• FASB grants variable interest entities reporting exception for private company leases

    As part of continuing efforts to ease the burden on private companies that prepare their financial statements in accordance with Generally Accepted Accounting Principles (GAAP), the Financial Accounting Standards Board (FASB) has established another alternative to GAAP reporting requirements. The alternative, described in Accounting Standards Update (ASU) 2014-07, Consolidation (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements, may provide relief for private companies that lease property from a business entity owned by an owner of the private company.
  • Insurance outlook briefing: Charging ahead of recent developments in ORSA expectations

    At the recent National Association of Insurance Commissioners (NAIC) Spring 2014 national meeting, two new documents were approved for release as exposure drafts: the Draft Own Risk and Solvency Assessment (ORSA) Guidance for Financial Analysts and the Draft ORSA Guidance for Financial Examiners. While the documents are intended to be guidance for insurance department financial analysts and examiners, the guidance provides a window into expectations for the future.
  • Accounting update from the NAIC Spring 2014 meeting

    The National Association of Insurance Commissioners (NAIC) 2014 Spring National Meeting was held in Orlando, FL. A number of issues and statutory accounting changes, both substantive and nonsubstantive, were addressed over the course of the meeting. Highlights from some of the working group and committee meetings are summarized.
  • Companies Brace For New Rules Over Conflict Minerals

    A new SEC rule requires publicly traded manufacturers to disclose whether their products include minerals whose sale funded armed conflict in the Congo. The article discusses what companies are doing to comply with this challenging rule.