Accounting and Auditing for Related Parties and Related Party Transactions – A Toolkit for Accountants and Auditors (prepared by the staff of the AICPA)
One of the more important and yet more difficult aspects of a financial statement audit is the identification of related parties and transactions with related parties. This aspect of the audit is important because of (1) the requirement under generally accepted accounting principles to disclose material related party transactions and certain control relationships, (2) the [...]
Blame it on the collapse of the Enron, Worldcom, the financial crisis or globalization. The Financial Accounting Standards Board (FASB) has been under pressure to come up with the globally improved financial reporting standards. Anyone following U.S. GAAP needs to track the overhaul of the International Financial Reporting Standards (IFRS) as it converges U.S. GAAP [...]
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FASB Issues Accounting Standards Update on Own-Share Lending Arrangements (ASU 2009-15)
October 17, 2009 No Comment
The FASB issued Accounting Standards Update (ASU) No. 2009-15, which codifies the consensus reached by the Emerging Issues Task Force (EITF) in June 2009 on Issue 09-1, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing. Corporate entities may enter into share lending arrangements in connection with a convertible debt [...]
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Off-balance-sheet arrangements are used by many financial and non-financial companies for a variety of reasons, including managing risk, reducing borrowing costs, and collaborating with other companies. The impact may reach beyond financial reporting to include current and future business ventures, financing, financial metrics, operations, stakeholder communications, internal controls, and IT systems. This edition of PwC’s [...]
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How are the Related Party accounting standards different under IFRS compared to U.S. GAAP?
November 8, 2008 No Comment
There are no significant differences between the two standards, i.e. FAS 57 and IAS 24 (both entitled Related Party Disclosures), nor are there any convergence initiatives.
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