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The FASB then implemented SFAS 157 which established new standards for disclosure regarding fair value measurements in financial statements in 2006. [31] That same year, the FASB added Investor Liaisons to its staff, who would be responsible for reaching out to investors to hear feedback on the various FASB activities. [32]
Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973. The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973.
FASB stated that the new standard would improve “financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations.” [2] The Office of the Comptroller of the Currency (OCC) and Federal Reserve predicted that industry allowances would go up by ...
This article is an incomplete list of Financial Accounting Standards Board (FASB) pronouncements, which consist of Statements of Financial Accounting Standards ("SFAS" or simply "FAS"), Statements of Financial Accounting Concepts, Interpretations, Technical Bulletins, and Staff Positions, which together presented rules and guidelines for preparing, presenting, and reporting financial ...
The FASB expects that the new system will reduce the amount of time and effort required to research an accounting issue, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts ...
The FASB expected the system to reduce the amount of time and effort required to research accounting issues, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts required ...
Superseded by FASB Statement 96, para. 203(l), and FASB Statement 109, para. 286(o) 26. Accounting for Purchase of a Leased Asset by the Lessee during the Term of the Lease—an interpretation of FASB Statement No. 13 Sept. 1978: None; 27. Accounting for a Loss on a Sublease—an interpretation of FASB Statement No. 13 and APB Opinion No. 30 ...
The FASB released an Accounting Standards Update on January 5, 2016 that changes items reported in OCI. Previously, equity securities could be classified as available for sale, and unrecognized gains and losses on these securities appeared in OCI.