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FASB Issues
Exposure Draft on Accounting for Hedging Activities
In an effort to simplify hedge
accounting, resulting in increased comparability of financial results for
entities that apply hedge accounting, the Financial Accounting Standards
Board (FASB) on Friday issued an
Exposure
Draft of a proposed Statement of Financial Accounting Standards,
Accounting for Hedging Activities – an amendment of FASB Statement No. 133.
Specifically, the proposed statement would eliminate the multiple methods of
hedge accounting currently being used for the same transaction. It also
would require an entity to designate all risks as the hedged risk (with
certain exceptions) in the hedged item or transaction, thus better
reflecting the economics of such items and transactions in the financial
statements. Comments are due by August 15, 2008.
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FASB Issues Exposure
Draft on Disclosure of Certain Loss Contingencies
The FASB also issued an
Exposure
Draft of a proposed Statement of Financial Accounting Standards,
Disclosure of Certain Loss Contingencies – an amendment of FASB Statements
No. 5 and 141(R). The proposed Statement would be effective for fiscal years
ending after December 15, 2008, and interim annual periods in subsequent
fiscal years. Investors and other users of financial information have
expressed concerns that current disclosures required in FASB Statement No.
5, Accounting for Contingencies, do not provide sufficient information in a
timely manner to assist users of financial statements in assessing the
likelihood, timing and amount of future cash flows associated with loss
contingencies. This proposed Statement would expand disclosures about
certain loss contingencies in the scope of FASB Statement No. 5 or FASB
Statement No. 141 (revised 2007), Business Combinations.
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IRS Adds Functions to
Online Payment Agreement Application
The IRS Friday introduced several new features to the interactive
Online Payment Agreement application, which will make it easier for
taxpayers and their authorized representatives to make changes to existing
installment agreements. The system will now permit individuals to revise
their payment due dates and/or amounts on existing agreements; revise
existing extensions to regular installment agreements and direct debit
installment agreements; and revise existing regular installment agreements
to a payroll deduction installment agreement or a direct debit installment
agreement. Practitioners with valid authorizations can use the signature
date found on their approved Form 2848, Power of Attorney and Declaration of
Representative, or the caller ID as an alternate way to authenticate when
requesting agreements for clients.
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Board to Consider
Adopting Rules on Reporting by Registered Firms
The Public Company Accounting Oversight Board (PCAOB) will meet tomorrow,
Tuesday, June 10, to consider
adopting rules requiring annual and special reporting of specified
information by registered public accounting firms. The information would be
made publicly available, subject to certain exceptions for confidential
information. Any rules that the Board adopts would form the foundation of
the Board's reporting regime for registered firms, which the Board would
anticipate expanding or revising over time as appropriate. The Board also
will consider adopting rules on succeeding to the registration status of a
predecessor firm in the event of mergers or changes in a firm's legal form.
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