Accounting standards

Financial Accounting Standards Board chair Leslie Seidman said that many of the priority projects slated for convergence with the International Accounting Standards Board probably will not be settled until next year at the earliest.

Financial Accounting Standards Board chair Leslie Seidman argued Tuesday that the board has been increasing its outreach to private company accountants as FASB awaits a report from the trustees of its parent organization on whether oversight of private company accounting standards should be handed to a separate board.

The Financial Accounting Standards Board has finalized a new standard aimed at simplifying how organizations test goodwill for impairment.

The Public Accounting Oversight Board will host a public roundtable Thursday, Sept. 15, to discuss its concept release on possible changes to the auditor’s reporting model.

The Treasury Department proposed regulations Friday for a Premium Tax Credit for buying health insurance as part of the effort to implement the health care reform law.

The Financial Accounting Standards Board has approved an updated accounting standard to simplify how an entity should test goodwill for impairment.

IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.

The New York State Society of CPAs sees comparability and quality as two of the main obstacles to the adoption of International Financial Reporting Standards in the U.S.

The Financial Accounting Standards Board intends to host a pair of public roundtable meetings in the fall to discuss issues related to private company accounting and reporting standards.

The International Accounting Standards Board has proposed delaying by two years the mandatory effective date for its IFRS 9 standards for financial instruments, postponing them from Jan. 1, 2013 to Jan. 1, 2015.

The National Association of State Boards of Accountancy and the American Institute of CPAs have launched a new Web site, CPAmobility.org, that provides up-to-date information on the status of CPA mobility laws across the country.

IMGCAP(1)]The use of third-party practice aids and audit programs has become widespread as an economical and effective means of keeping audit materials up to date and comprehensive. However, some auditors have become too checklist oriented, driven in part by these standardized audit materials. Use of these types of materials creates risks that auditors may get lost in the completion of the checklist and lose sight of what they should be doing, which is assessing and responding to audit risk.

The Financial Accounting Standards Board has beefed up its standards for multiple-employer pension plans, requiring employers to provide more information about their pension plan obligations, particularly for unionized employees.

The London-based International Valuation Standards Council has published a set of new International Valuation Standards covering a wide range of assets.

The Governmental Accounting Standards Board issued a “preliminary views” document Monday on the recognition and measurement of elements of financial statements.

The Governmental Accounting Standards Board is proposing some far-reaching changes in the field of pension accounting that should affect public employees and state and local governments across the country.

The International Accounting Education Standards Board has proposed a set of clarified standards and revisions governing the practical experience requirements for aspiring professional accountants.

Hans Hoogervorst, who took over as chairman of the International Accounting Standards Board this month, said he anticipates the U.S. will ultimately adopt International Financial Reporting Standards.

The American Institute of CPAs has issued new attest guidance that enables CPAs to report on the controls at a service organization, particularly ones that provide outsourced services to other companies via technologies like cloud computing.

The Private Company Financial Reporting Committee received an update on the Financial Accounting Standards Board’s efforts to bring U.S. GAAP into line with International Financial Reporting Standards, especially in how that effort would relate to private companies.