IMA’s Financial Reporting Committee (FRC) acts on behalf of the Institute in commenting on proposed standards and issues papers dealing with financial reporting and auditing that stem from standard-setting bodies such as the Financial Accounting Standards Board, Governmental Accounting Standards Board, American Institute of Certified Public Accountants, International Accounting Standards Committee, International Federation of Accountants, and the U.S. Securities and Exchange Commission. FRC may proactively bring relevant issues and suggest solutions to the attention of standard-setters.

Financial Reporting Committee (FRC) Letters

IASB Exposure Draft: Fair Value Measurements, September 2009

FASB Emerging Issues Task Force (EITF) Issues: Revenue Arrangements with Multiple Deliverables and Applicability of AICPA Statement of Position to Certain Arrangements That Include Software Elements, August 2009

FASB Discussion Paper: "Leases, Preliminary Views", July 2009

FASB/IASB Discussion Paper: Revenue Recognition in Contracts with Customers, June 2009

FASB Staff Position: Recognition and Presentation of Other-Than-Temporary Impairments, March 2009

FASB Staff Position: Determining Whether a Market Is Not Active and a Transaction Is Not Distressed, March 2009

FASB/IASB Discussion Paper: Preliminary Views on Financial Statement Presentation, March 2009

SEC Proposal: Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers, March 2009

FASB Staff Position: Interim Disclosures about Fair Value of Financial Instruments, March 2009

FASB Emerging Issues Task Force (EITF) Issue - Revenue Recognition for a Single Unit of Accounting, January 2009

FASB Staff Position – Amending the Criteria for Reporting a Discontinued Operation, January 2009

FASB Staff Position – Disclosures about Certain Financial Assets: An Amendment of FASB Statement No. 107, January 2009

FASB Staff Position – Accounting for Assets Acquired and Liabilities Assumed in a Business Combination that Arise from Contingencies, January 2009

FASB Emerging Issues Task Force (EITF) Issue – Amendments to the Impairment and Interest Income Measurement Guidance of EITF Issue No. 99-20”, December 2008

IASB Discussion Paper: “Preliminary Views on Amendments to IAS #19, Employee Benefits”, September 2008

FASB Exposure Draft: “Accounting for Hedging Activities”, August 2008

FASB Exposure Draft: “Disclosure of Certain Loss Contingencies”, August 2008.

SEC Proposed Rule: “Interactive Data Improvements to Financial Reporting”, August 2008

Preliminary views document: “Financial Instruments with Characteristics of Equity”, June 2008

FASB Staff Draft: “Pension Disclosures”, May 2008

SEC Discussion Paper: “SEC Advisory Committee’s Discussion Paper on Complexity in Financial Reporting – Letter #2”, January 2008

FASB Staff Draft: “Application of FASB Statement No. 157 to FASB Statement No. 13 and Its Related Interpretive Accounting Pronouncements That Address Leasing Transactions”, January 2008

FASB Staff Draft: “Amendment to FASB Statement No. 142, Goodwill and Other Intangible Assets”, January 2008

SEC Concept Release: Allowing U.S. Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards, November, 2007

FRC Letter: “Delay in FAS 157 Implementation”, October 2007

SEC Discussion Paper: “SEC Advisory Committee’s Discussion Paper on Complexity in Financial Reporting”, October 2007

SEC Proposed Rule: “Foreign Private Issuers’ use of IFRS”, September 2007

FASB Proposal: “Proposal E23 – Hedging – General: Issues Involving the Application of the Shortcut Method under Paragraph 68 of FAS 133”, September 2007

IASB Exposure Draft: “Proposed IFRS for Small and Medium sized Entities”, June 2007

IASB Discussion Paper: “Fair Value Measurements”, May 2007.

FASB Invitation to Comment: “Valuation Guidance for Financial Reporting”, April 2007

FASB Staff Draft – “Computational Guidance for Computing Diluted EPS under the Two-Class Method”, April, 2007.

FASB Staff Draft – “Definition of Settlement in FASB Interpretation No. 48”, March, 2007.

FASB Exposure Draft: “Disclosures about Derivative Instruments and Hedging Activities”, March 2007.

FASB Staff Draft: “Determining Whether Instruments Granted in Shared-Based Payment Transactions Are Participating Securities” December 2006.

FASB Staff Draft: “Accounting for Registration Payment Arrangements” December 2006.

FEI/FRC Joint letter: "Amendments to FASB Statement # 142, Goodwill and Other Intangible Assets" November 2006

FASB Staff Draft: “Fair Value Measurement in Business Combinations & Impairment Tests” November 2006.

FASB/IASB Preliminary Views Document: “Conceptual Framework for Financial Reporting” November 2006

IASB Amendment: “IAS 23, Borrowing Costs” September 2006.

SEC Concept Release: "Management’s Reports on Internal Controls Over Financial Reporting" September 2006.

FASB Invitation to Comment: "Bifurcation of Insurance and Reinsurance Contracts for Financial Reporting" August 2006.

IASB Amendment: “IAS 1, Presentation of Financial Statements” July 2006

FASB Exposure Draft: "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106 and 132 (R)" May 2006

FASB Exposure Draft: "The Fair Value Option for Financial Assets and Liabilities" April 2006

FASB Staff Draft: "FAS 142d: Amortization and Impairment of Acquired Renewable Intangible Assets" March 2006

FASB Exposure Draft: "Request to re-expose 'Fair Value Measurement'" March 2006

FASB Invitation to Comment: "Selected Issues Related to Assets and Liabilities with Uncertainties" January 2006

SEC Speech: "Issues on Valuing Customer Relationship Intangibles and the Market Participant Approach" January 2006, Joint IMA/FEI letter

FASB Staff Draft: "Fair Value Measurements" November 2005

FASB Exposure Draft: "Consolidated Financial Statements and Business Combinations" November 2005, Joint IMA/FEI letter

FASB Amendment: "FAS 140 Accounting for Transfers of Financial Assets and FAS 133 Accounting for Derivative Instruments and Hedging Activities" October 2005

IASB Amendment: "IAS 37 Provisions, Contingent Liabilities and Contingent Assets" October 2005

FASB Interpretation: "Accounting for Uncertain Tax Positions" September 2005

FASB Exposure Draft: "The Hierarchy of Generally Accepted Accounting Principles" July 2005

FASB Emerging Accounting Issue: "FAS 141 Business Combinations and FAS 142 Goodwill and Other Intangible Assets" July 2005

FASB Implementation Issue: "FAS 123R Share Based Payments" May 2005

FASB Staff Drafts: "Consolidated Financial Statements and Business Combinations" March 2005, Joint IMA/FEI letter

SEC Concept Release: "Enhancing Commission Filings Through the Use of Tagged Data" November 2004

IMA response: "XBRL Voluntary Financial Reporting Program on the Edgar System" November 2004

FASB Exposure Draft: "Fair Value Measurements" September 2004

FASB Exposure Draft: "Share-Based Payment" July 2004