Update on disclosure

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 > >

Blood Minerals

We have all heard of the Leonardo DiCaprio film Blood Diamond, a story that revolves around a rare gem coming from a conflict-plagued nation.  The SEC is poised to require U.S. public companies to make disclosures about their use of blood minerals (my term, not theirs).  A CFO article reports that “the Dodd-Frank financial reform [...] Read more > >

Say on pay

Accounting disclosures are meant to inform investor and creditor decisions but inherent in that goal is the ability to influence those decisions. Proponents of including conservatism in SFAC 8 would argue that neutrality can never truly be achieved because of this fact and management’s intentions. But then there are some disclosures meant to influence by [...] Read more > >

Speaking of Going Concerns…

In a prior post by Lynn Rees regarding fees assessed on health insurers, the issue turned on what it means to be a going concern.  Recently, Audit Analytics released a report on going concern trends.  You can get the highlights in this CFO article.  Interestingly, the number of new qualifications is down again this year.  [...] Read more > >

Beliefs and uses of disclosed information … revisited

In my previous post on proposed auditor communication changes, Lynn Rees pointed out that there doesn’t seem to be a disclosure that investors don’t like. His post brought two things to my mind. The first was post from Rob Bloomfield a few months ago about how beliefs about hypothetical use and actual use of information [...] Read more > >

Proposed Leasing Standard to Be Re-exposed

This week, the FASB and IASB announced plans to re-expose their proposed standard on leasing. This project was, until late last year, slated to be finished in July 2011. However, given the majors changes that have been raised during redeliberations, the boards have concluded that they are likely to end up with a document that [...] Read more > >

Accounting and Civilization

I know that many of you are preparing to teach soon, and your students might not fully appreciate the importance of your subject matter:  accounting.  You might start by talking about accounting’s crucial role in the development of writing, and civilization itself.  Attendees of the AAA meetings from several years ago might have seen Denise [...] Read more > >

Convergence, Condorsement and Carve-in – Insights from SEC Roundtable

The SEC hosted a Roundtable on IFRS July 7.   I turned on the archived webcast in the background as I worked through my email stack.  The discussions seemed similar to a roundtable the FASB held near the end of my term as Fellow.  But I did catch a few new words. Condorsement – Jeremy [...] Read more > >

A new dimension to disclosure reform

One of the questions around the disclosure framework is how the FASB will coordinate with the SEC and IASB. One issue that may make this question even more interesting is that a new group has potentially inserted itself in the discussion. Last month, the PCAOB released a concepts statement outlining proposed revisions to the auditor [...] Read more > >

Round Table: Harry Evans, Senior Editor of The Accounting Review

Click on “read more” at the bottom of this post and then click here for an archived recording of the session and click here for Harry Evans’ slides. The FASRI Round Table series continues at 4pm Eastern time on Tuesday, July 19. Rob Bloomfield, Lynn Rees and Phil Shane will moderate the session, and our guest [...] Read more > >