Author Archive | Jack Ciesielski

Volume 26, No. 12

Publicly-traded firms have had years to prepare for adoption of Accounting Standards Update 2014-09,“Revenue from Contracts with Customers (Topic 606). “Go time” is at hand: calendar year end firms start reporting under its requirements on January 1, 2018. While long required by the SEC to report anticipated effects of the standard, firms have sparsely disclosed…

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Volume 26, No. 11

Accounting Standards Update 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” was issued in late August and will be effective beginning in fiscal years beginning after December 15, 2018 for publicly-traded firms. Expect that firms will want to adopt the standard early, which they are permitted to do.   Why would they choose to adopt…

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Volume 26, No. 10

Accounting Standards Update 2014-09,“Revenue from Contracts with Customers (Topic 606),” will go live in just a little more than three months. Publicly-traded firms have had years to prepare for it, and years to discuss its effects with owners of the firm. The means for that discussion is in the Management’s Discussion & Analysis of SEC…

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Volume 26, No. 9

The proxy season has come and gone, along with shareholder “say on pays” and votes on executive compensation package amendments – which are usually requests for investors to cede more of their ownership to the top five executives and other managers. The say on pays draw attention every year, and seem dramatic – but they’re…

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Volume 26, No. 8

In the “PC era” (that’s PC as in “pre-convergence”) the accounting standards for financial instruments were quite similar for both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Once convergence efforts began in earnest in 2007, the standard setters sought to reach common standards in three major financial instrument areas: their…

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Volume 26, No. 5

A New Recipe For Pension & Other Postretirement Benefits Reporting:  In mid-2015, FASB added a project intended to improve the convoluted presentation of net periodic pension cost and net periodic postretirement benefit cost. In less than three years – a virtual wind sprint for the standard setter –  they issued a final standard that just…

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The Non-Discussion About IFRS

Last week, I attended the AICPA’s annual “SEC & PCAOB Current Events Conference” – like hundreds of other CPAs needing their annual fix of information, gossip and camaraderie, though not necessarily in that order. I’ve been a steady attendee for a long time (since 1988), so I notice differences emerging from the conferences over the…

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The SEC’s Disclosure Update & Simplification Proposal

Last July, the SEC proposed an “update and simplification” of its disclosure rules. The roots of this  project came from the JOBS Act of 2012, and its growth was hurried along by the FAST Act of 2015. The proposal has some good things going for it, like removing references to implementation dates for standards that…

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