Financial Accounting Standards Research Initiative

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On August 24, the FASB held a meeting which included a discussion on the disclosure framework. The disclosure framework project has been broken up into three parts: a decision process for disclosures related to financial statement line items, a decision process for disclosures about the general entity, and a decision process for disclosures related to [...] Read more > >

I am not so sure how the IASB and its governing foundation view academics, and I wonder what this portends for future standards if the IASB ascends to the role of chief standard setter for the world.  A few recent events send positive signals. First, at the AAA meeting, I attended a session in which current [...] Read more > >

The FASRI Round Table series continues at 4pm Eastern time on Tuesday, August 30. Rob Bloomfield and Lynn Rees will moderate the session, and our guest speaker is Russell Golden, a FASB Board Member.  Russell was appointed to the board last October, and has been affiliated with the FASB serving in various positions since 2004.  [...] Read more > >

A recent paper published in The Accounting Review caught my attention. The paper is entitled, “The effect of annual report readability on analyst following and the properties of their earnings forecasts,” and is written by University of Michigan researchers Reuven Lehavy, Feng Li, and Kenneth Merkley. Readability is measured using the [...] Read more > >

A recent paper published in The Accounting Review caught my attention. The paper is entitled, “The effect of annual report readability on analyst following and the properties of their earnings forecasts,” and is written by University of Michigan researchers Reuven Lehavy, Feng Li, and Kenneth Merkley. Readability is measured using the Fog index, which is [...] Read more > >

As the financial instrument project moves ahead, the timeline shows a final accounting standards update is to be issued in the fourth quarter, many may think there are not really many changes from the old SFAS 115. The current proposal will still have financial assets measured at amortized cost and at fair value with unrealized [...] Read more > >

I have been spending most of 2011 immersed in managerial accounting as I completely rework my course on that topic from the ground up.  This has led me to rethink the Conceptual Framework as well.  One of the most striking differences between the managerial accountant’s and financial accountant’s approaches seems to be that the former [...] Read more > >

Last week, the FASB held an education session on the Disclosure Framework project. They continue to view disclosure categories as: entity-wide disclosures, line-item disclosures, and disclosures related to conditions not recognized in the financials with related subcategories. This session centered on the goals of the project and developing qualitative principles. There is also a coordination [...] Read more > >

The AAA meeting in Denver had a number of interesting panel sessions.  One that I found enlightening concerned financial reporting and the financial crisis.  The panelists were Greg Waymire, Mary Barth, and Shyam Sunder.  I was not sure what to expect.  The punchline was that none of the panelists felt financial reporting was a prime [...] Read more > >