Mondaq USA: Accounting and Audit
The Board has issued a proposal to indefinitely defer the effective date for disclosing unobservable inputs in Level 3 fair value measurements of investments held by a nonpublic employee benefit plan in its private company plan sponsor.
A step by step description of the process for evaluating a conversion feature embedded in a debt or equity instrument, in order to determine the appropriate accounting.
A discussion on the Accounting Standards Update 2013-07, "Liquidation Basis of Accounting", which clarifies the guidance on how and when to use the liquidation basis of accounting.
The IFRS Interpretations Committee has issued the March 2013 "IFRIC Update", which summarizes the deliberations during its meeting in London on March 12-13, 2013.
The Financial Accounting Foundation, which oversees the FASB, recently announced that current Board member Russ Golden will succeed Leslie Seidman as FASB Chairman.
A summary on the FASB’s Exposure Draft on the impairment of financial instruments.
FASB Accounting Standards Codification® 323, Investments: Equity Method and Joint Ventures, requires an investor to account for the difference in its cost and the underlying net assets of the equity investee as if the investee were a consolidated subsidiary.
At its April 10 meeting, the Board discussed the joint leasing project's effect on financial reporting complexity.
Under the Affordable Care Act, actuarial value is utilized to help individuals and the small business market understand and compare health plan options offered inside and outside of new health insurance exchange marketplaces.
Reacting to constituents' concerns, the Board agreed last week to extend the deadline for comments on proposed Accounting Standards Update.
A discussion on the highlights of the IASB March 2013 meeting.
For several years, the FASB and the IASB have been discussing their joint revenue recognition project with the objective of developing a single comprehensive, converged revenue recognition model.
On March 20, the Board resumed its discussion of the revised Exposure Draft, Revenue from Contracts with Customers, concentrating on the disclosure, transition, and effective date requirements for nonpublic companies, which are discussed below.
The discipline by which an organization in any industry assesses, controls, exploits, finances and monitors risks from all sources for the purpose of increasing the organization's short- and long-term value to its stakeholders.
All decisions reached at Board meetings are tentative and may be changed at future meetings. Decisions are included in an Exposure Draft only after a formal written ballot.
At the February 2013 joint IASB / FASB meeting the following issues were discussed:
The FASB has issued Accounting Standards Update 2013-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity – a consensus of the FASB Emerging Issues Task Force, to resolve diversity in practice about the timing of an entity's release of cumulative translation adjustments from accumulated other comprehensive income into net income.
The IFRS Interpretations Committee has issued the January 2013 IFRIC Update, which summarizes the deliberations during its meeting in London on January 22-23, 2013.
Although contract accounting arose decades ago in the context of construction contracts, it may also be applied in other limited circumstances.
If this was posed to your organization today, no doubt you would respond with a rousing, "Of course!"
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On March 4, 2013, Nasdaq issued a proposed new rule that, if approved by the Securities and Exchange Commission, will require listed companies to establish and maintain an internal audit function.
A summary on the FASB’s Exposure Draft on the impairment of financial instruments.
Most private sector employee benefit plans are subject to ERISA. Plans sponsored by churches and church-related entities are not covered by ERISA, unless an election is made to have ERISA coverage.
On Jan. 21, 2012, the IRS released the 2011 Form 990 for exempt organizations, as well as most of the accompanying schedules.
There are basically only three ways that someone can cook the books if they want to falsely show more positive results than truth.
Lenders Who Are Refinanced With Proceeds of New Debt Secured by Liens on Assets of an Entity, not an Obligor, on the Refinanced Debt Could be Required to Return Those Proceeds to the Extent the Lien Constituted a Fraudulent Transfer.
The Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board ("IASB") are proposing dramatic changes to lease accounting rules that would virtually eliminate operating lease accounting treatment.
At its April 10 meeting, the Board discussed the joint leasing project's effect on financial reporting complexity.
The attempt to find a single lease accounting model based on recognition of a right-of-use asset has faltered.
For decades, bankruptcy courts have been hearing and entering final judgments in fraudulent conveyance and preference actions with little question as to their authority to do so.
