AFP Blogs

FASB

Hedge Accounting

This week the FASB issued a Discussion Paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities.  As you may recall, back in December we issued a comment letter to the FASB on their proposed hedge accounting requirements.   We are in the process of issuing a comment letter to the IASB on their proposed hedge requirements.  That comment letter is due to the IASB by March 9^th.  The Discussion (more…)

AFP

Our organization has been very vocal in stating our views on the proposed lease accounting changes.  In December we issued a comment letter to the FASB/IASB citing our concerns.   Subsequently, I attended one of the leasing roundtables held at the FASB headquarters in Norwalk where the FASB and IASB members listened to constituents discuss the pros and cons to the proposed standards, and worked with the Boards on devising alternative views that might also be considered.  As a result of our efforts, we were quoted in the following news publication:  http://www.imakenews.com/epi_hfco/e_article001993007.cfm?x=bhRGDKk,b9WD2Q9r,w

On March 3^rd, AFP will host a webinar on  the US and International rules proposed for hedge accounting this is currently out for comment given my Sylvie Monett-Houle, a partner at KPMG.    This webinar will discuss the pros and cons of the proposed changes, and how such changes may affect a company’s ability to manage its  risk exposure.  It (more…)

Private Company Accounting Standards

 The Blue Ribbon Panel wrapped up its analysis of whether there should be concessions made to current Generally Accepted Accounting Principles (GAAP) for nonpublic companies.  The Panel recommended that the Financial Accounting Foundation (FAF) trustees, who also oversee the Financial Accounting Standards Board (FASB), to create a separate private company standard setting board that will be responsible for approving GAAP exceptions and modifications using the existing GAAP model. Private companies will still have the choice of following the current US (more…)

FASB

 On Tuesday, January 25, 2011, at 1:00 p.m. EST, the FASB will host a one-hour webcast, 2011 Chairman’s Outlook on the FASB, with FASB Chairman Leslie F. Seidman who will discuss the Board’s priorities for 2011, including updates on top projects and progress on its joint agenda with the International Accounting Standards Board.  The webcast is free of charge but you must preregister at FASB’s website at www.fasb.org. (more…)

FASB

The FASB and the IASB originally published separate proposals on credit impairment of financial assets. Although both boards proposed moving to a more forward-looking approach to accounting for impairment they proposed different models. (more…)

Public Company Accounting Oversight Board (PCAOB)

 This week I attended the PCAOB’s Standards Advisory Group (SAG) Meeting.  The topics discussed were (1) broker dealer audit considerations; (2) FASB/IASB projects and potential impact on auditors; (3) subsequent events; (4) auditors reporting framework; and (5) communications with audit committees.  (more…)

The Financial Accounting Standards Board (FASB) released on their website an Exposure Draft (ED) of a proposed Accounting Standards Update (ASU) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). AFP will be reviewing this ED and making a decision on whether to issue a comment letter on behalf of our members in the upcoming weeks. Feel free to reach out to our staff should you have any issues with the propoasl.

The proposed ASU sets forth amendments that the Boards believe would improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs. The amendments would apply to all reporting entities that are required or permitted to measure or disclose the fair value of an asset, a liability, or an instrument classified in shareholders’ equity in the financial statements.

The IASB is publishing a measurement uncertainty analysis disclosure proposal, Measurement Uncertainty Analysis Disclosure for Fair Value Measurements, which is the same as a proposed disclosure requirement in the proposed Update

The comment period for the proposed ASU extends through September 7, 2010. The ED is available at www.fasb.org.

The accounting issues discussed last week were on leases, revenue recognition and GASB preliminary views on certain aspects of pension accounting and new guidance on accounting for financial instruments. (more…)

The U.S. Securities and Exchange Commission (SEC), Quebec Autorité des marchés financiers (AMF) and Ontario Securities Commission (OSC) today announced a comprehensive arrangement to facilitate their supervision of regulated entities that operate across the U.S.-Canadian border. SEC Chairman Mary L. Schapiro, AMF President and CEO Jean St-Gelais and OSC Chair David Wilson executed a memorandum of understanding (MOU) that provides a clear mechanism for consultation, cooperation, and exchange of information among the SEC, AMF and OSC in the context of supervision.

The MOU sets forth the terms and conditions for the sharing of information about regulated entities, such as broker-dealers and investment advisers, which operate in the U.S., Quebec and Ontario.This MOU is the first comprehensive supervisory MOU to be signed by the SEC since the start of the financial crisis. The SEC currently has comprehensive supervisory MOUs with the securities regulators in the United Kingdom, Germany and Australia.