Financial Accounting Standards Board

News & Analysis as of

Comptroller Curry Makes Presentation Supporting FASB’s Proposed Change to its Asset Impairment Measurement Standard

Comptroller of the Currency Thomas J. Curry made a presentation at the American Institute of Certified Public Accountants (AICPA) Banking Conference on September 16, 2013 in which he expressed his support for the Financial...more

FASB Proposes Disclosure of Going Concern Uncertainties

The Financial Accounting Standards Board (FASB) issued proposed amendments on June 26, 2013, to provide guidance about management's responsibilities in evaluating a company's going concern uncertainties in addition to the...more

A Lawyer’s Guide To Proposed Lease Accounting Rules

The Financial Accounting Standards Board, or FASB, together with the International Accounting Standards Board, or IASB, is comprehensively reconsidering lease accounting. ...more

Public Company Adviser - March 2013: A “Roadmap” to Accrual and Disclosure Requirements under ASC 450

Of the types of information required to be disclosed by public companies, information about “contingencies” is often one of the more sensitive disclosures for the company and may be closely scrutinized by analysts and...more

Banking & Financial Services E-Note - February 28, 2013

In this Issue: - FASB Proposes Granting Banks Flexibility to Value Financial Assets - Committee Urges Easing of Basel Rules on Small Banks, Insurers - Banks' College Campus Marketing Efforts Probed by CFPB -...more

Proposed Accounting Standards Update for Repurchase Agreement Accounting

On January 15, 2013, the Financial Accounting Standards Board (FASB) issued a Proposed Accounting Standards Update (the "proposed ASU") that eliminates the distinction between repurchase agreements that settle before the...more

Proposed FASB Rule Accelerating Recognition of Credit Loss

The Financial Accounting Standards Board (FASB) recently released an exposure draft (“Exposure Draft”) that proposes a new approach to accelerate the recognition of credit losses (“Proposed Rule”). The FASB perceives delayed...more

The SEC Is Scrutinizing Asset Valuations—Are You Ready?

The Securities and Exchange Commission (SEC) recently has set its sights on registered entities and their officers and directors for overvaluing the entities’ assets....more

Banking & Financial Services E-Note - December 2012

In This Issue: - Accounting Rule Would Force Banks to Take Loan Write-Downs - End of TAG Program Has Community Banks Concerned - New Mortgage Rules Protect Banks from Homeowner Lawsuits - Obama Signs Bills...more

FASB Abandons Project to Modify Contingency Disclosure Requirements

On July 9, 2012, the Financial Accounting Standards Board determined to remove from its agenda its project to modify accounting standards related to disclosure of loss contingencies, including litigation. This project was...more

FASB Drops Proposal to Modify Loss Contingency Disclosure Requirements

On July 9, the Financial Accounting Standards Board (FASB) decided to remove its project to modify disclosures of certain loss contingencies from the FASB’s technical agenda. The project, originally undertaken in 2007, sought...more

FASB Votes Against Loss Contingency Disclosure Requirements Project

On July 9, 2012, the Financial Accounting Standards Board (FASB) voted against moving forward with its exposure draft project to modify the accounting and disclosure requirements for loss contingencies. The exposure draft was...more

FASB Approves Changes to GAAP, Enhancing Disclosures of Participation in Multiemployer Defined Benefit Pension Plans

The Financial Accounting Standards Board (the “FASB”) announced July 27, 2011 the approval of a revised accounting standard enhancing disclosures in financial statements regarding employers’ participation in multiemployer...more

FASB Modifies Proposed Multiemployer Plan Participation Disclosures

At its meeting on May 31, the Financial Accounting Standards Board (FASB) tentatively agreed that it will not require employers to disclose an estimate of withdrawal liability for each material multiemployer defined benefit...more

Closing the GAAP: FASB Addresses Apparent Loophole that Enabled the Lehman Repo 105 Fraud

As thoroughly detailed in the 2,200-page Examiner’s Report on the fraudulent accounting that was central to the Lehman Bros. failure, repurchase agreements ("repos") that should have been treated for financial reporting...more

FASB and the IASB Announce Delays in Their Completion of International Financial Reporting Standards Convergence Projects and the...

In April 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released a joint progress report regarding their convergence program for U.S. generally accepted...more

No Change in FASB Loss Contingency Requirements for 2010 Calendar Year Companies

Public corporations and their advisors have been laboring under uncertainty as to whether new requirements for disclosure of loss contingencies may be adopted by the FASB to be effective for fiscal years ending December 31,...more

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