Financial Statements for Financial Institutions Just Got Longer

At the same time when the FASB is trying to address the issue of disclosure overload, a failed attempt to converge standards has resulted in the FASB and IASB issuing new requirements for increased disclosures related to net positions on various contracts.  US GAAP allows companies to present derivatives on a net basis when they [...] Read more > >

Upcoming FASRI Roundtables

Finals are over and the holidays are here – great time of the year.  As I anticipate FASRI activities for next year, I’m looking forward to the next batch of Roundtables.  This past semester, we had an opportunity to meet several new FASB Board Members, Hal Schroeder, Russell Golden, and Daryl Buck, as they each [...] Read more > >

Comment Letters to FASB on Proposal to Defer Effective Date of OCI Reclassification Presentation

ASU 2011-05, which was issued in June, required that firms report comprehensive income within a performance statement and prominently display on the face of the income statement the affected line items from recycling.  It was this latter requirement that caused heartburn for some preparers, and as Bob Lipe blogged here, the FASB exposed a proposal [...] Read more > >

More on International Convergence

Bob Lipe blogged last week on the SEC’s release of two documents related to their exploration of whether/how to integrate IFRS into US GAAP.  Since the release of those documents, the SEC, IASB, and FASB have all made public statements that provide insights as to where regulators and standard-setters sit on this issue.  The least [...] Read more > >