Accounting standards

Financial Accounting Foundation Names Kathleen L. Casey as Chair; Appoints Five New Members to the Board of Trustees

Retrieved on: 
Thursday, December 19, 2019
Finance, Consulting, Banking, Data management, Accounting, Professional services, Technology, Other Technology, Accounting standards, Business, Economy, Financial Accounting Foundation, Financial Accounting Standards Board, Governmental Accounting Standards Board, GASB, Accounting Standards Board, Governmental accounting, Accounting, Generally Accepted Accounting Principles, Teresa S. Polley

The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has elected Kathleen L. Casey as its next chair.

Key Points: 
  • The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has elected Kathleen L. Casey as its next chair.
  • Ms. Casey originally joined the Financial Accounting Foundation Board of Trustees on January 1, 2018.
  • Kathy Casey is an outstanding leader and ideally qualified to head the Financial Accounting Foundation Board of Trustees, said Mr. Noski.
  • 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).

Richard R. Jones Appointed Chair of the Financial Accounting Standards Board

Retrieved on: 
Thursday, December 19, 2019
Banking, Accounting, Professional services, Finance, Business, Economy of the United States, Accounting standards, Financial Accounting Foundation, Financial Accounting Standards Board, Governmental Accounting Standards Board, American Institute of Certified Public Accountants, Accounting Standards Board, Accounting, GASB, Generally Accepted Accounting Principles, Teresa S. Polley

The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has appointed Richard R. Jones as the next chair of the Financial Accounting Standards Board ( FASB ).

Key Points: 
  • The Board of Trustees of the Financial Accounting Foundation ( FAF ) today announced that it has appointed Richard R. Jones as the next chair of the Financial Accounting Standards Board ( FASB ).
  • Mr. Jones previously served on the Financial Accounting Standards Advisory Council (FASAC) from 2016 to 2018.
  • He was also a member of the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants (AICPA) from 20032008.
  • 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).

FAF Trustees Reappoint GASAC Chair, Announce New Members and Reappointments

Retrieved on: 
Wednesday, December 18, 2019
Finance, Banking, Accounting, Professional services, Other Professional Services, Accounting, Accounting standards, Economy, Business, Governmental Accounting Standards Board, GASB, Governmental accounting, Financial Reporting Council, Accounting Standards Board, Institute of Chartered Accountants of India, Financial Accounting Foundation, GASB 45

In addition to the three newly named members, the FAF reappointed six GASAC members including the reappointment of Alan Skelton as vice chairman.

Key Points: 
  • In addition to the three newly named members, the FAF reappointed six GASAC members including the reappointment of Alan Skelton as vice chairman.
  • The GASAC advises the Governmental Accounting Standards Board (GASB) on strategic and technical issues, project priorities, and other matters that affect standard- setting.
  • It is a pleasure to welcome our new GASAC members, who will play an important role in the GASB process, said Charles H. Noski, chairman of the FAF Board of Trustees.
  • The new GASAC members will serve a two-year term and are eligible to be reappointed for up to two additional consecutive terms.

Financial Accounting Foundation Appoints 11 New Members to the Financial Accounting Standards Advisory Council (FASAC)

Retrieved on: 
Wednesday, December 18, 2019
Finance, Banking, Accounting, Professional services, Other Professional Services, Accounting standards, Business, Economy, Financial Accounting Foundation, Financial Accounting Standards Board, Governmental Accounting Standards Board, Accounting Standards Board, GASB, Accounting, Generally Accepted Accounting Principles, Teresa S. Polley, the Financial Accounting Foundation, the Financial Accounting Standards Board (FASB)

The Financial Accounting Foundation ( FAF ) Board of Trustees, today announced the appointment of new members to the Financial Accounting Standards Advisory Council ( FASAC ).

Key Points: 
  • The Financial Accounting Foundation ( FAF ) Board of Trustees, today announced the appointment of new members to the Financial Accounting Standards Advisory Council ( FASAC ).
  • The FASAC advises the Financial Accounting Standards Board (FASB) on strategic and technical issues, project priorities, and other matters that affect standard setting.
  • 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).
  • 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.

FormFactor, Inc. Raises Financial Outlook for Fourth Quarter Fiscal 2019

Retrieved on: 
Wednesday, December 11, 2019
GAAP, Accounting, Accounting standards, Management accounting, Business, United States Generally Accepted Accounting Principles, Economy

Consistent with our October 30 remarks, we are adding flexible capacity during the fourth quarter, enabling us to capture this incremental, perishable demand.

Key Points: 
  • Consistent with our October 30 remarks, we are adding flexible capacity during the fourth quarter, enabling us to capture this incremental, perishable demand.
  • We anticipate some of this momentum will continue into the first quarter of 2020, as our customers new-design and node activity normalizes.
  • Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management's reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is described under About our Non-GAAP Financial Measures below.
  • Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results.

Financial Accounting Standards Board Opens Search for Technical Director

Retrieved on: 
Thursday, December 5, 2019
Accounting, Professional services, Insurance, Finance, Accounting, Accounting standards, United States Generally Accepted Accounting Principles, Business, Economy, Financial Accounting Standards Board, Accounting Standards Codification, Accounting Standards Board, Codification, Generally Accepted Accounting Principles, FASB 133

The Financial Accounting Standards Board ( FASB ) announced today that it has opened a formal search process to hire the next FASB technical director.

Key Points: 
  • The Financial Accounting Standards Board ( FASB ) announced today that it has opened a formal search process to hire the next FASB technical director.
  • The role is also the primary representative of the FASB to stakeholders, including regulators, accounting firms, companies, and investors in communicating FASB staff views on technical accounting matters.
  • Finally, the technical director also has primary oversight for reviewing and maintaining the content of the Accounting Standards Codification .
  • 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.

Yintech Reports Third Quarter 2019 Unaudited Financial Results

Retrieved on: 
Monday, December 2, 2019
GAAP, Reconciliation, Generally Accepted Accounting Principles, Economy, Business, Accounting, United States Generally Accepted Accounting Principles, Accounting standards

Revenuefor the quarter was RMB501.2 million (US$70.1 million), compared with RMB267.8 million in the same quarter last year and RMB289.1 million in the previous quarter, representing an increase of 87.2% year-over-year and 73.4% from the previous quarter.

Key Points: 
  • Revenuefor the quarter was RMB501.2 million (US$70.1 million), compared with RMB267.8 million in the same quarter last year and RMB289.1 million in the previous quarter, representing an increase of 87.2% year-over-year and 73.4% from the previous quarter.
  • Net commissions and feesfor the quarter were RMB458.7million (US$64.2 million), representing an increase of 120.5% year-over-year and 48.4% from the previous quarter.
  • The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated.
  • The Company utilized the non-GAAP financial results to make financial results comparable period to period and to better understand its historical business operations.

APi Group Reports Third Quarter and Nine Month 2019 Financial Results

Retrieved on: 
Wednesday, November 20, 2019
Financial statements, Corporate finance, Business, Financial accounting, Generally Accepted Accounting Principles, Accounting, Auditing, Accounting standards, Auditor's report, Annual report

APi Group, Inc. was acquired by the Company on October 1, 2019.

Key Points: 
  • APi Group, Inc. was acquired by the Company on October 1, 2019.
  • In preparing the Public Company Financial Statements, the Company will need to apply certain accounting standards under U.S. GAAP applicable to public companies that were not applicable to these historical financial statements.
  • As a result, the Public Company Financial Statements, which were not available as of this announcement, may differ materially from the Historical Financial Statements.
  • The Company believes these non-U.S. GAAP financial measures provide meaningful information and help investors understand the Company's financial results and assess its prospects for future performance.

MUFG Bank, Ltd. Announces Consolidated Summary Report under Japanese GAAP for the Six Months Ended September 30, 2019

Retrieved on: 
Wednesday, November 13, 2019
Banking, Professional services, Finance, Accounting, Economy, GAAP, Generally Accepted Accounting Principles, Business, Accounting standards, Auditor's report, Accountancy in Luxembourg

Six months ended September 30, 2018

Key Points: 
  • Six months ended September 30, 2018
    *This Consolidated Summary Report (Quarterly Tanshin) is outside the scope of the external auditors interim audit procedure.
  • The financial information included in this financial summary report is prepared and presented in accordance with accounting principles generally accepted in Japan (Japanese GAAP).
  • Differences exist between Japanese GAAP and the accounting principles generally accepted in the United States (U.S. GAAP) in certain material respects.
  • Above is part of the Consolidated Summary Report of Mitsubishi UFJ Financial Group, Inc. under Japanese GAAP for the six months ended September 30, 2019.

FASB Clarifies Certain Areas of the Derivatives and Hedging Standard

Retrieved on: 
Tuesday, November 12, 2019
Consulting, Accounting, Professional services, Finance, Accounting standards, Economy, Financial Accounting Standards Board, Business, United States Generally Accepted Accounting Principles, Accounting Standards Board, Accounting, Financial accounting, Valuation, FASB 133, Generally Accepted Accounting Principles

The Financial Accounting Standards Board ( FASB ) today issued a proposed Accounting Standards Update ( ASU ) to clarify certain sections of its 2017 hedge accounting standard .

Key Points: 
  • The Financial Accounting Standards Board ( FASB ) today issued a proposed Accounting Standards Update ( ASU ) to clarify certain sections of its 2017 hedge accounting standard .
  • During our outreach to help stakeholders understand and implement the new hedging standard, we identified areas of the guidance that could be better aligned with the standards stated objectives, said FASB Chairman Russell G. Golden .
  • The proposed ASU would address these areas and help promote a better, more consistent application of the standard.
  • The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies.