Are LIFO’s Days Numbered?

The LIFO inventory valuation method is a big difference between IFRS and US GAAP that standard setters have left untouched.  I have heard many people question what will become of LIFO if the SEC decides to go forward with some kind of IFRS implementation in the US.  Perhaps this would be the first “carve-in” for US [...] Read more > >

Summary of Important Changes to Revenue Recognition

The Revenue Recognition project has been going on now for, what, nearly a decade?  After extensive deliberations and outreach by the Boards, we might actually see a final standard roll out sometime this year.  Given the fundamental nature of the topic, it is likely to have a substantial impact on how most of us teach.  The [...] Read more > >

FAF Announces New Reviews of Standards

In case you missed the press release yesterday and the FASRI Roundtables a couple weeks ago, the Financial Accounting Foundation is beginning post-implementation reviews on two standards; SFAS 141R on Business Combinations, and SFAS 131 on Segment Disclosures.  The FAF issued its inaugural post-implementation review report a few weeks ago on FIN 48.  The report was generally positive [...] Read more > >

How to measure the costs and benefits of a standard?

The FASB’s Conceptual Framework imposes a cost constraint in U.S. GAAP (see paragraphs 35-39 of SFAC No. 8, Chapter 3), which essentially states that the Board must assess whether the benefits of a proposed standard justify its costs.  In recent weeks, several FASB constituents have urged the Board to give greater consideration to the cost [...] Read more > >

New FASRI Server

You might have noticed some interruptions to the FASRI site over the past few days.  We have been migrating the site to a new server, which caused some brief suspensions.  We are now up and running on the new server, which we hope will provide an improvement in the way content is organized and maintained [...] Read more > >