value in U.S. GAAP might not be measured at fair value in IFRS and vice versa. The Boards have separate projects to address the measurement basis in other standards (for example, the projects to address the accounting for financial instruments and leases). There will be different accounting requirements in U.S. GAAP and IFRS for measuring the fair value of investments in investment company entities. Some the disclosures about fair value measurements will be different for U.S. GAAP and IFRS. For
Words: 762 - Pages: 4
Financial Accounting Standards Board ORIGINAL PRONOUNCEMENTS AS AMENDED Statement of Financial Accounting Standards No. 157 Fair Value Measurements Copyright © 2010 by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial
Words: 59304 - Pages: 238
the Financial Accounting Standards Board (FASB) have worked so successfully in partnership over the past decade. I am delighted to present at the same event as my friend and colleague, Leslie Seidman. This event on the future of financial reporting is timely. Years from now, we will look back on 2011 as a year when the future path of financial reporting was determined. There are two key activities coming to a head this year. First, the IASB and the FASB are now nearing the completion of a nine-year
Words: 4620 - Pages: 19
edition of our Financial Reporting Developments publication on accounting for transfers and servicing of financial assets. This publication has been updated for further clarification and enhancements to our interpretative guidance. Applying ASC 860 in practice continues to be challenging. ASC 860’s scope is wide and applies to more than just securitizations. Moreover, ASC 860 relies in part on legal interpretations to determine the accounting for the transfer. Additionally, a transferor’s continuing involvement
Words: 127721 - Pages: 511
Journal of Economic Perspectives—Volume 24, Number 1—Winter 2010—Pages 93–118 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Laux and Christian Leuz I n its pure form, fair-value accounting involves reporting assets and liabilities on the balance sheet at fair value and recognizing changes in fair value as gains and losses in the income statement. When market prices are used to determine fair value, fair-value accounting is also called mark-to-market accounting
Words: 15964 - Pages: 64
reporting. Conceptual framework includes objectives, qualitative characteristics, elements, measurement, and recognition concepts. The FASB Concepts Statements guide the board in developing accounting principles and provide understanding. These concept statements are non-authoritative and do not establish generally accepted accounting principles. Entities do not use the FASB Concept Statements in routine preparation of financial statements. (8,2) The IASB and the Interpretations Committee use conceptual
Words: 3445 - Pages: 14
(“Eagle”) recently entered into a contract with Tiger Company (“Tiger”) to lease a backhoe, which Eagle will use for a new project involving the construction of several apartment complexes in the Mobile area. The pertinent terms of the lease are as follows: • The lease term is for 10 years, while the economic life of the backhoe is estimated to be 15 years. The useful life of the backhoe is also estimated to be 15 years. • Annual lease payments of $16,000 are due at the end of each year. Eagle is also
Words: 3304 - Pages: 14
Form 10-K 1 of 56 http://www.sec.gov/Archives/edgar/data/1046501/000104596903000752... 10-K 1 d10k.htm FORM 10-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 29, 2002 or ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From to . Commission file
Words: 26600 - Pages: 107
|Profile: Company Background | | | | | | | |Example Company Inc. (Stock Symbol ***)
Words: 11268 - Pages: 46
Dataline A look at current financial reporting issues No. 2012-17 November 12, 2012 What’s inside: Overview .......................... 1 SEC filing deadlines ........ 1 Financial statement disclosure ......................2 Income statement classification of losses..............................2 Insurance .........................3 Asset impairments .......... 5 Non-impairment costs ............................... 7 Debt and liquidity issues ........................... 8 Tax considerations
Words: 4771 - Pages: 20
