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

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

GASB Releases Statement No. 56

The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards. GASB 56 incorporates accounting and financial reporting guidance previously only contained in the American Institute of Certified Public Accountants (AICPA) auditing literature into the GASB’s accounting and financial reporting … Continue reading

Congress Proposes New Federal Accounting Oversight Board

Members of the House Financial Services Committee have introduced legislation to create a new body to police the application of accounting standards – the Federal Accounting Oversight Board (FAOB). In the legislation introduced by Ed Perlmutter, D-Colo., and Frank Lucas, R-Okla., the FAOB would oversee the application of GAAP to financial markets and consider how … Continue reading

New Federal Accounting Oversight Board Proposed: Colorado’s Cong. Perlmutter Sponsors Legislation

Cong. Ed Perlmutter, D-Colo., and Cong. Frank Lucas, R-Okla., members of the U.S. House Financial Services Committee, have introduced House Resolution 1349 to create a new body to police the application of accounting standards – the Federal Accounting Oversight Board (FAOB).  The new board would oversee the application of GAAP to financial markets and consider … Continue reading

GASB Releases Statement No. 55

The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. GASB 55 incorporates the hierarchy of generally accepted accounting principles (GAAP) for state and local governments into the GASB’s authoritative literature. It is intended to make it easier for preparers of state … Continue reading