Mohini Singh is director of financial reporting policy at CFA Institute. She represents membership interests regarding financial reporting and disclosure proposals issued by the FASB, the IASB, and others. Singh holds the Associate Chartered Accountant (ACA) designation.
A recent IASB proposal suggests removing the requirement to measure certain biological assets at fair value, which would provide a major disservice to investors.
In August, after considering how accounting in four areas (including goodwill) should be differentiated for private companies, the FASB finally issued a proposed accounting standards update that provides a single definition of a public business entity.
SEC Chief Accountant Paul Beswick questions simplifying reporting requirements for entities on the basis of ownership structure.
New report analyzing the accounting practices of European financial institutions during and after the financial crisis makes case for greater transparency to restore investor confidence.
SEC Chair Mary Jo White appears to point to “information overload” as key source of disclosure ineffectiveness; however, a recent CFA Institute report shows investors care more about the quality of disclosures.
The Financial Accounting Standards Board (FASB) has a project to create separate private company accounting standards, based on the theory that private companies have unique characteristics that require different financial reporting requirements than public companies.
A recent report from the Association of Chartered Certified Accountants illustrates the critical relationship between transparency in financial reporting and investors’ trust — and the potential ramifications for investment activity.
Currently there are initiatives underway to create an overarching framework to improve financial statement disclosures. The “disclosure framework” is intended to help enable companies communicate more effectively with investors, eliminate redundancy, and move away from what some assert has become a compliance exercise.
FASB recently initiated a project to create separate private company accounting standards. Meanwhile the PCC — formed to advise FASB on private company standards — is charged with identifying areas within existing GAAP to adjust reporting requirements for private companies.
On 12 February, the Financial Accounting Standards Board’s (FASB) Private Company Council (PCC) voted to add three projects to its formal agenda to consider how accounting in three topical areas should be differentiated for private companies.
Last week, Hans Hoogervorst, chairman of the International Accounting Standards Board (IASB), made the case for the U.S. Securities and Exchange Commission (SEC) to allow the optional use of International Financial Reporting Standards (IFRS) by U.S. publicly listed companies.
In October 2011 the Financial Accounting Standards Board (FASB) issued proposed guidance on how to value investment properties. But instead of providing guidance on how to measure investment properties held by any entity, the FASB created a new type of entity — the so-called “investment property entity” (IPE).
CFA Institute recently held a webinar, “Financial Statement Disclosures: Standard Setter, Regulator, and Investor Perspectives,” to discuss the Financial Accounting Standards Board (FASB) and European Financial Reporting Advisory Group (EFRAG) proposals for developing a disclosure framework and improving financial disclosures.
Mohini Singh, ACA, examines why fair value is the most relevant measurement basis for all real estate properties — not just investment properties, as proposed by FASB.
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