Accounting standards

The Financial Accounting Standards Board has issued a discussion paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities, as it foresees the possibility of increasing divergence from international standards.

GASB UPDATES 'BLENDED' ENTITIES STANDARDS

Like others, we're watching the trumpeted "Blue Ribbon Panel" on accounting standards for private companies. Unlike others, our expectations are very low because we aren't confident this group understands what reforms are needed.

CFA Institute has released the Compensation Discussion and Analysis Template, a report that provides guidance for public companies wishing to improve the CD&A portion of their proxy statement.

The Financial Accounting Standards Board and the International Accounting Standards Board have published a joint set of proposals to account for the impairment of financial assets such as loans managed in an open portfolio.

The Financial Accounting Standards Board and the International Accounting Standards Board have published a proposal to establish a common approach to offsetting financial assets and liabilities on the balance sheet.

The Financial Accounting Standards Board has taken a step back on previous plans to require companies to report all of their financial instruments at fair value.

The International Auditing and Assurance Standards Board released a new proposed strategy and work program for 2012-2014 on Monday.

The Governmental Accounting Standards Board issued a new accounting statement Thursday aimed at incorporating accounting guidance issued by outside standard-setters that is applicable to state and local governments.

The Securities and Exchange Commission has proposed a permanent rule requiring municipal advisors to register with the agency.

The Governmental Accounting Standards Board has issued revisions to its financial reporting entity standards to better account for business-type activities at government-run institutions such as state universities.

Several years ago when an architect we hired for anaddition to our house unfolded his blueprints on the dining room table, theundisputed general contractor on the job (my wife) assumed the sort of facialexpression one makes when their pleasant-looking blind date doesn't resembleScarlett Johansson or Cristiano Ronaldo.

IMGCAP(1)]As we prepare for the replacement of SAS 70 by SSAE 16, articles and vendor whitepapers are flooding the landscape.

Our column in the Feb. 11, 2008, issue addressed the pitfalls of pursuing off-balance-sheet financing. In light of the August 2010 exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board that proposes capitalizing all leases, we decided to republish it in order to help readers who might be baffled by this massive paradigm shift. In the next issue, we'll reprint a follow-up column in which we responded to criticisms from an individual who basically had no problem with operating lease accounting, to the point that he didn't even consider it as a way for management to deliberately mislead financial statement users.

The International Accounting Standards Board has amended its standards on financial instrument disclosures to beef up the disclosure requirements for financial asset transfer transactions such as securitizations, and discourage questionable balance-sheet “window dressing.”

The Tax & Accounting business of Thomson Reuters has released a revised edition of “PPC’s Guide to Compilation & Review Engagements” to help practitioners comply with recent accounting standards.

From a compliance perspective, the new U.S. health care law raises a number of issues for corporate America.

IMGCAP(1)]Inherent conflicts between regulatory restrictions on financial services companies and certain transfer pricing methods become more apparent during times of increased market volatility and can lead to regulatory problems for taxpayers.

The Financial Accounting Standards Board has voted to extend the comment period by an additional 30 days for its proposed standards on the disclosure of loss contingencies.

The Financial Accounting Standards Board and the International Accounting Standards Board have published their long-awaited joint proposals for overhauling the accounting standards for lease contracts.