Daily Archives: February 6, 2013

FASB Issues ASU 2013-02 [FASB ASC 220]

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New comprehensive income display guidance.

by Thomas A. Ratcliffe, Ph.D, CPA
Plain-English Accounting

Tom Ratcliffe
Ratcliffe

The FASB has issued Accounting Standards Update [ASU] 2013-02, entitled Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.

The ASU amends the guidance in the FASB Accounting Standards Codification [FASB ASC] Topic 220, entitled Comprehensive Income. The goal behind development of the ASU 2013-02 amendments is to improve the transparency of reporting reclassifications out of accumulated other comprehensive income.

The amendments to FASB ASC 220 do not change current requirements for reporting net income or other comprehensive income in the financial statements. Essentially, all of the information required to be displayed or disclosed in financial statements already are required to be disclosed in the financial statements.

The amendments require reporting entities subject to comprehensive income display requirements to: READ MORE →

What Your Liability Policy Probably Doesn’t Cover

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Insurance company beats accountant in court over lost client data. How to make sure it doesn’t happen to you.

CPA Trendlines Research

In yet another warning to firms about safeguarding client databases, insurance policies won’t necessarily protect you if the data gets lost or stolen, according to a CPA Trendlines reading of a new legal case.

The highly influential U.S. Court of Appeals for the Seventh has ruled that Nationwide Insurance Co. has no duty to defend or indemnify an accountant who lost sensitive personal information from client files.

Here’s the case, analysis and comment: READ MORE →