NORWALK, Conn. (7/9/13)--Three new proposals were issued for public comment by the Financial Accounting Standards Board (FASB) and all three are intended to address private-company stakeholder concerns raised about the relevance and complexity of different aspects of U.S. Generally Accepted Accounting Principles (GAAP).
FASB Chairman Russell G. Golden, in a press release last week, said the proposals should reduce "the costs and complexity for preparers in valuing and accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps."
FASB's Private Company Council (PCC) is leading its efforts on these proposals, and unlike typical rule-makings, PCC's primary objective is to recommend to FASB whether to provide exemptions from or alternatives to existing GAAP standards, most of which credit unions already follow. Before being incorporated into U.S. GAAP, PCC recommendations will be subject to a FASB endorsement process.
Comments on the three new FASB Exposure Drafts are due by Aug. 23. They address:
Comments can be submitted using the first resource link below.
CUNA briefly discussed these proposals (which had not yet been released) with its Accounting Subcommittee on a May call; CUNA will be analyzing these proposals and soliciting input through its Comment Call process.
Also from FASB, the newest edition of the FASB Accounting Standards Codification, four-volume bound edition of the all FASB online codifications as of Oct. 31, 2012, is now available. The volumes serve to organize thousands of U.S. GAAP pronouncements and include relevant Securities and Exchange Commission guidance that follow the same topical structure in separate sections in the codification. See the second resource link for more information.