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Accounting & Audit Alert January 2013


 

RubinBrown's Accounting & Auditing Alert is published monthly to inform our clients and contacts about relevant technical accounting and audit-related information.


01/02/2013

Private Company Council Holds Initial Meeting


On December 6, 2012, the Private Company Council (PCC), a new body created to improve the standard-setting process for private companies, held its inaugural meeting in Norwalk, Connecticut.

The PCC was established in May 2012 by the Board of Trustees of the Financial Accounting Foundation (FAF) to work with the Financial Accounting Standards Board (FASB) to determine the need for modifications of U.S. Generally Accepted Accounting Principles (GAAP) for private companies.

FASB Issues Proposed ASU Clarifying The Scope Of Offsetting Assets And Liabilities Disclosures


The FASB has issued a proposed Accounting Standards Update (ASU), Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.

The proposed amendments would clarify the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.

Accounting And Review Services Committee Proposes Clarity Changes


The Accounting and Review Services Committee (ARSC) of the AICPA has undertaken a clarity project that intends to make compilation and review standards easier to read, understand and apply.

In May 2010, the ARSC approved a project to revise all existing compilation and review standards in the Codification of Statements on Standards for Accounting and Review Services (AR sections).

This project is similar to the one undertaken by the Auditing Standards Board (ASB) to redraft all auditing sections in Codification of Statements on Auditing Standards. In connection with this project, the ARSC recently issued an Exposure Draft which proposes changes to Statements on Standards for Accounting and Review Services (SSARSs).

 

Readers should not act upon information presented without individual professional consultation.