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generally accepted accounting principles (GAAP) News

FASB, IASB Issue New Revenue Recognition Rules

by Mike Godfrey,, Washington

Monday, June 2, 2014

The International Accounting Standards Board, responsible for International Financial Reporting Standards, and the Financial Accounting Standards Board, responsible for United States Generally Accepted Accounting Principles, have issued a converged standard on the recognition of revenue from contracts with customers. Read Full Story


IASB Tinkers With IFRS 9: Financial Instruments

by Robert Lee,, London

Wednesday, December 5, 2012

The International Accounting Standards Board has launched a consultation on limited changes to the classification and measurement requirements for financial instruments under International Financial Reporting Standards 9: Financial Instruments. Read Full Story


AICPA Provides Draft For US Financial Reporting By SMEs

by Leroy Baker,, New York

Monday, November 5, 2012

The American Institute of Certified Public Accountants has issued for comment an exposure draft of its proposed Financial Reporting Framework for United States’ small and medium-sized enterprises. Read Full Story


UK Reduces Business Accounting, Reporting Requirements

by Robert Lee,, London

Thursday, September 13, 2012

Reduced auditing and reporting requirements could save the UK's businesses millions of pounds in annual accountancy and administration costs, the Business Secretary has said. Read Full Story


SEC Staff Report Lacks Timetable For Switch To IFRS

by Glen Shapiro,, New York

Wednesday, July 18, 2012

The final staff report from the United States Securities and Exchange Commission, evaluating the implications of incorporating International Financial Reporting Standards into the financial reporting system for US companies, has been criticized for not containing a recommended action plan or timetable. Read Full Story


FAF Updates US Accounting Standards Compendium

by Glen Shapiro,, New York

Thursday, February 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. Read Full Story


US Industry Warns Against Lease Accounting Proposals

by Glen Shapiro,, New York

Thursday, February 23, 2012

A coalition of several leading non-profit and commercial organizations, including the US Chamber of Commerce, has released a report warning against the introduction of the International Accounting Standard and the Financial Accounting Standard Boards' proposed lease accounting standard, noting the significant detrimental impact it would have on the United States' economy. Read Full Story


US Accounting Standards Subject To Review

by Mike Godfrey,, Washington

Wednesday, February 22, 2012

United States accounting standards governing financial reporting for business combinations, 'operating segments', and deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the Financial Accounting Foundation, the agency has announced. Read Full Story


GAAP Accounting Change Positive For Banking Investors

by Glen Shapiro,, New York

Thursday, January 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. Read Full Story


FASB, IASB Set Disclosure Requirements On Offsetting

by Mike Godfrey,, Washington

Friday, December 23, 2011

The International Accounting Standards Board and the Financial Accounting Standards Board on December 16, 2011, issued common disclosure requirements that are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. Read Full Story



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