Accounting Standards

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.

The Financial Accounting Standards Board has issued for public comment its proposal to improve financial reporting about repurchase agreements and other transfers with forward agreements to repurchase transferred assets.

New AICPA framework would offer small businesses a new method of financial reporting. The framework is intended for companies who are not required to use Generally Accepted Accounting Principles.

Site offers tools for understanding how accounting standards can be applied, from the valuation and impairment of assets, to accounting for financial instruments, as well as how these standards are changing.

Two professors in the Bauernfeind College of Business at Murray State University, L. Murphy Smith, DBA (Doctor of Business Administration), and Katherine Taken Smith, DBA, along with Shannon Knight, CPA, a business professor at Texas A&M University, collaborated on a new financial accounting textbook. The book, Financial Accounting and Reporting, is published by CCH.

U.S companies will not be required to meet a mid-2013 deadline for adopting IFRS accounting standards. At least not anytime soon.