The way forward for performance reporting: the G4+1 aims to point new standards in the right direction

Article Abstract:

Performance reporting, owing perhaps to its significance in financial reporting, is one of the latter's most controversial aspects. Among the most difficult challenges for those setting accounting standards is the issue of how financial performance should be presented in financial statements, due to the conflicting points of view on what should be covered by performance reports. While users want information on all aspects of a company's performance, preparers are concerned that the company's overall performance will be equated to management performance and are careful not to focus on the negative. These differences in reporting or presentation standards has led to the formation of a working group of accounting standard-setters called 'Group of Four Plus One,' which aims to examine these differences and the views that underlie them to achieve agreement on the reporting of financial performance.

Reporting & Disclosure, Methods, Corporation reports, Company reports

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FRED 12: goodwill and intangible assets

Article Abstract:

Financial Reporting Exposure Draft (FRED) 12 introduces principles that should be applied in accounting for goodwill and intangible assets. It varies little from the Accounting Standards Board's (ASB) 1995 Working Paper 'Goodwill and Intangible Assets. The only new proposals added to the Exposure Draft pertain to the presentation of positive goodwill, the treatment of negative goodwill and disclosure requirements. Other proposals included in FRED 12 concern the nature of goodwill and intangible assets, initial recognition, amortization, impairment reviews, and revaluations and restoration of past losses. The ASB invites accounting professionals and other interested parties to comment on the draft, particularly on such issues as impairment reviews, negative goodwill, disclosure requirements, and transitional arrangements.

Intangible property, Intangible assets

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Tale of two standards

Article Abstract:

The Financial Accounting Standards Board has eliminated purchased goodwill amortisation and the uniting-of-interest method. Canada's Accounting Standards Board has issued similar revisions.

United States, Financial Management, Laws, regulations and rules, Valuation, Financial Accounting Standards Board

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