FASB
- January 3, 2012
- A New System for Recognizing Revenue
- FASB and the International Accounting Standards Board (IASB) in November released a revised proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. (Journal of Accountancy)
- December 28, 2011
- FAF Roundtable Participation Application Deadline Re-Set to 6 January 2012
- The application deadline for participation in January, February and March private company roundtable discussions, the purpose of which is to discuss FAF's proposed Private Company Standards Improvement Council, has been extended, with the first roundtable being scheduled for January 18th. (AccountingToday)
- December 27, 2011
- FASB Defers Certain Aspects of Comprehensive Income Accounting Standards Update
- On December 23rd, FASB issued Accounting Standards Update No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. (FASB.org)
- December 7, 2011
- FASB Chairman Leslie Seidman Addresses the AICPA Conference on Current SEC and PCAOB Developments
- Seidman expresses belief that the name "U.S. GAAP" should be retained, but that the actual rules utilized by U.S. companies should be determined or written by the international standards setting entities. (AccountancyAge)
- November 14, 2011
- IASB and FASB Publish Revised Proposal for Revenue Recognition
- November 14, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. (FASB.org) (Exposure Draft)
- October 25, 2011
- Leslie F. Seidman Addresses National Association of State Boards of Accountancy
- October 25, 2011 - Remarks by Leslie F. Seidman, Chairman of the Financial Accountancy Standards Board, to the National Association of State Boards of Accountancy on Monday, October 24, 2011 in Nashville, Tennessee. (FASB.org)
- October 21, 2011
- FASB Seeks Comments on Proposal on Accounting for Investment Property Entities
- October 21, 2011 - The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to develop accounting guidance for investment property entities. Comments on the proposal are requested by January 5, 2012. (FASB.org)
- October 21, 2011
- FASB Seeks Comments on Proposal to Clarify Criteria for Investment Company Accounting
- October 21, 2011 - The Financial Accounting Standards Board (FASB) today issued a proposed Accounting Standards Update intended to improve and converge financial reporting by setting forth consistent criteria for determining whether an entity is an investment company. Comments on the proposed Update are requested by January 5, 2012. (FASB.org)
- October 21, 2011
- European Securities and Markets Authority’s Report for 2010 Shows Progress in European Application of IFRS
- Report Reviews IFRS Status in European Economic Area. (mondovisione)
- October 12, 2011
- FASB Adds Agenda Project to Consider Deferring Certain Aspects of Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income
- October 12, 2011 - Leslie F. Seidman, Chairman of the Financial Accounting Standards Board (FASB), today announced the addition of a FASB agenda project to consider deferring certain aspects of Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.
- June 16, 2011
- FASB Issues Accounting Standards Update to Improve Presentation of Comprehensive Income
- June 16, 2011 - The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update (ASU) No. 2011-05 Comprehensive Income (Topic 220): Presentation of Comprehensive Income. The Update is intended to increase the prominence of other comprehensive income in financial statements. (FASB Update No. 2011-05)
- June 16, 2011
- IASB and FASB to Re-Expose Revenue Recognition Proposals
- June 15, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) agreed today to re-expose their revised proposals for a common revenue recognition standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on revenue recognition in June 2010. (FASB.org)
- May 18, 2011
- FASB Update: Financial Statement User Edition
- May 2011 - This summary is meant to update investors on standard-setting activities that may impact the companies they follow. (FASB.org)
- May 12, 2011
- IASB and FASB issue common fair value measurement and disclosure requirements
- May 12, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued new guidance on fair value measurement and disclosure requirements for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). (FASB.org)
- May 2, 2011
- FASB Issues Accounting Standards Update to Improve Financial Reporting of Repurchase Agreements
- April 29, 2011 - The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update (ASU) No. 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements. (FASB.org)
- April 6, 2011
- FASB Chairman Leslie F. Seidman's Testimony Before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee On Securities, Insurance, and Investment on April 6, 2011
- Read full text of testimony. (FASB.org)
- March 18, 2011
- FASB Announces Joint FASB/IASB Public Roundtable Meetings on Proposed Standard on Offsetting
- The Financial Accounting Standards Board (FASB) has announced it will host joint public roundtable meetings with the International Accounting Standards Board (IASB) to discuss the FASB's proposed Accounting Standards Update (ASU), Balance Sheet (Topic 210): Offsetting, and the IASB's Exposure Draft (ED), Offsetting Financial Assets and Financial Liabilities. The U.S. roundtable will be held on May 9 at the FASB offices in Norwalk, CT. (FASB.org)
- March 7, 2011
- Financial Accounting Foundation Outlines Plans to Address Standard Setting for Nonpublic Entities
- The Board of Trustees of the Financial Accounting Foundation (FAF) announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities. (AccountingFoundation.org)
- February 11, 2011
- Representatives of the Accounting Standards Board of Japan and the Financial Accounting Standards Board Meet to Discuss Global Convergence
- February 11, 2011 - Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) met on February 7 and 8, 2011, in Norwalk, Connecticut. (FASB.org)
- February 9, 2011
- FASB Discussion Paper Seeks Input on Issues about Hedge Accounting
- February 9, 2011 - The Financial Accounting Standards Board (FASB) today issued a Discussion Paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities. (FASB.org)
- January 31, 2011
- IASB and FASB Propose Common Solution for Impairment Accounting
- January 31, 2011 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have today published for public comment proposals for accounting for impairment of financial assets such as loans managed in an open portfolio. Supplementary Document (FASB.org)
- January 28, 2011
- IASB and FASB Propose to Align Balance Sheet Netting Requirements
- January 28, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have published a proposal to establish a common approach to offsetting financial assets and financial liabilities on the statement of financial position (balance sheet). Exposure Draft (FASB.org)
- January 27, 2011
- Blue-Ribbon Panel Addressing Standards for Private Companies Submits Report of Recommendations to Financial Accounting Foundation
- January 26, 2011 - The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements has issued a report of its recommendations to the Financial Accounting Foundation (FAF) Board of Trustees. (AccountingFoundation.org)
- January 20, 2011
- Registration is Now Open for January 25 Webcast, 2011 Chairman's Outlook on the FASB with Leslie F. Seidman
- This live, hour-long webcast begins at 1:00 p.m. on Tuesday, January 25, and will feature Chairman Seidman discussing the Board's priorities for 2011, including updates on top projects and progress on its joint agenda with the International Accounting Standards Board. (FASB.org)
- January 14, 2011
- Financial Accounting Foundation Appoints New FASB Board Members
- January 14, 2011 - The Financial Accounting Foundation (FAF) today announced the appointments of Daryl E. Buck and R. Harold (Hal) Schroeder to the Financial Accounting Standards Board (FASB). (AccountingFoundation.org)
- December 23, 2010
- Financial Accounting Foundation Appoints Leslie F. Seidman Chairman of the Financial Accounting Standards Board
- December 23, 2010 - The Board of Trustees of the Financial Accounting Foundation (FAF) today named Leslie F. Seidman chairman of the Financial Accounting Standards Board (FASB), effective immediately. (AccountingFoundation.org)
- November 23, 2010
- FASB Update-Private Company Edition
- November 2010 – This initial issue of FASB Update-Private Company Edition highlights recent Exposure Drafts on accounting for financial instruments, revenue recognition, and accounting for leases. (FASB.org)
- November 17, 2010
- Financial Accounting Foundation Appoints Four New Members to Its Board of Trustees
- November 17, 2010 - The Financial Accounting Foundation (FAF) today announced that Carol Anthony (John) Davidson, Stephen R. Howe, Jr., W.M. (Mack) Lawhon, and Mary S. Stone have been appointed to the FAF Board of Trustees. (AccountingFoundation.org)
- November 16, 2010
- Teresa S. Polley Named President and Chief Executive Officer of the Financial Accounting Foundation
- November 16, 2010 - The Board of Trustees of the Financial Accounting Foundation (FAF) today approved the election of Teresa S. (Terri) Polley as its President and Chief Executive Officer (CEO). (AccountingFoundation.org)
- October 21, 2010
- The FASB Hosts a Pre-Recorded Webinar Explaining the FASB's Recently Issued Discussion Paper, Preliminary Views on Insurance Contracts
- Now available on the FASB website is a pre-recorded webinar explaining the FASB's recently issued Discussion Paper, Preliminary Views on Insurance Contracts. (FASB.org)
- October 20, 2010
- The FASB to Host Webcast on Leases Project: Proposed Changes to Lease Accounting—scheduled for October 28, 2010
- The Financial Accounting Standards Board (FASB) is pleased to announce an upcoming webcast to discuss the Exposure Draft, Leases, which was issued on August 17, 2010. (FASB.org)
- October 19, 2010
- FASB Discussion Paper Seeks Input on Effective Dates and Transition Methods
- October 19, 2010 - The Financial Accounting Standards Board (FASB) issued a Discussion Paper today to solicit input from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards should be effective. The FASB requests comments on this Discussion Paper by January 31, 2011. (FASB.org)
- October 15, 2010
- Financial Accounting Standards Board Announces Public Roundtable Meetings to Solicit Input on Proposal to Improve Lease Accounting
- The Financial Accounting Standards Board (FASB) has announced it will host public roundtable meetings in the United States to discuss its August 2010 Exposure Draft, Proposed Accounting Standards Update—Leases (Topic 840). (FASB.org)
- October 4, 2010
- AICPA Expresses Concerns on FASB Financial Instruments Proposal
- The AICPA's Financial Reporting Executive Committee (FinREC) on Thursday said it was concerned about the fair value measurement and impairment models along with other provisions of FASB's comprehensive proposal to revamp financial instruments accounting. (Journal of Accountancy) (Link to Letter)
- October 1, 2010
- FASB Announces Public Roundtable Meetings to Solicit Input on Proposal to Improve Revenue Recognition
- The Financial Accounting Standards Board (FASB) has announced it will host public roundtable meetings in the United States to discuss its June 2010 Exposure Draft, Revenue Recognition (Topic 605): Revenue from Contracts with Customers. (FASB.org)
- September 30, 2010
- An Overview of Outreach Provided through Meetings and Teleconferences With Users of Financial Statements for the FASB's Accounting for Financial Instruments Proposal
- Overview available at the FASB website. (FASB.org)
- September 28, 2010
- IASB and US FASB Complete First Stage of Conceptual Framework
- September 28, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (GAAP). The IASB has revised portions of its framework; while FASB has issued 'Concepts Statement 8' to replace 'Concepts Statements 1 and 2'. (FASB.org)
- September 27, 2010
- FASB Update: Financial Statement User Edition
- This issue highlights new disclosures about the credit quality of finance receivables that go into effect beginning this year and three recently issued Exposure Drafts. (FASB.org)
- September 24, 2010
- FASB Announces Public Roundtable Meetings to Solicit Input on the IASB Staff Draft on Consolidated Financial Statements
- The FASB public roundtable meetings on the IASB Staff Draft on consolidated financial statements will be held Monday, October 25, 2010. (FASB.org)
- September 20, 2010
- FASB Discussion Paper Seeks Input on Improving the Financial Reporting for Insurance Contracts
- The Financial Accounting Standards Board (FASB) issued a Discussion Paper today to solicit broad-based input on how to improve, simplify, and converge the financial reporting requirements for insurance contracts. (FASB.org)
- September 17, 2010
- Financial Accounting Foundation Appoints Russell G. Golden to the Financial Accounting Standards Board
- September 17, 2010 - The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Russell G. Golden to the Financial Accounting Standards Board (FASB), effective October 1, 2010. (FASB.org)
- September 14, 2010
- FASB Seeks Input on Private Company Accounting Issues at Public Meetings
- FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. (EST) at FASB's offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon (CST) in Dallas. (Journal of Accountancy) (FASB media advisory)
- August 5, 2010
- AICPA/FAF/NASBA "Blue-Ribbon Panel" Seeks Written Input from Constituents
- August 5, 2010 - The AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking written input from constituents in the form of responses to a set of questions. Responses will assist the Panel in discussing how accounting standards can best meet the needs of U.S. users of private company financial statements and making recommendations thereon to the FAF Board of Trustees (the Trustees). (FASB.org)
- July 1, 2010
- FASB/IASB Issue Financial Statement Presentation Staff Draft
- July 1, 2010 – This staff draft on an Exposure Draft has been prepared by the staff of the FASB and the IASB (Boards) for the Boards’ joint project to develop a standard on financial statement presentation. (FASB.org)
- June 29, 2010
- FASB Issues Proposed Accounting Standards Update on Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
- June 29, 2010 - The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). (FASB.org)
- June 24, 2010
- IASB and FASB Propose a New Joint Standard for Revenue Recognition
- June 24, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs. (FASB.org)
- June 3, 2010
- IASB and FASB issue statement on their convergence work
- June 2, 2010 – The IASB and the FASB announced a modified strategy to prioritize major convergence projects. The two boards also issued a joint letter to the G-20. (FASB.org)
- May 27, 2010
- FASB Issues Exposure Draft on Accounting for Financial Instruments
- May 26, 2010 - The Financial Accounting Standards Board (FASB) has issued an Exposure Draft (ED) of a proposed Accounting Standards Update (ASU) intended to improve accounting for financial instruments. (FASB.org)
- May 25, 2010
- FASB Chairman Testifies Before the U.S. House of Representatives Subcommittee
- FASB Chairman Robert H. Herz Testifies Before the U.S. House of Representatives Financial Services Subcommittee On Capital Markets, Insurance, and Government Sponsored Entities on May 21, 2010. Read full text of testimony. (FASB.org)
- April 14, 2010
- IASB and FASB Quarterly Report Shows Continued Progress Towards Convergence Goal
- The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published a report on their work to improve and achieve convergence of International Financial Reporting Standards and US generally accepted accounting principles. (FASB.org)
- March 11, 2010
- FASB and IASB Issue Exposure Draft on the Reporting Entity Concept
- The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) today published for public comment the Exposure Draft (ED), Conceptual Framework for Financial Reporting: The Reporting Entity. (FASB.org)
- February 26, 2010
- Statement by the Financial Accounting Foundation and the Financial Accounting Standards Board Regarding the SEC's Commission Statement in Support of Convergence and Global Accounting Standards