Some Stakeholders Suggest Improvements to Segment Reporting Information A 1996 accounting standard established to improve the way public companies report financial information about their business segments generally achieves that purpose, although some stakeholders suggest improvements. That was the overall conclusion of the post-implementation review (PIR) of Financial Accounting Standards Board (FASB) Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in Accounting Standards Codification Topic 280, Segment Reporting). The PIR process was established by the Financial Accounting Foundation (FAF) in 2010. The Financial Accounting Foundation elaborates:
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Recommendation Framework Paper Available; Comment Period Ends October 31st. Late last month the FASB released its initial staff recommendations on whether and when it will be appropriate to adjust financial reporting requirements for private companies, the Journal of Accountancy reports. The recommendations are contained in a paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies. FASB on Tuesday invited stakeholders to comment on the recommendations. In May, the Financial Accounting Foundation (FAF), FASB’s parent organization, created the Private Company Council (PCC). The new council will identify, deliberate, and vote on proposed changes, which will…
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New private company council includes FASB, but in reduced role, The Journal of Accountancy explains. “This announcement is excellent news for small businesses that have been concerned about the future of US GAAP particularly in relation to an international move toward IFRS,” adds Editor Gail Perry at AccountingWeb. Emily Chasan at the Wall Street Journal reports: The Financial Accounting Foundation’s Board of Trustees voted Wednesday to establish a new Private Company Council that will create exceptions and modifications to U.S. accounting rules as they apply to private companies. The board, which oversees the U.S. Financial Accounting Standards Board, said…