Accounting standards

A post-implementation review of the Financial Accounting Standards Board’s business combinations standard found lingering questions in the minds of some investors, particularly about fair value, despite improvements in the usefulness of the information.

The Securities and Exchange Commission has adopted that latest update to the U.S. GAAP Financial Reporting Taxonomy for filing financial statements using Extensible Business Reporting Language, or XBRL.

The Financial Accounting Standards Board is looking for comment on proposed structural changes to the U.S. GAAP Taxonomy.

The Financial Accounting Standards Board and the International Accounting Standards Board have released for comment a revised exposure draft proposing significant changes to the standards for accounting for leases.

Fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.

The Committee of Sponsoring Organizations of the Treadway Commission issued its updated Internal Control–Integrated Framework (Framework) and related illustrative documents on Tuesday.

The Financial Accounting Standards Advisory Council, which advises the Financial Accounting Standards Board on its priorities and agenda, is asking for suggestions on what FASB’s future agenda should be.

Representatives of the International Accounting Standards Board and the Accounting Standards Board of Japan met Thursday and Friday in Tokyo to discuss their new relationship through the recently established Accounting Standards Advisory Forum as their one-to-one meetings come to an end.

The United Kingdom’s Financial Reporting Council said Thursday that it has open an investigation into whether KPMG’s audit firm in the U.K. was independent when it conducted audits of automobile dealer Pendragon PLC.

The Private Company Council voted Tuesday to move forward with proposed alternatives within U.S. GAAP to improve financial reporting for private companies.

The U.S.-based Center for Audit Quality has teamed up with two organizations in Europe and Australia on a new report that highlights the similar issues facing audit committees around the world.

The Securities and Exchange Commission is encouraging the Financial Accounting Standards Board to give accountants a long transition period to adjust to the upcoming revenue recognition standards.

The Securities and Exchange Commission has granted 45 more days to comment on the Nasdaq proposed internal audit function rule.

Arrogance and ignorance remain major drives of unethical behavior in accounting and financial reporting

The Financial Accounting Standards Board has issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.

The Financial Foundation and the Financial Accounting Standards Board that it oversees are marking their 40th anniversary by introducing redesigned logos, branding and Web sites.

Robert Herz, the former chairman of the Financial Accounting Standards Board, has written a new book on his experiences leading FASB, with reflections on his experiences leading the board through the financial crisis and in its efforts to converge U.S. GAAP with International Financial Reporting Standards.

The Financial Accounting Foundation’ board of trustees has named Russell G. Golden as the next chairman of the Financial Accounting Standards Board, succeeding Leslie Seidman, whose term will end on June 30.

The Governmental Accounting Standards Board has approved a new standard that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and governments that receive guarantees on their obligations.

The Financial Accounting Standards Board has issued an Accounting Standards Update aimed at improving financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting.