FAF Reviews PCC

FAF Reviews PCC

The Financial Accounting Foundation has opened an opportunity for stakeholders to provide feedback on the effectiveness of the Private Company Council (PCC). The review request includes several questions to help evaluate the impact and progress of the PCC and determine if any changes are needed. Comments are due May 31, 2024.

Proposed Concept Statement: Chapter 6: Measurement

Proposed Concept Statement: Chapter 6: Measurement

In December, FASB issued a proposed chapter of the Conceptual Framework on measurement. The proposal identifies 2 systems of measurement: entry prices and exit prices. It provides the underlying theory that the board would use when determining which measurement system is appropriate when developing GAAP. Comments are due March 20, 2024.

AICPA ED on Stablecoin

AICPA ED on Stablecoin

The AICPA’s Assurance Services Executive Committee (ASEC) recently issued an exposure draft to provide a framework for stablecoin issuers to present information about stablecoins and the assets that back them. While the FASB recently issued ASU 2023-08 which included subsequent recognition, presentation and disclosure requirements of crypto assets, ASEC is focusing this ED on token issuers and the need for a set of guidelines to share information about tokens. Comments are due January 29, 2024.

ITC: International Non-Profit Accounting Guidance Part 2

ITC: International Non-Profit Accounting Guidance Part 2

This blog will cover the second phase of the International Non-Profit Accounting Guidance by looking at Exposure Draft 2 and its proposed guidance for nonprofits. The goal of the INPAG project is create a global nonprofit financial reporting framework. ED2 focuses on providing guidance that amends current IFRS for SMEs which will serve as the base of the new guidance. The ifr4npo website has great explainer videos that details the proposals. Comments are due March 15, 2024.