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Accounting & Audit Alert July 2013


 

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


07/01/2013

FASB Endorses PCC Proposals


The Financial Accounting Standards Board (FASB) has endorsed the following three consensuses-for-exposure reached at the May 7, 2013, Private Company Council (PCC) meeting:

  • PCC Issue No. 13-01A, "Accounting for Identifiable Intangible Assets in a Business Combination";
  • PCC Issue No. 13-01B, "Accounting for Goodwill Subsequent to a Business Combination"; and
  • PCC Issue No. 13-03, "Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps."


These endorsements allow the proposals to be exposed for public comment.

FASB Issues Standard Clarifying Investment Company Status And Accounting


The FASB has issued an Accounting Standards Update (ASU) that sets forth a new approach for determining whether a public or private company is an investment company. The ASU also clarifies the characteristics and sets measurement and disclosure requirements for an investment company.

07/01/2013

AICPA Issues New Financial Statement Framework


The American Institute of Certified Public Accountants (AICPA) has released the Financial Reporting Framework for Small-and Medium-Sized Entities (FRF for SMEs) to help the small business community with its financial reporting needs.

The FRF for SMEs represents a new accounting option for preparing financial statements for privately-held, owner-managed businesses that are not required to use U.S. generally accepted accounting principles (GAAP) for financial reporting purposes.

COSO Framework Updated


The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has issued its updated Internal Control–Integrated Framework (Framework) and related illustrative documents. On December 15, 2014, the Framework will officially replace the original Internal Control – Integrated Framework (the original framework), which dates back to 1992.

The original framework has been used by companies, non-profit organizations, governments, and regulators, becoming the global standard used to design, implement, and assess the effectiveness of a system of internal controls.

 

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