Tag Archives: FASB

Forum for Standard Setters Formed

State Board Report July 2014 The Corporate Reporting Dialogue (CRD) was launched on June 17 at the annual conference of the International Corporate Governance Network (ICGN). Its goal is to bring together organizations that have significant international influence on the corporate reporting landscape. According to Huguette Labelle, who has been chosen to chair the CRD:…

FASB/IASB Agree on Revenue Recognition

State Board Report June 2014 Following years of discussion, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced on May 28 their converged standard on the recognition of revenue from contracts with customers. The previous requirements for International Financial Reporting Standards (IFRS) and for U.S. Generally Accepted Accounting Principles (GAAP)…

Draft SEC Strategic Plan Released

State Board Report March 2014 The U.S. Securities and Exchange Commission plans to continue to support the Financial Accounting Standards Board’s efforts, while promoting the development of global standards, over the next four years. Its draft Strategic Plan for Fiscal Years 2014-2018 states: “In overseeing the Financial Accounting Standards Board (FASB), the SEC will strengthen…

NASBA Responds to $3 Million FAF Contribution

February 18, 2014 NASBA has been following the U.S. GAAP/IFRS debate for a number of years and has consistently taken a position supporting disciplined convergence, respecting that the Financial Accounting Standards Board (FASB) should continue to be responsible for accounting standard setting in the United States. In late January, the Financial Accounting Foundation (FAF) issued…

FASB Reorganizes Its Agenda

State Board Report February 2014 The Financial Accounting Standards Board voted on January 29 to reorganize its agenda to focus more closely on the issues identified as most important by a survey completed last year by more than 100 members of the Financial Accounting Standards Board’s advisory groups and other stakeholders. FASB Chairman Russ Golden…

FASB Golden Addresses Annual

State Board Report November 2013 Representatives from 45 Boards of Accountancy heard Financial Accounting Standards Board Chairman Russell G. Golden discuss the challenges faced by the FASB in exercising their responsibility to both preserve and evolve Generally Accepted Accounting Principles (GAAP). “Even as we stay committed to global convergence, we must address the pressing needs…

FASB Looks Inward at Improving GAAP

Publication: Compliance Week Published: November 1, 2013 Author: Tammy Whitehouse As the decade-long focus on convergence winds down, the Financial Accounting Standards Board is recommitting itself to making U.S. accounting standards work for U.S. capital market needs. In a recent speech to the National Association of State Boards of Accountancy, recently appointed Chairman Russ Golden…

PCC Roundtables Ahead

State Board Report July 2013 Participants at NASBA’s June 2013 Regional Meetings heard Private Company Council Chairman Billy Atkinson in New Orleans, on June 5, and PCC Member Diane M. Rubin in Chicago, on June 25, announce roundtable discussions will be held across the nation to gather input on financial reporting standards the PCC should…

NASBA Applauds Progress of Private Company Council

NASHVILLE, TN (JULY 9, 2013) —The National Association of State Boards of Accountancy (NASBA) today congratulated the Financial Accounting Standards Board (FASB) on their timely release of three proposals offering acceptable alternatives under U.S. Generally Accepted Accounting Principles (GAAP) for private companies in response to stakeholder concerns. “We applaud and congratulate the Financial Accounting Foundation…

New Leaders at SEC and FASB

State Board Report June 2013 Russell G. Golden will become the next chairman of the Financial Accounting Standards Board, effective July 1, 2013. He will succeed FASB Chairman Leslie F. Seidman, whose term ends on June 30, 2013. Mr. Golden had been a member of the FASB since September 2010, having previously served on the…