Accounting Roundup: First quarter in review — 2014
During the first quarter of 2014, the FASB continued to work with the PCC to develop accounting alternatives for private companies, issuing ASUs on consolidation, goodwill, and interest rate swaps. In a related development, the AICPA issued several TPAs to explain how certain aspects of the PCC alternatives on goodwill and interest rate swaps might affect auditors.
In other domestic news, the EITF met in March and reached a final consensus on one Issue and a consensus-for-exposure on another. In addition, the FASB issued three ASUs and one proposed ASU in response to consensuses reached at the Task Force’s November 2013 meeting.
On the international front, convergence continued to be a major focus. The FAF announced that it will be making a substantial contribution to the IFRS Foundation to support the FASB’s and IASB’s convergence efforts. Further, IFAC stressed the importance of convergence by noting that the current diversity in global regulatory requirements is impeding a sustainable worldwide economic recovery.
This issue of Accounting Roundup includes, for the first time, an appendix with a table summarizing the current projects on the FASB’s standard-setting agenda, including convergence and FASB-only projects. This appendix is intended to be a helpful at-a-glance guide to the status of these projects. Also new to this issue is a "Fast Take" table listing some of the most significant recently issued final and proposed accounting standards.
- Public Company Accounting Oversight Board (PCAOB)
- U.S. Securities and Exchange Commission (SEC)
- Financal Accounting Foundation (FAF)
- Governmental Accounting Standards Board (GASB)
- IFRS Foundation
- International Accounting Education Standards Board (IAESB)
- International Auditing and Assurance Standards Board (IAASB)
- International Federation of Accountants (IFAC)
- International Integrated Reporting Council (IIRC)
- International Public Sector Accounting Standards Board (IPSASB)
- International Valuation Standards Council (IVSC)
- American Institute of Certified Public Accountants (AICPA)
- Center for Audit Quality (CAQ)
- Emerging Issues Task Force (EITF)
- Financial Accounting Standards Board (FASB)
- International Accounting Standards Board (IASB)
- Private Company Council (PCC)