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Opinions and views from expert CFOZone members.

Tag >> GAAP
Dec 22
2010

Key accounting issues for 2011

Posted by Stephen Taub in revenue recognitionliquidity, leases, lease accountingInternational convergencegenerally accepted accounting principlesGAAPCredit Suisse SecuritiescontingenciescomplianceAccounting

Stephen Taub

Credit Suisse Securities has sent clients a neat concise report detailing the "hot button" accounting issues for 2011that were discussed at the recent annual AICPA Conference on Current SEC & PCAOB Developments.

The report highlights four major topics: International Convergence, Liquidity, Contingencies and Restoring the Public Trust.

Oct 12
2010

Another step forward for little GAAP

Posted by dbedell in Risk and Compliancelittle GAAPGAAPfair valuecomplianceAccounting

dbedell

The panel set up to look at establishing new accounting rules for private companies has completed its final public meeting and is one step closer to detailing how such rules should be developed.

The panel, set up at year-end last year by the Financial Accounting foundation (FAF), the American Institute of Certified Public Accountants, and the National Association of State Boards of Accountancy, made two major recommendations coming out of the final public meeting.

Aug 26
2010

Why Herz's retirement may be bad for accounting

Posted by Ron F in Securities and Exchange CommissionGAAPfinanacial reportingFEIFASBcomplianceBankingAccounting

Ron F

The retirement of FASB's long-serving chairman is no surprise. Eight years is a long time at the helm, especially when the last two involved a serious banking crisis in which accounting was a central concern. But Bob Herz kept a stiff upper lip and gave little quarter, even when playing defense and compromising where he had to.

When I interviewed Herz's predecessor, Ed Jenkins, he had clearly been through the ringer on everything from derivatives accounting to Enron. And it showed.

Aug 16
2010

A welcome end to operating leases

Posted by Ron F in leasingIFRSIASBGAAPfinancingFASBcost of capitalcomplianceCapitalbalance sheetAccounting

Ron F

I see that FASB is sticking to its schedule for ending most off-balance-sheet treatment for leases, and so is the IASB. It's about time, frankly, if only to spare us poor, I mean, intrepid financial journalists from having to sort through the particulars of the current accounting treatment a moment longer than necessary.

I speak from personal experience here, having wrestled with the false distinction between capital and operating leases for a sidebar to a piece I wrote for CFO Magazine way back when. The article delved into the details of a particularly complex variation that companies were using to finance real estate, called synthetic leases.

Jul 15
2010

Banks' anti-fair value somersault falls flat

Posted by Going Concern in GAAPFASBfair valuecomplianceBanksbanking reformbanking industryAccounting

Going Concern

 Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

 Just last week we mentioned the American Bankers Association and its efforts to undermine the FASB's latest fair value proposal that, in the ABA's mind, could bring down civilization as we know it.

Jul 09
2010

Banks perform somersault in anti-fair value campaign

Posted by Going Concern in GAAPfinanacial reportingFASBfair valuecomplianceBanksbank lendingbalance sheetsAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Banks hate the FASB. This is understood. They're especially bent out of shape these days because the Board recently put out its latest fair value proposal that requires them to carry their loans at fair value. Bob Herz knew that this was going to cause hella-belly aching although he may not have predicted the virtual assault that was coming.

Jul 06
2010

GAO to audit GASB

Posted by Going Concern in RegulationGAAPCongresscomplianceauditorsauditingaccrual methodAccountingaccountants

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

If we still care about financial reform, we should especially care about proposed changes to the Government Accounting Standards Board because, let's face it, government accounting could really use a helping hand. Were government pensions forced to use the same reporting rules as every other pension, a $3 trillion hole would open up and we would see immediately that rules in desperate need of repair have remained broken because the current system allows the truth to be buried in the footnotes.

Jul 01
2010

AIG vs. Goldman reveals the flaw in financial reform

Posted by Ron F in RiskRegulationGoldman SachsGAAPfinancial reform billfinancial market reformfinancial crisisFASBderivativescredit default swapsCongresscomplianceBanksbanking reformBankingbank failuresbailoutAIGAccounting

Ron F

The latest revelations  concerning the dispute between AIG and Goldman over collateral show how weak the new financial reform package really is.

After all, Goldman's demands for collateral from AIG as it was failing ended up costing taxpayers billions of dollars. Yet according to the testimony today during the crisis panel's latest hearings, the whole question hinged on what constituted fair value.

Jun 30
2010

Auditors may have missed Overstock accounting issue

Posted by Going Concern in PricewaterhouseCoopersOverstock.comGrant ThorntonGAAPcomplianceauditorsauditingAccounting

Going Concern

Submitted by Caleb Newquist,  republished from Going Concern, Accounting News for Accountants and CFOs.

Yesterday we briefly picked up the Overstock beat as Sam Antar pointed out that everyone's favorite Salt Lake City resident got a little confused about when they knew their gain contingency existed that resulted in some contradictory disclosures.

Jun 08
2010

KPMG loses a client over loan accounting

Posted by Going Concern in SEC filings, KPMG, GAAPcomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

KPMG has been kicked to the curb by Enterprise Financial according to an 8-K that was filed on Friday by the company. The ubiquitous claim of "no disagreements with [insert firm]" was there along with a mention of a material weakness that was related to the restatements issued for both 2008 and 2007 but that couldn't possibly have anything to do with the dismissal of the auditors:

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