Accounting standards

Three short takes: IASB vs. EU; M. Prada stumbles, and GAAP reporting as perjury

The American Institute of CPAs’ Accounting and Review Services Committee has issued a Proposed Statement on Standards for Accounting and Review Services, Framework for Performing and Reporting on Compilation and Review Engagements, as a result of its Clarity Project.

Not only are the requirements of the Affordable Care Act difficult and complicated for businesses to understand, but in many cases those aspects that businesses and their advisors think they understand are already slated to change in the future, according to one expert.

The Financial Accounting Standards Board voted Monday to endorse two accounting standards proposed by the Private Company Council pertaining to accounting for goodwill subsequent to a business combination and for certain types of interest rate swaps in an effort to modify the existing accounting standards for private companies.

A post-implementation review of a 1992 accounting standard addressing the accounting for income taxes found that the standard generally achieved its intended purpose, but may not have reduced the complexity of accounting for income taxes.

The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

The International Accounting Standards Board has introduced a new hedge accounting model as a major step forward in the financial instruments project on which it has been collaborating with the Financial Accounting Standards Board.

The Financial Accounting Foundation and the Financial Accounting Standards Board have launched a new section on the FAF Web site that features audio, transcripts and photos from the September’s FASB@40 Conference hosted in New York to commemorate the FASB’s 40th anniversary.

The chairmen of the Financial Accounting Standards Board and the International Accounting Standard Board appeared alongside each other Monday to discuss the status of their efforts to converge accounting standards over the past decade or more and their plans for the future as the convergence effort appears to be running out of steam.

The Private Company Council has voted to finalize an alternative standard for private companies to use when applying variable interest entity guidance to common control leasing arrangements.

Michel Prada, chairman of the IFRS Foundation Board of Trustees, which oversees the International Accounting Standards Board, took countries like the U.S. and Japan to task for taking what he called an “à la carte” approach to accounting standards by not fully embracing International Financial Reporting Standards.

Recent calls to get rid of public company audits are way off-base

The Financial Accounting Standards Board voted Wednesday to move forward with preparing a final standard on revenue recognition that is expected to be issued during the first quarter of 2014.

FASB's proposed lease accounting rules really do try to get more useful information about assets and liabilities into financial statements. However, we don't think it's strong enough, because it doesn't cleanly address the No. 1 priority issue that asks whether off-balance-sheet financing has any legitimacy in financial reporting.

Accountants counsel clients on Obamacare exchanges

There's never been such a wealth of tax and accounting information available -- you just need to figure out how to access it

A roundup of assurance-related news

FASB's proposed lease accounting rules really do try to get more useful information about assets and liabilities into financial statements. However, we don't think it's strong enough, because it doesn't cleanly address the No. 1 priority issue that asks whether off-balance-sheet financing has any legitimacy in financial reporting.

The Financial Accounting Standards Board and the International Accounting Standards Board are revealing further details about their long-stalled plans for creating a Disclosure Framework to help accountants decide on which notes to include with financial statements.

Russell Golden, the recently appointed chairman of the Financial Accounting Standards Board, discussed the road ahead for FASB after the board marked its 40th anniversary earlier this year as it continues its efforts to reach a consensus with the International Accounting Standards Board on their remaining convergence projects.