Accounting Standards

The Financial Accounting Foundation (FAF) today announced the release of a version of the GASB Governmental Accounting Research System that has been designed for use on tablet devices.

New accounting standards for pensions will go into effect after June 15, 2014, the Governmental Accounting Standards Board has announced.

The Financial Accounting Standards Board has issued guidance intended to improve private company financial reporting regarding consolidation of lessors in certain common control leasing arrangements.

A new online pension implementation toolkit was released today by the Governmental Accounting Standards Board (GASB). The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012. The toolkit is available at no cost at the GASB website.

The IFRS Foundation has published the IFRS Taxonomy 2014. The IFRS Taxonomy is a translation of International Financial Reporting Standards (IFRS) into eXtensible Business Reporting Language (XBRL).

The Trustees of the IFRS Foundation have reappointed Amaro Gomes (South America) and Pat Finnegan (North America) to serve second five-year terms as members of the IASB. The IFRS is responsible for the governance and oversight of the International Accounting Standards Board (IASB).

Two associations for accounting professionals have begun international consultation on draft management accounting principles to help CFOs, CEOs and company boards of directors drive better performance at their organizations.

The Financial Accounting Foundation has announced that Steven E. Buller, CPA, managing director and former chief financial officer of BlackRock, Inc., has been appointed chairman of the group's Advisory Council (FASAC). His term begins on February 1, 2014, and concludes on December 31, 2015.