Linda C. posted an article on Accountinghowto’s Weblog - Jan 7, 2009, 9:28 am
This FSP was issued December 11, 2008 and is effective for the first reporting period (interim or annual) ending after December 15, 2008 with earlier application encouraged.  It is to be adopted prospectively, but disclosures for past periods is encouraged (but not required).  This FSP was issued...
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Linda C. posted an article on Accountinghowto’s Weblog - Dec 30, 2008, 9:01 pm
EITF 08-4 was ratified by the Board in June of 2008 and was issued to provide transition guidance for conforming changes made to EITF 98-5 that resulted from EITF 00-27 and FAS 150.  These changes are effective for financial statements issued for fiscal years ending after December 15, 2008 and earl...
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Linda C. posted an article on Accountinghowto’s Weblog - Dec 15, 2008, 9:40 am
A proposed staff position would require an entity to report fewer activities as discontinued operations.  If adopted the FSP would be effective for fiscal years beginning after December 15, 2009 and would be applied retrospectively.  A final FSP is expected in 2009. The proposed staff position wo...
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Linda C. posted an article on Accountinghowto’s Weblog - Dec 12, 2008, 11:14 am
This new FSP is effective for financial periods ending after November 15, 2008.  This would be for the 2008 10K for calendar year companies. The FSP clarifies that FAS 161 is effective for any reporting period, annual or interim, beginning after November 15, 2008.  There was some controversy over...
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Linda C. posted an article on Accountinghowto’s Weblog - Dec 12, 2008, 11:11 am
I know it has been a long time since the last update, but here are the highlights. FASB ratified three EITF consensuses at its November 24th meeting.      EITF 08-6 – “Equity Method Investment Accounting Considerations EITF 08-7 – “Accounting for Defensive Intangible Assets EITF 08-...
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Linda C. posted an article on Accountinghowto’s Weblog - Oct 1, 2008, 9:51 am
With all the talk about fair value accounting during the current credit crisis, I feel the need to make some clarifications about FAS 157 and fair value accounting. Bob Hertz, the Chairman of the FASB, gave an excellent speech last week. You can read it at the following link: http://www.fasb.org/ne...
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Linda C. posted an article on Accountinghowto’s Weblog - Sep 17, 2008, 5:25 pm
This proposed Statement is being issued as part of a joint project with the IASB to eliminate differences between FAS 128 – Earnings per Share and IAS 33 – Earnings per Share.  If adopted the denominator for the earnings per share (EPS) calculation would be the same under both US GAAP and IFRS....
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Linda C. posted an article on Accountinghowto’s Weblog - Aug 29, 2008, 11:06 am
   Scope  The proposed Statement would amend FAS 133 to a) simplify accounting for hedging activities, b) make the accounting model and disclosures more useful and easier to understand, c) resolve practice issues related to current hedging rules, and d) address differences between recognition a...
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Linda C. posted an article on Accountinghowto’s Weblog - Aug 25, 2008, 11:49 am
EITF 08-03 is effective for fiscal years beginning after December 15, 2008 and any changes are to be reflected as an adjustment to opening retained earnings.  Under certain equipment lease agreements, a lessee is responsible for the repair and maintenance of the leased asset.  The lease agreement...
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Linda C. posted an article on Accountinghowto’s Weblog - Dec 31, 1969, 7:00 pm
This FSP was issued in October, 2008 and was effective upon issuance.  Revisions resulting from a change in the valuation technique or its application shall be accounted for as a change in accounting estimate, but the disclosure requirements of FAS 154 are not required. FSP FAS 157-3 was issued to...
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