Accounting standards

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.

The Governmental Accounting Standards Board has released a new online pension implementation toolkit to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards

The Financial Accounting Standards Board has responded to a post-implementation review of its accounting standard for fair value measurement, saying it doesn’t plan to make any comprehensive changes.

The IFRS Foundation and the International Valuation Standards Council have signed a joint statement of protocols for cooperating on International Financial Reporting Standards and International Valuation Standards in the area of fair value measurement.

The Financial Accounting Standards Board has issued a draft version of its long-awaited Disclosure Framework, aimed at improving its process for evaluating existing and future disclosure requirements in the notes to financial statements.

For the first time, private companies will be able to make two accounting elections that will simplify their reporting requirements and still be in compliance with U.S. GAAP.

A post-implementation review of the Financial Accounting Standards Board’s fair value measurement standard by FASB’s parent organization found the standard generally met its objectives, even though some investors have difficulty understanding fair value information provided in the financial statements, and their level of satisfaction with the information varies.

The Sustainability Accounting Standards Board has issued provisional standards for seven industries in the financial services sector.

Members of the Financial Accounting Standards Board voted at a meeting Wednesday to scale back FASB’s convergence efforts on insurance accounting standards with the International Accounting Standards Board.