Accounting standards

Investors and regulators are hoping to see the Financial Accounting Standards Board and the International Accounting Standards Board somehow reconcile their differing approaches to accounting for loan impairments and credit losses in their financial instruments project.

The Governmental Accounting Standards Board is proposing new recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements.

The Financial Accounting Standards Board has issued two proposed accounting standards updates with the goal of simplifying employee share-based payment accounting and the equity method of accounting for investments.

James Schnurr, chief accountant in charge of the Security and Exchange Commission’s Office of the Chief Accountant, said he disagrees with a former SEC chairman about abandoning convergence with International Financial Reporting Standards.

The Securities and Exchange Commission has filed charges against the government technology contractor Computer Sciences Corporation, its former CEO and several finance executives, accusing them of manipulating financial results and concealing significant problems about the company’s largest and most high-profile contract, as well as ignoring basic accounting standards to increase reported profits.

U.S. state and local governments will have to report billions of dollars in health-care liabilities on their balance sheets under an accounting change aimed at improving disclosure of retiree benefits.

The Governmental Accounting Standards Board has voted unanimously to approve two new standards that it believes will significantly improve the accounting and financial reporting by state and local governments for postemployment benefits other than pensions, primarily retiree health insurance.

The Public Company Accounting Oversight Board has issued a paper examining potential changes to standards involving the use of specialists by auditing firms and is looking for public comments.

The Internal Revenue Service has issued a notice asking for comments on the effect of the new revenue recognition standards on taxpayers’ methods of tax accounting.

Claire Ighodaro, a board member of the International Ethics Standards Board for Accountants, sees a need for firms to promote an ethical culture by setting a tone at the top levels of the organization.

The International Accounting Standards Board has proposed a set of enhancements to the Conceptual Framework for Financial Reporting.

The Financial Accounting Standards Board has released a proposed accounting standards update to simplify the accounting for measurement-period adjustments in business combinations.

We can see a bigger picture and look further out into the future than those of you who fight your daily battles down in the trenches.

The Institute of Internal Auditors has released nine new and updated practice advisories that provide guidance to internal auditors and chief audit executives on sustaining a comprehensive quality assurance and improvement program.

The Financial Accounting Standards Board has released an accounting standards update that makes targeted improvements in the disclosure requirements for insurance companies that issue short-duration contracts of typically one year or less.

A post-implementation review of the Financial Accounting Standards Board’s standard addressing ownership interests within a company’s subsidiary found that the 2007 standard has achieved its purpose and provides useful information to users of financial statements, although there is some room for improvement.

Baruch College in New York brought together the former chairman of the Financial Accounting Standards Board, Bob Herz, and the former chairman of the International Accounting Standards Board, Sir David Tweedie, last month to discuss the evolution of accounting standards and the convergence process.

The Financial Accounting Foundation has released its 2014 annual report, which focuses on its recently released strategic plan.

Toshiba Corp. named two lawyers and two certified public accountants to a third-party committee that is expanding an investigation started by an internal probe last month over accounting practices.

The International Federation of Accountants has submitted a response to the European Commission regarding a recent green paper on building a stronger capital markets union.