If you’re a regular reader of this blog, or you otherwise are tasked with following developments at, and/or implementing changes in accounting and financial reporting rules emanating from the FASB, SEC or IASB, you won’t want to miss this year’s FEI Current Financial Reporting Issues conference.
Set to take place November 14-15 at the Marriott Marquis Times Square hotel in New York City, this is the 30th year of FEI’s CFRI conference. Included among the speakers will be FASB Chairman Leslie Seidman, IASB Vice Chairman Ian Mackintosh, and SEC Chief Accountant Jim Kroeker.
While you are in NYC for CFRI, consider attending FEI’s Hall of Fame Gala Monday night November 14, or the post-conference IFRS Boot Camp on November 16. The Hall of Fame and IFRS Boot Camp are available by separate registration (they are not part of the CFRI program).
The Hall of Fame Gala, taking place at Gotham Hall in Manhattan, will celebrate the induction of this year’s Hall of Fame inductees: Robert C. Butler, Judy C. Lewent, and David B. Rickard. Proceeds of the Hall of Fame Gala benefit the Financial Executives Research Foundation (FERF).
Read more about all three events in this FEI press release; or visit the related webpages on agenda, speakers, and registration info for: CFRI, Hall of Fame, and IFRS Boot Camp.
Saturday, October 15, 2011
FASB Releases Proposed 'Technical Corrections' To Codification
On Friday, October 14, the FASB released a 214-page set of proposed technical corrections to the Accounting Standards Codification.
The proposed changes, which cover a wide variety of areas. Included among the proposed changes are include certain ‘conforming’ changes to reflect FAS 157, Fair Value Measurement, in certain parts of the Codification that were not previously updated (e.g. to change certain references from ‘market value,’ or ‘mark to market’ to ‘fair value.’)
According to the board, the proposed changes to the Codification are aimed at being ‘technical’ in nature, vs. ‘pervasive’ or ‘substantive.’ As explained in FASB’s press release (reformatted into bullets)
However, it is possible that certain proposed amendments may result in a change to existing practice.
The effective date of the proposed amendments would be determined after the Board considers comments on the proposal.
The comment deadline is Dec. 13, 2011.
The proposed changes, which cover a wide variety of areas. Included among the proposed changes are include certain ‘conforming’ changes to reflect FAS 157, Fair Value Measurement, in certain parts of the Codification that were not previously updated (e.g. to change certain references from ‘market value,’ or ‘mark to market’ to ‘fair value.’)
According to the board, the proposed changes to the Codification are aimed at being ‘technical’ in nature, vs. ‘pervasive’ or ‘substantive.’ As explained in FASB’s press release (reformatted into bullets)
- Periodically, the FASB updates the Codification for technical corrections and clarifications that are deemed necessary.
- The amendments included in this proposed Update cover a wide range of Topics and are generally nonsubstantive in nature.
- Many of the proposed amendments update terminology to conform with Topic 820 (Fair Value Measurement).
- The Board does not anticipate that the amendments in this proposed Update would result in pervasive changes to current practice.
The Board does not anticipate that the amendments in this proposed Update would result in pervasive changes to current practice.
However, it is possible that certain proposed amendments may result in a change to existing practice.
The effective date of the proposed amendments would be determined after the Board considers comments on the proposal.
The comment deadline is Dec. 13, 2011.
FASB To Meet This Week on Deferring Certain Aspects of ASU 2011-05: Comprehensive Income
The FASB board is set to meet Friday, October 21, to discuss “whether to defer the effective date of the presentation requirements for classification adjustments in Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” The information about the board meeting – set to take place on Friday, following a series of FASB-IASB joint board meetings taking place on Wednesday and Thursday – appears in FASB’s calendar.
The addition of this matter to the board’s agenda was announced on Thursday by FASB chairman Leslie Seidman.
The particular aspect of ASU 2011-05 which the board will consider delaying is the requirement for separate presentation of items reclassified from other comprehensive income [OCI] to net income. Additional information on this matter can be found in KPMG’s Defining Issues.
The addition of this matter to the board’s agenda was announced on Thursday by FASB chairman Leslie Seidman.
The particular aspect of ASU 2011-05 which the board will consider delaying is the requirement for separate presentation of items reclassified from other comprehensive income [OCI] to net income. Additional information on this matter can be found in KPMG’s Defining Issues.
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