Legislative & Regulatory Issues

FASB to Proceed with Lease Accounting Proposal
After a narrow vote during its April 10 meeting, the Financial Accounting Standards Board (FASB) will move forward with a revised exposure draft on lease accounting that will also be converged with the International Accounting Standards Board’s (IASB) lease proposal. FASB’s revised exposure draft is scheduled to be released for public comment in May; the IASB’s exposure draft is to be released in June. Continue reading.

Revenue Recognition–It’s a Wrap!
Over the past several months, the FASB and IASB ("boards") have been finalizing their redeliberations on the proposed revenue recognition standard, Revenue from contracts with customers. On February 20, 2013, those redeliberations concluded. Continue reading.

Be Prepared: DOL Adds Disclosure Requirements That Impact Most 401k Plans in 2012
As 2012 progresses, new regulations that fall under the Employee Retirement Income Security Act of 1974 (ERISA) will be implemented. Specifically, new disclosure requirements will be included under Section 408(b)(2) and Section 404(a)(5).
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FASB Issues July 31 Invitation to Comment on  Whether and When to Modify U.S. GAAP for Private Companies
The FASB yesterday issued an Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. GAAP for private companies. The paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, contains initial FASB staff recommendations for criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.
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FASB Seeks Input on Disclosure Framework
On July 12, the Financial Accounting Standards Board (FASB) issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations. Click here for more info.

3% Withholding Rule Repealed
President Obama signed the 3% Withholding Repeal and Job Creation Act (HR 674) on November 21, 2011, permanently repealing a previous law’s onerous provision requiring federal, state, and local governments to withhold 3% of all payments for goods and services exceeding $10,000 to all contractors and vendors.
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460iir §460 IIR Update Requested
On March 1, 2010, ABC, AGC, and CFMA submitted two letters to the IRS requesting an update on §460 of the Industry Issue Resolution program (IIR).
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Proposed Revenue Recognition Rules Would Significantly Affect Contractors & Users of Construction Financial Statements
On June 24, 2010, the Financial Accounting Standards Board (FASB) issued its highly anticipated Exposure Draft, Revenue from Contracts with Customers.
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