FASB amends ASC 820 today
This just in: FASB issued Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs today. The amendments are effective for public entities for interim and annual periods beginning after December 15, 2011, and should be applied prospectively. Early adoption [...]
Brad Pursel responds to FASB’s new exposure draft relating to goodwill impairment testing
Last week FASB published an exposure draft related to goodwill impairment testing under ASC 350 that, if adopted, would result in the below changes to GAAP. The stated objective of the Exposure Draft is to reduce the cost and complexity faced by financial statement preparers related to complying with the Step One goodwill impairment test [...]
FASB takes next small step towards improved standards for private company financial reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF) has been indicating a desire to ramp up standard settings for private company financial reporting, supported by the release earlier this year of a report sponsored by FAF, the AICPA and the National Association of State Boards of Accountancy. The news Friday is that FAF intends to form a working [...]
FASB makes tentative decision on Topic 820 relating to nonpublic entities
At their December 21, 2010 board meeting, FASB tentatively decided not to allow exceptions for nonpublic entities to the fair value principles and concepts applicable to the measurement of fair value in the amendments to Topic 820, Fair Value Measurements and Disclosures. The amendments will require nonpublic entities to disclose the following: The current use [...]
ASA training courses for the year kick off next week!
Our friends at the ASA wanted BVWire to remind every one of two top-tier CPE opportunities next week. ASA is offering BV201, BV204 and BV301 (Intangibles) classes January 13-16 in Los Angeles. There are still spaces left, And, the ASA’s Advanced One-Day Current Topics in Fair Value Conference is January 12 in New York City, at [...]
Valuing an intangible asset? The CAC Monograph is a must read
BVWire has mentioned TAF’s monograph series frequently, but Monday at the ASA/CICBV Business Valuation Conference in Miami, Chris Mellon (Delphi Valuation) reviewed the importance of the their The Identification of Contributory Assets and Calculation of Economic Rents. “If you are involved in the valuation of intangible assets, this monograph is a necessity,” says Mellon. The [...]
The US stands by itself on IFRS compliance
Greg Forsythe (Deloitte) offers the following list of how various countries have dealt with the IFRS standards…(note–these are the major adapters–many other smaller countries have also adapted the IFRS standards. IFRSs required • Argentina (2012) • Australia (2005) • Brazil (2010) • Canada (2011) • France (2005) • Germany (2005) • India (2011) • Mexico [...]
Convergence continues apace…
The FASB sent out a press release this morning announcing that they’ve “completed the first phase of its joint project with the IASB to develop an improved conceptual framework” and issued Concepts Statement No. 8, Conceptual Framework for Financial Reporting, including Chapter 1, “The Objective of General Purpose Financial Reporting,” and Chapter 3, “Qualitative Characteristics [...]
ASA BV-Eletter sees increased specialization in BV
Rick Warner, ASA, AVA and editor of the BV-ELetter recently wrote that “fair value for financial reporting continues to develop its own accepted tools, techniques, and best practices perhaps leading someday to an additional accreditation noting a degree of competence within that area.” As a result, Warner believes that the BV profession is headed toward [...]
100+ corporate counsel declare FASB’s litigation contingency reporting requirements do more harm than good
BVWire is following the story of the August 18th letter signed by a host of Association of Corporate Counsel’s leading members. ACC and many of their members believe that the requirement that shareholders know about impending risks from litigation will alert the tort bar to insurance and other funds that can be pursued–delaying settlements and [...]
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