Tag Archives: GAAP

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…

FASB Framework Comments Due Oct. 31

State Board Report September 2012 The Financial Accounting Standards Board is calling for comments by October 31, 2012 on its proposed approach for deciding whether and when to modify U.S. Generally Accepted Accounting Principles for private companies. The approach is outlined in “Private Company Decision-Making Framework: A Framework for Evaluating Financial and Reporting Guidance for…

SEC Continues to Study IFRS

State Board Report December 2011 The Securities and Exchange Commission staff will take “a few additional months” to finish its study on International Financial Reporting Standards, SEC Chief Accountant James Kroeker told an AICPA conference on December 5. However, the staff did release two papers in mid-November, “A Comparison of U.S. GAAP and IFRS” and…

Hansen Addresses SEC Roundtable

State Board Report July 2011 GAAP is integral to the State Boards’ complaint-based enforcement system, the yardstick for enforcement, NASBA Director-at-Large Gaylen Hansen reminded the Securities and Exchange Commission’s July 7, 2011 roundtable discussion on the potential impact of U.S. adoption of International Financial Reporting Standards. The more sets of standards there are, the more…

Blue-Ribbon Panel Addressing Standards for Private Companies Submits Report of Recommendations to Financial Accounting Foundation

NORWALK, CT (January 2011) – The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements has issued a report of its recommendations to the Financial Accounting Foundation (FAF) Board of Trustees. The report calls for fundamental changes to the system of standard setting including the…

Blue-Ribbon Panel Addresses Standards for Private Companies

Proposes Separate Standards Board and GAAP with Exceptions Norwalk, CT, (December 10, 2010) — The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements continued its discussion today of a potential new standard-setting board for private companies, reaffirming a consensus view reached in October that…

BRP Big Topic at NASBA Annual

State Board Report November 2010 The AICPA/FAF/NASBA Blue Ribbon Panel (BRP) on Standard Setting for Private Companies has determined that there is a problem in U.S. GAAP being relevant and overly complex for private companies, and the Panelists have whittled down to two their possible recommended solutions to this situation. Both solutions would have standards…

Blue-Ribbon Panel Addressing Standards for Private Companies Weighs GAAP with Exceptions and a Separate Standards Board

Norwalk, CT, October 8, 2010—A majority of the blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements believes there is a need for a new standard-setting model that follows Generally Accepted Accounting Practices (GAAP) with exceptions for private companies. In addition, the majority envisions a…

Panel Begins Standards Discussion

State Board Report May 2010 The need for private company accounting standards has been an issue for many years, Financial Accounting Foundation (FAF) President Teresa Polley observed as the AICPA/FAF/NASBA Blue Ribbon Panel on Standard Setting for Private Companies (BRP) kicked off their discussions on April 12 in New York City. “A confluence of events,”…

Joint Panel on Private Company Standards

State Board Report January 2010 NASBA has joined with the Financial Accounting Foundation and the American Institute of CPAs to form a panel addressing how US accounting standards can best meet the needs of users of private company financial statements. Rick Anderson, member of the FAF Board of Trustees and chairman of Moss Adams, LLP,…