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FASB Chairman Comments on Possible International Accounting Group

In an effort to boost the organization’s outreach to foreign standard-setters, Financial Accounting Standards Board (“FASB”) chairman Russell Golden has announced plans to create an informal network of accounting bodies. At the American Institute of Certified Public Accountants’ National Conference on Banks and Savings Institutions last week, Golden said the international group would acknowledge the International Accounting Standards Board’s (“IASB”) one size fits all approach is not conducive to ongoing U.S. GAAP and International Financial Reporting Standards (IFRS) convergence efforts, and differences among accounting standards will continue to occur. Hoping to hold the first meeting by year’s end, the network. Read More.

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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.

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