Comment Letters Ask FASB to Limit Future Projects
Some trade groups want the Financial Accounting Standards Board (“FASB”) to provide more leeway for implementing current accounting standards before taking on new projects. In feedback to the FASB’s Invitation to Comment, Agenda Consultation, groups like the American Bankers Association (“ABA”) asked the board to consider the time and costs needed when new standards are implemented. The ABA also noted that standards involving revenue, leases, credit losses and financial instrument measurement and classification require significant undertaking that could last over several years. Other comment letters to the agenda consultation document came from the Institute of Management Accountants (“IMA”), which advised. Read More.
Topics: American Bankers Association "ABA", Credit Losses, Financial Accounting Standards Board "FASB", Financial Instruments, financial reporting, Institute of Management Accountants "IMA", leases, U.S. GAAP
IMA Wants Liabilities and Equity Accounting Corrections
Fixing the accounting guidance to distinguish between liabilities and equity should be the Financial Accounting Standards Board’s (“FASB”) top priority, says the Institute of Management Accountants (“IMA”). Last week, IMA representatives voiced their opinions to FASB members on Topic 480, Distinguishing Liabilities from Equity. Critics have called the standard complex and flawed, while the FASB’s attempts to amend the guidance have fallen short. The most recent attempt began in August, as part of an Invitation to Comment to determine whether the FASB should address topics of major concern. The liabilities and equity accounting guidance was one of the topics included.. Read More.
New Memorandum of Understanding Announced
To improve non-financial information management and disclosures in corporate reports, the Sustainability Accounting Standards Board (“SASB”) and Institute of Management Accountants (“IMA”) recently announced a new Memorandum of Understanding (MoU). SASB Founder Dr. Jean Rogers and IMA President Jeff Thomson signed the new MoU, which serves as a guide for the cooperation and collaboration efforts of both organizations. In addition, the SASB and IMA will identify ways to align the thought leadership of their respective organizations to support value creation, corporate reporting and disclosures, and be proactive in sharing details of one another’s ongoing projects.