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News Releases
MEDIA INQUIRIES
All media inquiries regarding FAF, FASB and GASB are coordinated through the FAF Communications Department.
National news outlets, daily newspapers and wire services, contact:
Neal E. McGarity, Director of Communications
203-956-5347
nemcgarity@f-a-f.org
Trade and industry publications, contact:
Christine L. Klimek, Communications Manager
203-956-3459
clklimek@f-a-f.org
Fax: 203-849-9714
401 Merritt 7, PO Box 5116
Norwalk, CT 06856
The following announcements were issued as noted by the Financial Accounting Standards Board and the Financial Accounting Foundation. To obtain FASB publications mentioned in the news releases below, see Ordering FASB Publications and Subscriptions.
Summary of Decisions Reached—FASB Board Meeting 7-23-08
July 23, 2008
MEDIA ADVISORY—The Financial Accounting Foundation and the Financial Accounting Standards Board to Host High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting
FASB Issues Exposure Draft on Accounting for Hedging Activities
June 6, 2008
FASB Issues Exposure Draft on Disclosure of Certain Loss Contingencies
June 5, 2008
MEDIA ADVISORY—Alicia A. Posta Named Executive Director of FASB Advisory Councils
June 3, 2008
MEDIA ADVISORY—FASB Announces Changes in Staff Leadership
June 2, 2008
US FASB and IASB Seek Views on Two Consultative Documents on the Conceptual Framework
May 29, 2008
Financial Accounting Standards Board Meets with Accounting Standards Board of Japan to Discuss Global Convergence
May 27, 2008
FASB Issues Statement No. 163, Accounting for Financial Guarantee Insurance Contracts
May 23, 2008
George J. Batavick to Remain on the Financial Accounting Standards Board
May 22, 2008
Financial Accounting Foundation Names Teresa S. Polley President and Chief Operating Officer
May 21, 2008
FASB Issues Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles
May 9, 2008
The Financial Accounting Standards Board and the China Accounting Standards Committee Sign Memorandum of Understanding
April 28, 2008
The Financial Accounting Foundation and the Financial Accounting Standards Board to Host High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting
April 17, 2008
SEC Content Released onto the FASB Accounting Standards CodificationTM for the Verification Phase
April 3, 2008
FASB Issues Invitation to Comment, Reducing Complexity in Reporting Financial Instruments, including IASB Discussion Paper, Reducing Complexity in Reporting Financial Instruments
March 28, 2008
FASB Issues Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities
March 19, 2008
FASB Issues Proposed FASB Staff Position (FSP) No. 132(R)-a, Employers’ Disclosures about Postretirement Benefit Plan Assets
March 19, 2008
The Financial Accounting Foundation Board of Trustees Approves Changes to Oversight, Structure and Operations of FAF, FASB and GASB
February 26, 2008
FASB Issues Proposed FASB Staff Position FAS 117-a, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures
February 22, 2008
Staff Position FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises
February 1, 2008
FASB Launches Verification Phase for the
FASB Accounting Standards CodificationTM
January 15, 2008
FASB issues FASB Statements No. 141 (R), Business Combinations and No. 160, Noncontrolling Interests in Consolidated Financial Statements
December 4, 2007
FASB Issues Preliminary Views on Financial Instruments with Characteristics of Equity
November 30, 2007
FASB Rejects Deferral of Statement 157 for Financial Assets and Liabilities
November 14, 2007
Financial Accounting Standards Board Meets with Accounting Standards Board of Japan to Discuss Global Convergence
October 24, 2007
FASB Accounting Standards CodificationTM
Approaches Constituent Verification Phase
October 19, 2007
FASB Issues Invitation to Comment on Agenda Proposal: Accounting for Insurance Contracts by Insurers and Policyholders
August 2, 2007
FASB Issues Proposed Staff Position on FAS 140-d, Accounting for Transfers of Financial Assets and Repurchase Financing Transactions
July 25, 2007
FASB Issues Proposal to Clarify the "Shortcut Method" of Hedge Accounting
July 24, 2007
STATEMENT OF THE FINANCIAL ACCOUNTING STANDARDS BOARD—JULY 2, 2007
The Financial Accounting Standards Board remains committed to the convergence of high-quality accounting standards worldwide, as demonstrated by its partnership with the IASB to improve financial statement presentation. To that end, a joint project was initiated that seeks to improve the quality of financial reporting. The FASB has requested further study of the practicality of requiring expanded information about profit, loss, assets and cash flow of operating segments within the context of the FSP project.
FASB Issues Statement Expressing Strong Support for SEC Advisory Committee on Improvements to Financial Reporting
June 27, 2007
Financial Accounting Standards Board to Form Resource Group on Valuation Guidance Issues
June 21, 2007
Financial Accounting Standards Board Meets with Accounting Standards Board of Japan to Discuss Global Convergence
June 6, 2007
Financial Accounting Foundation Appoints Girard Miller and Jan I. Sylvis to Governmental Accounting Standards Board
April 26, 2007
FASB Issues an Exposure Draft to Improve the Accounting for Financial Guarantee Insurance Contracts—Proposal Is Written in New FASB Format Designed to Enhance Understandability
April 18, 2007
Financial Accounting Foundation Notice Regarding SOX Compliance Scam
Financial Accounting Foundation Appoints Lawrence W. Smith to the FASB
April 9, 2007
Private Company Financial Reporting Committee Announces Membership
March 6, 2007
FASB Standard Establishes Fair Value Option for Financial Assets and Liabilities—Standard Seeks to Reduce Complexity and Improve Relevance of Financial Statements
February 15, 2007
The Financial Accounting Foundation Reappoints Timothy P. Flynn and James H. Quigley to Its Board of Trustees—Independent Oversight Body of FASB and GASB Also Appoints Three New Trustees, Robert T. Blakely, Ellyn L. Brown, and John J. Radford
January 30, 2007
Financial Accounting Foundation Reappoints Robert H. Herz as Chairman of Financial Accounting Standards Board
January 23, 2007
FASB Seeks Constituent Views on Valuation Guidance
January 16, 2007
Financial Accounting Standards Board Establishes Investors Technical Advisory Committee
January 2, 2007
FASB Proposes Improved Disclosures for Derivatives and Hedging Activities
December 8, 2006
Judith H. O'Dell to Chair Committee on Private Company Financial Reporting
December 7, 2006
FAF Appoints Dennis H. Chookaszian, Former Chairman and CEO of CNA Insurance Companies, as FASAC Chairman
December 4, 2006
Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan hold Second Meeting in Pursuit of Global Convergence
November 8, 2006
FASB Proposals Improve M&A Accounting Guidance for Not-For-Profit-Organizations, Provide Decision Useful Information to Financial Statement Users
October 9, 2006
FASB Improves Employers’ Accounting For Defined Benefit Pension and Other Postretirement Plans—Investors, Employees, Retirees and Other Financial Statement Users Will Now Receive More Complete Information
September 29, 2006
FASB Standard Provides Enhanced Guidance for Measuring Fair Value—Board Establishes Measurement Framework and Expands Disclosures Associated With Fair Value Measurements
September 15, 2006
Edward W. Trott to Leave Financial Accounting Standards Board in 2007
August 24, 2006
FASB Formally Adds Project to Reconsider Lease Accounting—Board Responds to Investors’ Request for Clearer Reporting of Leasing Arrangements
July 19, 2006
FASB Increases Relevance and Comparability of Financial Reporting of Income Taxes—Final Interpretation Reduces Widespread Diversity in Practice
July 13, 2006
FASB FSP Will Require Recalculation of Leveraged Leases If Timing of Tax Benefits Affect Cash Flows
July 13, 2006
US FASB and IASB Publish First Draft Chapters of Joint Conceptual Framework—Boards seek constituents’ feedback on proposal that defines objective of financial reporting and qualitative characteristics of decision-useful information
July 6, 2006
FASB to Hold Public Roundtable on Proposal to Improve Accounting for Postretirement Benefit Plans, Including Pensions
June 23, 2006
FASB Seeks Constituent Views on Proposal to Further Clarify the Definition of a Public Entity
June 23, 2006
FASB and AICPA Issue Proposal to Improve Financial Reporting for Private Companies
June 8, 2006
FASB Seeks Constituent Views on the Bifurcation of Insurance and Reinsurance Contracts—Board Invites Comments on Project to Improve Financial Reporting for Insurance Accounting
May 26, 2006
Representatives of the Financial Accounting Standards Board and the Accounting Standards Board of Japan Meet In Pursuit of Global Convergence
May 22, 2006
Financial Accounting Foundation Appoints Distinguished Accounting Professor Thomas J. Linsmeier to the FASB
May 16, 2006
The Financial Accounting Foundation Appoints Christopher C. Allen as Director of Government Relations
May 9, 2006
The Financial Accounting Foundation Appoints Susan M. Phillips, Dean of The George Washington University School of Business and Former Federal Reserve Governor, to FAF Board of Trustees
April 14, 2006
FASB Emerging Issues Task Force Invites Public Comment On Three Draft Abstracts
April 6, 2006
FASB Issues Exposure Draft to Improve Accounting For Postretirement Benefit Plans, Including Pensions—Proposed Statement Would Increase Transparency and Completeness of Financial Statements
March 31, 2006
FASB Issues Statement to Simplify Accounting for Separately Recognized Servicing Assets and Liabilities
March 17, 2006
Leslie F. Seidman Reappointed to Financial Accounting Standards Board
March 6, 2006
FASB and IASB Reaffirm Commitment to Enhance Consistency, Comparability and Efficiency in Global Capital Markets
February 27, 2006
FASB Responds to SEC Study on Off-Balance Sheet Arrangements, Reaffirming Commitment to Address and Improve Outdated, Complex Standards—Priority Remains on Improving Transparency, Usefulness of Financial Reporting for Investors and Capital Markets
February 16, 2006
The Financial Accounting Standards Board Issues Final Standard to Account for Certain Hybrid Financial Instruments—New Standard Provides a Means to Simplify Accounting
February 16, 2006
The Financial Accounting Standards Board Issues Proposal to Create a Fair Value Option for Financial Assets and Liabilities—Exposure Draft Seeks to Reduce Complexity in Accounting for Financial Instruments
January 25, 2006
FASB Member Katherine Schipper Will Not Seek Reappointment
January 20, 2006
The Financial Accounting Foundation Appoints Timothy P. Flynn, Chairman and Chief Executive Officer of KPMG LLP to the Foundation’s Board of Trustees
December 21, 2005
FASB Adds Comprehensive Project to Reconsider Accounting for Pensions and Other Postretirement Benefits—Board Seeks to Improve Transparency and Usefulness for Investors, Creditors, Employees, Retirees and Other Users of Financial Information
November 10, 2005
FASB Issues Revised Proposal to Improve Reporting of Earnings per Share and Enhance Comparability in Cross-Border Financial Reporting
September 30, 2005
Financial Accounting Standards Board Launches Investor Task Force (ITF)—Nation’s Top Investors Will Provide Sector Specific Input and Expertise to Board on Accounting Issues
September 29, 2005
The Financial Accounting Foundation Appoints Robert J. DeSantis President and Chief Operating Officer
September 22, 2005
The Financial Accounting Foundation Appoints Rick Anderson to FAF Board of Trustees and Announces Additional Reappointments
September 21, 2005
FASB Issues Three Exposure Drafts, Accounting for Transfers of Financial Assets, Accounting for Servicing of Financial Assets, and Accounting for Certain Hybrid Financial Instruments
August 11, 2005
The Financial Accounting Standards Board Issues Proposal on Accounting for Uncertain Tax Positions—Exposure Draft Seeks to Reduce Widespread Diversity In Accounting for Income Taxes
July 14, 2005
IASB and FASB Publish First Joint Proposals To Improve The Accounting And Reporting Of Business Combinations
June 30, 2005
Financial Accounting Standards Board Chairman Comments on SEC Staff Report on Off-Balance Sheet Arrangements, Special Purpose Entities and Related Issues
June 15, 2005
FASB Issues Accounting Standard That Improves the Reporting of Accounting Changes as Part of Convergence Effort with IASB
June 1, 2005
Michael Crooch Reappointed to Financial Accounting Standards Board
May 25, 2005
Financial Accounting Foundation Names Marcia L. Taylor to GASB Board; Reappoints William W. Holder to Board
May 23, 2005
Financial Accounting Foundation Appoints Keith L. Johnson as Chairman of the Governmental Accounting Standards Advisory Council
May 23, 2005
FASB Issues Proposal on the GAAP Hierarchy
April 28, 2005
FASB Issues Final Interpretation on Accounting for Conditional Asset Retirement Obligations
March 30, 2005
FASB Issues Final Statement on Accounting for Share-Based Payment
December 16, 2004
FASB Will Hold Press Conference Today to Announce Final Statement on Accounting for Share-Based Payment
December 16, 2004
FASB Issues Accounting Standard That Improves the Accounting for Nonmonetary Asset Exchanges as Part of Convergence Effort with IASB
December 16, 2004
FASB Issues Accounting Standard to Improve the Accounting and Reporting of Real Estate Time-Sharing Transactions
December 16, 2004
FASB Issues Accounting Standard That Converges with the IASB's Accounting Standard on Inventory
November 24, 2004
Financial Accounting Foundation Names Donald M. Young to the FASB
October 14, 2004
FASB Issues Proposal on Fair Value Measurements
June 23, 2004
FASB Publishes Proposal to Clarify the Accounting Guidance for Conditional Asset Retirement Obligations
June 17, 2004
Financial Accounting Foundation Trustees Issue Statement Opposing Legislative Proposals to Curb FASB Independence
June 14, 2004
Financial Accounting Foundation Chairman Responds to House Subcommittee’s Action on “The Stock Option Accounting Reform Act”
May 17, 2004
FASB Publishes Proposal on Equity-Based Compensation to Improve Accounting and Provide Greater Transparency for Investors
March 31, 2004
FASB Establishes Small Business Advisory Committee
March 18, 2004
Financial Accounting Foundation Reappoints Edward W. Trott, FASB Board Member, and Paul R. Reilly, GASB Board Member
February 19, 2004
Robert H. Attmore Elected Chairman of the Governmental Accounting Standards Board
February 11, 2004
FASB Publishes Revised Interpretation to Clarify and Expand on Accounting Guidance for Variable Interest Entities
December 24, 2003
Revised—FASB Issues Accounting Standard to Improve Disclosures about Pension and Other Postretirement Benefit Plans
December 23, 2003
FASB Issues Exposure Drafts to Improve Accounting Guidance and Support Convergence of Global Accounting Standards
December 15, 2003
FASB Publishes Exposure Draft on Consolidation of Variable Interest Entities
October 31, 2003
Robert E. Denham Elected Chairman of Financial Accounting Foundation; Edward V. Regan Named Trustee
October 30, 2003
FASB Defers Implementation Date for Accounting Guidance on Variable Interest Entities
October 9, 2003
FASB Proposes Improvements to Financial Statement Disclosures for Pension and Other Postretirement Plans
September 15, 2003
Financial Accounting Foundation Names George J. Batavick to FASB
July 14, 2003
FASB Seeks to Improve Accounting for Qualifying Special-Purpose Entities
June 10, 2003
FASB Improves Accounting for Financial Instruments with Characteristics of both Liabilities and Equity
May 15, 2003
FASB Issues Standard That Amends and Clarifies Accounting Guidance on Derivatives
April 30, 2003
Leslie F. Seidman Named to FASB; Gary S. Schieneman Reappointed to Board
April 29, 2003
FASB Adds Projects to Its Agenda on Employee Stock Options and Pensions
March 12, 2003
FASB Issues Exposure Draft on Accounting for Real Estate Time-Sharing Transactions
February 20, 2003
FASB Establishes User Advisory Council and Plans First Council Meeting for February 13
February 6, 2003
FASB Issues Guidance to Improve Financial Reporting for SPEs, Off-Balance Sheet Structures and Similar Entities
January 17, 2003
FASB Member John Wulff to Resign
January 2003
FASB Amends Transition Guidance for Stock Options and Provides Improved Disclosures
December 31, 2002
FASB Issues Accounting Guidance to Improve Disclosure
Requirements for Guarantees
November 25, 2002
FASB Issues Invitation to Comment That Compares IASB's and FASB's Accounting for Stock-Based Compensation
November 18,2002
FASB and IASB Agree to Work Together toward Convergence of Global Accounting Standards
October 29, 2002
FASB Issues Proposal for a Principles-Based Approach to U.S. Accounting Standard Setting
October 21, 2002
FASB Issues Exposure Draft on Accounting for Stock Options, Amends Transition and Disclosure Provisions
October 4, 2002
FASB Issues Statement No. 147, Acquisitions of Certain Financial Institutions
October 1, 2002
FASB and IASB Will Hold Joint Meeting in Support of Convergence of Global Accounting Standards
September 17, 2002
FASB's Plans Regarding the Accounting for Employee Stock Options
July 31, 2002
FASB Issues Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities
July 30, 2002
Financial Accounting Foundation Increases Its Independence Through Amended Trustee Appointment Process
July 25, 2002
FASB Proposes Consolidation Principles for SPEs
July 1, 2002
FASB Issues Exposure Draft That Expands Disclosure Requirements for Guarantees
May 22, 2002
FASB Adds Revenue Recognition Project to Its Agenda
May 20, 2002
FASB Publishes Exposure Draft, Acquisitions of Certain Financial Institutions, That Amends Statements 72, 144 and
Interpretation 9
May 13, 2002
FASB Exposure Draft Amends Definition of a Derivative and Statement 133 to Provide for More Consistent Accounting
May 1, 2002
FASB Issues Financial Accounting Statement No. 145
April 30, 2002
Robert H. Herz Named Chairman of the Financial Accounting Standards Board
April 24, 2002
Financial Accounting Foundation Changes Financial Accounting Standards Board’s Voting to Increase Efficiency
April 24, 2002
FASB Chairman Comments on Proposed Legislation
March 19, 2002
Financial Accounting Foundation Considers Changes to Streamline FASB Process; Emphasizes Need for Independent Accounting Standard Setter
March 14, 2002
FASB Publishes Revised Exposure Draft on the Rescission of Statements No. 4, 44 and 64 and Technical Corrections
February 15, 2002
FASB Chairman Edmund L. Jenkins Testifies Before Congressional Committee on Financial Reporting’s Role in Protecting Investors
February 14, 2002
FASB Chairman Edmund L. Jenkins Will Testify Before Congressional Committee
February 13, 2002
James M. Williams Named to the Governmental Accounting Standards Board
January 21, 2002
FASB Focuses on Three New Projects—Revenue and Liability Recognition, Disclosure About Intangible Assets, and Codification and Simplification of Accounting Literature
January 14, 2002
Application of FAS 133 to Loan Commitments
December 19, 2001
FASB Publishes Exposure Draft on the Rescission of FASB Statements No. 4, 44 and 64 and Technical Corrections
November 15, 2001
Former Chairman of Foster Wheeler Richard J. Swift To Head Financial Accounting Standards Advisory Council
November 5, 2001
Edward J. Mazur Reappointed to the Governmental Accounting Standards Board
November 1, 2001
FASB Adds Financial Performance Reporting To Its Agenda
October 31, 2001
FASB Chairman Edmund L. Jenkins Elects To Retire Upon Completion Of His Five-Year Term
October 25, 2001
FASB Releases Video On The Importance Of Quality Financial Reporting; Leading Financial Authorities Discuss Key Issues
October 15, 2001
FASB Issues Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets
October 3, 2001
FASB's Emerging Issues Task Force Decides Against Extraordinary Treatment for Terrorist Attack Costs
October 1, 2001
FASB's Emerging Issues Task Force Discusses Impact of Recent Terrorist Attacks on Businesses' Financial Reporting
September 21, 2001
FASB Issues Two Agenda Proposals for Comment—Financial Performance Reporting and Disclosure About Intangible Assets
August 21, 2001
FASB Issues Statement on Asset Retirement Obligations
August 16, 2001
FASB Issues Technical Bulletin on Statement 140
July 23, 2001
FASB Issues Two Statements on Its Business Combinations Project
July 20, 2001
FASB Proposal Would Amend Accounting for Certain Costs and Activities Related to Property, Plant and Equipment
July 10, 2001
FASB Issues Standard on Accounting for Asset Retirement Obligations
July 5, 2001
FASB Completes Business Combinations Project
July 5, 2001
FASB Completes Decisions on Business Combinations Project; Prepares for Drafting of Two Final Statements
May 22, 2001
FASB Issues Technical Bulletin, Effective Date for Certain Financial Institutions of Certain Provisions of Statement 140 Related to the Isolation of Transferred Financial Assets
May 21, 2001
Gary S. Schieneman Named to FASB
May 14, 2001
FASB Publishes Report, Business and Financial Reporting, Challenges from the New Economy
April 11, 2001
The FASB Publishes Report on Redundancies, GAAP-SEC Disclosure Requirements
March 6, 2001
FASB Issues Special Report on FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
February 15, 2001
FASB Issues Limited Exposure Draft on Accounting for Goodwill in Connection with Proposal on Business Combinations
February 13, 2001
FASB Issues Report on Voluntary Disclosures, Improving Business Reporting: Insights into Enhancing Voluntary Disclosures
January 29, 2001
Anthony T. Cope and James J. Leisenring to Join IASB
January 25, 2001
FASB Reconfirms Its Plans to Eliminate Pooling-of-Interests Method of Accounting
January 24, 2001
Katherine Schipper Named to FASB
January 24, 2001
John K. Wulff Named to FASB
January 24, 2001
FASB Reports Change In Approach To Its Consolidation Policy Project
January 11, 2001
FASB Publishes Special Report of the Joint Working Group of Standard Setters on Financial Instruments
January 5, 2001
Financial Accounting Standards Board Announces Additional Decisions Relating to the Treatment of Goodwill
December 20, 2000
International Efforts Lead to Third Edition of GAAP Comparison
December 15, 2000
FASB Reaches Tentative Decision on Accounting for Purchased Goodwill
December 6, 2000
Green, Tracy Reappointed to Governmental Accounting Standards Board
October 27, 2000
FASB Issues Two Proposals on Accounting for Financial Instruments
October 27, 2000
Chairman Jenkins Responds to Letter from Senator Abraham
October 5, 2000
Potential Legislation Is Harmful to Investors and Harmful to Private-Sector Standard Setting
October 4, 2000
FASB Issues Statement on Securitizations
September 28, 2000
FASB Issues Proposed Rule on Asset Impairment and Disposals
July 12, 2000
FASB Issues Amendment to Derivatives Standard
June 15, 2000
FASB Rescinds Statement on Motion Pictures
June 15, 2000
Chairman Jenkins Testifies at House Hearing
May 4, 2000
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