FASB

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Corporate & Tax E-Note - December 2014

In this issue: - SEC Crowdfunding Rules Delayed Until October 2015 - Mega M&A Experiencing One of Biggest Booms in History - Some Small Business Owners Say Tax Break Extension Not Enough - 2014...more

SEC Accounting Staff Speeches at Annual AICPA Conference

On December 8 and 9, staff members of the SEC’s Office of the Chief Accountant, including the SEC chief accountant in his first published speech since he arrived at the SEC, discussed various accounting and financial...more

Blog: Will FASB Delay Effectiveness Of The New Revenue Recognition Standard?

According to this article in Compliance Week, the FASB is considering deferring the effective date of the new revenue recognition standard. A decision will be made “no later than early second quarter” on whether to propose a...more

Following FASB: Leases, Revenue Recognition Proposals On the Horizon

There are two proposals making their way through FASB that will have far-reaching implications for most financial statements—including those of private companies. Even though neither of these proposals has been finalized,...more

PCAOB Urges Audit Committee Scrutiny of Revenue Recognition

The PCAOB recently issued Staff Audit Practice Alert No. 12, which outlines significant audit deficiencies relating to revenue that PCAOB inspections have identified. ...more

Good News For Companies Adopting Retrospective Approach To New FASB Revenue Recognition Standard

One of the critical questions that companies are facing under FASB’s new revenue recognition standard is whether companies that elect to follow a retrospective approach (applying the standard to both current and prior years —...more

FASB Defines Management’s Going Concern Assessment and Disclosure Responsibilities

A new FASB standard should diminish the current diversity in disclosures regarding substantial doubt about an entity’s ability to continue as a going concern, which has been caused, in part, by the absence of any GAAP in this...more

FASB Revises Going Concern Evaluations and Disclosure

Generally accepted accounting principles, or GAAP, presumes continuation of a reporting entity as a going concern as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent....more

SEC Staff To Issue Guidance Related To New Revenue Recognition Standard

With 700 pages of new rules released regarding FASB’s new revenue recognition standard, it’s no wonder that companies have a lot of questions about the rules. (For more on the standard, see this post .) According to this...more

Studies Provide Useful Data About Restatements Since 2003

Recent restatement studies released by the Center for Audit Quality (CAQ) and Audit Analytics show that an increasing percentage of restatements are filed by companies that do not disclose that prior financial statements are...more

FASB Works on Projects to Help Investors and Preparers

The FASB has a number of projects on its agenda that are intended to enhance the usefulness of financial statements for investors and to simplify the statements’ preparation. Among the projects are the following...more

New Revenue Recognition Standard Adopted

The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) issued jointly written revenue recognition standards on May 28, 2014. The new guidance standardizes how companies...more

New Revenue Recognition Standard Will Likely Affect Most Companies and Require Pre-Adoption Planning

U.S. companies will need to comply with a new converged revenue recognition standard that the FASB and the International Accounting Standards Board (IASB) issued on May 28. The converged standard—which applies to fiscal years...more

Revenue Recognition - Are You Ready for New Principles-based Rules?

As you read this, the Financial Accounting Standards Board and the International Accounting Standards Board were expected to issue final rules on revenue recognition. The new rules are principles-based, providing a framework...more

FASB to Eliminate Special Accounting Rules for Development Stage Entities

The FASB decided in February to direct the FASB staff to draft a final Accounting Standards Update that will eliminate the special accounting treatment for development stage entities. The final update is scheduled to be...more

FASB Revised Guidance Will Decrease Discontinued Operations Treatment

The FASB recently issued an Accounting Standards Update that should reduce reporting of discontinued operations (disc ops) in some circumstances. The revised standard provides that only the disposal of a part of an entity...more

Fourth Circuit Affirms Dismissal of Securities Fraud Complaint Where Inference of Scienter Was Not Sufficiently Strong

In Yates v. Municipal Mortgage & Equity, LLC, No. 12-2496 (4th Cir. Mar. 7, 2014), the United States Court of Appeals for the Fourth Circuit affirmed the dismissal of a securities fraud claim under Section 10(b) of the...more

ASU 2013-06: Reporting of Services Rendered from Personnel of an Affiliate

My two young sons who live, eat, and breathe baseball often say the best baseball teams have two distinguishing characteristics — consistency and chemistry. The Financial Accounting Standards Board (FASB) believes the best...more

The Business of Climate Change – Disclosure of “Stranded Assets”

Mainstream media have recently noted efforts by business interests to address potential risks to their business from a changing environment; for example, “Industry Awakens to Threat of Climate Change,” New York Times,...more

Private Company GAAP Arrives

Two GAAP alternatives for private companies have been released by FASB. The alternatives were created by the Private Company Council, or PCC. ...more

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