Financial Accounting Standards Board

Sagar Teotia to Conclude Tenure as SEC Chief Accountant

Wednesday, January 13, 2021 - 3:08pm

As Chief Accountant, Mr. Teotia is the principal advisor to the Commission on accounting and auditing matters.

Key Points: 
  • As Chief Accountant, Mr. Teotia is the principal advisor to the Commission on accounting and auditing matters.
  • In addition, as Chief Accountant, Mr. Teotia is responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB).
  • Mr. Teotia was named as the SECs Chief Accountant in 2019 after previously serving as Deputy Chief Accountant.He also previously served as a professional accounting fellow in OCA.
  • It has been an absolute honor to work with so many talented professionals at the SEC, said Mr. Teotia.

Sana Biotechnology Announces Appointments to its Board of Directors

Friday, January 8, 2021 - 2:00pm

SEATTLE, Jan. 8, 2021 /PRNewswire/ -- Sana Biotechnology, Inc. (Sana), focused on creating and delivering engineered cells as medicines, announced today that Josh Bilenker, M.D., Alise Reicin, M.D., and Michelle Seitz, CFA, have been appointed to the Sana Board of Directors.

Key Points: 
  • SEATTLE, Jan. 8, 2021 /PRNewswire/ -- Sana Biotechnology, Inc. (Sana), focused on creating and delivering engineered cells as medicines, announced today that Josh Bilenker, M.D., Alise Reicin, M.D., and Michelle Seitz, CFA, have been appointed to the Sana Board of Directors.
  • Dr. Bilenker trained at the University of Pennsylvania in internal medicine and medical oncology, earning board certification in these specialties.
  • She is a Chartered Financial Analyst (CFA) and past board member of The Financial Accounting Foundation (FAF), the governance board of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
  • Sana Biotechnology, Inc. is focused on creating and delivering engineered cells as medicines for patients.

500.com Limited Announces Unaudited Financial Results For the Third Quarter ended September 30, 2020

Friday, November 20, 2020 - 9:00pm

Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results.

Key Points: 
  • Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results.
  • In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.
  • Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.
  • [4] Short-term investment represents investments in structured financial products provided by financial institutions in the PRC with an initial maturity of six months.

PAVmed Reports Third Quarter 2020 Financial Results and Provides Business Update

Tuesday, November 17, 2020 - 9:00pm

To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Companys financial results.

Key Points: 
  • To supplement our unaudited financial results presented in accordance with U.S. generally accepted accounting principles (GAAP), management provides certain non-GAAP financial measures of the Companys financial results.
  • We believe these non-GAAP financial measures provide meaningful information to assist investors, shareholders and other readers of our unaudited financial statements in making comparisons to our historical financial results and analyzing the underlying performance of our results of operations.
  • Non-GAAP financial measures are provided to enhance readers overall understanding of our current financial results and to provide further information for comparative purposes.
  • In addition, management believes non-GAAP financial measures enhance the comparability of results against prior periods.

FAF Trustees Appoint Frederick L. Cannon and Reappoint Christine A. Botosan to the Financial Accounting Standards Board

Tuesday, November 17, 2020 - 5:30pm

The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced the appointment of Frederick (Fred) L. Cannon and the reappointment of Christine A. Botosan to the Financial Accounting Standards Board ( FASB ).

Key Points: 
  • The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced the appointment of Frederick (Fred) L. Cannon and the reappointment of Christine A. Botosan to the Financial Accounting Standards Board ( FASB ).
  • Ms. Botosan was appointed to her first term on July 1, 2016 and will conclude her service on June 30, 2026.
  • View the full release here: https://www.businesswire.com/news/home/20201117006091/en/
    On behalf of the FAF Board of Trustees, I am pleased that Mr. Cannon will be joining the FASB.
  • Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

SAS eases LDTI implementation for insurers

Thursday, October 8, 2020 - 2:03pm

The Financial Accounting Standards Board's (FASB) Long-Duration Targeted Improvements standard known as LDTI will bring greater transparency to insurers' financial reporting but require significant effort to implement.

Key Points: 
  • The Financial Accounting Standards Board's (FASB) Long-Duration Targeted Improvements standard known as LDTI will bring greater transparency to insurers' financial reporting but require significant effort to implement.
  • The SAS Solution for LDTI integrates into companies' existing actuarial and accounting systems.
  • SAS' approach to LDTI is to help insurers re-engineer processes that will help them bridge the gap between actuaries/actuarial systems and accountants/accounting systems.
  • SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries.

New Intelligize Report Highlights Challenges for Companies in Adapting to New Lease Accounting Rules

Thursday, October 1, 2020 - 2:00pm

It updates the previous ASC 840 standard, which included a loophole that allowed corporations to report their operational leases often a major portion of a lease portfolio in their financial statements footnotes.

Key Points: 
  • It updates the previous ASC 840 standard, which included a loophole that allowed corporations to report their operational leases often a major portion of a lease portfolio in their financial statements footnotes.
  • The reports findings confirm that FASB and the SEC have exercised considerable patience in enforcing the new standard.
  • This has been most evident in the lengthy lead times FASB has established and its flexible response to changing real-world conditions.
  • FASB also adjusted ASC 842 itself, allowing companies to effectively bypass rules governing lease modifications when the pandemic caused mass modifications of commercial leases.

Financial Accounting Standards Board (FASB) Spotlights Its “Quality Control” Process

Wednesday, September 30, 2020 - 4:00pm

When the Financial Accounting Standards Board ( FASB ) issues a final standard, it means the FASB has concluded that the benefits derived from the standard justify the cost of preparing and using that information.

Key Points: 
  • When the Financial Accounting Standards Board ( FASB ) issues a final standard, it means the FASB has concluded that the benefits derived from the standard justify the cost of preparing and using that information.
  • View the full release here: https://www.businesswire.com/news/home/20200930005591/en/
    FASB's PIR process drives continuous improvement of accounting standards (Graphic: Business Wire)
    As illustrated by the attached infographic, stakeholder outreach and other research inform each phase of this important work.
  • In his recent LinkedIn article about the PIR process, FASB Chair Richard R. Jones noted, As with all standard-setting activities, quality input leads to quality standardseven after a standard is issued.
  • The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.

Moody’s Analytics Launches LDTI Solution

Wednesday, September 9, 2020 - 2:00pm

Moodys Analytics today announced the launch of the RiskIntegrity for LDTI solution, a tool to help insurance companies implement the Financial Accounting Standards Boards (FASB) targeted improvements to the accounting for long-duration contracts (LDTI).

Key Points: 
  • Moodys Analytics today announced the launch of the RiskIntegrity for LDTI solution, a tool to help insurance companies implement the Financial Accounting Standards Boards (FASB) targeted improvements to the accounting for long-duration contracts (LDTI).
  • Insurers who report under US GAAP will need to address these differences, along with other challenges, to ensure a quality implementation of LDTI, said Christophe Burckbuchler, Managing Director at Moodys Analytics.
  • The Moodys Analytics suite of risk and finance solutions for insurers also includes the RiskIntegrity for IFRS 17 solution and the Moody's Analytics Discount Curve Service for IFRS 17 .
  • Learn more about the Moodys Analytics RiskIntegrity for LDTI solution.

Fiserv Enables Financial Institutions to Take Lease Accounting from a Spreadsheet to the Balance Sheet

Wednesday, August 19, 2020 - 2:36pm

This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery.

Key Points: 
  • This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery.
  • This changed when the Financial Accounting Standards Board (FASB) issued ASC 842, a new standard for lease accounting that requires financial institutions to recognize operating leases for retail branches and office space upon commencement of the lease.
  • As a result, financial institutions could see a 60% to 70% average increase in lease liabilities on their balance sheet, according to the recent Lease Liabilities Index Report from LeaseQuery.
  • Prologue Financials from Fiserv enables financial institutions to increase the efficiency of financial accounting processes with built-in automation and controls.