FASB
FAF Seeks Feedback on Standards
The Financial Accounting Foundation is soliciting feedback from interested parties as part of its post-implementation review (PIR) process for both FASB and GASB standards. As part of these reviews, the FAF is asking FASB and GASB constituents to participate in surveys designed to assess whether accounting standards are meeting their stated objectives.
FASB Concludes FIN 48 Could Be Better
A review team from the Financial Accounting Foundation (FAF) concluded that Financial Accounting Standards Board (FASB) Interpretation No.
Senate Comes Out Against Private Company Standards Proposal
The U.S. Senate has entered the debate over whether there should be a separate standards setting body to oversee Generally Accepted Accounting Principles (GAAP) with modifications and exceptions for private companies, with a letter signed by Sen. Carl Levin, (D-Mich.) coming out squarely against the idea.
NYSSCPA Takes Issue with FAF's Private Companies Plan
In a Dec. 12 letter to the Financial Accounting Foundation, NYSSCPA President Richard E. Piluso commented on the FAF's Oct. 2011 report, Plan to Establish the Private Company Standards Improvement Council, and criticized aspects of the foundation's approach.
PCAOB Adds New Advisors, Changes Terms
The Public Company Accounting Oversight Board has announced 28 new and reappointed members to its Standing Advisory Group (SAG), a team of experts that advises the board.
FASB to Hold Revenue Webcast
In conjunction with the IASB, the FASB is hosting a webcast, “IN FOCUS: Understanding the Exposure Draft, Revenue from Contracts with Customers.” To register for this free event on Dec. 8, 10 to 11 a.m., EST, go to the FASB website.
FASB to Discuss Nonpublic Entities in Webcast
On Dec. 20, from 1:00–2:40 p.m. ET, the FASB will hold a free live broadcast to discuss its ongoing initiatives to address financial accounting for nonpublic entities.
Welcome at the FAF, Welcome Back at the FASB
The Financial Accounting Foundation (FAF), the independent, private sector body that appoints members of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) has named three new members to its board of trustees:
FASAC, the FASB Advisory Group, Adds New Members
The Board of Trustees of the Financial Accounting Foundation has appointed 13 new members to the Financial Accounting Standards Advisory Council (FASAC), a group that advises the Financial Accounting Standards Board (FASB) on technical issues, project priorities and other standard setting topics.