New Standards: Effective Dates & transition methods

The FASB just issued a discussion paper seeking responses to nine questions about the implementation (effective dates and transition methods) of standards developing from a list of 10 currently circulating exposure drafts, including revenue recognition, financial statement presentation, financial instruments, etc. You can see the full list with proposed effective dates and transition methods by going to the FASB website [...] Read more > >

Why do we fixate on the amount, timing and uncertainty of future cash flows?

The latest Statement of Financial Accounting Concepts (Number eight) reiterates the objective of financial reporting in the following terms: “Decisions by existing and potential investors … and … existing and potential lenders … depend on their assessment of the amount, timing, and uncertainty of (the prospects for) future net cash flows …” (p. 1-2, par. [...] Read more > >

Slides for today’s Round Table on Revenue Recognition

The FASB Revenue Recognition team has graciously provided us with power point slides which you may download prior to today’s round table discussion (at 4pm Eastern time).  Click here to download the slides, and click here for more information on today’s round table including how to tune in. Note: If you’re still on the screen [...] Read more > >

Links to slides and audio archive from last week’s leases roundtable

Last week Danielle Zeyher joined us for a round table discussion of the FASB’s latest exposure draft on lease accounting. If you haven’t clicked on “more” at the bottom of the first page of this post, do so now. If you’d like to hear the audio of the leases session, click here.  If you’d like a [...] Read more > >

Why are they doing that?

Amazon.com.. in their 2009 income statement .. The company puts “equity-method investment activity, net of tax” below provision for taxes (in the place that you’d expect to see discontinued operations). I have not seen that kind of presentation before. Anybody have any insights? Read more > >

A plausible arena for standard setting competition?

A few weeks ago, I wondered why some academics were suggesting that the IASB and FASB compete when almost everyone else is suggesting that they work together.  A recent news release from the FASB got me thinking about this in a different way. When I was a Research Fellow at the FASB, I had several [...] Read more > >

Roundtable on FASB-IASB Revenue Recognition Project (4pm ET, 10/19/2010)

At 4pm Eastern time on Tuesday, 10/19/2010, we will have our third roundtable for this academic year. Please join us! See the new FASRI Roundtables WebPage describing how to use VenueGen, our new platform from which you can join the Roundtable discussion. FASB staff members, Kenny Bement, Libby Biittner and Liz Gagnon, will join us to discuss [...] Read more > >

Low hanging Fair Value and DIT's fruit…

On Friday, I asked a tax colleague whether anybody had examined the issue of how the market values DTA’s and DTL’s from fair value accounting? I got a “sort of” answer that didn’t sound too convincing. I was thinking that this is a low-hanging fruit kind of project. That is, many companies (well certain industries [...] Read more > >

Low hanging Fair Value and DIT’s fruit…

On Friday, I asked a tax colleague whether anybody had examined the issue of how the market values DTA’s and DTL’s from fair value accounting? I got a “sort of” answer that didn’t sound too convincing. I was thinking that this is a low-hanging fruit kind of project. That is, many companies (well certain industries [...] Read more > >

Normal Operating Cycle murder mystery

Although the FASB is going to converge with IASB on the notion of short-term and long-term (12 months and that’s that) .. and so this murder mystery will go away … i would like to see what anybody knows about this issue right now. The issue is what is current (or long term) depends on [...] Read more > >