB Discusses Proposed FAS 133, Foreign Currency Hedging Issue
At its board meeting on Nov. 21, 2006, the Financial Accounting Standards Board (FASB) voted in favor of the staff issuing a proposed FASB Statement No. 133 (FAS 133) Implementation Issue, "Hedging Proceeds to be Received from a Forecasted Foreign Currency Denominated Debt Issuance."
06-11-06 :
CCR Supports Joint Conceptual Framework
06-11-02 :
FASB, IASB Announce Roundtables On Conceptual Framework
On Nov. 1, 2006, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) announced they will hold public roundtables in Hong Kong, London and Norwalk, Conn., in winter 2007 on measurement in conjunction with their joint conceptual framework project.
06-11-01 :
FASB Releases 2006 FASAC Survey Results
On Oct. 30, 2006, the Financial Accounting Standards Board (FASB) posted the 2006 survey results of its annual FASAC survey. The survey results are used by FASAC (the Financial Accounting Standards Advisory Council) and FASB in determining FASB’s priorities for the upcoming year.
06-10-31 :
Defining Issues: Four FASB Staff Positions By KPMG (Oct 06)
06-10-27 :
FASB Proposed FSP FAS 144-c: Depreciable Assets Held for Sale When Equity Investment To be Obtained
06-10-27 :
FASB Issues FSP Defining “Public Entity” To Include Conduit Borrower
06-10-25 :
FASB to Propose Narrow Scope Exception on FAS 133-FAS 155 Issue
At its Oct. 25, 2006 board meeting, the Financial Accounting Standards Board (FASB) voted to issue a proposed FAS 133 Implementation Issue to provide a narrow scope exception for securitized interests relating to prepayment risk,
06-10-24 :
FASB Proposed FSP: FV Of Business Combinations, Impairment
06-10-23 :
3rd Quarter 2006 In Review, By Deloitte
During the third quarter of 2006, accounting standard setters and accounting regulators issued a number of pronouncements (e.g., FASB Staff Positions, EITF consensuses, PCAOB rules, etc.) affecting accounting, financial reporting, and corporate governance.
06-10-20 :
FASB Releases Two Proposed And One Final FSP
06-10-18 :
FASB Discusses Bus Comb, Derivatives, Elements, Isolation, Fair Value Option
On Oct. 18, 2006, the Financial Accounting Standards Board (FASB) board discussed five topics:
06-10-18 :
Highlights of FASB Board Meeting Oct. 18 2006
Highlights of FASB board meeting Oct. 18 2006
06-10-04 :
FASB, IASB Plan Roundtables on Measurement
Roundtables on the Measurement phase of the Financial Accounting Standards Board (FASB) – International Accounting Standards Board (IASB) joint Conceptual Framework project will take place in various cities January-February 2007, as noted during the Oct. 4, 2006 FASB board meeting.
06-09-29 :
FAS 158: Defined Benefit Pension and Other Postretirement Plans
06-09-18 :
FASB Issues FAS 157 On Fair Value Measurement
On Sept. 15, 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurement” (FAS 157). The new standard applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FASB states FAS 157 “does not expand the use of fair value in any new circumstances.”
06-09-13 :
FASB Issuing Proposed FSP On Fair Valuing Bus Comb And Impairment
At its Sept. 13, 2006 board meeting, the FASB voted to release a proposed FSP on Fair Valuing Business Combinations and Impairment.
06-09-12 :
FAS 133: E&Y Proposes Accounting For Hedging Forecasted Foreign Change Debt Issuance
At its Aug. 16, 2006 meeting, the Financial Accounting Standards Board (FASB) discussed potential implementation guidance relating to paragraph 29(c) of Statement of Financial Accounting Standard 133 on Derivatives. The central issue is whether or not the proceeds from forecasted issuance of foreign debt are eligible for designation as a hedged transaction in a cash flow hedge.
06-09-11 :
EITF Review, By Deloitte, September 2006
Attached is the latest edition of EITF Snapshot summarizing the September 7, 2006, Emerging Issues Task Force meeting.
06-09-08 :
FASB Issues FSP on Planned Major Maintenance Activities
06-09-06 :
FASB Fair Value Option to Remain ‘Optional’
On Sept. 6, 2006, the Financial Accounting Standards Board (FASB) redeliberated its proposed Fair Value Option (FVO) standard, based on comments received on the related Exposure Draft (ED). Separately, FASB also discussed its Derivatives Disclosure project.
06-09-01 :
FEI`s Comment on Bifurcation of Insurance and Reinsurance
FEI's Committee on Corporate Reporting responds to the FASB's Invitation to Comment on Bifurcation of Insurance and Reinsurance. The committee objects to the concept of bifurcation for several reasons as outlined in the letter.
06-08-31 :
FASB Proceeds With FSPs On Nonfinancial Assets, PMMA
At its Aug. 30, 2006 board meeting, the Financial Accounting Standards Board (FASB or the board) agreed that its staff can proceed to draft a proposed FSP on Measurement of Certain Nonfinancial Assets, for discussion at a future board meeting, to remove the ambiguity that currently exists in certain FASB standards.
06-08-24 :
FASB Board Member Ed Trott Retiring June 2007
FASB board member Ed Trott retiring June 2007. FASAC member list as of August 2006 posted; FEI President and CEO Colleen Cunningham and a number of FEI members continue to serve on FASAC.
06-08-18 :
FASB Reballoting Final Fair Value Measurement Standard
On Aug. 16, 2006 the Financial Accounting Standards Board (“FASB” or the “board”) voted not to defer issuing the final Fair Value Measurement (FVM) standard – i.e., not hold up issuing the final standard for discussion of a related potential proposed FASB Staff Position (FSP) on August 30 - and to proceed to reballoting the FVM standard for issuance.
06-08-14 :
Proposed GASB Concepts Statement Defines Seven Elements Of Governmental Financial Statements
06-08-02 :
FASB Votes On Pension/OPEB Disclosures
At its Aug. 2, 2006 board meeting, the Financial Accounting Standards Board (FASB or the board) voted on certain disclosure requirements for its upcoming final standard, “Employers Accounting for Defined Benefit Pension and Other Postretirement Plans” (the “pension/OPEB” standard).
06-08-01 :
FASB Proposes Technical Amendments to FAS 123(R) Share Based Payment
FASB Proposed FSP FAS 123(R)-f proposes technical amendments to FAS123(R), Accounting for Share-Based Payment, FASB's standard on accounting for stock options and other forms of share-based payment.
06-08-01 :
FASB Seeks Comment For Its Annual Agenda Priorities
FASB seeks comment on its annual agenda priorities in the form of its annual FASAC survey.
06-07-27 :
FASB Discusses Pension/OPEB Measurement Date, More
06-07-19 :
FASB Adds Project On Leasing To Its Agenda
06-07-17 :
FEI Detailed Summary of FASB Issues FIN 48 on Uncertainty in Income Taxes
06-07-13 :
FASB Issues FIN 48 On Uncertainty In Income Taxes
06-07-12 :
FASB Retains PBO, Weighs Prospective Treatment For Pension, OPEB
06-07-11 :
Accounting Roundup, June 2006, By Deloitte
06-07-06 :
FASB, IASB Issue Preliminary Views – Conceptual Framework
06-07-05 :
FASB Seeks Comments On Bifurcating Insurance Contracts
06-06-28 :
FASB To Finalize Fair Value Standard; Issue FSP On Bus. Comb.
Summary of FASB Board meeting June 28, 2006, at which FASB Fair Value Measurement Standard and related proposed FSPs dealing with fair value issues for Business Combinations and certain other nonfinancial instruments issues were discussed.
06-06-19 :
EITF Roundup, June 2006, By Deloitte
06-06-16 :
FASB Proposes FSP No. 126-a
06-06-15 :
FASB Chairman Testifies to Senate on Pension Accounting
06-06-09 :
Accounting Roundup, May 2006, By Deloitte
06-06-08 :
FASB Proposes FAP FAS 123(R)-e Released June 8
06-06-07 :
FASB Discusses Definition Of Public Entity, Transfers Of Assets
06-06-01 :
FEI’s CCR, CBF Comment On FASB Pension Proposal
06-05-31 :
FASB Abandons Proposed FSP on Acquired Renewable Intangibles
06-05-31 :
FASB Abandons One Proposed FSP; Issues Another
06-05-31 :
FASB Proposes FSP No. AUG AIR-a on Planned Major Maintenance
06-05-26 :
FASB Invites Comment on Bifurcating Insurance Contracts
06-05-09 :
CCR and COT Provide Comments On Disclosures For Uncertain Tax Positions
|
|
|