Current Issue / June 2009
Featured News
CHAIR’S CORNER
By Ernest A. Almonte, CPA, CFF, CITP
Chairman, AICPA Board of Directors
This column addresses two important developments in accounting standards that are happening over the next month. The first one is that the three Financial Accounting Standards Board Staff Positions on fair value measurements and impairments become effective June 15. The new FSPs are in response to tremendous public controversy over the FASB’s mark-to-market accounting rules as they related to unusually distressed markets. Secondly, on June 3 the FASB voted to approve release of the FASB Accounting Standards CodificationTM as the authoritative source of nongovernmental accounting standards (besides Securities and Exchange Commission guidance). Starting July 1, the GAAP hierarchy and structure, as you know it, will change significantly.
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