FEI Financial Reporting Blog

• Why Accounting Matters

  Number of comments: 1
  Last week, we reported that two amendments relating to the Financial Accounting Standards Board were approved by the House Financial Services Committee (HFSC) during markup of its systemic risk bill. The bill, more formally called the Financial Stability Improvement Act (FSIA), is part of a broader set of [...]
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  Posted: November 27, 2009, 3:59pm EST
  by Edith Orenstein

• FASB-Related Amendments (Perlmutter/Lucas; Garrett) Pass House Committee

  Number of comments: 1
  As reported by Dow Jones Newswire's Sarah Lynch earlier today, U.S. House Panel Approves A Toned-Down Accounting Proposal. The article refers to the Perlmutter/Lucas amendment relating generally to the role that the proposed systemic risk council would play vis-a-vis accounting standard-setting. Separately, an amendment offered by Rep. Scott Garrett,' [...]
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  Posted: November 19, 2009, 10:48pm EST
  by Edith Orenstein

• SEC Commissioner Casey's Keynote Address At FEI CFRI, Additional Conf. Highlights Posted

  Number of comments: 0
  The closing keynote address provided by SEC Commissioner Kathleen Casey at FEI's Current Financial Reporting Issues Conference on Nov. 17 has been posted by the SEC here and is also currently posted as headline 1 on FEI's website, www.financialexecutives.org. (Direct link to speech here.) Additional highlights from [...]
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  Posted: November 19, 2009, 2:06pm EST
  by Edith Orenstein

• Wayne's World: Carnall Tells FEI Conf. What's In Store From Corp Fin

  Number of comments: 0
  If you remember the old 'SEC Regs' Committee of the AICPA (now called the 'CAQ Regs' Committee, under the aegis of AICPA-affiliate, the Center for Audit Quality) you may have heard of it referred to as one of the so-called 'secret societies' in accounting. Based on remarks of [...]
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  Posted: November 17, 2009, 9:50pm EST
  by Edith Orenstein

• Both Cost And Fair Value May Be Presented Or Disclosed, As FASB, IASB Proceed On Convergence; LIFO on IRS' List of Convergence Issues

  Number of comments: 0
  At day one of FEI's Current Financial Reporting Issues Conference, FASB Technical Director Russell Golden noted that as FASB and the IASB work toward reconciling differences in their financial instruments projects with the hope of arriving at a converged solution, fair value and amortized cost may both end up being' [...]
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  Posted: November 16, 2009, 5:00pm EST
  by Edith Orenstein

• May Be A 'Silver Lining' to Non-Endorsement of IFRS 9 By European Commission, IASB Board Member Says

  Number of comments: 0
  In remarks at FEI's 28th annual Current Financial Reporting Issues (CFRI) conference earlier today, International Accounting Standards Board member Patrick Finnegan noted that the IASB's issuance of IFRS 9 (Financial Instruments) last week was met by non-endorsement by the European Commission.
  
  According to a separate report by [...]
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  Posted: November 16, 2009, 3:44pm EST
  by Edith Orenstein

• IASB Releases IFRS 9-Financial Instruments (Completes 1st Phase of Project: Classification & Measurement)

  Number of comments: 3
  Earlier today, the IASB released IFRS 9, Financial Instruments. As noted in IASB's press release, IASB is engaged in a three-phase project to replace its existing standard, IAS 39, Financial Instruments, Recognition and Measurement, with a new standard, IFRS 9, Financial Instruments. The three phases and related due process' [...]
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  Posted: November 12, 2009, 12:31pm EST
  by Edith Orenstein

• Update On Congressional Consideration Re: FASB

  Number of comments: 2
  Updating our post last week, FEI Committee on Corporate Reporting (CCR), SEC Chairman, Others Write Congress on Standard-Setting, earlier today, FEI's Committee on Private Companies - Standards Committee (CPC-S) submitted its own letter to Congress (see FEI CPC-S letter) on potential amendments reportedly under consideration by some members' [...]
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  Posted: November 11, 2009, 5:00pm EST
  by Edith Orenstein

• FEI Committee on Corporate Reporting (CCR), SEC Chairman, Others Write Congress On Standard-Setting

  Number of comments: 1
  On Nov. 5, 2009 FEI's Committee on Corporate Reporting (CCR) submitted a letter to Rep. Barney Frank and Rep. Spencer Bachus, Chair and Ranking Member, respectively of the House Financial Services Committee. The FEI CCR letter noted: "concer[n] with recent proposals that would place accounting standards oversight under the'" [...]
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  Posted: November 06, 2009, 1:00pm EST
  by Edith Orenstein

• FASB, IASB Reaffirm Convergence By June, 2011

  Number of comments: 0
  Earlier today, FASB and the IASB announced the release of a 23-page joint statement which reaffirms their commitment to improve IFRS and U.S. GAAP, and to bring about their convergence through completion of the major convergence projects outlined in the FASB-IASB Memorandum of Understanding by June, 2011. The [...]
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  Posted: November 05, 2009, 9:27pm EST
  by Edith Orenstein

• Sarbanes-Oxley Exemption Passes Congressional Committee

  Number of comments: 4
  Earlier today, the House Financial Services Committee approved an amendment that would exempt small public companies from the provisions of Sarbanes-Oxley Section 404b. The Garrett/Adler amendment, offered by Rep. Scott Garrett (R-NJ) and Rep. John Adler (D-NJ), was approved in the HFS Committee today by a [...]
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  Posted: November 04, 2009, 5:30pm EST
  by Edith Orenstein

• COSO Releases Thought Paper on ERM

  Number of comments: 0
  Earlier today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a 24-page thought paper entitled Strengthening Enterprise Risk Management for Strategic Advantage. The new thought paper follows the release in October of a four-page thought paper entitled, Effective Enterprise Risk Oversight: The Role of The [...]
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  Posted: November 04, 2009, 1:33pm EST
  by Edith Orenstein

• FASB Oversight Subject of Congressional Interest

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  As we previously reported, Rep. Ed Perlmutter (D-CO) introduced a bill earlier this year (HR 1349), which would create a Federal Accounting Oversight Board (FAOB). More recently, Rep. Gary Miller (R-CA) proposed an amendment to create a Financial Reporting Forum (FRF). The two legislative initiatives vary in [...]
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  Posted: November 03, 2009, 9:39pm EST
  by Edith Orenstein