IASB Vice Chair Denounces FASB’s Separate Agenda
After working with the Financial Accounting Standards Board (“FASB”) for 12 years on merging U.S. GAAP and International Financing Accounting Standards (IFRS), the International Accounting Standards Board’s (“IASB”) Ian Mackintosh recently criticized the FASB for its decision to stray from their original course of action. Speaking at the IFRS Foundation Conference on June 23rd, the IASB Vice Chair acknowledged the successes of IFRS adoption in over 100 nations, but condemned the FASB for diverging from the goal of creating a single set of global standards. In his speech, Mackintosh called out FASB Vice Chair James Kroeker for comments perceived as. Read More.
Topics: Convergence, Financial Accounting Foundation "FAF", Financial Accounting Standards Board "FASB", Global Standards, Ian Mackintosh, International Accounting Standards Board "IASB", International Financial Reporting Standards "IFRS", James Kroeker, Mary Jo White, Revenue Recognition, U.S. GAAP
2014 U.S. GAAP Financial Reporting Taxonomy Released
Announced earlier this week, the Financial Accounting Foundation (“FAF”) and Financial Accounting Standards Board (“the Board”) has adopted the 2014 U.S. GAAP Financial Reporting Taxonomy . Used by U.S. Securities and Exchange Commission (“SEC”) issuers, the new taxonomy improves upon last year’s edition and offers accounting standard updates. Both the FAF and Board share responsibility for revisions to the taxonomy, which affects SEC-registered public issuers. For guidance on applying the new taxonomy for submitting SEC-compliant eXtensible Business Reporting Language-tagged interactive data files or any other related questions, please contact the SEC .
FAF’s Annual Report Shares Upcoming Plans
Released late last week, the Financial Accounting Foundation’s (“FAF”; “the Foundation”) 2013 Annual Report details future plans for the Foundation, the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). Named “The Road Ahead”, the report features a thorough overview of last year’s achievements by the FAF, FASB and GASB, and talks about their plans ahead. The Foundation’s plans for the FASB and GASB consist of: Guiding the FASB forward after its current projects with the International Accounting Standards Board (“IASB”) are done; Encouraging a global standard-setting environment where the FASB continues its efforts with the IASB and. Read More.
Next FAF Quarterly Meeting Set for May 21st
Providing updates to the Foundation’s trustees, the Financial Accounting Foundation (“FAF”; “the Foundation”) will hold its quarterly meeting on May 21st. Taking place in Washington D.C., the meeting will discuss recent accounting standard-setting happenings by the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”). FAF Chairman Jeffrey Diermeier, and President and CEO Teresa Polley, FASB Chairman Russell Golden and GASB Chairman David Vaudt are scheduled to share their reports, as well as the FAF’s Standard-Setting Process Oversight Committee Chairman and treasurer. Along with the updates, the Foundation plans to review concerns over its estimated $3 million donation. Read More.