PICPA Boards and Blogs

By Khaled Abdel Ghany, CPA, PhD The Governmental Accounting Standards Board’s (GASB’s) Standard No. 49 requires state and local governments to estimate the components of expected pollution remediation outlays and determine whether outlays for those components should be accrued as a liability or capitalized when goods and services are acquired. ...

By Donna M. Massanova, CPA The Financial Accounting Standards Board’s (FASB’s) Staff Position (FSP) AAGINV-1 and SOP 94-4-1, which is effective for periods ending after Dec. 15, 2006, significantly changed the reporting of certain guaranteed investment contracts in the financial statements of defined contribution pension and health and welfare ...

By Jay J. Jacobs, CPA A long-awaited overhaul of accounting for business combinations and consolidations was recently completed by the Financial Accounting Standards Board (FASB). FASB issued a revised FAS 141, Business Combinations (FAS 141R) and the new FAS 160, Noncontrolling Interests in Consolidated Financial Statements, which is an ...

By Thomas Rees, CPA Few accounting rules have caused financial statement preparers and their auditors more headaches than Statement of Financial Accounting Standards No. 133 (SFAS 133), Accounting for Derivatives and Hedging Activities. The Financial Accounting Standards Board (FASB) has amended SFAS 133 several times since its initial issuance ...

By John D. Rossi III, CPA, CMA, CFP When it comes to setting accounting standards, the Financial Accounting Standards Board (FASB) sometimes seems to compromise on issues to avoid delays and excessive pressure from the business and preparer community, especially when it comes to controversial issues. This happened in 1985 with the release of ...