FASB rule change may save your business costs when starting impairment testing process with your auditors
CAn companies avoid hiring outside experts for first-stage impairment testing under the new FASB rules? That was a hot topic of discussion at the third annual Fair Value Summit sponsored by the ASA San Francisco earlier this month. “We’re hearing that a great number of clients are electing to ‘go it alone’ this year,” commented Glen [...]
Requirements for financial reporting for your company are about to get tougher
Just last week, the board of trustees of the Financial Accounting Foundation (FAF) issued a request for public comment on a new plan intended to improve the standard-setting process for private companies, according to a recent release:
The plan proposes the establishment of a new Private Company Standards Improvement Council (PCSIC). Working jointly with the Financial [...]
FASB ‘simplifies’ impairment testing
The Financial Accounting Standards Board (FASB) approved a revised accounting standard that’s intended to simplify how an entity tests goodwill impairment. BV.com asked Brad Pursel (Brown Smith Wallace) to comment:
The 72 comment letters submitted to FASB regarding the April 2011 exposure draft reveal two common elements: 1) reducing costs for financial statement preparers, particularly smaller, [...]
Concerned about private company financial reporting? FASB wants to hear from you
FASB has asked for representatives from private companies to speak at public roundtables on “issues relating to existing private company accounting and reporting standards.” The request was issued at the end of last week.
The first such Roundtable is on October 11 in Chicago, and the second is October 17 in San Francisco. FASB Chairman [...]
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