Accounting Standards
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New Print Edition of FASB Accounting Standards Codification Available
The Financial Accounting Foundation (FAF) today released an updated print edition of the Financial Accounting Standards Board’s FASB Accounting Standards Codification, the single, authoritative source of U.S. Generally Accepted Accounting Principles (U.S. GAAP) for public and private companies and not-for-profit organizations.
International Federation of Accountants Seeks Convergence of Global Regulations
As Australia assumes the presidency of the G-20 for 2014, IFAC reiterated its call on global policymakers to refocus on regulatory convergence, and said their failure to do so is stifling business confidence, economic stability, and ambitions for a sustainable recovery.
Accounting Standards Boards Collaborate To Improve Corporate Disclosures
Partnership focuses on accelerating the practical implementation of Integrated Reporting
FASB & PCC Issue Private Company Framework, Definition of Public Business Entity
The Definition of a Public Business Entity will be used by the FASB, the PCC, and the Emerging Issues Task Force (EITF) to determine the scope of new accounting and reporting guidance and to identify the types of companies that are excluded from the scope of the Guide.
FASB Releases 2014 GAAP Financial Reporting Taxonomy
Questions about using this taxonomy for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.
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GASB Resolves Transition Issue for Pension Standards
The Governmental Accounting Standards Board (GASB) recently issued a statement regarding the transition provisions of GASB’s new pension standards for state and local governments.
New York CPA Society endorses new FASB tax proposal
The New York State Society of Certified Public Accountants (NYSSCPA) expressed agreement with a proposal from the Financial Accounting Standards Board (FASB) that, if implemented, would standardize the treatment of net operating loss carryforwards or tax credit carryforwards on financial statements.
Report looks at FASB’s Proposed Accounting Standards for Leases
Thomson Reuters has released an overview of the Financial Accounting Standards Board’s (FASB) proposed accounting standards for leases.