CONGRESSIONAL HEARING ON ACCOUNTING AND AUDITING OVERSIGHT (More on Costs and Benefits)

A Congressional Hearing on “Accounting and Auditing Oversight” was held yesterday (March 28) by the House Subcommittee on Capital Markets and Government Sponsored Enterprises.  Congressman Scott Garrett (R-NJ) chairs the subcommittee, which called James Kroeker (SEC), James Doty (PCAOB), Leslie Seidman (FASB), and Robert Attmore (GASB) as the first panel of witnesses.  Congressman Garrett indicated that [...] Read more > >

FASB Research Fellow Selected for 2012-13

The Financial Accounting Standards Board (FASB) is pleased to announce that Jeffrey Doyle, George S. Eccles Chair in Capital Markets Research at Utah State University, has accepted the FASB 2012-2013 Research Fellowship, which will begin in July.  Jef earned his Ph.D. at University of Michigan and previously served on the faculty at University at Utah [...] Read more > >

JOBS Act Carries Implications for FASB/PCAOB Independence

The Jumpstart Our Business Startups (JOBS) Act is grabbing media headlines recently.  Advocates for the bill suggest it will stimulate IPOs by removing burdensome regulations.  Critics charge that the regulations are there for a reason, and removing them will set the stage for history to repeat itself.  Most of the attention has been on how [...] Read more > >

FASB’s Response to the Post-Implementation Review of FIN 48

In a letter dated March 20, Leslie Seidman prefaces the FASB’s formal response to the inaugural Post-Implementation Review conducted by the Financial Accounting Foundation on FIN 48, which was released in January.  The 5-page FASB response summarizes some key aspects that were deliberated during the process of promulgating FIN 48 and offers interesting context surrounding [...] Read more > >

FASB to Host Video Webcast on 2012 Priorities

On Monday, March 12, Leslie Seidman, Chairman of the FASB, will host a 1-hour video webcast to discuss the Board’s priorities for 2012.  The webcast features a discussion of several agenda projects, including nonprofit accounting and private company initiatives.  Viewers will also have the opportunity to submit questions by email during the live webcast. The webcast [...] Read more > >

Update on the Leases Project

When I first arrived at the FASB, my expectation was that the Leases project was winding down and we might have a final standard before I left.  This was also what the FASB website indicated.  How things have changed!  After an Education Session a couple of weeks ago and the joint IASB/FASB Board Meetings this [...] Read more > >