Accounting Standards

The International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation, has launched its web-based IFRS Research Center.

XBRL US has announced the publication of its new online US GAAP Pension Analyzer. The tool is available for free to public company reporting managers that runs a set of rules against the pension disclosure within an XBRL-formatted financial statement. XBRL US is the nonprofit consortium for XBRL reporting in the US.

The Financial Accounting Standards Board (FASB) has issued new guidance that improves U.S. Generally Accepted Accounting Principles (GAAP) by more faithfully representing when a company or other organization discontinues its operations.

The Governmental Accounting Standards Board (GASB) has issued Concepts Statement No. 6, Measurement of Elements of Financial Statements, which will guide the GASB in establishing accounting and financial reporting standards for U.S. state and local governments regarding the measurement of assets and liabilities.

The Financial Accounting Foundation (FAF) today announced the release of a version of the GASB Governmental Accounting Research System that has been designed for use on tablet devices.

New accounting standards for pensions will go into effect after June 15, 2014, the Governmental Accounting Standards Board has announced.

The Financial Accounting Standards Board has issued guidance intended to improve private company financial reporting regarding consolidation of lessors in certain common control leasing arrangements.

A new online pension implementation toolkit was released today by the Governmental Accounting Standards Board (GASB). The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012. The toolkit is available at no cost at the GASB website.