Accounting standards

The Governmental Accounting Standards Board has issued a proposed standard to address the accounting and financial reporting issues related to fair value measurements for state and local governments.

The International Auditing and Assurance Standards Board has released for public comment proposed changes to the International Standards on Auditing to clarify the expectations of auditors when auditing financial statement disclosures.

The Financial Accounting Standards Board has issued a proposed accounting standards update on “pushdown accounting” from FASB’s Emerging Issues Task Force.

The Securities and Exchange Commission has issued an order staying the effective date for compliance with the some of the conflict minerals rules the agency had drawn up after an appeals court ruled that they violated the First Amendment.

The chairman of the Financial Accounting Standards Board said Thursday that the FASB staff expects to issue the long-awaited converged standard on revenue recognition that it has developed with the International Accounting Standards Board this month, calling it “a grand achievement for both boards.”

Professors Miller & Bahnson argue that it's time to finally reject IFRS and the IASB for the U.S.

A roundup of recent audit and attest news.

Experts weigh in on proposed changes to the auditor's report

The American Institute of CPAs has issued new technical practice aids to help accountants dealing with recent changes by the Financial Accounting Standards Board stemming from recommendations from the Private Company Council.

The Governmental Accounting Standards Board has issued a concepts statement that will guide GASB in establishing accounting and financial reporting standards for U.S. state and local governments regarding the measurement of assets and liabilities.

The Financial Accounting Standards Board has issued new guidance on representing when a company or organization discontinues its operations.

The FAF's 'gift' to the IASB: An unfortunate event that could have a silver lining

The International Integrated Reporting Council has signed a memorandum of understanding with the Global Initiative for Sustainability Ratings in which the two groups pledge to work together to promote and support the global alignment of corporate reporting and ratings frameworks.

The Governmental Accounting Standards Board voted unanimously Monday not to delay the implementation date of its new pension accounting and financial reporting standards, despite requests from various groups for an indefinite delay.

The American Institute of CPAs’ Conflict Minerals Task Force has developed nonauthoritative guidance to help companies deal with the conflict minerals reporting requirements of the Dodd-Frank Act and Securities and Exchange Commission regulations.

The Financial Accounting Standards Board issued guidance Thursday to make it easier for private companies to report on consolidation of variable interest entities.

The Financial Accounting Standards Board and the International Accounting Standards Board remain at odds over crucial elements of their lease accounting standards after joint meetings this week, but said they are still committed to reducing the distinctions.

Last November, the Financial Accounting Standards Board endorsed simplifying the accounting standards that private companies use in measuring and reporting goodwill, and FASB is currently looking into the possibility of changing the standards for public companies too.

The New York State Society of CPAs is asking the Financial Accounting Standards Board to expand a proposal that would standardize the treatment of foreclosed properties when they are backed by a loan from the U.S. Department of Housing and Urban Development beyond the residential developments that were the focus of the original draft proposal.

The International Financial Reporting Standards Foundation and the International Accounting Standards Board are reaching out to Islamic countries to elicit their support for IFRS, with a working group dedicated to making sure the standards don’t conflict with Sharia law.