In place of pooling, the FASB
recommended mandatory use of the purchase method, which, unlike pooling, requires companies to account for goodwill when they report on acquisitions.
While the change in funding may relieve FASB
of implicit pressures, Balhoff says, it may also orient the board more toward standards for public companies, to the detriment of the rest.
and International Accounting Standards Board (IASB) have reached differing conclusions on certain issues.
In developing high-quality accounting standards, standard setters may opt for either FASB
or IASB guidance.
Although the FASB
does not believe that tax opinions are required or appropriate in all instances, it noted that an unqualified "should prevail" tax opinion from a qualified expert, for which all conditions are objectively verifiable, may help to demonstrate that the probable threshold has been met.
wants, and what makes sense, is for CEOs to accept that it is the standards-setting body, and to engage with them on issues that will hit companies' bottom lines, such as the treatment of variable interest entities.
Copies of Statement 123(R) are available by calling the FASB
Order Department at 800/748-0659 or by placing an order online.
also is working with the EITF, AICPA and SEC to more clearly define their roles in selling accounting standards, including streamlining certain activities and modernizing financial reporting and disclosure.
has undertaken major initiatives to integrate and codify the massive volume of all current non-governmental accounting pronouncements into a single source, stem the proliferation of accounting pronouncements emanating from multiple sources, and develop standards in a more principles-based manner.
25, 2006, FASB
issued an FASB
Exposure Draft, The Fair Value Option for Financial Assets and Financial Liabilities, for Phase 1.
According to proposed FSP Financial Accounting Statement (FAS) 109-a, the manufacturing deduction should be accounted for as a special deduction under the rules of FASB
Issues Accounting Standard to Improve Disclosures about Pension and Other Postretirement Benefit Plans; Publishes Revised Interpretation to Clarify and Expand on Accounting Guidance for Variable Interest Entities