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Accounting & Audit Alert May 2013


 

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


FASB Proposes Changes To Reporting Discontinued Operations


The Financial Accounting Standards Board (FASB) has issued a proposal to improve financial reporting about discontinued operations of major business lines or major geographic areas of operations for public and private companies, and not-for-profit organizations.

This proposed Accounting Standards Update (ASU) is titled, Presentation of Financial Statements (Topic 205)—Reporting Discontinued Operations.

FASB Exposes Private Company Decision-Making Framework For Public Comment


The FASB, along with the Private Company Council (PCC), has issued an Invitation to Comment: Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies, seeking stakeholder input on the proposed private company decision-making framework.

The framework is intended to serve as a guide for the FASB and the PCC in determining whether and in what circumstances to provide alternative recognition, measurement, disclosure, display, effective date, or transition guidance for private companies reporting under U.S. generally accepted accounting principles (GAAP).

AICPA Issues New Accounting And Audit Guide For Not-For-Profit Entities


The AICPA recently issued a newly updated Accounting and Audit Guide for Not-For-Profit (NFP) Entities.

The new guide, updated as of March 1, 2013, is the first comprehensive revision of the guide since 1996 and reflects all changes to audit standards resulting from the AICPA Clarity Project (Statements on Auditing Standards 122 through 127) which are effective for audits of financial statements for periods ending on or after December 15, 2012.

FASB Extends Comment Deadline On Proposal For Accounting For Credit Losses On Financial Assets


The FASB has extended the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations.

The new comment deadline on the proposed ASU, Financial Instruments—Credit Losses (Subtopic 825-15) is May 31, 2013.

FASB Proposes Amendments To The Accounting Standards Codification Related To Financial Instruments


As reported in last month’s Accounting & Auditing Alert, the FASB has issued for public comment a revised draft standard to improve and converge the financial reporting requirements of IFRS and U.S. GAAP for financial instruments.

Subsequent to the issuance of that exposure draft, the FASB issued a companion document reflecting changes to the ASC that would result from the proposed ASU on financial instruments.

SEC Financial Reporting Manual Updated


The staff in the Division of Corporation Finance of the SEC recently released an updated Financial Reporting Manual, reflecting changes through December 31, 2012.

This manual represents informal guidance prepared for use by Division of Corporation Finance staff and published to provide guidance for those filing with the SEC for certain types of transactions.

 

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