Accounting Rules

New and Clarified Fair Value Disclosures: May 2010—Dr. Steve Grice—During 2006 the FASB released SFAS No. 157, entitled “Fair Value Measurements.” This fair value guidance provided a definition of fair value, established a framework for measuring fair value, and expanded disclosure requirements in financial statements that incorporate fair value measurements. SFAS No. 157 was codified within Accounting Standards Codification (ASC) Topic 820, entitled “Fair Value Measurements and Disclosures.” Recently, the FASB issued Accounting...
Evaluating Uncertain Position: February 10, 2010—Dr. Steve Grice—The guidance related to the evaluation of uncertain tax positions resides in FASB Accounting Standards Codification (FASB ASC) Topic 740. Many will recall that in 2006 the FASB issued FIN 48, entitled Accounting for Uncertainty in Income Taxes. FIN 48 interprets the guidance in SFAS No. 109, entitled Accounting for Income Taxes. Through the interpretive guidance, the FASB clarifies the accounting for uncertainty in income taxes, provides recognition and...
Accounting Rule Changes for Variable Interest Entities (SFAS No. 167): November 19, 2009—Ron Box—When asked for a prediction regarding what may be the most important accounting change for business and industry in 2010, Dr. Steve Grice (Professor of Accounting at the University of Alabama in Birmingham) named Statement of Financial Accounting Standards (SFAS) No. 167, entitled “Amendments to FASB Interpretation No. 46(R),” FASB Statement 167: Consolidation of Variable Interest Entities.” The Financial Accounting Standards Board (FASB) significantly changed the...