ASU Related to Performance Targets Issued by the FASB
Due to an agreement regarding its Emerging Issues Task Force, the Financial Accounting Standards Board has released Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Effective for annual and interim periods within periods starting after December 15, 2015, the ASU’s amendments require a performance target that impacts vesting and can be attained after the requisite service period be handled as a performance condition. When calculating the award’s grant-date fair value, the performance target should not be considered. The compensation. Read More.
FinREC to Create Accounting Guide for Revenue Recognition Standards
Planned for a mid-2016 release, the American Institute of Certified Public Accountants’ (“AICPA”) Financial Reporting Executive Committee (“FinREC”) is working on an accounting guide for the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board’s (“IASB”) recently issued revenue recognition standards. The guide will assist accountants’ implementation of FASB’s Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, and the IASB’s IFRS 15, Revenue from Contracts with Customers. Additionally, the guide will offer insightful tips, examples and what high impact industries should consider when implementing the standards. There will also be sessions in all AICPA conferences and. Read More.
Topics: Accounting Standards Update "ASU", American Board of Certified Public Accountants "AICPA", Financial Accounting Standards Board "FASB", Financial Reporting Executive Committee "FinREC", IFRS, Russell Golden
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 .
A Push for Fewer Discontinued Operations
Overview In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Starting as a short-term convergence project with the International Accounting Standards Board in 2006, the end result was a multiyear effort to identify what events truly should qualify as a discontinued operation. The ASU changes the criteria for reporting a discontinued operation, which should reduce the number of items reported below income from continuing operations. Also, the ASU reduces the implementation guidance while increasing disclosure requirements. Strategic Shift? One criticism about the previous. Read More.
New FASB Repurchase Disclosure Standard Released
Recently issued by the Financial Accounting Standards Board (“FASB”), Accounting Standards Update (ASU) No. 2014-11 , Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. In addition, the ASU requires separate accounting separate accounting for a transfer executive with a repurchase agreement with the same counter party resulting in secured borrowing accounting for the repurchase agreement. Finally, the ASU adds new disclosures to provide for transparency with respect to the transaction. The effective dates are as followed: Public Private Public Interim Private Interim Accounting Changes beginning after December 15, 2014 beginning after December 15,. Read More.
FASB and IASB Seek Lease Standards Publication Next Year
Hoping to publish final standards late next year, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) will restart discussions this fall on their lease accounting project. It is anticipated that the final standards will be based on FASB’s Proposed Accounting Standards Update No. 2013-270, Leases (Topic 842), and the IASB’s Exposure Draft No. 2013-6, Leases. Both proposals were published in 2013. Before completing work on their project, the FASB and IASB must resolve several disagreements on proposed changes to accounting in U.S. GAAP and International Financial Reporting Standards. Such disagreements include how to handle accounting for. Read More.