June 22, 2018

FASB

fasb accounting standard simplification

Simplifying Accounting Standards Still Complicated

Too bad accounting standard simplification doesn’t follow the same rules as Marie Kondo’s The Life-Changing Magic of Tidying Up. Eliminating the available for sale security classification doesn’t exactly spark the joy. Every time the FASB drops a new Accounting Standard Update (ASU), it leaves you feeling weary. Maybe all the U.S. GAAP decluttering and other […]

FASB Might Take a Breather on Standard Setting After Some People Yelled at Them

I'm sure working at the FASB is harder than I imagine it to be. What I imagine it to be is a bunch of people who like to read about accounting reading a lot about accounting. Then every once in awhile a few people get together to kick around crazy ideas about how to make […]

When It Come to Overcomplication, Accountants Take the Cake

According to Richard Thaler, “If you want to encourage someone to do something, make it easy.” Man, did accountants miss that memo. We really can’t deny it… it comes across in our nitpicky GAAP rules. More billable work for us, I guess, but, there has to be a better way. At least the FASB was […]

FASB Flabbergasted That People Get Worked Up About Materiality’s Definition

I don't quite remember when I first learned about the concept of materiality, but my hunch is that it was in the first accounting class I ever took, which was in high school. That suggests, to me anyway, that the concept of materiality is elementary to accounting. That is, you know a debit from a […]

AICPA Would Like FASB, PCC to Keep Their Heads Up, Get Back to Work

AICPA President, CEO and former Mr. Universe Barry Melancon, CPA, CGMA wrote a letter to the Financial Accounting Foundation recently to provide feedback on the FAF's review of the Private Company Council. This in and of itself, is not all that interesting, although you get the distinct impression that AICPA relishes in the opportunity to […]

Debt Issuance Cost Presentation Sure Doesn’t Seem Any Simpler

I like this Tom Selling post about the FASB's simplification of presenting debt issuances costs. I like it mainly because he picks apart the FASB's idea of what constitutes "simplification" as well as the Board's rationale for their decisions to the point where you have a hard time believing that the FASB actually issued this […]

FASB Vows to Hit the Gym, Stop Smoking, and Stick to Other Resolutions in 2015

Alright so I lied, FASB isn't going to quit smoking. What they are doing, however, is laying out their goals for 2015 for all of us to see. Chairman Russ Golden writes: I’d like to share with you how we plan to “get it done” in 2015—how we’ll build upon the successes of 2014 while […]

FASB Supports the SEC’s Commitment to Tiptoeing Around IFRS Adoption Indefinitely

This week, the AICPA Conference on Current SEC and PCAOB Developments is going down in Washington and unfortunately I am missing it this year as I'm due in Dallas this week for AccountingWEB Live which is exponentially more exciting (or something). Today, SEC Chief Accountant Jim Schnurr reiterated the commission's commitment to pussyfooting around any […]

The Possibility Remains the FASB Could Turn Their Simplification Initiative Into a Giant Charlie Foxtrot

Accounting rules are complex. It is known. The Financial Accounting Standards Board, in an effort to serve its stakeholders, has made it a priority to make them a little less awful. This is no small feat and Russ Golden, FASB Chairman, is looking for tap-ins:   “Complexity in accounting can be costly to both investors and […]

IASB Backtracks on Lease Accounting But Definitely Not Because of FASB

Funny that the IASB and FASB working together on a new lease accounting standard was totally kumbaya up until recently, when everything fell apart and both sides realized this convergadoption thing is totally never going to happen. Too bad, joining forces on revenue recognition made it seem so likely despite the fact that everyone including […]