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Who’s on First?
It can be entertaining sometimes to watch the interaction between the SEC, IASB, FASB, FAF, and the AICPA as they debate the future of the U.S. financial reporting system. It reminds me of the Abbott...
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Announcement on Private Company Reporting: News or Snooze?
On May 23, 2012, the Financial Accounting Foundation (FAF) board of trustees finalized the structure of a new body, the Private Company Council, which will work to address the needs of privately held...
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Finally a Cliff Notes Version of GAAP?
Wow! As promised in May 2012, the AICPA actually released its version of private company GAAP on Nov. 1, a special purpose framework, which it is calling the Financial Reporting Framework for SMEs....
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And They’re Off
On June 10, 2013, both the FASB and the AICPA made significant strides toward addressing the financial reporting complexity for small businesses. This old edition of the Pennsylvania CPA Journal shows...
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Extra! Extra! FASB Issues First Ever Alternatives to GAAP
Hot off the press! On Jan. 16, 2014, the FASB issued its first ever alternatives to U.S. GAAP for privately held companies. These changes originated through the Financial Accounting Foundation’s newly...
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Going Rogue: Revenue Recognition
By now you’ve probably heard that the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released the long-awaited converged standard on revenue...
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