Views on improving the integrity of global capital markets

FASB


FASB Framework to Guide Development of Separate Private Company Standards

The FASB and PCC recently issued a guide intended to help determine whether and when to provide alternative financial reporting requirements for private companies. How are private companies different, and does this justify different treatment?

Private Company Financial Reporting: Need for Clear Definition of Private Company

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: Private Company Financial Reporting Needs a Rethink

SEC Chief Accountant Paul Beswick questions simplifying reporting requirements for entities on the basis of ownership structure.

CFA Institute Supports Balance Sheet Recognition of Leases

To address the improvements needed in lease accounting, the IASB and FASB, through a joint revised exposure draft, have proposed the capitalization of all leases with the exception of short-term and immaterial leases.

Will Private Company Financial Reporting Add Complexity for Investors, Public Companies?

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.

“Going Concern” Warnings: Fewer Firms Improved in 2012 and Its Impact on Investors

Investors are closely following separate initiatives of the FASB and the PCAOB to improve the way both company management and the independent auditor report the company’s future financial health.

Assessing Financial Reporting Transparency of Securitization Transactions

The financial crisis highlighted a range of shortcomings associated with the recognition, measurement, and disclosures of transferred financial assets, including those involving securitized assets.

Large, Complex Financial Institutions: Investors Need Better OTC Derivative Disclosure

Have the raft of regulatory proposals requiring greater use of central counterparty clearing houses enhanced risk transparency and risk management at the systemic level and within individual financial institutions?

More Transparent Financial Reporting Disclosures Needed to Boost Investor Trust

CFA Institute report recommends how to improve the effectiveness of financial reporting for investors.

Investor Win: FASB Proposes Enhanced “Going Concern” Warnings for U.S. Firms

FASB proposal would make warnings about a company’s failing financial health the responsibility of firm management.

CFA Institute Survey: Weigh in on IASB-FASB Proposal to Overhaul Lease Accounting

Survey results will inform CFA Institute position and input to standard setters.

Financial Reporting Disclosure Reform: Need for Investor Input

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.

Separate Private Company Financial Reporting: A Word of Caution

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.

Bank Regulatory Capital: Brewing Storm over Basel III Removal of Financial Reporting Information Filter

It remains challenging for investors to fully anticipate the consequences of forthcoming bank regulatory requirements, especially across interrelated strands of regulation. A case in point is a Basel III requirement eliminating filters relating to financial reporting information.

Private Company Financial Reporting: FASB Marches on Without Defining Private Companies or Deciding How They Are Different

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.



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