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• XBRL US Conference Highlights

  - by john.orourke(at)oracle.com

  Back in early November I had an opportunity to attend the XBRL US National Conference in Philadelphia.  At the event, XBRL US announced that Oracle had joined the initiative, so I had a chance to participate in a press conference and attend a number of sessions.  Oracle joined XBRL US so we can stay ahead of the standard and leverage…

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• What Will Happen to Real Estate Leases when Operating Leases are Gone?

  - by Theresa Hickman

  Many people are concerned about what will happen to real estate leases when FASB and IASB abolish operating leases. They plan to unveil the proposed standards on treating leases this summer as part of the convergence project but no "finalized ruling" is expected for at least a year because it will need to get formal consensus from many players,…

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• Lease Accounting Closed for Comment

  - by Theresa Hickman

  December 15, 2010 marked the last day to send public comments to FASB and IASB on lease accounting. June 2011 is the deadline for the final consideration of the Leases Exposure Draft that will be given to standard setters in order to create a new lease accounting standard. Landlords, lessees, retailers, airlines industry, etc. are all worried…

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• Financial Statement Presentation Changes

  - by Theresa Hickman

  On March 10, 2010, FASB and IASB came to an agreement on financial statement presentation. They have been discussing changes for some time, such as displaying more lines items and moving certain line items from equity to the P&L, and now it seems they have finally come to a joint decision and put it in writing. I recently learned that…

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• US GAAP and IFRS Convergence May Be Delayed Even More

  - by Theresa Hickman

  Yesterday, on March 10, the Financial Accounting Standards Board (FASB) met to discuss the changes in financial statement presentation. Over the last six months, the FASB and IASB have been working feverishly to converge US GAAP and IFRS standards to meet the 2011 deadline. In March alone, the standards-setters met eight times. Many people…

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• Revenue Recognition: Performance Obligation Pass a Hurdle

  - by Theresa Hickman

  I met up with Seamus Moran, our resident accounting expert, to get his thoughts about the latest happenings with IFRS. Last week, on March 13,  the comment period on the FASB and IASB exposure draft “Revenue From Contracts with Customers” closed.  FASB and IASB have just over 20 comment letters – a very small number.  The…

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• Different Flavors of Leases Back On

  - by Theresa Hickman

  Given the continued interest regarding the proposed changes to Lease Accounting, I decided to write another entry on this controversial topic with colorful commentary from our resident accounting expert, Seamus Moran. Background (A History Lesson) Back in 1976, the FASB issued FAS 13, “Accounting for Leases” that permitted leases to be…

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• 2013 U.S. GAAP Financial Reporting Taxonomy Available for Public Review and Comment

  - by Theresa Hickman

  FASB recently released the proposed 2013 U.S. GAAP Reporting Taxonomy. Comments are due October 29, 2012 to be finalized and published early 2013.  The proposed 2013 U.S. GAAP taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page. In previous blog entries, I talked about how Oracle…

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• The Lease Standard Train is Back on Track

  - by Theresa Hickman

  As I was walking to the elevator, I ran into Seamus Moran, our resident accounting expert. Me: “Hi Seamus, where have you been? You don’t write, you don’t call, and you don’t send me flowers. I’ve been hearing more and more about the Lease Accounting topic. It looks like Congress is weighing in on it too and putting heat on…

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• Oracle ERP Cloud Solution Defines Revenue Recognition Software Market

  - by Steve Dalton

  Normal 0 false false false EN-US X-NONE X-NONE Revenue is a fundamental yardstick of a company's performance, and one of the most important metrics for investors in the capital…

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• Slower Rate of Convergence for U.S. GAAP and IFRS

  - by Theresa Hickman

  The original date of June 30, 2011 where FASB and IASB would align/converge major areas of accounting has been extended to the end of 2011. They will still meet the June 2011 date for many "urgently required" projects but some projects will not come until the second half of 2011. The reason for this is to allow more time…

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• Venezuela's Highly Inflationary Economy Means Changes to Financial Statements

  - by Theresa Hickman

  This is a bit of an esoteric topic, but given the number of U.S. Companies (particularly oil companies) that operate and have subsidiaries in Venezuela, I think it is worthy of an honorable mention. As you may or may not know, Venezuela's currency has had some changes over the years. In 2008, the Venezuelan Bolivar…

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• XBRL - Moving from Production to Consumption

  - by jmorourke

  Here's an update on what’s new with XBRL and how it can actually benefit your organization versus adding extra time and costs to financial reporting.  On February 29th (leap day) of 2012 I attended the XBRL and Financial Analysis Technology Conference at Baruch College in NYC.  The event, which…

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