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Accounting

  • FAF Proposes One-year Delay of Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    May 25, 2015

    The Financial Accounting Foundation (FAF)—which houses both the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB)—issued a formal proposal on April 29 to delay the implementation of the new revenue recognition standard by one year for both public and private companies. 

  • New FASB Proposal Brings Sea Change to Nonprofit Financial Reporting

    By:
    Chris Gaetano
    |
    May 11, 2015
    The Financial Accounting Standards Board (FASB) has taken the next step in its bid to update reporting rules for nonprofit organizations, the first overhaul of this area in more than 20 years. The board released an exposure draft, “Presentation of Financial Statements of Not-for-Profit Entities,” outlining likely changes, on April 22. 
  • As PCC Hits its Three-Year Mark, FAF Asks for Feedback on Performance

    By:
    Chris Gaetano
    |
    Mar 31, 2015
    As part of a mandated three-year review period, the Financial Accounting Foundation (FAF) is asking stakeholders to weigh in on how well the Private Company Council (PCC) has fared in addressing financial reporting issues relevant to private business entities. The FAF’s board of trustees recently released a request for comment asking interested parties to share their input by May 11. 
  • Financial managers: GASB proposals on OPEB to have subtle impact

    By:
    CHRIS GAETANO
    |
    Sep 26, 2014
    chools, municipalities and other public entities will need to radically change how they calculate liabilities for other post-employment benefits (OPEB), if the Governmental Accounting Standards Board (GASB) approves three exposure drafts it simultaneously released this summer. However, experts say the impact will be subtle, with the biggest shifts occurring mostly in how information is presented. 
  • NYSSCPA calls for clearer guidance in FASB pushdown proposal

    By:
    CHRIS GAETANO
    |
    Sep 22, 2014
    Though the NYSSCPA largely agrees with a proposal by the Financial Accounting Standards Board (FASB) to standardize how entities use “pushdown” accounting—a practice in which a subsidiary’s financial statements reflect the acquiring company’s basis of accounting—it said that clearer guidance was needed in situations involving temporary change of control. 
  • NYSSCPA meets with newly appointed finance commissioner

    By:
    CHRIS GAETANO
    |
    Aug 12, 2014
    In a meeting with members of the NYSSCPA’s New York, Multistate and Local Taxation Committee, Jaques Jiha, New York City’s recently appointed Department of Finance commissioner, said he would improve transparency, equity and efficiency in the department and work to make it more customer oriented.
  • FAE speaker: Crash could have been worse

    By:
    Chris Gaetano
    |
    Aug 8, 2014

    Despite the financial sturm und drang of the last few years, James Glassman, Managing Director and Head Economist at JP Morgan, said that if he were to grade the U.S. on its economic recovery, he would give it an “A.” Surprised? Glassman, who made his remarks during the Foundation for Accounting Education’s CFOs, Controllers, Treasurers and Financial Professionals Conference, said the U.S. deserves some credit—things could have been much worse.