Accounting Standards

The Governmental Accounting Standards Board (GASB) recently issued a statement regarding the transition provisions of GASB’s new pension standards for state and local governments.

The New York State Society of Certified Public Accountants (NYSSCPA) expressed agreement with a proposal from the Financial Accounting Standards Board (FASB) that, if implemented, would standardize the treatment of net operating loss carryforwards or tax credit carryforwards on financial statements.

Thomson Reuters has released an overview of the Financial Accounting Standards Board’s (FASB) proposed accounting standards for leases.

FASB has issued its U.S. GAAP Financial Reporting Taxonomy Implementation Guide—Subsequent Events. The guide is the first in a series of XBRL Implementation Guides, which are designed to help Taxonomy users understand how certain disclosures are structured within the Taxonomy, and is available at www.fasb.org.

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.

The Financial Accounting Standards Board has issued for public comment its proposal to improve financial reporting about repurchase agreements and other transfers with forward agreements to repurchase transferred assets.

New AICPA framework would offer small businesses a new method of financial reporting. The framework is intended for companies who are not required to use Generally Accepted Accounting Principles.

Site offers tools for understanding how accounting standards can be applied, from the valuation and impairment of assets, to accounting for financial instruments, as well as how these standards are changing.