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Codification

FASB Wants New Disclosure on Multi-employer Plans

Tammy Whitehouse September 02, 2010

Accounting rulemakers have published another new accounting rule proposal, this one targeting the transparency of multi-employer pension and other post-retirement benefit plans.The rule would require companies that participate in such plans, such as union pension plans and retirement benefit plans, to provide more information about the fiscal health of the...

Alert Gives Tips on Accounting for Termination Benefits

Tammy Whitehouse June 18, 2010

With the national unemployment rate remaining near double digits in May, companies terminating employees for any reason may want to brush up on the accounting requirements for any termination benefits they provide.The accounting for a one-time termination benefit is described in Accounting Standards Codification Topic 420; however, the requirements around...

FASB Codifies SEC Announcement on Foreign Currency

Tammy Whitehouse May 14, 2010

The Financial Accounting Standards Board has codified a workaround blessed by the Securities and Exchange Commission for companies that may have ended up with some odd results in accounting for activities in Venezuela, where the economy is considered inflationary.FASB published Accounting Standards Update No. No. 2010-19 to update the rules...

Firm Advises Care in Fair Value Measurement in M&A

Tammy Whitehouse March 26, 2010

As companies are following new rules for booking a business combination, there’s good reason to put a little extra elbow grease into the initial valuations. If there are subsequent adjustments, they have to be made by revising and reissuing previously issued financial statements, warns PricewaterhouseCoopers in a recent alert.It’s not...

FASB Finishes Guidance on Embedded Credit Derivatives

Tammy Whitehouse March 10, 2010

If you were confused over the complexity of derivative and hedging rules as it relates to recent chaos in credit markets, perhaps the latest clarification from the Financial Accounting Standards Board will help clear things up.FASB published Accounting Standards Update No. 20101-11 – Derivatives and Hedging (Topic 815): Scope Exception...

CAQ Offers Inflation Views for Global Companies to Weigh

Tammy Whitehouse March 02, 2010

After consulting with staff at the Securities and Exchange Commission, a Center for Audit Quality task force says companies with operations in Venezuela should consider new accounting for those operations because the economy there is considered inflationary.The Center for Audit Quality issued an alert advising companies with operations in Venezuela...

FASB Finalizes Changes on Consolidation, Equity

Tammy Whitehouse January 07, 2010

The Financial Accounting Standards Board has issued some new updates to the Accounting Standards Codification to revise existing rules on consolidation, equity, and oil and gas reserve accounting.In Accounting Standards Update No. 2010-02, the FASB clarifies the types of transactions that should be accounted for as a decrease in ownership...

FASB Codifies New Rules on Off-Balance-Sheet Vehicles

Tammy Whitehouse January 06, 2010

More than six months after adopting new standards governing off-balance-sheet activity and consolidation of variable interest entities, the Financial Accounting Standards Board has at last added them to the Accounting Standards Codification, making them officially part of U.S. Generally Accepted Accounting Principles.FASB adopted Financial Accounting Standard No. 166: Accounting for...

FASB Offers Codification in Four-Volume Set

Tammy Whitehouse December 22, 2009

Now here’s a holiday gift for the accountant on your list. The Financial Accounting Standards Board has published its Accounting Standards Codification into a four-volume bound edition.So for $195, the entire library of Generally Accepted Accounting Principles can be adorning the desktop of your favorite accountant, just in time to...

Congress Wants Study on How Rules Will Affect Credit

Tammy Whitehouse November 20, 2009

Congress is openly fretting over how new off-balance sheet accounting rules might affect securitization and the availability of credit, with the House Financial Services Committee agreeing in concept to require a study of the matter.Republican Congressman Scott Garrett of New Jersey proposed yet another amendment to the mushrooming Financial Stability...

FASB Links GAAP With XBRL Through Codification

Tammy Whitehouse October 14, 2009

The marriage of rules and data is beginning to take shape as the Accounting Standards Codification now includes some links to eXtensible Business Reporting Language (XBRL).The Financial Accounting Standards Board has added some functionality to the Codification, which is the official electronic rulebook for all U.S. Generally Accepted Accounting Principles,...

FASB Posts Codification Updates to Fix Technical Problems

Tammy Whitehouse September 28, 2009

The Financial Accounting Standards Board is flyspecking its Accounting Standards Codification with a handful of recent updates to make technical corrections and to codify some comments made by observers from the Securities and Exchange Commission.ASU 2009-11, Extractive Activities – Oil and Gas, amends Section 932-10-S99 to reflect SEC observer comments...

Auditors Need to Learn, Navigate Codification, PCAOB Says

Tammy Whitehouse September 03, 2009

Auditors should familiarize themselves with the Accounting Standards Codification, the new authority for all Generally Accepted Accounting Principles, and understand the weight it carries in relation to auditing standards and other guidance.That’s the advice of Martin Baumann, chief auditor for the Public Company Accounting Oversight Board. The staff of the...

SEC Clarifies Authority Over Accounting Rules

Tammy Whitehouse August 25, 2009

The Securities and Exchange Commission has published a post script of sorts to the new Accounting Standards Codification, clarifying the Codification doesn’t trump anything the SEC published previously.Many in accounting and financial reporting circles are still getting accustomed to the Codification developed by the Financial Accounting Standards Board to serve...

FASB Explains Free and Subscription Access to Codification

Tammy Whitehouse June 24, 2009

The Financial Accounting Standards Board has stated its terms for access to advanced research functionality for the new accounting rule book that takes effect July 1.FASB will offer free access to a basic view of the Accounting Standards Codification, which is about to become the new, sole authoritative source for...

FASB Prepares to Publish Final Accounting Standards

Tammy Whitehouse June 04, 2009

The Financial Accounting Standards Board will issue its last three accounting standards in the coming weeks, two of them next week when it publishes new statements of accounting related to off-balance-sheet activity.“This doesn’t mean we’re going home and shutting down the lights,” said FASB Technical Director Russell Golden in an...

IASB Offers Free Access to Core IFRS

Tammy Whitehouse April 21, 2009

The International Accounting Standards Board is no longer charging a subscription fee to access the core International Financial Reporting Standards.IASB holds copyright over the library of IFRS and charges a subscription to access the standards and all related guidance. The fee is waived, however, when a particular jurisdiction adopts IFRS,...

FASB Moves to Make Codification Sole Authority on GAAP

Tammy Whitehouse April 07, 2009

The clock is ticking for accountants and preparers of financial statements to get up to speed on a whole new method for conducting research and referencing accounting rules. The Financial Accounting Standards Board is putting the finishing touches on its “Accounting Standards Codification” with a launch date scheduled for July...

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