Financial Accounting Standards Board

• 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

• Website of the Month: Financial Accounting Standards Board

The Financial Accounting Standards Board (FASB) Web site provides a wide variety of information about FASB, access to FASB agendas and documents, and links to related organizations. While some FASB publications are only available by purchase, many resources are free. The FASB Web site is user-friendly and easy to navigate. The homepage highlights recent news items and FASB activities, projects, Web casts, codification, and exposure documents. The "standards" section contains the Accounting Standards Codification, Accounting Standards Updates, Concepts Statements, precodification standards, and standards issued in 2010. The rich history of pre-July 2009 accounting standards setting is preserved on FASB's Web site. The precodification standards main page offers access to FASB pronouncemen...

• CPA Journal, The
• Vol. 80 Nbr. 4, April 2010

• Noncontrolling interest: much more than a name change: new consolidation rules for partially owned affiliates: FASB 160.

Financial Accounting Standards Board

• Journal of Accountancy
• Vol. 206 Nbr. 5, November 2008

• 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

• A Review of the Persistent Reconciling Items Between Financial Statements Using U.S. Gaap and International Financial Reporting Standards for Three Auto Manufacturers

This paper investigates differences between the financial statements of Volvo Corporation, Daimler AG, and Fiat SPA as prepared under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S.GAAP) from 2004-2006. The application of IFRS generally resulted in higher net income than U.S. GAAP. Many differences have already been resolved by the convergence projects of the Financial Accounting Standards Board and the International Accounting Standards Board. However, significant and persistent reconciling items that are likely to affect U.S. automakers' financial statements include: pension and other post-retirement benefits expenses, capitalization of development costs, and minority interests reporting.

• International Management Review
• Vol. 6 Nbr. 1, January 2010

• New Views On Lease Accounting

As a step toward improving and converging the existing lease-accounting standards, the Financial Accounting Standards Board and the International Accounting Standards Board recently issued a discussion paper titled "Leases: Preliminary Views" in which the Boards jointly propose several elements of a new model for lease accounting. This month's column will explain the key elements of the Boards' proposal and the potential impact of those elements on entities that must account for leases. The key elements of the Boards' proposal are: 1. the elimination of the finance/operating lease distinction, and 2. a requirement to represent all leases on the lessee's balance sheet through a combination of an asset and a liability. Specifically, they have concluded that a lessee's right to use leased ...

• Strategic Finance
• Vol. 90 Nbr. 11, May 2009

• Education

Accounting students and faculty members interested in research now have an incredible resource. The Financial Accounting Standards Board's GAAP codification is a readily available, single official source of authoritative US GAAP. Faculty who assign papers on technical topics in intermediate and advanced accounting or auditing courses will find that students will be able to access the search features of the codification with ease. The codification is standardized in a hierarchical structure of topic, subtopic, section, and paragraphs. Each complete reference includes its categories and subcategories. For practitioners and faculty familiar with precodification FASB Statements, a cross reference tool allows for easy access to the relevant text.

• Pennsylvania CPA Journal
• Vol. 81 Nbr. 1, April 2010

• 49 CFR 1200.2 - Adoption of generally accepted accounting principles issued by the Financial Accounting Standards Board (FASB).

• Code of Federal Regulations - Title 49: Transportation

• Financial Accounting Standards Board

The United States has a longstanding tradition of accounting standards being set by the private sector as opposed to the government....

• Encyclopedia of Business and Finance
• A-I

• Commission Guidance Regarding the Financial Accounting Standards Board's Accounting Standards Codification

• FR, August 25, 2009
• Rules
• Securities and Exchange Commission