July 15, 2014
As part of an initiative towards simplifying accounting standards, the Financial Accounting Standards Board (FASB) has issued two proposed updates that are meant to ease the measurement of inventory and eliminate the requirements for extraordinary items
July 10, 2014
As part of a new initiative to reduce complexity in accounting standards, the Financial Accounting Standards Board (FASB) has added two short-term projects to its agenda to simplify Generally Accepted Accounting Principles (GAAP).
June 24, 2014
The Financial Accounting Foundation (FAF) today appointed Washington State investment official Gary H. Bruebaker to the FAF Board of Trustees, effective July 1. Bruebaker currently is the chief investment officer for the Washington State Investment Board in Olympia, Washington.
June 18, 2014
On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope…
June 18, 2014
The Financial Accounting Standards Board (FASB) has issued a new standard to improve the financial reporting of repurchase agreements and other similar transactions. Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements.
June 10, 2014
Improved audit quality is a goal being pursued by the Public Company Accounting Oversight Board (PCAOB), and a non-partisan audit advocacy group is supporting its recent efforts.
June 5, 2014
Members of the TRG include financial statement preparers, auditors and users representing a wide spectrum of industries, geographical locations and public and private companies and organizations.
June 4, 2014
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of two new members to the Governmental Accounting Standards Advisory Council (GASAC).
June 4, 2014
Financial information and technology company Thomson Reuters has released a special report, An Overview of the Revised Accounting Model for Revenue Recognition, which provides useful insights for corporate management teams, shareholders, lenders, analysts, investors, regulators, and accounting firms that utilize revenue to monitor organizations' financial performance and general financial health.
May 28, 2014
The Governmental Accounting Standards Board (GASB) has voted unanimously to approve two Exposure Drafts proposing significant improvements to financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also approved a third Exposure Draft that would establish requirements for pensions and pension plans that are outside…
May 28, 2014
The standard will improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. Revenue is a vital metric for users of financial statements and is used to assess a company’s financial performance and prospects. However, the previous requirements of both IFRS and U.S. GAAP were different and often…
May 19, 2014
The Governmental Accounting Standards Board (GASB) today issued for public comment a proposed Statement addressing accounting and financial reporting issues related to fair value measurements.