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Stories that are tagged 'Financial Accounting Standards Board (FASB)'

FAF Updates US Accounting Standards Compendium
2/23/2012
The Financial Accounting Foundation has announced the publication of the updated print edition of the Financial Accounting Standard Board's Accounting Standards Codification, the single reference source for US Generally-Accepted Accounting Principles.
Banks Need Bespoke Accounting Rules, BoE Says
1/25/2012
Andrew Haldane, the Executive Director for Financial Stability at the Bank of England, has called for a rethink of reporting requirements for the banking industry, due to inconsistencies in how banking assets are quantified when the market value is unknown.
GAAP Accounting Change Positive For Banking Investors
1/5/2012
Fitch credit ratings agency has said a new accounting rule change, requiring banks to book losses on loans sooner, will have a gradual positive affect on US bank income statements with the effect of insulating investors from risk.
FASB Defers Income Reclassification Reporting Requirements
12/28/2011
The United States accounting standards setter, the Financial Accounting Standards Board has announced an update that will defer the specific requirements on the separate presentation of items which have been reclassified from accumulated other comprehensive income to net income. A previous update proposed to make mandatory the separate reporting of the respective components of net income and comprehensive income in relation to these items.
Foundation Warns Against Lease Accounting Proposals
12/15/2011
The Equipment Leasing and Finance Foundation has warned against proposed amendments to financial reporting requirements for leasing transactions, which it says could cost the US economy USD10bn in lost GDP and 60,000 less jobs by 2016.
Boards Consult On Revenue Recognition Standard
11/18/2011
The International Accounting Standards Board and the Financial Accounting Standards Board have released for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards and US accounting standards for revenue (and some related costs) from contracts with customers.
FAF Sets Out Convergence Agenda
11/17/2011
The Financial Accounting Foundation, which oversees the United States accounting standards setter the Financial Accounting Standards Board, has generally backed the Securities and Exchange Commission's proposed approach to converging United States Generally-Accepted Accounting Principles standards with International Financial Reporting Standards.
AICPA Pushes For Private Company Standard Setter
10/21/2011
The American Institute of Certified Public Accountants on October 18, 2011 approved an ultimatum to the Financial Accounting Foundation, which warns that either the Foundation must adopt recommendations for the establishment of an independent accounting standards setter for private companies - without the power of veto being granted to the Financial Accounting Standards Board - or AICPA will consider other options to achieve the objective independently.
FAF Rejects 'Little GAAP' For US Private Companies
10/7/2011
A new body, with the authority to identify standards that require modification and to vote on specific proposed exceptions or modifications to United States Generally Accepted Accounting Principles for private companies, is the centrepiece of a plan released for public comment by the Financial Accounting Foundation.
IFRS 9 Deferred As Convergence Talks Sour
8/9/2011
The International Accounting Standards Board has announced its intention in an exposure draft to defer the mandatory adoption of the IFRS 9 standard until January 1, 2015, following disagreement on convergence with the US standards setter, the Financial Accounting Standards Board.
IASB Chair Urges US Adoption Of IFRS
3/16/2011
The outgoing Chairman of the International Accounting Standards Board has urged the United States to adopt International Financial Reporting Standards this year, rebuffing concerns that the international accounting rules will be subject to undue influence by foreign governments.
FASB Seeks To Improve Accounting For Repurchase Agreements
11/5/2010
The US Financial Accounting Standards Board has issued an Exposure Draft on its proposal to improve accounting for repurchase agreements.
SEC Progresses Work Plan For Global Accounting Standards
11/2/2010
The United States’ Securities and Exchange Commission has published its first progress report on the work plan aimed at providing the information needed to evaluate the implications of incorporating International Financial Reporting Standards into the financial reporting system for US securities’ issuers.
FASB Updates Guidance On Insurance Contract Acquisition Costs
10/18/2010
The Financial Accounting Standards Board has issued an update to Financial Services—Insurance, Topic 944, which provides guidance on accounting for costs associated with acquiring or renewing insurance contracts.
FASB Updates Accounting For Debt Restructuring
10/13/2010
The US Financial Accounting Standards Board has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.
IASB Enhances Financial Instrument Disclosure
10/11/2010
The International Accounting Standards Board, the independent standard-setting body of the IFRS Foundation, has issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities.
FASB Consults On Defined Contribution Pension Plan Update
8/27/2010
The US Financial Accounting Standards Board has issued for public comment an exposure draft of a proposed Accounting Standards Update on defined contribution pension plans.
UK Lease Association Concerned At IASB Proposals
8/23/2010
Proposals published by the International Accounting Standards Board, could mean that asset finance, the largest source of debt finance for UK businesses, will be more difficult to obtain, according to the UK Finance and Leasing Association.
Standard Setters Propose Lease Reporting Improvements
8/19/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published for public comment joint proposals to improve the financial reporting of lease contracts.
IASB Decides On Tax Accounting
7/30/2010
The International Accounting Standards Board in London made tentative decisions on accounting for income tax at its sessions on July 19 - 23, 2010. The US Financial Accounting Standards Board joined some sessions.
FASB Issues Update On Receivables Disclosures
7/23/2010
The Financial Accounting Standards Board has issued an update regarding disclosures about the credit quality of financing receivables and the allowance for credit losses.
FASB Consults On Loss Contingencies
7/21/2010
In response to a perceived demand from investors for more information, the US Financial Accounting Standards Board has issued for consultation proposed amendments to the Contingencies Topic 450, which would retain the current qualitative disclosures and clarify certain loss contingencies by requiring additional disclosures.
IASB, FASB To Resolve Fair Value Differences
7/2/2010
US and International accounting standard setters are working to ensure that their respective fair value measurement standards will be nearly identical, but with 'style' differences.
IASB And FASB Propose New Standard
6/28/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.
Accounting Standard Setters Shift Goalposts
6/4/2010
The international and US accounting standards boards have announced that they will be be unable to meet the June 2011 target date for the convergence of International Financial Reporting Standards with US Generally Accepted Accounting Principles.
Standard Setters Call For Public Input
6/1/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published simultaneously for public comment proposals to improve the consistency of how items of Other Comprehensive Income are presented. In addition the US board is consulting on its latest accounting standard update for for financial instruments.
Standard Setters Discuss Disclosure
5/10/2010
The International Accounting Standards Board and the Financial Accounting Standards Board have discussed the overall disclosure principles, disclosures for consolidated subsidiaries, disclosures for unconsolidated structured entities and the disclosures related to investment companies at a joint board meeting.
Accounting Boards Seek Convergence
4/16/2010
On two major projects, financial instruments and insurance contracts, the US and International accounting standards bodies have reached different conclusions on some important technical issues. Addressing those differences in a way that promotes convergence could affect the project timetables.
IASB Chairman Updates EU
3/18/2010
Sir David Tweedie, Chairman of the International Accounting Standards Board, has addressed a meeting of the Council of the European Union (Economic and Financial Affairs) on convergence and the classification and measurement of financial instruments.

 

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