I am struggling with the FASB’s treatment of precision and where it belongs in the conceptual framework. I believe that they are now thinking it affects relevance. They are clear that it is not part of their definition of reliability. The latter is not, in my own opinion, an issue. But I’m struggling with it [...] Read more > >
The current model of reporting other comprehensive income outside of earnings is controversial and receiving attention from standard setters. The FASB/IASB Issues Conference this past December spent a significant amount of time on this issue. Specifically, the primary issues are 1) presentation of OCI in the financial statements (which is the topic of the recently [...] Read more > >
On January 24 and 25, the FASRI will host a Roundtable on the FAF’s Post-Implementation Review. In an effort to more effectively oversee the FASB and GASB activities and improve the standard-setting process, the Financial Accounting Foundation (FAF) announced about one year ago a new process to review promulgated standards by these Boards. Referred to [...] Read more > >
The FASB’s project on Risks and Uncertainties (formerly “Going Concern”) has been full of twists and turns. The most recent decision on this project was made this past Wednesday when the Board voted 4-3 against a proposal that would switch the responsibility of assessing the going concern assumption from auditors to managers. To illustrate how [...] Read more > >
Over a year ago, the FAF adopted a new program that would review major standards that have been outstanding for a period of time to assess whether the standard has achieved its financial reporting objectives. This post-implementation review process was meant to improve the standard-setting process and facilitate more effective FAF oversight of the FASB [...] Read more > >
The FARS midyear meeting starts tomorrow. Some blog readers are probably at the airport or in the air as I type. The preliminary program is available here. Looks like standard setting issues will once again be prominent at the meeting. The plenary session Friday afternoon is titled “Current Topics in Standard Setting”, with panelists Jim [...] Read more > >
Click here to view the video recording of this Roundtable The first FASRI Roundtable for 2012 will cover the newly proposed standard on Revenue Recognition. FASB practice fellows Michael Breen (KPMG) and Heather Harris (General Electric) will lead the discussion. Michael is a senior manager at KPMG and Heather is an Assistant Controller in the [...] Read more > >