The Financial Accounting Standards Board issued Friday two new accounting standards designed to address weaknesses in accounting and disclosure standards for off-balance sheet vehicles.FASB says that the new standards will impact financial institution balance sheets beginning in 2010. As a result of one of the new standards, more information will be required about transfers of […]
The chairman of the Public Company Accounting Oversight Board, the U.S. auditing oversight body, has stepped down, the PCAOB said Tuesday.Mark Olson is leaving his post effective July 31. He was named chairman in July 2006. Prior to joining the PCAOB, Olson served on the board of governors of the Federal Reserve.The PCAOB was established […]
Insurer focused on maintaining a strong capital position and enhancing risk management
Group's mission is to promote high-quality international auditing standards for accountants
A proposal from accounting standards bodies to overhaul financial statements contains several good points, but needs refinement, Fitch Ratings says.Last year, the Financial Accounting Standards Board and the International Accounting Standards Board published a joint discussion paper that contemplates significantly changing the current presentation of the balance sheet, income statement and the cash flow statement. […]
Proposed changes respond to concerns that Canadian banks should not be disadvantaged
Differences between private company GAAP and IFRS may present challenges in accessing equity and debt financing
So far, only six issuers have listed XBRL documents
Board consulting with U.S. and international bodies before making its choice
The Financial Accounting Standards Board approved planned changes to mark to market accounting rules on Thursday, pleasing some in the U.S. financial industry, but raising concerns for others.Research firm CreditSights Inc. explains that the new position will allow banks to value securities using cash flow models rather than market prices when markets are considered not […]