Accounting Standards

• Accounting standards

• Financial accounting standards

• International accounting standards

• A Common Framework for Accounting Standards

In September 2010, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) completed the first phase of a project that will influence global standards setting for many years to come. Having a conceptual framework eliminates the need for a standards setter, such as the FASB or the IASB, to reestablish core concepts each time it develops or updates a standard. Additionally, by consistently referring to a stable conceptual framework, a standards setter is more likely to promulgate standards that are consistent with each other as well as with significant assumptions and constraints. The conceptual framework of US Generally Accepted Accounting Principles is documented in a series of Statements of Financial Accounting Concepts issued by the F...

• Strategic Finance
• Vol. 92 Nbr. 5, November 2010

• Cost Accounting Standards: Cost Accounting Standards 412 and 413-Cost Accounting Standards Pension Harmonization Rule

The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (Board), is publishing this final rule to revise Cost Accounting Standard (CAS) 412, ``Composition and Measurement of Pension Cost,'' and CAS 413, ``Adjustment and Allocation of Pension Cost.'' This revision will harmonize the measurement and period assignment of the pension cost allocable to Government contracts, and the minimum required contribution under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, as required by the Pension Protection Act (PPA) of 2006. The PPA amended the minimum funding requirements for qualified defined benefit pension plans. The Board issues this final rule to revise CAS 412 and CAS 413 to include the recognition of a ``minimum actuarial liability'' and `...

• Federal Register Nbr. 76 FR 81296, December 27, 2011
• Rules and Regulations
• Management and Budget Office

• Gasb Improves Pension Accounting and Financial Reporting Standards

GOVERNMENTAL ACCOUNTING STANDARDS BOARD John C. Pappas, 203-956-3440

• Business Wire
• June 25, 2012

• Cost Accounting Standards: Cost Accounting Standards 412 and 413-Cost Accounting Standards Pension Harmonization Rule

The Office of Federal Procurement Policy (OFPP), Cost Accounting Standards Board (Board), is publishing technical corrections to the final rule that revised Cost Accounting Standard (CAS) 412, ``Composition and Measurement of Pension Cost,'' and CAS 413, ``Adjustment and Allocation of Pension Cost'' for the CAS Pension Harmonization Rule, published on December 27, 2011. Some illustrations in that document are not consistent with their corresponding Table or text, or the text used in the two effective date provisions is not consistent with each other in the amendment language. This document corrects the final regulations by revising the applicable sections accordingly.

• Federal Register Nbr. 77 FR 43542, July 25, 2012
• Rules and Regulations
• Management and Budget Office

• The U.S. Move to International Accounting Standards - a Matter of Cultural Discord - How Do We Reconcile?

Currently, U.S. issuers operate under one set of accounting standards, and a large part of the world operates under some customized version of IFRS.6 Likewise, global companies operating within different accounting provinces must often use different accounting standards for each of the jurisdictions in which they operate; a costly, cumbersome, and time consuming endeavor.7 Various entities responsible for the many factions of accounting standard setting and financial reporting, such as the Financial Accounting Standards Board8 (FASB), the SEC,9 and the International Accounting Standards Board10 (IASB), (collectively, Accounting Standard Setters) have been aware of this issue since the late 1960s11 and have further recog- nized the need for change.12 The world's economies have contin- ue...

• University of Memphis Law Review, The
• Vol. 39 Nbr. 4, July 2009

• Cost Accounting Standards:

• FR, July 12, 2011
• Rules
• Federal Procurement Policy Office

• Cpas' and Cfos' Perceptions Regarding Principles-Based Versus Rules-Based Accounting Standards

As of today, non-US companies using International Financial Reporting Standards (IFRS) are permitted to list their securities on US stock exchanges without reconciling those statements to US GAAP. The fact that this rule has not been extended to US issuers is somewhat controversial, especially given that IFRS are considered by many to be more "principles based" in contrast to the more "rules-based" US GAAP. While there is a widespread belief that principles-based standards, subject to certain conditions, are superior to rules-based standards, little has been done to test this belief. Given this background, the objective of the authors' research that is discussed was to examine the perceptions of CPAs and CFOs regarding these two broad financial accounting regimes. While there is support...

• CPA Journal, The
• Vol. 82 Nbr. 3, March 2012

• Cost Accounting Standards:

• FR, August 10, 2011
• Rules
• Federal Procurement Policy Office

• FASB's Accounting Standards:

• FR, August 12, 2011
• Rules
• Securities and Exchange Commission

• Federal Acquisition Regulation; Updated Financial Accounting Standards Board Accounting References

DoD, GSA, and NASA are issuing a final rule amending the Federal Acquisition Regulation (FAR) to update references to authoritative accounting standards owing to the Financial Accounting Standards Board's Accounting Standards Codification of Generally Accepted Accounting Principles.

• Federal Register Nbr. 77 FR 202, January 03, 2012
• Rules and Regulations
• National Aeronautics and Space Administration