Tag Archive | Financial Statements
How will the Changes to the Reporting Requirements for Reclassifications from AOCI Affect You?
The FASB has amended the reporting requirements for reclassifications out of accumulated other comprehensive income. The changes are described in Accounting Standards Update 2013-02, and they take effect on a staggered basis for public and private companies. The chart below helps summarize the changes for both types of companies. Tables can be found as an […]
Is Your Company Properly Disclosing Offset Assets and Liabilities? New Requirements Take Effect in 2013
Starting with 2013 financial statements, companies need to make additional disclosures about assets and liabilities that are offset on their balance sheets. These disclosures are expected to be helpful to users of financial statements, and they will be slightly less onerous than originally expected, thanks to a clarification issued by the FASB earlier this year […]
What are the Major Differences between the AICPA’s Proposed Framework and US GAAP?
The AICPA has proposed the use of a principles-based framework as a practical compromise between GAAP and the unmet needs of some financial statement users. At Mayer Hoffman McCann P.C. we’ve been following this topic closely. For your convenience, we’ve compiled the list below which highlights a number of areas in which the OCBOA framework […]
Comparison of Fair Value Disclosure Requirements for Public and Nonpublic Companies
Nonpublic companies that measure and record assets or liabilities at fair value need to provide additional fair value disclosures starting with annual financial statements for years beginning on or after December 15, 2011. The additional required disclosures for nonpublic companies are not as extensive as the requirements for public companies; however management may wish to […]
