Financial Accounting Standards Board

Type: Organization
Name: Financial Accounting Standards Board
First reported 10 hours ago - Updated 4 hours ago - 1 reports

KPMG says big changes are ahead for banks’ accounts following new standard on bad debts

28 July 2014KPMG has commented following the International Accounting Standards Board’s (IASB’s) issuance of the fourth and final version of its new standard on financial instruments accounting — IFRS 9 Financial Instruments . This completes a project ... [Published The Lawyer - 10 hours ago]
First reported 5 hours ago - Updated 5 hours ago - 1 reports

New accounting standard governing banks’ loss reporting to come into force in 2018

International Financial Reporting Standard (IFRS) 9 (registration required) was issued by the London-based International Accounting Standards Board (IASB) and forms part of the body’s response to the global financial crisis. Amongst its provisions, it ... [Published Out-Law.com - 5 hours ago]
First reported 9 hours ago - Updated 9 hours ago - 1 reports

How The Raging Bull Market Created A Time Bomb For Your Insurance Company

Summary Taking advantage of an accounting loophole allowed insurance companies to sell Variable Annuities that greatly understate risk to shareholders. A large portion of Variable Annuities, if tethered to an institution, have loss generating guarantees ... [Published Seeking Alpha - 9 hours ago]
First reported 14 hours ago - Updated 14 hours ago - 1 reports

SFAS No. 123R Implementation Issue Addressed by the FASB Staff

On October 10, 2006, the FASB Staff issued FSP FAS 123R-5.  The new Staff Position [FSP] addresses whether “modification” of an instrument related to an equity restructuring should be considered a “modification” for purposes of applying FSP FAS 123R-1, ... [Published CPA Client Bulletin - 14 hours ago]
First reported 14 hours ago - Updated 14 hours ago - 1 reports

Share-Based Payments to Nonemployees

In December 2004, the FASB finalized SFAS No. 123R, entitled Share-Based Payment.  While we have provided a significant amount of implementation guidance related to this inordinately complex technical literature document, questions still arise related ... [Published CPA Client Bulletin - 14 hours ago]
First reported 14 hours ago - Updated 14 hours ago - 1 reports

Some Implementation Issues Associated with FIN 46R

In implementing the provisions of FASB Interpretation [FIN] 46R, entitled Consolidation of Variable Interest Entities, practitioners have raised several questions associated with the appropriate accounting treatment for certain items, events, and tra ... [Published CPA Client Bulletin - 14 hours ago]
First reported Jul 27 2014 - Updated Jul 27 2014 - 2 reports

Accounting milestone: IASB moves from incurred to expected loss model

July 27, 2014-Business , ICAEWThe International Accounting Standards Board (IASB) has last Thursday (24 th  July) reached a milestone by publishing new accounting requirements for loan loss provisioning, moving from an ‘incurred loss’ to a more forward-looking, ... [Published Mid East Information - Jul 27 2014]
First reported Jul 26 2014 - Updated Jul 26 2014 - 1 reports

Principal versus agent – the ‘dark horse’ in the race to the Revenue TRG

By Tony de BellThe IASB and FASB joint  transition resource group met for the first time last week to look at potential implementation issues relating to the new revenue standard. My guest blogger Andrea Allocco, Global Accounting Consulting Services ... [Published PriceWaterhouseCoopers United Kingdom - Jul 26 2014]
First reported Jul 26 2014 - Updated Jul 26 2014 - 1 reports

Highlights from the FASB’s July 23 meeting

, meeting, the FASB discussed its project on financial statements of not-for-profit entities (NFPs). In addition, the FASB jointly discussed leases with the IASB.Financial statements of not-for-profit entitiesThe FASB discussed (1) the relationship between ... [Published IAS Plus - Jul 26 2014]
First reported Jul 24 2014 - Updated Jul 25 2014 - 5 reports

Convergence unachieved after IASB publishes financial instruments standard

The International Accounting Standards Board (IASB) on Thursday issued a new financial instruments standard that introduces an expected-loss impairment model. But the standard falls short of the goal of convergence with financial instruments guidance ... [Published Journal of Accountancy - Jul 25 2014]
First reported Jul 24 2014 - Updated Jul 24 2014 - 1 reports

FASB Unveils ‘More Visual’ Technical Agenda Web Page

The Financial Accounting Standards Board (FASB) has relaunched its technical agenda web page , which Chairman Russell Golden said will inform visitors at a glance on where any given FASB project stands, the steps it took to get there, and what is coming ... [Published AccountingWEB - Jul 24 2014]
First reported Jul 22 2014 - Updated Jul 22 2014 - 2 reports

AC Insights - Summer 2014 US Edition

In this US GAAP edition, we discuss FASB, SEC and Auditing developments. During the quarter, the SEC issued an order to amend some requirements of the Conflict Minerals Rule because of proceedings at the US Court of Appeals.In May, the IASB and FASB issued ... [Published PriceWaterhouseCoopers Canada - Jul 22 2014]

Quotes

"Individuals and businesses in our communities are ready to borrow. Our reputation as a reliable local lender leads them to us. And, while we can't compel people to borrow money - and don't want to - when they are ready, we are here for them" said Park President David L Trautman
"The guidance in the second and third bullet points of paragraph 200 that a traditional variable annuity contract contains no embedded derivatives that warrant separate accounting under Statement 133 remains valid even though the insurer, rather than the policyholder, actually owns the assets. The following indicators provide the basis for concluding that a traditional variable annuity contract is not a hybrid instrument ( meaning it could possess derivatives that need to be marked to market) to be accounted for under paragraph 12:"
"The new standard will enhance investor confidence in banks' balance sheets and the financial system as a whole" Hoogervorst said
Paul Lichtenstein, KPMG Financial Risk Management Partner, said: "The impact of the new standard depends on the starting point for banks and how provisions are currently calculated. In Australia, banks have traditionally been conservative in provisioning approaches and levels. In addition, the strong state of the economy, the banks’ emergence from the depths of the GFC relatively unscathed and APRA’s regulatory scrutiny of provisioning levels have contributed to the current sound position of Australian banks in this area. As a result, the impact in Australia is likely to be less pronounced than in many other countries, certainly on issues like banks’ regulatory capital ratios."

More Content

All (371) | News (252) | Reports (0) | Blogs (110) | Audio/Video (0) | Fact Sheets (2) | Press Releases (6)
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Park National Corporation Reports Increased Sec... [Published Vision Monday - 55 mins ago]
New accounting standard governing banks’ loss r... [Published Out-Law.com - 5 hours ago]
How The Raging Bull Market Created A Time Bomb ... [Published Seeking Alpha - 9 hours ago]
KPMG says big changes are ahead for banks’ acco... [Published The Lawyer - 10 hours ago]
SFAS No. 123R Implementation Issue Addressed by... [Published CPA Client Bulletin - 14 hours ago]
Share-Based Payments to Nonemployees [Published CPA Client Bulletin - 14 hours ago]
Some Implementation Issues Associated with FIN 46R [Published CPA Client Bulletin - 14 hours ago]
Accounting milestone: IASB moves from incurred ... [Published Mid East Information - Jul 27 2014]
IASB moves from incurred to expected loss model [Published CPI Financial - Jul 27 2014]
As $50B pension debt weighs on Pennsylvania, ot... [Published Pittsburgh Tribune Review - Jul 27 2014]
Principal versus agent – the ‘dark horse’ in th... [Published PriceWaterhouseCoopers United Kingdom - Jul 26 2014]
Highlights from the FASB’s July 23 meeting [Published IAS Plus - Jul 26 2014]
Insurance Modernization: The broad business impact [Published PriceWaterhouseCoopers Canada - Jul 25 2014]
What's new on CFOdirect - Week of July 24, 2014 [Published PWC Health Research Institute - Jul 25 2014]
Banks take a forward view of losses under new I... [Published Accountancy Age - Jul 25 2014]
New accounting standard on bad debts completes ... [Published Invest in Australia - Jul 25 2014]
Prosperity Bancshares, Inc.® Reports Record Sec... [Published Wall Street Select - Jul 25 2014]
Corporate Real Estate Technology [Published Site Selection Magazine - Jul 25 2014]
Comverse Inc: The Transition To Positive Free C... [Published Seeking Alpha - Jul 25 2014]
More SAB 74 and a Draft for Your Use [Published Practising Law Institute - Jul 25 2014]
FASB Issues Revenue Recognition Standard [Published WISS & Company - Jul 25 2014]
Convergence unachieved after IASB publishes fin... [Published Journal of Accountancy - Jul 25 2014]
Tentative Board Decisions:July 23, 2014 Joint F... [Published Financial Accounting Standards Board - Jul 25 2014]
Tentative Board Decisions:July 23, 2014 FASB Bo... [Published Financial Accounting Standards Board - Jul 25 2014]
New bank rules finalised [Published Business Spectator - Jul 25 2014]
Heritage Commerce Corp Earnings Increased 19% f... [Published Good Day Sacramento - Jul 24 2014]
City National Corporation Reports Record Net In... [Published BusinessWeek - Jul 24 2014]
Acacia Research Reports Second Quarter Financia... [Published Wall Street Select - Jul 24 2014]
FASB Unveils ‘More Visual’ Technical Agenda Web... [Published AccountingWEB - Jul 24 2014]
New Rules to Affect Incentive Pay, Consulting C... [Published Bureau of National Affairs - Jul 24 2014]
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Blogs

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Relaunched FASB Technical Agenda Web Page Bring... [Published EON Business - Jul 17 2014]
NORWALK, Conn.--(EON: Enhanced Online News)--The Financial Accounting Standards Board (FASB) today relaunched its technical agenda web page to provide a more user-friendly graphic overview of each Board project and enable visitors to better understand ...
Relaunched FASB Technical Agenda Web Page Bring... [Published Business Wire Professional Services News - Jul 17 2014]
NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Standards Board (FASB) today relaunched its technical agenda web page to provide a more user-friendly graphic overview of each Board project and enable visitors to better understand how individual ...
Relaunched FASB Technical Agenda Web Page Bring... [Published Business Wire Technology News - Jul 17 2014]
NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Standards Board (FASB) today relaunched its technical agenda web page to provide a more user-friendly graphic overview of each Board project and enable visitors to better understand how individual ...
Former SEC Commissioner: Steyer Group ‘Inviting... [Published Washington Free Beacon - Jul 17 2014]
The latest effort to get federal regulators involved in the fight over global warming could put major American companies at risk of being charged with fraud, according to a former Securities and Exchange Commissioner. Former Treasury Secretaries Robert ...
FASB Issues Proposals to Simplify Inventory Mea... [Published EON Business - Jul 15 2014]
NORWALK, C.T.--(EON: Enhanced Online News)--As part of its simplification initiative, the Financial Accounting Standards Board (FASB) today issued two proposed Accounting Standards Updates intended to simplify the measurement of inventory and eliminate ...
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Press Releases

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Bloomberg BNA Releases In-Depth Analysis of New... [Published Financial Services - Jun 05 2014]
KPMG: New IASB/FASB Joint Revenue Recognition S... [Published GlobeNewswire: Acquisitions News - May 29 2014]
Chief Accountant Paul Beswick to Leave SEC [Published SEC US Press Releases - May 15 2014]
FINRA Names Leslie F. Seidman As New Public Gov... [Published FINRA Newsroom - Apr 24 2014]
FASB Decision is a "Major Victory" for U.S. Ins... [Published Financial Services - Feb 19 2014]
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