Leases (revised)
The IASB and the FASB published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions. Comments are due by 13 September 2013.

FASB U.S. GAAP financial reporting taxonomy (UGT): A proposal to revise the UGT calculation hierarchy
The FASB issued an invitation to comment on proposed structural changes to the U.S. GAAP Taxonomy. FASB U.S. GAAP Financial Reporting Taxonomy (UGT): A Proposal to Revise the UGT Calculation Hierarchy sets forth a new calculation hierarchy intended to improve the Taxonomy’s usefulness to preparers and users of financial statements issued by U.S. publicly traded companies. Comments are due by 14 July 2013.

Technical corrections and improvements related to glossary terms
This proposed update contains amendments that affect a wide variety of topics in the Codification. Comments are due 5 August 2013.

Fair value measurement: Deferral of the effective date of certain disclosures for nonpublic employee benefit plans in update No. 2011-04
The FASB issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities. Comments are due by 31 May 2013.

Accounting for investments in qualified affordable housing projects
The FASB issued for public comment a proposal to provide guidance on accounting for investments in affordable housing projects that qualify for the low income housing tax credit. Comments are due by 17 June 2013.

Private company decision-making framework: A guide for evaluating financial accounting and reporting for private companies
The FASB, along with the Private Company Council (PCC), are 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. GAAP. Comments are due by 21 June 2013.

Financial instruments - Overall: Recognition and measurement of financial assets and financial liabilities - Proposed amendments to the FASB Accounting Standards Codification
This is a companion document to the Exposure Draft of proposed Accounting Standards Update, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was issued on 14 February 2013. These proposed amendments contain changes to the FASB Accounting Standards Codification. Comments are due by 15 May 2013.

Reporting discontinued operations
The FASB proposed raising the threshold for reporting a discontinued operation (e.g., a separate major line of business or major geographical area) and permitting an increased level of ongoing involvement (e.g., allows for continuing cash flows and significant continuing involvement). The proposal would require additional disclosures about discontinued operations and new disclosures about certain individually material disposal transactions that would not meet the definition of a discontinued operation. Comments are due by 30 August 2013.

Financial instruments - overall: Recognition and measurement of financial assets and financial liabilities
The FASB issued for public comment a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments. The proposed accounting standard would measure financial assets based on how a reporting entity would realize value from them as part of distinct business activities, while the measurement of financial liabilities would be consistent with how the entity expects to settle those liabilities. Comments are due 15 May 2013.

Effective control for transfers with forward agreements to repurchase assets and accounting for repurchase financings
The proposed Update is intended to improve guidance for determining whether repurchase agreements and other transfers of financial assets with forward agreements to repurchase the assets should be accounted for as sales or secured borrowings and disclosures about those transactions. Comments are due 29 March 2013.

FASB Issues proposed clarification to fair value disclosure exemption affecting private companies and nonpublic not-for-profit organizations
The FASB issued a proposal intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonpublic not-for-profit organizations. The exemption resulted from the issuance of ASU No. 2011-04 on fair value measurement. Comments on the proposal are due by 22 January 2013.

Financial instruments - Credit losses
The FASB proposed a single, principles-based model to account for credit losses on financial assets. All companies would be affected by the proposal, which would change the accounting for credit losses on loans, debt securities and trade and other receivables. Comments on the proposal are due by 30 April 2013.

Clarifying the scope of offsetting assets and liabilities disclosures
The FASB has issued a proposed Accounting Standards Update to clarify the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The proposed amendments would clarify the intended scope of the disclosures required by Section 210-20-50. The FASB believes that the clarified scope would significantly reduce the operability concerns expressed by preparers while still providing decision-useful information about certain transactions involving master netting arrangements. Comments are due 21 December 2012.

Comprehensive income
The proposed accounting standard would require companies to present separately by component reclassifications out of accumulated other comprehensive income to enhance disclosures in a way that the Board believes would not impose significant costs to preparers.Comments are due by 15 October 2012.

Private company decision-making framework
This Invitation to Comment outlines an approach for deciding whether and when to modify U.S. GAAP for private companies. Stakeholders are asked to provide input on the document by October 31, 2012.

Disclosure framework
The FASB issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations. Stakeholders are asked to provide comments by November 16, 2012.

The liquidation basis of accounting
The proposed accounting standard would clarify when and how an organization should apply the liquidation basis of accounting. The new standard would provide guidance for measuring assets and liabilities, as well as disclosures, when using the liquidation basis of accounting. Liquidation occurs when a company is terminated and its assets are redistributed.

Disclosures about liquidity risk and interest rate risk
The FASB proposed requiring all entities to significantly expand their disclosures about risks inherent in financial instruments in their notes to their financial statements. All public, private and not-for-profit entities would be required to provide certain tabular disclosures about liquidity risk, along with discussions of the numbers. Financial institutions, as defined in the proposal, would be required to provide additional disclosures about interest-rate risk.

Testing Indefinite-Lived Intangible Assets for Impairment
Based on concerns raised by financial statement preparers about recurring costs and complexity of calculating the fair value of indefinite-lived assets for impairment testing, the FASB issued a proposed ASU to simplify the impairment test. Comments are due by 24 April 2012.

Revenue from contracts with customers
The IASB and FASB issued for public comment a revised draft standard to improve and converge the financial reporting requirements of IFRS and US GAAP for revenue from contracts with customers. Comments are due 13 March 2012.

Deferral of the effective date for certain amendments in ASU 2011-05
The amendments in this proposed ASU would supersede certain pending paragraphs in ASU 2011-05, "Comprehensive Income (Topic 220)," to defer only those changes that relate to the presentation of reclassification adjustments. The proposed amendments would be temporary to allow the FASB time to redeliberate the issues. Comments are due 23 November 2011.

Consolidation: Principal versus agent analysis
For VIEs and voting partnerships, a reporting entity’s decision maker would evaluate three qualitative factors to determine whether it is using its power as a principal or an agent. Principals would be required to consolidate. The proposal also would align the consideration of participating rights in the Voting Model with the Variable Interest Model.

Investment companies: amendments to the scope, measurement, and disclosure requirements
The FASB issued an exposure draft that redefines an investment company and how it accounts for investments. The proposed definition may appear similar to current US GAAP, but there are some important differences. Some of the proposed changes to the definition and accounting could result in significant changes in practice for certain entities. Comments are due 5 January 2012.

Investment property entities
The FASB issued an exposure draft that would require a real estate entity that meets the definition of an investment property entity to measure its investment properties at fair value, with changes in fair value recognized in net income. This proposal would significantly affect the way many entities that invest in real estate account for their investments. Comments are due 5 January 2012.

Technical corrections
The FASB proposed technical corrections to a variety of topics in the Codification based on stakeholder feedback. The changes include source literature amendments, guidance clarification, reference corrections and relocated guidance. The proposal also includes amendments to conform the use of the term "fair value" in the Codification to the measurement and disclosure requirements of ASC 820. Comments are due 13 December 2011.

FAF proposal to establish a Private Company Improvements Council
The Financial Accounting Foundation (FAF) proposal would establish a new council with the authority to identify and vote on specific improvements to US accounting standards for private companies, which would be subject to ratification by the FASB. Comments are due by 14 January 2012.

Intangibles - Goodwill and Other
The FASB's proposal would simplify how a company is required to test goodwill for impairment. The proposal would give companies the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount.

Selected issues about hedge accounting
The FASB Discussion Paper asks stakeholders whether the IASB’s proposals are a better starting point for any changes to U.S. GAAP as it relates to derivatives and hedging activities.

FASB Supplementary Document - Accounting for financial Instruments - Impairment
In this joint proposal, the FASB and IASB have proposed a model for determining when credit losses should be recognized on certain loans and other financial assets.

Balance sheet offsetting
In this joint FASB and IASB proposal on balance sheet offsetting, the FASB and the IASB have proposed significantly restricting the ability of companies to offset assets and liabilities on their balance sheets.

Blue - Ribbon Panel on standard setting for private companies
The Panel recommends that a separate Board, under the oversight of the Financial Accounting Foundation be formed to consider exceptions from and modifications to US GAAP for use by private companies.

Deferral of the effective date of disclosures about troubled debt restructuring
The FASB's proposal would delay indefinitely for public companies the effective date of the disclosures about troubled debt restructurings in ASU No. 2010-20 on disclosures about the credit quality of financing receivables and the allowance for credit losses. The delay is intended to allow the FASB time to complete its deliberations on what constitutes a troubled debt restructuring.

Reconsideration of effective control for repurchase agreements
This proposal would improve the accounting for repurchase agreements (repos) and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity.

Effective dates and transition methods
The FASB and the IASB issued documents seeking input on the effective dates and transition methods for several new standards, primarily those that are being jointly developed by the Boards (e.g., revenue recognition, leases and financial statement presentation).

IASB staff draft - IFRS X consolidated financial statements on consolidation
This staff draft of a forthcoming IFRS on consolidation reflects the tentative decisions made to date by the IASB. The draft IFRS will replace IAS 27, Consolidated and Separate Financial Statements and SIC-12 Consolidation - Special Purpose Entities, with a single standard on consolidation. The staff draft reflects the cumulative tentative decisions made by the board, concluding with the meeting in May 2010.

Preliminary Views on Insurance Contracts
The IASB issued its proposal on the accounting for insurance contracts in July 2010. The DP summarizes kerns & Young aspects of the proposal and compares those proposals to alternative preliminary views of the FASB.

Disclosure about an employer’s participation in a multiemployer plan
The FASB's proposal would revise the disclosure requirements for companies participating in a multiemployer plans.

Leases
The joint FASB and IASB proposal proposes a single model that will be applied to most leases that will effectively end off-balance sheet reporting for leases.

Disclosure of certain loss contingencies
The FASB's proposal would expand the population of loss contingencies that are required to be disclosed, require disclosure of specific quantitative and qualitative information about those loss contingencies, and a tabular reconciliation of recognized loss contingencies.

FASB Staff Draft of an exposure draft on financial statement presentation
The FASB and the IASB have issued a staff draft of an exposure draft on Financial Statement Presentation. The staff draft was issued in conjunction with the Boards’ decision to engage in additional outreach activities as a means of obtaining input prior to finalizing and publishing an exposure draft.

Amendments for common fair value measurement and disclosure requirements in US GAAP and IFRS
The proposed ASU would amend the fair value measurement and disclosure guidance in ASC 820, Fair Value Measurements and Disclosures, in order to converge US GAAP and IFRS requirements for measuring amounts at fair value as well as disclosures about these measurements.

Revenue recognition: Revenue from contracts with customers
The joint FASB and IASB proposal would create a single, converged revenue recognition model. While the principles in the proposal are similar to current US GAAP, the accounting for a number of common components of revenue transactions will be changed significantly by the proposed guidance

Statement of comprehensive income
The FASB's proposal would achieve convergence with IFRS as both Boards’ proposals require the display of the components of other comprehensive income (OCI) in a continuous statement that reports results of operations. Earnings per share would continue to be based on net income. Also, existing guidance related to items that must be presented in OCI would not change.

Proposed concepts statement - The reporting entity
The proposal is part of a joint project between the FASB and IASB to develop a common and improved conceptual framework. The ED discusses what constitutes a reporting entity, which in different situations could be a group of entities, a single entity or only a portion of an entity.

Preliminary Views on financial instruments with characteristics of equity
The Preliminary Views (PV) document was issued to obtain feedback on the Board’s proposal to simplify and improve financial reporting for financial instruments with characteristics of equity. Consistent with the goal of developing common international standards in all major areas, the IASB also published the FASB’s Preliminary Views in for comment by its constituents.

Comment letter - FASB proposal on classification and measurement of financial instruments
In our comment letter, we say that while the FASB proposal on classification and measurement of financial instruments would represent a big step toward convergence, we do not support finalizing it in its current form. We believe the proposal may inappropriately require too many financial instruments, including certain common debt instruments, to be measured at fair value with changes in fair value recognized in net income. We are also concerned that certain provisions of the proposal could be interpreted in different ways and lead to diversity in practice. However, we believe the FASB can make specific changes and clarifications that will improve the proposal’s operability.

Comment letter - FASB proposal to clarify the scope of a fair value disclosure for nonpublic entities
We agreed with the FASB’s proposal to amend ASC 825 to clarify that nonpublic entities are not required to disclose the fair value hierarchy level for items that are not measured at fair value on the statement of financial position but for which fair value is disclosed. We also recommended that the FASB subsequently address the overlap in ASC 825 and ASC 820 regarding this disclosure requirement as well as situations where terms such as “nonpublic entity” have multiple definitions in the glossary of the Codification.

Comment letter - FASB proposal to limit the scope of disclosures about offsetting assets and liabilities
Our comment letter agrees with the FASB's proposal to limit the scope of ASU-2011-11 to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. We also challenge whether ASU-2011-11's collateral disclosures are needed for instruments in the Proposed Update's scope that are not offset on the balance sheet.

Comment letter - FASB discussion paper on disclosure framework
Our comment letter supports the FASB’s decision to address disclosure effectiveness and to develop a framework to promote consistent decisions about disclosure requirements. However, we believe disclosure overload exists and therefore urge the FASB to make reducing disclosure requirements a priority of the project and to limit new disclosure requirements until the project is completed.

Comment letter - FASB staff recommendations for a private company decision-making framework
In our comment letter, we support the use of a framework to help the Private Company Council (PCC) and the FASB make decisions about whether and when to modify the requirements of accounting standards for private companies. We explain why we believe recognition and measurement generally should be the same for private and public companies, and why the Board should focus on disclosure and transition relief for private companies.

Comment Letter - FASB proposal to present items reclassified out of AOCI
Our comment letter supports the FASB’s proposal to require the presentation of items reclassified out of AOCI in the notes to the financial statements rather than on the face of the financial statements as previously proposed. We are also supportive of the Board’s decision to not require breakout and disclosure of amounts included in net income for items that are not reclassified into net income in their entirety (e.g., items that are capitalized on reclassification out of AOCI and recognized in income at a later date). However, we believe the usefulness of disclosures that are proposed is compromised by the lack of conceptual basis for OCI and related reclassifications.

Comment Letter - The liquidation basis of accounting
We support the Board’s efforts to provide guidance on how and when to apply the liquidation basis of accounting. This Proposed Update would promote consistency in how and when entities apply the liquidation basis of accounting and would provide information that is more relevant to users of the financial statements.

Comment Letter - Proposed ASU on liquidity risk and interest rate risk disclosures
Our comment letter explains why we do not support finalizing the FASB proposal to require all entities to provide disclosures about their exposures to liquidity risk and interest rate risk. We believe that many of the proposed disclosures are redundant given current SEC reporting requirements. Additionally, we believe that nonpublic and not-for-profit entities should be exempted from the proposed update because we don't believe the incremental benefits outweigh the costs of compliance.

Comment Letter - Testing indefinite-lived intangible assets for impairment
In our comment letter, we support the Board’s efforts to reduce the cost and complexity of performing the impairment test. We also say the Board should consider adding implementation guidance on how to assess a mix of positive and negative evidence affecting the significant inputs used to determine fair value.

Comment Letter - Joint re-proposal on revenue recognition
We continue to support the Boards’ intention to develop a converged revenue recognition standard for IFRS and US GAAP. While we believe the Boards have made significant progress addressing the concerns raised by constituents about their 2010 exposure draft, more work needs to be done to enable consistent application.

Comment Letter - Consolidation: Principal vs. agent analysis
Our comment letter supports for the Board’s efforts to more closely align the guidance in US GAAP with IFRS and we believe the proposed principal-agent guidance would alleviate many concerns investors in the asset management industry had with FASB Statement No. 167. Given that the proposal would substantially reduce the differences between the two consolidation models in US GAAP, we also encourage the Board to consider moving toward a single model.

Comment Letter - Investment companies
Our comment letter supports the objective of amending the investment company definition to clarify whether an entity is within the scope of Topic 946. However, we believe more outreach with preparers and users is critical to determine whether the proposed changes are appropriate and respond to user needs.

Comment Letter - Proposed ASU on investment properties
Our comment letter opposes creating specialized accounting for investment property entities and suggests that existing diversity in practice among real estate entities would be better addressed by refining the definition of and accounting by an investment company. We believe that a single set of criteria for investment entities that measure their investments at fair value with all changes in fair value recognized in net income would be preferable.

Comment letter - FAF proposal to establish Private Company Standards Improvement Council
Our comment letter supports the Financial Accounting Foundation’s (FAF) plan to establish a new council that would identify, propose, deliberate and formally vote on specific improvements to US accounting standards for private companies, subject to ratification by the FASB. However, we believe that the criteria for determining whether and when exceptions or substantive modifications to US GAAP for private companies are warranted must be developed judiciously to minimize the risk that the process will result in two sets of US accounting standards.

Comment Letter - Technical corrections
Our comment letter agrees that most of the proposed changes would not be expected to have a significant effect on current accounting practice. However, we believe that several of the proposed amendments would have significant implications for some entities and those proposals should either be revised or transition should be provided.

Comment letter - Deferral of effective date for amendments to the presentation of reclassifications of Items out of AOCI in ASU 2011-05
Our comment letter supports the FASB’s proposal to defer the effective dates of the requirement in Accounting Standards Update 2011-05 to present on the face of the financial statements the effects of reclassification adjustments out of accumulated other comprehensive income on the components of net income and other comprehensive income. We believe the deferral should be permanent.

Comment Letter - Intangibles - Goodwill and other
Our comment letter supports the FASB’s proposal to give entities the option to use a qualitative screen in testing goodwill for impairment to reduce the cost and complexity of performing the first step of the goodwill impairment test.

Comment Letter - Testing goodwill for impairment
Our comment letter supports the Board's efforts to reduce the cost and complexity of performing the first step of the goodwill impairment test. We also say the Board should consider adding implementation guidance and consider allowing the use of a qualitative screen for the impairment testing of indefinite-lived intangible assets.

Comment Letter - Balance sheet offsetting
Our comment letter recommends that the Boards should consider adopting a model that retains the existing exceptions in US GAAP for repo and reverse repo agreements and certain derivative contracts subject to master netting arrangements. We believe that adoption of the US GAAP exceptions would be a pragmatic solution to achieve convergence in offsetting.

Comment Letter - Selected issues about hedge accounting
Ernst & Young is supportive of the Boards' efforts to arrive at a converged solution to accounting for hedging transactions. On balance, we support the overall direction of the IASB’s proposal to align hedge accounting with an entity’s risk management activities.

Comment Letter - Financial instruments - impairment
Our comment letter provides our views on the Boards' efforts to arrive at a converged solution to accounting for credit impairment under IFRS and US GAAP. We believe that there are a number of operational issues with the joint approach that will require the development of additional guidance and will benefit from robust field testing.

Comment Letter - FASB’s discussion paper, effective dates and transition methods
Our comment letter suggests that the FASB further delay the effective date of the various joint projects because preparers will need a good deal of time to make the necessary changes prior to adoption.

Comment Letter - Reconsideration of effective control for repurchase agreements
Our comment letter supports the FASB's proposal to amend the accounting model for repurchase agreements and similar arrangements that both entitle and obligate the transferor to repurchase financial assets before their maturity. We believe the proposed amendments represent an improvement and simplification to the accounting for these arrangements.

Comment Letter - Deferring the effective date of disclosures about troubled debt restructurings
Our comment letter supports the proposal to defer the effective date of disclosures about troubled debt restructurings in ASU 2010-20 to align with the effective date of the Proposed Accounting Standards Update, “Clarifications to Accounting for Troubled Debt Restructurings by Creditors.

Comment Letter - Standard setting timetable for MoU projects
This comment letter provides our views on the pace of accounting changes resulting from the joint projects.

Comment Letter - Standard setting timetable for MoU projects
Our comment letter expresses Ernst & Young's views on effective dates of the FASB and IASB joint projects.

Comment Letter - FASB preliminary views on insurance contracts
Our comment letter agrees with the fundamental objective of the Boards to develop a single set of high quality global accounting and financial reporting standards. However, we have significant concerns about some of the features of the proposed measurement model and believe these must be resolved before a standard on insurance contracts can be finalized.

Comment Letter - Joint FASB/IASB proposal on leases
Our comment letter supports the Boards’ efforts to improve lease accounting. However, there are key conceptual and application issues related to the proposals in the exposure draft that must be addressed in order for these proposals to be operational.

Comment Letter - IASB Staff Draft on consolidated financial statements
Our comment letter supports the objective of developing a single consolidation principle, based on control, applicable to all entities. For successful implementation of the principle, we agree there should be a clear definition of control which incorporates the related concept of power. Specifically, we agree with and support a control principle as articulated in the Staff Draft. However, while we agree with the control principle articulated in the Staff Draft, we believe that the application guidance in the Staff Draft is internally inconsistent with this control principle. In particular, we believe the application guidance for potential voting rights and de facto control is inappropriate.

Comment Letter - Disclosure about an employer’s participation in a multiemployer plan
Our comment letter supports the FASB's effort to enhance multiemployer plan disclosure requirements to enable users to better understand risks associated with participation in a multiemployer plan. We also believe that the proposed disclosure requirements should be streamlined to require the most relevant decision-useful information.

Comment Letter - Revenue from contracts with customers
While we believe the Boards have made progress in the development of the revenue model, our comment letter indicates there are a number of significant issues within the model that need to be resolved before it can be applied in practice.

Comment Letter - Statement of comprehensive income
Under the proposed model, an entity would be required to report total comprehensive income and its components in two parts, net income and other comprehensive income (OCI), in a continuous statement of comprehensive income. Our comment letter notes that we find it difficult to evaluate the proposed changes while there are no clear underlying principles for the recognition of OCI or the reclassification of such items to net income.

Comment Letter - Disclosure of certain loss contingencies
While significantly improved over the first exposure draft in 2008, our comment letter expresses concerns regarding whether the loss contingency proposal is operational and would achieve the FASB's disclosure objectives.

Comment Letter - Blue Ribbon Panel proposal on private company accounting
This comment letter provides our views to the "Blue Ribbon" Panel on standard setting for private companies.

Comment Letter - Financial instruments and derivative/hedging activities
This comment letter provides our views on the FASB's proposal on the accounting for financial instruments and derivative instruments and hedging activities.

Comment Letter - Amendments to common fair value measurement and disclosure requirement
We are supportive of the Boards’ efforts to develop common requirements for measuring fair value and disclosing information about fair value measurements under US GAAP and IFRS. However, our comment letter identifies several potentially significant changes to practice that give us concern.

Comment Letter - Disclosure of Certain Loss Contingencies
This comment letter requests an extension of comment letter due date for the FASB's re-proposal on contingencies.

Comment Letter - Conceptual framework for financial reporting: the reporting entity
Our comment letter supports the addition of a project on the reporting entity to the Boards’ agenda. However, we have concerns with the description of the reporting entity and the ability to apply the definition in practice.

Comment Letter - FASB and the IASB discussion paper on financial statement presentation
This comment letter provides our views on its discussion document related to financial statement presentation.

Comment Letter - IASB/FASB Joint Conceptual Framework Project - PV on the Reporting Entity
This comment letter provides our views on the joint FASB/IASB discussion document on the conceptual framework.

Comment Letter - Preliminary Views on financial instruments with characteristics of equity
Ernst & Young supports a joint FASB and IASB project to comprehensively consider the model for distinguishing between liabilities and equity as well as the related measurement and financial statement presentation issues. We tentatively support the “basic ownership” approach from the three models described in the PV for various reasons, including its perceived simplicity

In Focus - The leases project
On 20 May, the FASB and the IASB will host In Focus: The leases project, a live webcast taking place from 10:30 to 11:30 a.m. EDT. The webcast will feature FASB member Russell Golden, IASB member Darrel Scott, and FASB and IASB staff members discussing the proposal and answering questions submitted by viewers. US viewers of the live broadcast will be eligible for up to 1 hour of CPE credit.

In Focus - FASB update for nonpublic entities
Registration is now open for the upcoming FASB webcast, In Focus: FASB Update for Nonpublic Entities, on 5 June 2013, from 1:00 to 2:40 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 2 hours of CPE credit. The webcast will provide an update on recent PCC meetings, including upcoming proposals on potential alternatives within U.S. GAAP. It will also give an overview of the Private Company Decision-Making Framework Project and the work of the FASB’s Not-for-Profit Advisory Committee.

1 May 2013 FASB meeting
The FASB added two issues to the agenda of the EITF. Both issues are expected to be discussed at the 11 June 2013 EITF meeting. The FASB also discussed how it will add Private Company Council projects to its agenda for possible endorsement and discussed next steps on the research project on financial communications in the not-for-profit sector.

10 April 2013 FASB meeting
The FASB discussed the effects of the decisions reached in the leases project on financial reporting complexity. The Board directed the staff to draft a proposed Accounting Standards Update for vote by written ballot.

28 March 2013 FASB meeting
he FASB discussed whether to modify the comment period for the proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15), in response to both formal and informal feedback. The Board decided to extend the comment period to 31 May 2013. The FASB also ratified the two consensuses and the consensus-for-exposure reached at the 14 March 2013 EITF meeting.

20 March 2013 FASB meeting
The FASB continued redeliberating the revised Exposure Draft, Revenue from Contracts with Customers (the 2011 ED). The Board discussed the disclosure, transition, effective date, and early application requirements of the revenue standard for nonpublic entities. Additionally, the Board discussed the effective date for public entities.

In Focus - 2013 US GAAP Taxonomy overview with expanded coverage of FASB XBRL implementation guides and SEC update webcast
Registration is now open for the FASB webcast, In Focus: 2013 US GAAP Taxonomy Overview with Expanded Coverage of FASB XBRL Implementation Guides and SEC Update, on 2 April 2013, from 1:00 to 2:30 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. The webcast provides an overview of changes in the 2013 US GAAP Financial Reporting Taxonomy with expanded coverage of the FASB’s new series of XBRL Implementation Guides. In addition, the SEC staff will discuss current XBRL filing issues.

13 March 2013 FASB meeting
The FASB decided that it would issue final guidance on how to assess investment company status but would continue to deliberate disclosure requirements for investments in another investment company. The final guidance would be similar to current US GAAP. The FASB also discussed its project on reporting discontinued operations.

6 March 2013 FASB meeting
The FASB continued its discussions of the proposed insurance contracts standard. The Board discussed (1) the treatment of changes in estimated interest crediting and accretion rates, (2) election of the fair value option, and (3) other miscellaneous issues.

27 February 2013 FASB meeting
The FASB continued its discussions of the proposed insurance contracts standard. The Board discussed (1) presentation in the statement of financial position and statement of comprehensive income and (2) disclosures for items not previously decided on.

20 Febraury 2013 joint FASB/IASB meeting
At this meeting, the Boards discussed their projects on revenue recognition and leases.

20 February 2013 FASB meeting
At this meeting, the FASB continued its discussions of the proposed insurance contracts standard. The Board discussed (1) segregated assets related to direct performance linked insurance contracts and (2) accretion of interest on the margin.

13 February 2013 FASB meeting
At this meeting, the FASB continued its discussions of the proposed insurance contracts standard. The Board also discussed its projects on liquidation basis of accounting and disclosure framework.

12 February 2013 FASB meeting
At this meeting, the FASB decided to remove guidance which requires entities to analogize to Topic 840 on leases when determining the asset acquired in a software licensing agreement.

6 February 2013 FASB meeting
At this meeting, the FASB continued its discussions of the proposed insurance contracts standard. The Boards discussed accounting for guarantees, modifications of insurance contracts and foreign currency transactions.

31 January 2013 FASB meeting
At this meeting, the FASB discussed going concern, nonpublic entities: clarification of a fair value disclosure requirement, and FASB ratification of EITF consensuses and tentative conclusions.

30 January 2013 joint FASB/IASB meeting
At this meeting, the Boards discussed their projects on revenue recognition, insurance contracts, and leases.

23 January 2013 FASB meeting
At this meeting, the FASB discussed its project on investment companies. Specific topics covered were IASB changes to the jointly discussed investment company assessment, disclosures, transition requirements and effective date.

9 January 2013 FASB meeting
At this meeting, the FASB decided to limit the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. The Board also discussed its project on accounting for financial instruments: classification and measurement.

19 December 2012 FASB meeting
At this meeting, the FASB discussed (1) Presentation of comprehensive income: reclassification out of accumulated other comprehensive income, and (2) Agenda decision: nonpublic entities - clarification of a fair value disclosure requirement.

17 December 2012 joint FASB/IASB meeting
At this meeting, the Boards addressed accounting for contract acquisition costs, constraining the cumulative amount of revenue recognized for licensed intellectual property and allocating the transaction price (including the effect of the allocation on some bundled arrangements).

12 December 2012 FASB meeting
At this meeting, the FASB discussed: (1) Accounting for financial instruments: classification and measurement, (2) Investment companies, (3) Liquidation basis of accounting, (4) Reporting discontinued operations, and (5) Transfers and servicing: Repurchase agreements and similar transactions.

20 November joint FASB/IASB meeting
At this meeting, the Boards discussed their projects on financial instruments-impairment and insurance contracts.

19 November joint FASB/IASB meeting
At this meeting, the Boards continued their redeliberations on the revised revenue recognition proposal. They made progress on how to address collectibility and the proposed constraint on variable consideration. However, they acknowledged that more work is needed on how to recognize revenue from licenses of intellectual property and directed their staffs to conduct additional outreach on whether an approach they are exploring is operational.

14 November 2012 FASB meeting
At this meeting, the FASB discussed the comments received on its exposure draft on the presentation of comprehensive income: reclassification out of accumulated other comprehensive income, the next phase of its technical corrections project and insurance contracts.

6 November 2012 FASB meeting
At this meeting, the FASB discussed its projects on the liquidation basis of accounting and consolidation: policy and procedures.

7 November 2012 FASB meeting
At this meeting, the FASB discussed it projects on going concern, liquidity and interest rate disclosures and repurchase agreements.

31 October 2012 FASB meeting
At this meeting, the FASB decided to clarify the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, and limit it to the items identified in the implementation guidance, namely derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and lending arrangements.

In Focus - Accounting for Credit Losses on Financial Instruments webcast
Registration is now open for the FASB webcast, In Focus: Accounting for Credit Losses on Financial Instruments, on 9 November 2012, from 1:00 to 2:15 p.m. EST. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. The webcast will feature FASB member Larry Smith and practice fellow Steve Kane providing an overview of the FASB’s proposed accounting for credit losses model, developed as part of its project to improve the accounting for financial instruments.

19 October 2012 FASB meeting
At this meeting, the FASB decided that the tentative model applies to all financial instruments unless explicitly excluded. The Board also discussed other items as part of the scope of the tentative model.

17 October 2012 FASB meeting
At this meeting, the FASB discussed its project related to classification and measurement of financial instruments.

15 October 2012 FASB meeting
At this meeting, the FASB continued its discussions on insurance contracts by considering whether upon adoption of the new insurance contracts standard, an insurer could re-designate the classification of its financial assets for transition purposes.

15 October 2012 joint FASB/IASB meeting
At this meeting, the FASB and IASB continued their joint discussions of the proposed insurance contracts standard. The Boards discussed the time value of money in the premium allocation approach and the presentation of changes in the liability for participating contracts.

10 October 2012 FASB meeting
At this meeting, the FASB discussed modifications, reexposure of the revised credit impairment model, and transition guidance for the Current Expected Credit Loss (CECL) model.

3 October 2012 FASB meeting
At this meeting, the FASB discussed accounting for financial instruments: impairment, accounting for financial instruments: classification and measurement, transfers and servicing: repurchase agreements and similar transactions and insurance contracts.

27 September 2012 joint FASB/IASB meeting - Revenue recognition
At this meeting, the FASB and IASB discussed revenue recognition.

25 September 2012 FASB meeting
At this meeting, the FASB discussed its project on leasing.

24 September 2012 joint FASB/IASB meeting - Insurance
At this meeting, the FASB and IASB discussed insurance accounting.

20 September 2012 joint FASB/IASB meeting
At this meeting, the IASB and the FASB discussed questions that have been raised about the Boards’ tentative decisions regarding sale and leaseback transactions; issues on how a lessee would account for leases under the single lease expense (SLE) approach; and issues on determining which lease approach should be applied.

19 September 2012 FASB meeting
At this meeting, the FASB discussed the scope of assets that should apply the Current Expected Credit Loss (CECL) model. The Board tentatively decided that the CECL model should apply to receivables that result from revenue transactions within the scope of Topic 605, lease receivables recognized by a lessor in accordance with Topic 840, and loan commitments that are not measured at fair value with qualifying changes in fair value recognized in net income.

In Focus - Expanded Coverage of Proposed 2013 Taxonomy including XBRL Data in Use webcast
Registration is now open for the upcoming FASB webcast, In Focus: Expanded Coverage of Proposed 2013 Taxonomy Including XBRL Data in Use. This live webcast, offered free of charge, will take place on 24 September, from 1:00 to 2:30 p.m. EDT. The webcast will provide expanded coverage of the proposed XBRL 2013 U.S. GAAP Financial Reporting Taxonomy now available for public review and comment. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit.

7 September 2012 FASB meeting
At this meeting, the FASB continued its development of the Current Expected Credit Loss (CECL) Model. The Board discussed the inclusion of a nonaccrual concept in the financial instrument model.

5 September 2012 FASB meeting
At this meeting, the FASB discussed its projects on: 1) Insurance contracts, (2) Investment companies, (3) Transfers and servicing: repurchase agreements and similar transactions, and (4) Accounting for financial instruments: classification and measurement.

In Focus - The FASB Private Company Decision-Making Framework Project webcast
Registration is now open for the upcoming FASB webcast, In Focus: The FASB Private Company Decision-Making Framework Project. This live webcast, offered free of charge, will take place on 14 September 2012, from 1:00 to 2:15 p.m. (EDT). Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit.

22 August 2012 FASB meeting
The FASB discussed its project on the impairment of financial instruments and made a number of key decisions on an alternative expected credit loss impairment model to address U.S. stakeholders’ significant concerns about the understandability, operability, and auditability of the three-bucket credit impairment model under joint development with the IASB.

In Focus - Presentation requirements for reclassifications out of accumulated other comprehensive income
This publication summarizes the FASB's proposal that is intended to improve the presentation requirements for reclassifications out of accumulated other comprehensive income in a manner that balances the benefits to users of financial statements with the costs incurred by preparers.

In Focus - The FASB Disclosure Framework Project webcast
Registration is open for the upcoming FASB webcast,In Focus: The FASB Disclosure Framework Project. This live webcast, offered free of charge, will take place on 5 September 2012, from 1:00 to 2:00 p.m. (EDT). Participants in the live broadcast will be eligible for up to one hour of CPE credit.

8 August 2012 FASB meeting
At this meeting, the FASB discussed its projects on investment property entities and investment companies.

9 August 2012 FASB meeting
At this meeting, the FASB discussed its project related to classification and measurement of financial instruments.

1 August 2012 FASB meeting
At this meeting, the FASB discussed its projects on (1) accounting for financial instruments: impairment, (2) accounting for financial instruments: classification and measurement, (3) transfers and servicing: repurchase agreements and similar transactions, and (4) insurance contracts.

In Focus - Testing Indefinite-Lived Intangible Assets for Impairment
The FASB issued Accounting Standards Update No. 2012-02 to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill.

25 July 2012 FASB meeting
At this meeting, the FASB discussed its projects on (1) Technical corrections and (2) Insurance contracts.

16-19 Joint FASB/IASB meeting
At this joint meeting, the FASB and the IASB discussed (1) investment companies, (2) leases, (3) accounting for financial instruments: classification and measurement, (4) accounting for financial instruments: impairment, and (5) revenue recognition.

In Focus - FASB’s invitation to comment on Disclosure Framework
The Board’s objective and primary focus in this project is to improve the effectiveness of disclosures in notes to financial statements. The Board hopes that a sharper focus on important information will result in reduced volume in many cases.

11 July 2012 FASB meeting
At the 11 July 2012 meeting, the FASB ratified two consensuses-for-exposure reached at the 21 June 2012 meeting of the EITF and decided to expose them for public comment for a period of 60 days.

9 July 2012 FASB meeting
At the 9 July 2012 meeting, the FASB agreed to drop its project related to disclosure of loss contingencies.

In Focus - Proposed Accounting Standards Update (ASU), Presentation of Financial Statements (Topic 205): The Liquidation Basis of Accounting
The FASB issued this document to summarize the key points in its proposal on the liquidation basis of accounting.

27 June 2012 FASB meeting
At this meeting, the FASB discussed the accounting for repurchase agreements and similar transactions.

In Focus - FASB Proposal on Liquidity Risk and Interest Rate Risk Disclosures
The FASB issued this document to summarize the key points in its proposal on liquidity and interest rate disclosure.

20 June 2012 FASB meeting
At the meeting, the FASB discussed reclassifications out of accumulated other comprehensive income and the classification and measurement of financial instruments.

12-13 Joint FASB/IASB meeting
At this joint meeting, the FASB and the IASB discussed its projects on insurance contracts, leases, accounting for financial instruments: classification and measurement and investment companies.

6 June 2012 FASB meeting
At this FASB meeting, the Board discussed the impairment of indefinite-lived intangible assets, not-for-profit financial reporting: financial statements, the definition of a nonpublic entity and revenue recognition.

In Focus - FASB update for nonpublic entities
The FASB announced its next semiannual webcast providing an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations.

30 May 2012 FASB meeting
At the FASB meeting, the Board discussed comments received on its proposal on technical corrections and its proposal on investment property entities.

21-22, 24 May 2012 FASB/IASB meeting
At the FASB and IASB meeting, the projects on (a) financial instruments: classification and measurement, (b) financial instruments: impairment, (c) investment companies, (d) insurance, (e) revenue recognition, and (f) leases were discussed.

9 May 2012 FASB board meeting
At the 9 May 2012 meeting, the FASB discussed the accounting for financial instruments: impairment and the accounting for financial instruments: liquidity and interest rate risk disclosures.

2 May 2012 FASB board meeting
The FASB met on 2 May and discussed its projects on (1) the liquidation basis of accounting and (2) the definition of a nonpublic entity.

25 April 2012 FASB meeting
The FASB met on April 25 and discussed its projects on (1) disclosure framework, (2) consolidation: policy and procedures, (3) nonpublic entity fair value measurement disclosures, and (4) definition of a nonpublic entity.

17-18 Joint FASB/IASB board meeting
At this meeting, the Boards discussed projects on classification of financial instruments, impairment of financial instruments, insurance contracts and investment companies.

11 April 2012 FASB meeting
The FASB decided not to require additional qualitative disclosures related to an entity's ability to remain a going concern. The Board will propose only the previously agreed to quantitative and qualitative disclosures about an entity's liquidity and interest rate risks. The proposed update is expected to be issued in May with a 90-day comment period. If adopted, all entities would be required to provide the new disclosures prospectively, with ongoing comparative disclosures after the period of adoption.

9 April 2012 FASB meeting
The FASB ratified the following consensuses-for-exposure reached at the 15 March 2012 EITF meeting:Issue 12-A, Not-for-Profit Entities: Classification of the sale of donated securities in the statement of cash flows.Issue 12-C, Subsequent accounting for an indemnification asset recognized at the acquisition date as a result of a government-assisted acquisition of a financial institution.Issue 12-E, Accounting for fair value information that arises after the measurement date and its inclusion in the impairment analysis of unamortized film costs.

21 March 2012 FASB meeting
The FASB and IASB discussed the project on insurance contracts and made certain tentative decisions. The FASB also added a project to its agenda to reconsider the accounting and disclosure requirements for transfers of financial assets subject to repurchase agreements. The Board's reconsideration may further limit the circumstances when sale accounting is appropriate for such transactions.

7 March 2012 FASB meeting
The FASB discussed insurance contracts and tentatively decided that investment contracts with discretionary features will not be scoped into the insurance contracts standard. The decision differs from the IASB’s conclusion to explicitly scope in such contracts if they are written by insurers. The FASB also added a project to its agenda to revisit the definition of a nonpublic entity.

27-29-February 2012 Joint FASB/IASB meeting
The FASB and IASB held a joint meeting to discuss (1) insurance contracts, (2) accounting for financial instruments: Impairment, (3) accounting for financial instruments: classification and measurement, and (4) leases.

15 February 2012 FASB meeting
The FASB discussed disclosures about risks and uncertainties and the liquidation basis of accounting.

FASB and IASB to hold joint roundtable meetings on revised revenue recognition proposals
The FASB and IASB will hold four joint public roundtable meetings in April and May to discuss the November 2011 proposed Accounting Standards Update (Revised), Revenue Recognition (Topic 605): Revenue from Contracts with Customers (including proposed amendments to the FASB Accounting Standards Codification®). The Boards’ purpose in holding the meetings is to engage in a constructive dialogue about the proposal with a wide variety of stakeholders.

27 January 2012 FASB meeting
At this joint videoconference meeting, the Boards agreed to jointly redeliberate certain aspects of their separate classification and measurement models to reduce significant differences. They also discussed the accounting for financial instruments: impairment and tentatively agreed that purchased financial assets with explicit evidence of credit deterioration would initially be placed in Bucket 2 or Bucket 3, rather than Bucket 1, where all other financial assets would initially be placed.

In Focus - FASB proposes simplified guidance for testing indefinite - lived intangible assets for impairment
The FASB issued for public comment a proposed ASU on indefinite-lived intangible asset impairment testing that is intended to simplify impairment assessment and reduce the recurring costs to comply with existing guidance while improving the consistency of testing methods among long-lived asset categories for preparers. Examples of intangible assets subject to the proposal would include indefinite-lived trademarks, licenses, and distribution rights. The standard would apply to all public, private, and not-for-profit organizations.

11 January 2012 FASB meeting
The FASB discussed its project on disclosures about risks and uncertainties and the liquidation basis of accounting. The FASB tentatively decided not to require that management make a going concern assessment. However, the FASB decided that it will consider requiring early warning disclosures about an entity’s deterioration of resources and rise in obligations.

14-16 December 2011 FASB/IASB meetings
At this joint meeting, the FASB and IASB discussed their projects on leasing, financial instruments-impairment and insurance contracts.

FASB issues ASU No. 2011-10 on derecognition of in-substance real estate
The amendments in this ASU should be applied on a prospective basis to deconsolidation events occurring after the effective date. Prior periods should not be adjusted even if the reporting entity has continuing involvement with previously derecognized in substance real estate entities. For public entities, the amendments in this Update are effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. Early adoption is permitted.

8 December 2011 FASB meeting
The FASB voted to extend the comment periods of the consolidation, investment companies and investment property entities proposals to 15 February 2012, in response to concerns raised by constituents. Also, the FASB indicated plans to hold public roundtables on the investment companies and investment property entities projects after the comment period ends.

7 December 2011 FASB meeting
After discussing comments on its proposal, the Board affirmed its decision to defer the requirement in ASU 2011-05, Presentation of Comprehensive Income, to present reclassification adjustments for each component of accumulated other comprehensive income in both net income and other comprehensive income on the face of the financial statements.

FASB schedules 8 December webcast on the joint proposal on revenue recognition
The FASB and the IASB have scheduled a webcast on 8 December 2011 to focus on the proposals in the recently-issued Exposure Draft, Revenue from Contracts with Customers. This webcast will provide an overview of the main proposals that were developed jointly by the FASB and the IASB and also will describe how stakeholders can provide input on the proposals.

In Focus - FASB issues proposed improvements to consolidation accounting
The FASB's In Focus publication summarizes the FASB's proposal which is intended to increase transparency and consistency of financial reporting about consolidations.

22 November 2011 FASB meeting
A project was added to the FASB agenda to evaluate whether there is a basis to further reduce disclosure requirements related to Level 3 fair value measurements for nonpublic entities.

In Focus - Proposed improvements to criteria for investment company accounting and proposed accounting guidance for investment property entities
The FASB's In Focus publication summarizes the investment companies and investment property entities proposals.

16 November 2011 FASB meeting
At this meeting, the FASB and IASB discussed their projects on insurance contracts and leases.

9 November 2011 FASB meeting
The FASB added to its agenda a standard-setting project and a research project to improve financial reporting of not-for-profit organizations.

2 November 2011 FASB meeting
The Board decided to give companies the option to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment, similar to the one added for goodwill impairment tests. The qualitative assessment would involve determining whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The Board expects to issue an exposure draft in December 2011, with a comment period of 120 days.

1 November 2011 FASB/IASB joint videoconference meeting
The Boards reached tentative decisions about required disclosures for lessors applying the receivable and residual approach.

26 October 2011 FASB meeting
The FASB decided that improving disclosures that would serve as an early warning of an entity's potential inability to continue as a going concern would not be an objective of this project, since the Board tentatively decided to add incremental disclosures about liquidity risk in the separate project on accounting for financial instruments. The staff will perform additional work on the definition of substantial doubt before the FASB decides whether to incorporate existing audit guidance for making a going-concern assessment into GAAP.

21 October 2011 FASB meeting
The FASB decided to expose a proposed deferral of the requirement in ASU 2011-5, Comprehensive Income, that companies present reclassification adjustments for each component of other comprehensive income (OCI) in both net income and OCI on the face of the financial statements. During the deferral period, the FASB also plans to re-evaluate the requirement.

19 October 2011 FASB/IASB joint meeting
The Boards discussed the following: (1) Leases - Several topics including transition, (2) Insurance contracts - Fixed fee service contracts, eligibility criteria for premium allocation approach and presentation in the statements of financial position and comprehensive income, (3) Fair value measurements - Plans for developing educational material relating to fair value measurement, (4)Revenue recognition - Disclosure in interim reporting periods, and (5) Financial instruments - The Boards' will discuss the FASB's decisions on liquidity and interest rate disclosures. The Boards also will discuss the (a) the application of a "three bucket" impairment approach to assets originated at lower credit qualities and (b) purchased financial assets.

FAF completes post-implementation review of FASB standard on business combinations
The FAFannounced the completion of the Post-Implementation Review (PIR) of an accounting standard intended to improve the relevance, representational faithfulness, and comparability of information that a company or organization reports about a business combination and its effects. The PIR found that Statement 141R resolved some of the issues associated with the purchase method of accounting for business combinations; that its principles and requirements generally are understandable and can be applied as intended; and that investors generally find the resulting information to be useful.

2013 U.S. GAAP Financial Reporting Taxonomy adopted and supported by SEC
The SEC has adopted the 2013 U.S. GAAP Financial Reporting Taxonomy, the FAF and the FASB announced. The FAF and the FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC. The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers.

Private Company Council votes to expose proposed alternatives within U.S. GAAP for private companies
The PCC voted to move forward with proposed alternatives within U.S. GAAP designed to improve financial reporting for private companies. The PCC’s approved exposure of the proposals is the first step in a process toward endorsement by the FASB.

Financial Accounting Foundation names Russell G. Golden chairman of the Financial Accounting Standards Board
Russell G. Golden was named as the next chairman of the FASB, effective 1 July 2013. The appointment was made by the Board of Trustees of the FAF, which oversees the FASB and its sister organization, the GASB. Mr. Golden will succeed current FASB Chairman Leslie F. Seidman, whose term ends on 30 June.

FASB extends comment deadline on proposal for accounting for credit losses on financial assets
The FASB extended the deadline for comments to 31 May 2013 on proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15). The FASB staff also issued a Frequently Asked Questions document to help clarify certain aspects of the proposal.

FASB issues XBRL implementation guide on other comprehensive income
The FASB issued the fifth in a series of XBRL Implementation Guides intended to improve use of the U.S. GAAP Taxonomy. U.S. GAAP Financial Reporting Taxonomy Implementation Guide - Other Comprehensive Income (OCI) is available for a 60-day comment period.

FASB staff document responds to frequently asked questions about proposal to improve accounting for current expected credit losses
The FASB posted a FASB staff document that responds to frequently asked questions about its recent proposed ASU, Financial Instruments - Credit Losses (Subtopic 825-15). The document addresses common questions posed by stakeholders about the Exposure Draft.

FASB adds three additional implementation guides to the XBRL series
The FASB added three Implementation Guides to the XBRL series, including two for the insurance industry. The guides are designed to help users of the U.S. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy.

FASB to join IFRS Foundation’s Accounting Standards Advisory Forum
The FASB will join the Accounting Standards Advisory Forum (ASAF), the new advisory group for the IASB. The ASAF was established to improve cooperation among worldwide standard setters and advise the IASB as it develops IFRS. The FASB’s membership on the ASAF is an opportunity to represent US interests in the IASB’s standard-setting process and to continue the process of improving and converging U.S. GAAP and IFRS.

FAF releases updated print edition of FASB Accounting Standards Codification®
The FAF released an updated print edition of the FASBs Accounting Standards Codification®, the single, authoritative source of U.S. GAAP for public and private companies, and not-for-profit organizations. The new four-volume bound edition of the FASB Codification contains all of the content of the online Codification as of 31 October 2012.

FASB appoints new members to its task force and advisory groups
The FASB announced the appointment of new members to the Emerging Issues Task Force, the Investors Technical Advisory Committee, and the Not-for-Profit Advisory Committee.

FASB responds to FAF’s post-implementation review report on Statement 131 on segment reporting
The FASB will review the issues raised by the post-implementation review of its business segment reporting standard with its stakeholders and the staff of the SEC to determine whether further review of the standard is warranted. The announcement came in the FASB’s response to the FAF post-implementation review report on FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in ASC Topic 280, Segment Reporting), which addresses the way public companies report financial information about their business segments.

FAF Board of Trustees approves new FASB/GASB agenda-setting process, PIR report
The FAF Board of Trustees approved a key change to the agenda-setting process of the FASB and the GASB. Decisions regarding project plans, agenda setting, and priority of projects now will be approved by a majority vote of the respective Boards, instead of by the Board chair alone.

FAF Board of Trustees reappoints Marc A. Siegel to a second term on the FASB
The FAF Board of Trustees has reappointed Marc A. Siegel to a second five-year term as a member of the FASB, beginning 1 July 2013.

FASB proposes improvements to recognition and measurement of financial assets and liabilities
The FASB issued for public comment a proposal to improve financial reporting by providing a comprehensive measurement framework for classifying and measuring financial instruments. The FASB developed the proposal as part of its broader joint project with the IASB to improve and converge the accounting for financial instruments. Stakeholders are asked to provide written comments on the proposal by 15 May 2013.

Private Company Council adds three projects to its agenda
In its second public meeting, the PCC voted to add the following items to its agenda: (1) consolidating variable interest entities, (2) accounting for “plain vanilla” interest rate swaps with single counterparties and (3) recognizing and measuring various identifiable intangible assets acquired in business combinations. The PCC also voted, along with the FASB, to seek additional public comment on the FASB’s staff paper on a proposed private company decision-making framework.

FASB issues XBRL implementation guide for subsequent events
The FASB issued its U.S. GAAP Financial Reporting Taxonomy Implementation Guide - Subsequent Events. The guide is the first in a series designed to help Taxonomy users understand how certain disclosures are structured within the Taxonomy. The purpose of the Implementation Guide is to demonstrate the modeling for disclosures required about events occurring subsequent to the end of a public company's reporting period.

Private Company Council to hold inaugural public meeting on 6 December
The Private Company Council (PCC), a new body created by the Board of Trustees of the FAF, will host its inaugural public meeting on Thursday, 6 December 2012. The PCC was established to work with theFASB to determine whether and when to modify US GAAP for private companies.

FASB announces three new members appointed to the Emerging Issues Task Force
The FASB announced the appointment of three new members to the EITF. The new members are Terri Campbell, Jackson Day, and Larry Salva.

Proposed 2013 US GAAP Financial Reporting Taxonomy
The FASB's Board's annual proposed update to the US GAAP Taxonomy has been published. It includes improvements suggested to FASB over the past year. Comments are due 29 October 2012.

FASB publishes proposal for presenting items reclassified out of accumulated other comprehensive income
The FASB issued for public comment a proposed Accounting Standards Update (ASU) that is intended to improve the presentation for reclassifications out of accumulated other comprehensive income in a manner that balances the benefits to users of financial statements, without imposing significant costs to preparers of financial statements. The proposed amendments would apply to all public and private organizations, but not to not-for-profit organizations. Stakeholders are asked to provide input by 15 October 2012.

Financial Accounting Foundation establishes new council to improve standard setting for private companies
The Financial Accounting Foundation (FAF) Board of Trustees established a new Private Company Council (PCC) that will determine whether exceptions or modifications to existing US GAAP are necessary to address the needs of users of private company financial statements and will advise the FASB on private company considerations in standard setting.

FASB to host 12 March video webcast, 2012 Chairman’s outlook on the FASB, with Leslie F. Seidman
FASB Chairman Leslie F. Seidman will discuss the Board’s priorities for 2012 during a live, hour-long video webcast at 11:30 a.m. EDT on Monday 12 March.

IASB and FASB hold webcast addressing frequently asked questions on revised Exposure Draft, Revenue from Contracts with Customers
On 29 February 2012 at 11 am (4 pm London time) staff from the FASB and IASB will hold a one-hour webcast to answer and discuss some of the questions and concerns that have been raised during outreach on the Boards’ proposals in the recently issued revised Exposure Draft, Revenue from Contracts with Customers.

GAAP XBRL Taxonomy released
The Financial Accounting Foundation (FAF), which oversees the FASB, announced the availability of the 2012 US GAAP Financial Reporting Taxonomy (2012 Taxonomy) pending approval by the Securities and Exchange Commission (SEC).

FASB defers certain aspects of comprehensive income ASU
The FASB issued Accounting Standards Update No. 2011-12, Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. The Update defers the specific requirement to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income.

FASB announces public roundtable meetings on proposals to improve accounting for investment companies and proposal on investment property entities
The FASB and the IASB will host roundtables in February and March 2012 to discuss their proposals on investment companies. The US roundtable will also include a discussion about the FASB's proposal on investment property entities.

FASB issues ASU on disclosures about balance sheet offsetting
The IASB and the FASB issued common disclosure requirements that are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position.

FASB chairman adds two agenda projects to improve financial reporting by not-for-profit organizations
The FASB announced the addition of two agenda projects - a standard-setting project and a research project - intended to improve financial reporting of not-for-profit organizations. The objectives of these projects encompass suggestions received by the Board from its Not-for-Profit Advisory Committee at the Committee’s September 2011 meeting.

Financial Accounting Foundation to host roundtables and webcast on plan to improve private company financial reporting
The Financial Accounting Foundation (FAF) will sponsor three public roundtables early next year and a webcast on 18 November 2011 about its proposal to improve accounting standard setting for private companies.

FASB adds agenda project to consider deferring certain aspects of ASU 2011-05: presentation of comprehensive income
The FASB announced the addition of a FASB agenda project to consider deferring certain aspects of ASU 2011-05, Presentation of Comprehensive Income.

2011 U.S. GAAP Financial Reporting Taxonomy adopted and supported by SEC effective February 28, 2011
The SEC has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the SEC. The U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the official taxonomy previously in use by SEC issuers.

FASB not-for-profit advisory committee recommends improvements to financial reporting
The FASB's Not-for-Profit Advisory Committee (NAC) has recommended changes to improve the financial reporting model for not-for-profit entities. These areas of improvement will be submitted for agenda consideration by the FASB.

2012 U.S. GAAP Financial Reporting Taxonomy now available for public review and comment
The Financial Accounting Foundation (FAF), which oversees the FASB, has issued the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment.. Comments are due by 31 October 2011. The FAF also published an updated taxonomy viewer and a summary outlining differences between the proposed 2012 Taxonomy and the 2011 US GAAP Taxonomy.

FASB issues accounting standards update to improve employer disclosures for multiemployer pension plans
FASB issues ASU 2011-09 to lead employers to provide more information about an employer's financial obligations to multiemployer pension plans. Multiemployer pension plans commonly are used by an employer to provide benefits to union employees who may work for many employers during their working life.

FASB issues accounting standards update to simplify testing goodwill for impairment
The ASU is intended to address concerns expressed by private companies about the cost and complexity of the goodwill impairment test. The amendments allow both public and nonpublic entities an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test.

FASB announces public roundtable meetings to solicit input on private company accounting and reporting issues
The FASB will again host two public roundtable meetings this fall to discuss issues relating to existing private company accounting and reporting standards.

Financial Accounting Standards Board launches website portal for nonpublic entities
The FASB announced the launch of its new web portal for nonpublic entities. The portal is designed to make the latest information about FASB activities focused on private companies and not-for-profit organizations easily accessible to stakeholders.

FASB improves employer disclosures for multiemployer pension plans
The FASB has approved a revised accounting standard intended to provide more information about an employer’s financial obligations to multiemployer pension plans. Multiemployer pension plans commonly are used by an employer to provide benefits to union employees who may work for many employers during their working life, thereby enabling them to accrue benefits in a single pension plan for their retirement.

IASB and FASB announce intention to re-expose leasing proposals
The IASB and FASB announced their intention to re-expose their revised proposals for a common leasing standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on leasing in August 2010.

FASB issues accounting standards update to improve presentation of comprehensive income
The FASB has issued ASU No. 2011-05 to increase the prominence of other comprehensive income in financial statements. In US GAAP, the ASU will supersede some of the guidance in Topic 220 of the accounting Codification.

IASB and FASB to re-expose revenue recognition proposals
The IASB and FASB have agreed to re-expose their revised proposals for a common revenue recognition standard. Re-exposing the revised proposals will provide interested parties with an opportunity to comment on revisions the boards have undertaken since the publication of an exposure draft on revenue recognition in June 2010.

FASB launches new taxonomy online review and comment system
The FASB recently launched a new system that provides greater transparency for users of XBRL and makes it easier for stakeholders to submit comments on the US GAAP Financial Reporting Taxonomy

IASB and FASB issue common fair value measurement and disclosure requirements
The FASB and IASB have issued new guidance on fair value measurement and disclosure requirements for IFRSs and US GAAP. The guidancecompletes a major project of the boards’ joint work to bring about their convergence.

FASB issues accounting standards update to improve financial reporting of repurchase agreements
The FASB has issued ASU No. 2011-03 to improve financial reporting of repurchase agreements ("repos") and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity.

IASB and FASB report substantial progress towards completion of convergence program
The IASB and the FASB have published a progress report on their joint work to improve IFRSs and US GAAP practices, and to bring about their convergence. The progress report provides further details on the timeline for the completion of the remaining projects.

FASB issues ASU to improve financial reporting about troubled debt restructurings
The FASB issued ASU No. 2011-02 to improve financial reporting by creating greater consistency in the way GAAP is applied for various types of debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring, both for purposes of recording an impairment loss and for disclosure of troubled debt restructurings.

Financial accounting foundation outlines plans to address standard setting for nonpublic entities
The Board of Trustees of the Financial Accounting Foundation (FAF) announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.

FAF reappoints Thomas J. Linsmeier to a second term on the FASB
Thomas J. Linsmeier has been appointed to a second five-year term as a member of the FASB.

Blue-ribbon panel addressing standards for private companies submits report of recommendations to financial accounting foundation
The Blue-Ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements has issued a report of its recommendations to the FAF Board of Trustees. The report calls for fundamental changes to the system of standard setting, including the creation of a new board, to be overseen by the FAF, that would focus on making exceptions and modifications to U.S. GAAP for private companies that better respond to the needs of the private company sector.

Remarks by Leslie Seidman before the AICPA National Conference on Current SEC and PCAOB Developments
At the conference, Ms. Seidman shared her perspective on how the FASB has adapted over the past 10 years—and on how those changes have shaped the recent discussion about global accounting standards.

Written testimony submitted by FASB Chairman Leslie Seidman to the U.S. House of Representatives Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises
Leslie Seidman, Chairman of the FASB, provided testimony about current FASB activities and issues at hearings sponsored by the House of Representatives Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.

Remarks by FASB Chairman Leslie before the 2011 AICPA National Conference on current SEC and PCAOB developments
Ms. Seidman's speech focused on international accounting standards and private company accounting.