Incoming FASB chair: Convergence is immediate priority
Russell Golden, who will be sworn in on July 1 as chair of the Financial Accounting Standards Board, discussed his vision of the board's priorities in a conference call with reporters last week. Completion of the four memorandum of understanding projects topped the list. Other priorities included the Financial Accounting Standards Advisory Council survey to develop agenda items for the FASB, and continued work on the disclosure framework project. Golden stressed the importance of working with the International Accounting Standards Board as part of the Accounting Standards Advisory Forum to further the goal of convergence. JournalofAccountancy.com
(4/23)
Former FASB chairman Robert Herz publishes memoir
Former Financial Accounting Standards Board Chairman Robert Herz gives his views on convergence and whether U.S. companies are ready for principles-based accounting such as International Financial Reporting Standards. He presents these views in his newly released memoir published by the AICPA. Herz counters the argument that the U.S. economy is big enough to maintain its own accounting standards by noting that as the U.S. takes an increasingly smaller piece of world gross domestic product, investors will go abroad for yield to boost their U.S. portfolios. The Wall Street Journal/CFO Journal
(4/18)
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FASB lease proposal passes board vote by 4-3
The Financial Accounting Standards Board approved a proposal April 10 to require all leases to be reported on balance sheets, to be converged with the International Accounting Standards Board model. The proposal would require a separate accounting of leases in which significant consumption of the asset occurs during the lease period. The dissenting voters felt that the proposal added complexity without providing more information. The lease proposal will be released for public comment later this spring. JournalofAccountancy.com
(4/10)
Insurers warily eye IASB standard as it moves to completion
The International Accounting Standards Board will finalize next year a standard that will require insurance companies to use current interest rates as they measure liabilities that would result from honoring policies on their books. The insurance industry says the proposal will lead to more volatility in their financial statements, a protest that IASB Chairman Hans Hoogervorst dismisses, saying that any volatility would probably be a reflection of real economic risk. Reuters
(4/9)
Global accounting standards forum meets for first time
The Accounting Standards Advisory Forum, the technical advisory body to the International Accounting Standards Board, began its first meeting by signing a joint memorandum of understanding with IASB to define the mission and scope of the forum. The memorandum language allows ASAF members to support the work of IASB on International Financial Reporting Standards issues without committing to support the standards themselves. Members include the U.S. Financial Accounting Standards Board and the U.K.'s Financial Reporting Council, in addition to other national and regional accounting standards bodies. Accountancy Age (London) (tiered subscription model)
(4/10)
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Applicable companies must implement IFRS 13 next reporting period
Guidance on measuring an asset's fair value went into effect Jan. 1. International Financial Reporting Standard No. 13 applies to any company that must disclose fair-value measurement for mergers and acquisitions, asset impairment or activity involving investment entities. The measure is meant to aid investors in analyzing corporate assets in accordance with generally accepted accounting principles. CFO.com
(4/5)
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Thai body sets timeline to conform with 2012 IFRS
The Federation of Accounting Professions, the Thai accounting standards body, has set forth a timeline for the implementation of International Financial Reporting Standards. The federation's accounting standard committee is working to conform the current Thai Financial Reporting Standards to the IFRS 2012 version, which must be adopted by 2014. The Nation (Bangkok)
(4/23)
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Get ready for the new revenue recognition standard
The Financial Accounting Standards Board is expected to release the final revenue recognition standard this quarter. This standard has the potential to affect every entity’s day-to-day accounting as well as business contracting processes. While the revenue recognition standard is expected to be effective for annual periods beginning on or after Jan. 1, 2017, the process of gaining an understanding of the changes and preparing for them begins now. Learn more about the standard and earn CPE in this self-study text.
Revised AICPA Code of Professional Conduct exposed for comment
The Professional Ethics Executive Committee on April 15 released an exposure draft of a revised AICPA Code of Professional Conduct. Comments are due by Aug. 15. The code has been restructured so that members can more easily apply the rules and determine the correct course of action. To review the ED and access additional related resources, visit the AICPA Ethics Codification Project page.
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Our patience will achieve more than our force."
-- Edmund Burke, Irish statesman, author and orator
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The
American Institute of Certified Public Accountants
is the world’s largest member association representing the accounting profession,
with nearly 386,000 members in 128 countries and a 125 year heritage of
serving the public interest. The AICPA has long supported the goal of
one set of high-quality global accounting standards for public companies
throughout the world to improve consistency and comparability. In May 2008,
the AICPA's governing Council voted to amend Rules 202 and 203 of the AICPA's
Code of Professional Conduct to recognize the International Accounting Standards
Board as an international accounting standard setter in the U.S. |
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