FASB
- September 30, 2010
- An Overview of Outreach Provided through Meetings and Teleconferences With Users of Financial Statements for the FASB's Accounting for Financial Instruments Proposal
- Overview available at the FASB website. (FASB.org)
- September 28, 2010
- IASB and US FASB Complete First Stage of Conceptual Framework
- September 28, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (GAAP). The IASB has revised portions of its framework; while FASB has issued 'Concepts Statement 8' to replace 'Concepts Statements 1 and 2'. (FASB.org)
- September 27, 2010
- FASB Update: Financial Statement User Edition
- This issue highlights new disclosures about the credit quality of finance receivables that go into effect beginning this year and three recently issued Exposure Drafts. (FASB.org)
- September 24, 2010
- FASB Announces Public Roundtable Meetings to Solicit Input on the IASB Staff Draft on Consolidated Financial Statements
- The FASB public roundtable meetings on the IASB Staff Draft on consolidated financial statements will be held Monday, October 25, 2010. (FASB.org)
- September 20, 2010
- FASB Discussion Paper Seeks Input on Improving the Financial Reporting for Insurance Contracts
- The Financial Accounting Standards Board (FASB) issued a Discussion Paper today to solicit broad-based input on how to improve, simplify, and converge the financial reporting requirements for insurance contracts. (FASB.org)
- September 17, 2010
- Financial Accounting Foundation Appoints Russell G. Golden to the Financial Accounting Standards Board
- September 17, 2010 - The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Russell G. Golden to the Financial Accounting Standards Board (FASB), effective October 1, 2010. (FASB.org)
- September 14, 2010
- FASB Seeks Input on Private Company Accounting Issues at Public Meetings
- FASB will hold two public round-table meetings to discuss issues related to private company financial reporting. The first meeting is Oct. 12, 1 p.m. to 4 p.m. (EST) at FASB's offices in Norwalk, Conn. The second meeting is Nov. 2, 9 a.m. to noon (CST) in Dallas. (Journal of Accountancy) (FASB media advisory)
- August 5, 2010
- AICPA/FAF/NASBA "Blue-Ribbon Panel" Seeks Written Input from Constituents
- August 5, 2010 - The AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking written input from constituents in the form of responses to a set of questions. Responses will assist the Panel in discussing how accounting standards can best meet the needs of U.S. users of private company financial statements and making recommendations thereon to the FAF Board of Trustees (the Trustees). (FASB.org)
- July 1, 2010
- FASB/IASB Issue Financial Statement Presentation Staff Draft
- July 1, 2010 – This staff draft on an Exposure Draft has been prepared by the staff of the FASB and the IASB (Boards) for the Boards’ joint project to develop a standard on financial statement presentation. (FASB.org)
- June 29, 2010
- FASB Issues Proposed Accounting Standards Update on Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
- June 29, 2010 - The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) 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). (FASB.org)
- June 24, 2010
- IASB and FASB Propose a New Joint Standard for Revenue Recognition
- June 24, 2010 - The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs. (FASB.org)
- June 3, 2010
- IASB and FASB issue statement on their convergence work
- June 2, 2010 – The IASB and the FASB announced a modified strategy to prioritize major convergence projects. The two boards also issued a joint letter to the G-20. (FASB.org)
- May 27, 2010
- FASB Issues Exposure Draft on Accounting for Financial Instruments
- May 26, 2010 - The Financial Accounting Standards Board (FASB) has issued an Exposure Draft (ED) of a proposed Accounting Standards Update (ASU) intended to improve accounting for financial instruments. (FASB.org)
- May 25, 2010
- FASB Chairman Testifies Before the U.S. House of Representatives Subcommittee
- FASB Chairman Robert H. Herz Testifies Before the U.S. House of Representatives Financial Services Subcommittee On Capital Markets, Insurance, and Government Sponsored Entities on May 21, 2010. Read full text of testimony. (FASB.org)
- April 14, 2010
- IASB and FASB Quarterly Report Shows Continued Progress Towards Convergence Goal
- The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published a report on their work to improve and achieve convergence of International Financial Reporting Standards and US generally accepted accounting principles. (FASB.org)
- March 11, 2010
- FASB and IASB Issue Exposure Draft on the Reporting Entity Concept
- The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) today published for public comment the Exposure Draft (ED), Conceptual Framework for Financial Reporting: The Reporting Entity. (FASB.org)
- February 26, 2010
- Statement by the Financial Accounting Foundation and the Financial Accounting Standards Board Regarding the SEC's Commission Statement in Support of Convergence and Global Accounting Standards
- The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) acknowledge and appreciate the SEC's leadership regarding its consideration of global accounting standards, including its continued support for the goal of a single set of high quality globally accepted accounting standards, as expressed in the Commission Statement in Support of Convergence and Global Accounting Standards issued on February 24, 2010. (FASB.org)
- February 26, 2010
- AICPA/FAF/NASBA Announce Members of "Blue-Ribbon Panel" to Address Standards for Private Companies
- The American Institute of Certified Public Accountants (AICPA), the Financial Accounting Foundation (FAF), and the National Association of State Boards of Accountancy (NASBA) today announced the members of the new "blue-ribbon panel" established to address how U.S. accounting standards can best meet the needs of users of private company financial statements. (FASB.org)
- November 5, 2009
- IASB and FASB Reaffirm Commitment to Memorandum of Understanding
- At their joint meeting last week, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (U.S. GAAP) and to bring about their convergence. The Boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. (FASB.org) (IASB.org)
- October 22, 2009
- Accounting Standards Board of Japan Meets with Financial Accounting Standards Board to Discuss Global Convergence
- (BUSINESS WIRE) Representatives of the Accounting Standards Board of Japan (ASBJ) and the Financial Accounting Standards Board (FASB) gathered this week in Norwalk, CT.
- October 22, 2009
- FASB Establishes Not-for-Profit Advisory Committee
- The Financial Accounting Standards Board (FASB) announced the establishment of the Not-for-Profit Advisory Committee (NAC). The NAC is intended to serve as a standing resource for the FASB in obtaining input from the not-for-profit sector on existing guidance, current and proposed technical agenda projects, and longer-term issues affecting those organizations. (FASB.org)
- October 13, 2009
- Accounting Standards Update No. 2009-13—Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements
- FASB issues Accounting Standards Update, 2009-13, to address the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit.
- October 7, 2009
- Accounting Standards Update No. 2009-14—Software (Topic 985): Certain Revenue Arrangements That Include Software Elements
- FASB issues Accounting Standards Update, 2009-14, to address concerns by constituents relating to the accounting for revenue arrangements that contain tangible products and software. (FASB.org)
- October 6, 2009
- FASB Webcast Series – The Investor: An Important Voice in Standard Setting
- The webcast, scheduled for Thursday, October 15, 2009, will discuss the FASB's outreach efforts to investors for its standard-setting activities. (FASB.org)
- September 25, 2009
- FASB Allows Early Adoption of Key Provisions of New Revenue Recognition Approach
- FASB on Wednesday brought U.S. GAAP closer to the approach FASB and the International Accounting Standards Board (IASB) have outlined in their preliminary views documents for their joint revenue recognition project that is scheduled for completion in 2011. (Journal of Accountancy)
- September 23, 2009
- FAF Endorses Monitoring Board Statement
- The Board of Trustees of the Financial Accounting Foundation has expressed support for the "Statement on Principles for Accounting Standards and Standard Setting" issued by the International Accounting Standards Committee Foundation Monitoring Board today.
- August 14, 2009
- FASB Discusses Expansion of Fair Value Rules
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In a meeting on Thursday, FASB discussed expansion of mark-to-market rules to loans and other securities. The FASB is expected to release an exposure draft in early 2010, according to Reuters.
- August 14, 2009
- XBRL U.S. GAAP Tags Now Aligned to FASB Accounting Codification
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The XBRL U.S. GAAP Taxonomy has been updated to reflect the FASB Accounting Standards Codification and is effective for interim and annual periods ending after Sept. 15, 2009. (Journal of Accountancy).
- July 30, 2009
- International Financial Reporting Standards 2009 Volume
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Through a special arrangement with the IASB, the Financial Accounting Foundation distributes the International Financial Reporting Standards 2009 Annual Bound Edition in the United States, U.S. possessions, Canada, and Mexico. The 2009 edition is available for purchase from the FASB store.
- July 01, 2009
- FASB Launches Accounting Standards Codificaton™
- The Financial Accounting Standards Board (FASB) launched the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. generally accepted accounting principles (GAAP). The Codification is effective for interim and annual periods ending after September 15, 2009. (FASB.org)
- June 29, 2009
- FASB Issues Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162
- This Statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. Clicking on the link will take you to the FASB’s website where you can download the standard.
- June 3, 2009
- FASB Accounting Standards Codification™ to Officially Launch on July 1, 2009
- The Financial Accounting Standards Board (FASB) voted to approve the FASB Accounting Standards Codification™ as the single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) to be launched on July 1, 2009.
- April 10, 2009
- FASB Releases Final Versions of New Mark-to-Market Guidance
- The Journal of Accountancy provides links to the final staff positions to improve guidance and disclosures on fair value measurements and impairments.
- April 1, 2009
- FASB Approves New Mark-to-Market Guidance
- The Journal of Accountancy reports that the Financial Accounting Standards Board voted to release three new pieces of guidance to address concerns over the application of fair value accounting standards in current market conditions.
- April 1, 2009
- FASB Accounting Standards
Codification™ - A Step toward Convergence
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The FASB's Accounting Standards Codification™ (the "Codification") is expected to be launched on July 1, 2009. Read a summary of the project which includes links to AICPA resources, the FASB's Codification Web site and the recently issued proposed statement The Hierarchy of Generally Accepted Accounting Standards – a replacement of FASB Statement No. 162.
- March 24, 2009
- IASB and FASB Announce Further Steps in Response to Global Financial Crisis
- Building on work underway, the Boards announced that they have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instruments. They will also work toward analyzing loan loss accounting within the financial instruments project.
- March 19, 2009
- IASB and FASB Launch Public Consultation on a Future Standard on Lease Accounting
- The International Accounting Standards Board and the U.S. Financial Accounting Standards Board launched a public discussion on lease accounting by publishing their preliminary views in a joint discussion paper.
- March 18, 2009
- FASB Issues Proposals to Improve Guidance on Fair Value Measurements and Impairments
- The FASB issued two proposed staff positions (FSPs) intended to provide additional application guidance regarding fair value measurements and impairments of securities. Written comments on both FSPs are due by April 1, 2009.
- March 12, 2009
- FASB Chairman Testifies on Mark-to-Market Accounting
- Robert H. Herz Chairman of the Financial Accounting Standards Board testified about mark-to-market accounting before the U.S. House of Representatives Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Entities.
- March 9, 2009
- Financial Crisis Advisory Group Seeking Input from Constituents
- The Financial Crisis Advisory Group (FCAG) is seeking written input from constituents to assist the FCAG in discussing accounting and reporting matters related to the financial crisis and making recommendations thereon to the IASB and the FASB. Responses to questions outlined by the FCAG are due by April 2, 2009.
- December 2008
- IASB and FASB Announce Membership of Financial Crisis Advisory Group.
- The Financial Crisis Advisory Group (FCAG) is the high-level advisory group set up by the boards to consider financial reporting issues arising from the global financial crisis.
- Revenue Recognition discussion paper issued
- December 19, 2008 – The International Accounting Standards Board and the U.S. Financial Accounting Standards Board published a discussion paper setting out a joint approach to recognition of revenue. The discussion paper is open for comment until June 19, 2009.
- FASB will re-examine accounting for financial instruments.
- According to The Wall Street Journal, the use of mark-to-market accounting might be extended to a wider variety of securities, which could cause a battle between FASB, other regulators, companies and some legislators. However, according to Thomas Linsmeier, a FASB board member, investors said mark-to-market accounting is the "best approach."
View full article > | FASB Agenda Decisions – Financial Instruments >
- November 2008
- Hans Hoogervorst and Harvey Goldschmid to Co-Chair Advisory Group
- November 14, 2008 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) announced that Hans Hoogervorst, Chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities regulator and Harvey Goldschmid, former Commissioner of the United States Securities and Exchange Commission (US SEC) have agreed to co-chair the high-level advisory group formed to consider financial reporting issues arising from the global economic crisis.
- FAF Chairman asks G20 leaders to support independent standard setting.
- November 14, 2008 – In a letter to President Bush, Robert E. Denham Chairman of the Financial Accounting Foundation asks for support of independent standard setting and open due process free from political interference.
- IASB and FASB Announce Dates for U.S. and Asian Round Tables
- November 6, 2008 – The International Accounting Standards Board and the U.S. Financial Accounting Standards Board have announced that the remaining two round-table discussions to identify financial reporting issues highlighted by the global financial crisis will be held in Norwalk, Connecticut on November 25, 2008 and in Tokyo on December 3, 2008.
- October 2008
- IASB and FASB Announce Further Details on Effort to Enhance Market Confidence
- October 20, 2008 – The International Accounting Standards Board and the Financial Accounting Standards Board will form a joint advisory group and conduct roundtable discussions to consider how improvements in financial reporting could help investor confidence in the markets. The accounting boards also emphasize their commitment to finding common long-term solutions to the reporting of financial instruments.
- FASB and IASB to Create Advisory Group
- October 16, 2008 - The Financial Accounting Standards Board and the International Accounting Standards Board will create a global advisory group to ensure that reporting issues arising from the global economic crisis are considered in an internationally coordinated manner.
- IASB and FASB Launch Consultation on Proposed Enhancements to the Presentation of Financial Statements
- October 16, 2008 – The two accounting boards issued for public comment a discussion paper on financial statement presentation and propose to introduce cohesiveness and disaggregation as the two main objectives of financial statement presentation.
- September 2008
- SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value
- September 30, 2008 - Office of Chief Accountant recognizes and supports efforts of FASB and the IASB on issues of fair value. While FASB is preparing to propose additional interpretative guidance on fair value measurements under U.S. GAAP, SEC and FASB staffs provide immediate clarification to a number of questions.
- Completing the February 2006 Memorandum of Understanding
- A progress report and timetable for completion.
- February 27, 2006
- FASB/IASB Memorandum of Understanding
- A Roadmap for Convergence between IFRSs and US GAAP—2006-2008.
- FASB Work Plan
