Updates

 

FASB

Transition Group Formed by IASB and FASB to Address Revenue Recognition
July 31, 2013 - Russell Golden, FASB Chairman, indicates that the purpose of the group will be to help resolve any issues of diversity that may arise as companies and other entities move toward implementing the final revenue recognition standard. (AccountingToday)
Russell Golden, Recently-Appointed FASB Chairman, Discusses Entity’s Present Role in Shaping U.S. and International Standards
July 29, 2013 - The Chairman talks about a new collaboration between FASB and IASB and outlines approach and progress in a number of projects related to convergence, leasing, revenue recognition, insurance and codification. (AccountingToday)
FASB provides more time to compare credit loss proposals
March 28, 2013 - The Financial Accounting Standards Board has extended the comment period of its expected-credit-loss proposal in its financial-instruments project to May 31. (Journal of Accountancy)
FASB among 12 participants in IASB advisory forum
March 19, 2013 - The Financial Accounting Standards Board is one of 12 standard setters from around the world that will serve as an inaugural member of an accounting advisory group. The Accounting Standards Advisory Forum will provide technical advice to the International Accounting Standards Board (Journal of Accountancy)
Standards for Financial Instruments Accounting Are Focus of FASB’s Revised Proposal
February 14, 2013 - The Board is requesting public comment on its latest proposal revisions, which include a framework for measurement and classification of financial instruments, aimed at facilitating convergence with IFRS. (AccountingToday)
Global Comparability in Accounting Standards May Require New Approaches
January 10, 2012 - Speaking at a conference of the New York Society of Security Analysts, FASB Chairman Leslie Seidman and IASB Chairman Hans Hoogervorst reaffirmed their commitment to working together to bring about convergence. (Journal of Accountancy)
FAF urges U.S. representation in group advising IASB on standards
December 28, 2012 - The Financial Accounting Foundation trustees say a commitment to endorsement or adoption of International Financial Reporting Standards should not be required for participation in a new forum of national and regional standard setters that will advise the International Accounting Standards Board. Such a requirement currently would preclude the participation of the United States, as the Securities and Exchange Commission has not released a timetable for deciding whether to require or allow U.S. public companies to prepare their financial statements in accordance with IFRS. JournalofAccountancy.com
FASB, IASB expected loss proposals won’t match, but Seidman still hopes for convergence
December 20, 2012 - Financial Accounting Standards Board Chairman Leslie Seidman hopes her board can still find a converged solution to expected credit losses with the International Accounting Standards Board. Although FASB on Dec. 20 released an exposure draft that will differ from the one the IASB plans to release in the first quarter of this year, Seidman said FASB will review comments on both proposals in hopes of finding a converged approach to impairment in the accounting for financial instruments project. JournalofAccountancy.com
IFRS Foundation Trustee James Quigley Urges Continued Co-operation With the U.S. in its Adoption of IFRS
December 12, 2012 - In an interview, Quigley advises keeping in mind the broad picture of the overall movement and progress toward a global set of standards that has already been achieved and will continue to develop, even after a so-called “ending” of the convergence initiative. (Journal of Accountancy)
Global accounting bodies rethink definition of convergence
December 11, 2012 - Global accounting standard setters acknowledge that completion of the convergence projects is unlikely to happen in the near term, but progress can still be made to closely align International Financial Reporting Standards and U.S. GAAP. "If the ambition is a single set of high-quality, globally accepted, and, in my view, principle-based standards, we're closer now than we were five years ago," says IFRS Foundation Trustee James Quigley. JournalofAccountancy.com

November 1, 2012
FASB, IASB union fragile amid SEC indecision on IFRS
Article discusses some of the issues and events presented during the AICPA Conference on Current SEC and PCAOB Developments in Washington and highlights some of the comments from FASB Chairman Leslie Seidman, IASB Chairman Hans Hoogervorst, and AICPA Chairman Richard Caturano regarding the interactions between the agencies related to IFRS. (Journal of Accountancy)
October 26, 2012
Leslie Seidman, FASB Chair, Expresses Views on the Board’s Continuing Working Relationship With the IASB, In Light of Her Soon-Ending Term as Chair.
In the article, Seidman affirms that the two entities, along with the SEC, will continue to work, via multiple possible approaches, on the goal of convergence; re-emphasizes the necessity of taking whatever length of time necessary to bring about an optimal result; and re-affirms the continuing mission of the FASB, over-and-above changes in personnel. (AccountingToday)
January 11, 2012
IFRS Foundation Trustees Meeting January 2012
The IFRS Foundation Trustees Meeting is being held on 12 January 2012 at the Regent Hotel in Singapore. All observer notes for this meeting, including those for the DPOC are now available, visit the meeting page. (IFRS.org)
January 11, 2012
Newly-Released Guidance From FASB Of Importance To Insurance Companies
Guidance addresses capitalization of certain costs related to acquisition of new and renewal contracts in 2012. (inAudit)
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
The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) acknowledge and appreciate the SEC's leadership regarding its consideration of global accounting standards, including its continued support for the goal of a single set of high quality globally accepted accounting standards, as expressed in the Commission Statement in Support of Convergence and Global Accounting Standards issued on February 24, 2010. (FASB.org)
February 26, 2010
AICPA/FAF/NASBA Announce Members of "Blue-Ribbon Panel" to Address Standards for Private Companies
The American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) today announced the members of the new "blue-ribbon panel" established to address how U.S. accounting standards can best meet the needs of users of private company financial statements. (FASB.org)
November 5, 2009
IASB and FASB Reaffirm Commitment to Memorandum of Understanding
At their joint meeting last week, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (U.S. GAAP) and to bring about their convergence. The Boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. (FASB.org) (IASB.org)
October 22, 2009
Accounting Standards Board of Japan Meets with Financial Accounting Standards Board to Discuss Global Convergence
(BUSINESS WIRE) Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) gathered this week in Norwalk, CT.
October 22, 2009
FASB Establishes Not-for-Profit Advisory Committee
The Financial Accounting Standards Board (FASB) announced the establishment of the Not-for-Profit Advisory Committee (NAC). The NAC is intended to serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations. (FASB.org)
October 13, 2009
Accounting Standards Update No. 2009-13—Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements
FASB issues Accounting Standards Update, 2009-13, to address the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit.
October 7, 2009
Accounting Standards Update No. 2009-14—Software (Topic 985): Certain Revenue Arrangements That Include Software Elements
FASB issues Accounting Standards Update, 2009-14, to address concerns by constituents relating to the accounting for revenue arrangements that contain tangible products and software. (FASB.org)
October 6, 2009
FASB Webcast Series – The Investor: An Important Voice in Standard Setting
The webcast, scheduled for Thursday, October 15, 2009, will discuss the FASB's outreach efforts to investors for its standard-setting activities. (FASB.org)
September 25, 2009
FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach
FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. (Journal of Accountancy)
September 23, 2009
FAF Endorses Monitoring Board Statement
The Board of Trustees of the Financial Accounting Foundation has expressed support for the "Statement on Principles for Accounting Standards and Standard Setting" issued by the International Accounting Standards Committee Foundation Monitoring Board today.
August 14, 2009
FASB Discusses Expansion of Fair Value Rules
In a meeting on Thursday, FASB discussed expansion of mark-to-market rules to loans and other securities. The FASB is expected to release an exposure draft in early 2010, according to Reuters.
August 14, 2009
XBRL U.S. GAAP Tags Now Aligned to FASB Accounting Codification
The XBRL U.S. GAAP Taxonomy has been updated to reflect the FASB Accounting Standards Codification and is effective for interim and annual periods ending after Sept. 15, 2009. (Journal of Accountancy).
July 30, 2009
International Financial Reporting Standards 2009 Volume
Through a special arrangement with the IASB, the Financial Accounting Foundation distributes the International Financial Reporting Standards 2009 Annual Bound Edition in the United States, U.S. possessions, Canada, and Mexico.  The 2009 edition is available for purchase from the FASB store.
July 01, 2009
FASB Launches Accounting Standards Codificaton™
The Financial Accounting Standards Board (FASB) launched the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. (FASB.org)
June 29, 2009
FASB Issues Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162
This Statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. Clicking on the link will take you to the FASB’s website where you can download the standard.
June 3, 2009
FASB Accounting Standards Codification™ to Officially Launch on July 1, 2009
The Financial Accounting Standards Board (FASB) voted to approve the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009.
April 10, 2009
FASB Releases Final Versions of New Mark-to-Market Guidance
The Journal of Accountancy provides links to the final staff positions to improve guidance and disclosures on fair value measurements and impairments.
April 1, 2009
FASB Approves New Mark-to-Market Guidance
The Journal of Accountancy reports that the Financial Accounting Standards Board voted to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions.
April 1, 2009
FASB Accounting Standards Codification™ - A Step toward Convergence
The FASB's Accounting Standards Codification™ (the "Codification") is expected to be launched on July 1, 2009. Read a summary of the project which includes links to AICPA resources, the FASB's Codification Web site and the recently issued proposed statement The Hierarchy of Generally Accepted Accounting Standards – a replacement of FASB Statement No. 162.
March 24, 2009
IASB and FASB Announce Further Steps in Response to Global Financial Crisis
Building on work underway, the Boards announced that they have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instruments. They will also work toward analyzing loan loss accounting within the financial instruments project.
March 19, 2009
IASB and FASB Launch Public Consultation on a Future Standard on Lease Accounting
The International Accounting Standards Board and the U.S. Financial Accounting Standards Board launched a public discussion on lease accounting by publishing their preliminary views in a joint discussion paper.
March 18, 2009
FASB Issues Proposals to Improve Guidance on Fair Value Measurements and Impairments
The FASB issued two proposed staff positions (FSPs) intended to provide additional application guidance regarding fair value measurements and impairments of securities. Written comments on both FSPs are due by April 1, 2009.
March 12, 2009
FASB Chairman Testifies on Mark-to-Market Accounting
Robert H. Herz Chairman of the Financial Accounting Standards Board testified about mark-to-market accounting before the U.S. House of Representatives Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Entities.
March 9, 2009
Financial Crisis Advisory Group Seeking Input from Constituents
The Financial Crisis Advisory Group (FCAG) is seeking written input from constituents to assist the FCAG in discussing accounting and reporting matters related to the financial crisis and making recommendations thereon to the IASB and the FASB. Responses to questions outlined by the FCAG are due by April 2, 2009.
December 2008
IASB and FASB Announce Membership of Financial Crisis Advisory Group.
The Financial Crisis Advisory Group (FCAG) is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis.
Revenue Recognition discussion paper issued
December 19, 2008 – The International Accounting Standards Board and the U.S. Financial Accounting Standards Board published a discussion paper setting out a joint approach to recognition of revenue. The discussion paper is open for comment until June 19, 2009.
FASB will re-examine accounting for financial instruments.
According to The Wall Street Journal, the use of mark-to-market accounting might be extended to a wider variety of securities, which could cause a battle between FASB, other regulators, companies and some legislators. However, according to Thomas Linsmeier, a FASB board member, investors said mark-to-market accounting is the "best approach."

View full article > | FASB Agenda Decisions – Financial Instruments >

November 2008
Hans Hoogervorst and Harvey Goldschmid to Co-Chair Advisory Group
November 14, 2008 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced that Hans Hoogervorst, Chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities regulator and Harvey Goldschmid, former Commissioner of the United States Securities and Exchange Commission (US SEC) have agreed to co-chair the high-level advisory group formed to consider financial reporting issues arising from the global economic crisis.
FAF Chairman asks G20 leaders to support independent standard setting.
November 14, 2008 – In a letter to President Bush, Robert E. Denham Chairman of the Financial Accounting Foundation asks for support of independent standard setting and open due process free from political interference.
IASB and FASB Announce Dates for U.S. and Asian Round Tables
November 6, 2008 – The International Accounting Standards Board and the U.S. Financial Accounting Standards Board have announced that the remaining two round-table discussions to identify financial reporting issues highlighted by the global financial crisis will be held in Norwalk, Connecticut on November 25, 2008 and in Tokyo on December 3, 2008.
October 2008
IASB and FASB Announce Further Details on Effort to Enhance Market Confidence
October 20, 2008 – The International Accounting Standards Board and the Financial Accounting Standards Board will form a joint advisory group and conduct roundtable discussions to consider how improvements in financial reporting could help investor confidence in the markets. The accounting boards also emphasize their commitment to finding common long-term solutions to the reporting of financial instruments.
FASB and IASB to Create Advisory Group
October 16, 2008 - The Financial Accounting Standards Board and the International Accounting Standards Board will create a global advisory group to ensure that reporting issues arising from the global economic crisis are considered in an internationally coordinated manner.
IASB and FASB Launch Consultation on Proposed Enhancements to the Presentation of Financial Statements
October 16, 2008 – The two accounting boards issued for public comment a discussion paper on financial statement presentation and propose to introduce cohesiveness and disaggregation as the two main objectives of financial statement presentation.
September 2008
SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value
September 30, 2008 - Office of Chief Accountant recognizes and supports efforts of FASB and the IASB on issues of fair value. While FASB is preparing to propose additional interpretative guidance on fair value measurements under U.S. GAAP, SEC and FASB staffs provide immediate clarification to a number of questions.
Completing the February 2006 Memorandum of Understanding
A progress report and timetable for completion.
February 27, 2006
FASB/IASB Memorandum of Understanding
A Roadmap for Convergence between IFRSs and US GAAP—2006-2008.
FASB Work Plan

 

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