Accounting standards

The Governmental Accounting Standards Board has released finalized guidance on accounting and financial reporting issues related to fair value measurements, primarily applying to investments made by state and local governments.

The Financial Accounting Foundation’s board of trustees is reaching out for comments on how well the Private Company Council has been performing.

Stavros Thomadakis became chair of the International Ethics Standards Board for Accountants in January, leading a board under the auspices of the International Federation of Accountants that oversees a global ethics code for the accounting profession.

The American Institute of CPAs is expressing support for a proposed accounting standards update that would require investment companies that act as “feeder funds” for other investment companies to provide better disclosures of those investments on their financial statements.

The post credit crisis regulatory focus on forward-looking techniques and loan behavior models has been burdensome for some banks.

The Governmental Accounting Standards Board reminded its stakeholders Friday that the deadline is coming up on March 6 for comments on its proposed changes in standards for fiduciary responsibilities and lease accounting.

The Financial Accounting Standards Board has issued an accounting standards update to improve specific areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations and securitization structures.

The Private Company Council, a sister organization of the Financial Accounting Standards Board that represents the interests of privately held companies, has expressed major concerns about FASB’s project on the balance sheet classification of debt.

The American Institute of CPAs’ Conflict Minerals Task Force has developed two new Q&A documents on conflict mineral disclosures mandated under the Dodd-Frank Act.

The Financial Accounting Standards Board and the International Accounting Standards Board have been holding a series of meetings of their Joint Transition Resource Group as they prepare for implementation of their converged standard on revenue recognition.

The International Accounting Standards Board has published a set of proposals for clarifying how entities classify debt, especially when it comes up for renewal.

Financial Executives International has sent a letter to the Financial Accounting Standards Board taking issue with FASB’s recent proposed changes in the accounting standards for income taxes.

India’s Ministry of Corporate Affairs has released a revised roadmap for implementation of Indian Accounting Standards as part of its effort to converge with International Financial Reporting Standards.

The Financial Accounting Standards Board has issued an exposure draft of two proposed accounting standards updates that would affect the accounting for income taxes for businesses.

The Financial Accounting Foundation has released its annually updated print edition of the Financial Accounting Standards Board’s FASB Accounting Standards Codification, providing the authoritative source of U.S. GAAP for public and private companies and not-for-profit organizations.

The International Auditing and Assurance Standards Board has issued proposals aimed at improving auditor reporting on special purpose financial statements.

Key challenges facing small- and medium-sized practices in the accounting industry worldwide have been identified as attracting new clients and complying with regulations and standards, according to a new survey by the International Federation of Accountants.

The Financial Accounting Standards Board is still in the process of deciding whether the revenue recognition standard that it converged last year with the International Accounting Standards Board should be delayed to allow more companies to adjust to it before the new rules take effect in 2017. But that doesn’t mean companies should wait in case there’s a postponement.

The International Auditing and Assurance Standards Board has released newly revised standards for overhauling auditor reports, with the goal of enhancing the auditor’s report for investors and other financial statement users.

Four of the International Federation of Accountants’ standard-setting boards are looking for new members with the right stuff.