More Preparation Needed for Accounting’s Perfect Storm

Do Not Let Habitual Complacency Reduce Your Readiness By William F. O’Brien, MBA, CPA Executive Education, Inc. According to Wikipedia, a perfect storm is a rare combination of circumstances that drastically aggravates a situation.  While the storm’s intensity has somewhat abated, the accounting profession still is facing a storm which could significantly alter many company’s … Continue reading

FASB Adds Project to Agenda to Define “Nonpublic Entities”

The Financial Accounting Standards Board (FASB) has added a project to it’s agenda to re-examine the definition of “nonpublic entity.” The decision was based on comments from stakeholders requesting clarification of the existing definitions and ongoing questions about which definition of a nonpublic entity was being used in various projects. The project will focus on … Continue reading

FIN 48: Start Planning Now

Companies should start early to have time to resolve complex issues, and prevent delays in issuing their audited financial statements, three Deloitte LLP partners said during a recent webcast. Private companies should start preparing for the application of FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes, (FASB ASC 740-10), three partners at … Continue reading

Using the FASB Accounting Standards Codification

July 1 was a landmark day for the accounting profession as the Financial Accounting Standards Board (FASB) Accounting Standards CodificationTM (ASC) became the authoritative source of nongovernmental accounting literature (in addition to Securities and Exchange Commission pronouncements). The FASB ASC completely changed the presentation of GAAP, profoundly affecting how standards are researched and referenced now. … Continue reading

FASB Changes Effective Date for Codification

Today, the Financial Accounting Standards Board (FASB) unanimously confirmed that the FASB Accounting Standards Codification (Codification) will become the single official source of authoritative, nongovernmental U.S. generally accepted accounting principles (GAAP). The FASB also decided that the Codification will be effective for interim and annual periods ending on or after September 15, 2009. Under this … Continue reading

Be Ready When GAAP Is Codified on July 1

Mark your calendars for July 1. It will be a landmark day for the accounting profession as the Financial Accounting Standards Board (FASB) Accounting Standards CodificationTM (ASC) will become the authoritative source of nongovernmental accounting literature (in addition to SEC pronouncements). The FASB ASC does not make changes in GAAP so much as in its … Continue reading