Two year update on the Emerging Issues Task Force

Article Abstract:

The Emerging Issues Task Force was established by the Financial Accounting Standards Board in July 1984. The purpose of the group is to reduce the time needed to issue new rules, to reduce the number of industry-specific matters on the FASB's agenda, and to streamline the number of new rules issued. The task force consists of technical experts from accounting firms, industry and government. The group rules on whether an accounting issue is broad enough and serious enough to merit the attention of the FASB, or the task force itself will resolve an issue by citing analogies to existing standards. Although the group has no legal authority to set standards, it has become a de facto regulatory body because its rulings have been accepted and supported by the accounting profession and the SEC. Since its inception two years ago, the task force has addressed more than 100 issues, including reporting standards for discontinued operations, impairment of long-lived assets and zero coupon bonds.

Research, Associations, Accountants

---

Accounting for pensions - two key areas

Article Abstract:

Starting on January 1, 1987, calendar-year companies will have to account for pension plans in accordance with Financial Accounting Standards Board Statement Number 87, 'Employers' Accounting for Pensions'. Of special interest are certain rules in Statement 87 that pertain to companies which frequently amend their plans as well as the requirement to disclose assumptions about future economic events on which calculations of projected annual pension costs are based. Pension plan assumptions should reflect: a company's best estimates of future economic events (such as employee terminations and settlements awarded), stand-alone validations of forecasting statistics, and economic data and circumstances in existence at January 1, 1986.

Auditing, Pensions, Pension funds

---

Impairment of value of long-lived assets

Article Abstract:

Corporate annual reports for fiscal 1984 disclosed many large write-offs of, or write-downs in, asset values. These write-offs are distinguished from traditional accounting loss recognition cases, in that the companies intend to continue operating and owning the assets with reduced values. Examples of corporate write-offs and write-downs are discussed, by industry, for the motion picture business, the telecommunications industry, and consumer products companies. Accounting rules and SEC regulations covering asset devaluations are also examined, as are the reasons for significant write-offs in 1984 (most of which relate to taxation).

Methods, Economic aspects, Valuation, Financial statements, Corporation reports, Company reports, Assets (Accounting), Fixed assets

Similar abstracts:

• Abstracts: The ASC's version of group therapy. Exposure Draft 48 - February 1990: Accounting for Acquisitions and Mergers
• Abstracts: The impact of the disclosure of extraordinary accounting items on returns to equity. Qualified audit reports, field dependence cognitive style, and their effects on decision making
• Abstracts: Battle of the browsers. Scandinavia: another word for software. Financial software: some hard choices
• Abstracts: A way through the earnings maze. Earnings return to the centre stage. Earnings in trouble
• Abstracts: Corporate responsibility committees. Supporting compliance personnel. When bigger is not better

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.