This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Accounting Roundup: Year in Review — 2014

Published on: Dec 23, 2014

One of the biggest developments in 2014 was the FASB’s and IASB’s issuance of their joint standard on revenue recognition, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Further, the boards formed a joint revenue transition resource group (TRG) to seek feedback on potential issues related to implementing the new revenue standard. In addition, the FASB made progress on its broad projects to (1) work with the PCC to develop alternative guidance for private companies and (2) simplify certain aspects of U.S. GAAP. Meanwhile, the IASB issued IFRS 9, which represents the completion of its financial instruments project. The new standard substantially revises IFRS guidance on classification and measurement, including impairment, as well as hedge accounting.

So what will be the focus for 2015? In addition to the FASB’s simplification efforts, the potential use of IFRSs in the U.S. reporting system remains on the table. Previously, the SEC has considered three potential alternatives: (1) adopting IFRSs outright, (2) giving U.S. registrants the option of filing IFRS financial statements, and (3) using the so-called “condorsement“ approach. At the 2014 AICPA Conference on Current SEC and PCAOB Developments, James Schnurr, chief accountant in the SEC’s Office of the Chief Accountant, mentioned the possibility of a fourth alternative in which U.S. companies would be permitted to voluntarily provide IFRS-prepared financial information as a supplement to their U.S. GAAP financial statements.

Download

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.