Financial Accounting Standards Board
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Search complete. 101 mentions across 28 episodes found for "Financial Accounting Standards Board".
Nov 5, 2026
Brian CroteauGUEST
But nonetheless, I think that is good to see.
Brian CroteauGUEST
And there's also some greater acknowledgement, I think, of even the importance of staying aligned to what would seem obvious with the SEC, of course, with some of the rulemakings we'll get to later, but also the FASB and what's happening from an accounting standard setting perspective.
Brian CroteauGUEST
So that acknowledgement, I think, is hugely important because it's so easy for each of these bodies to be off doing their own thing without the transparency, coordination, and, where possible, collaboration that can result, to your point, in a better system for everybody with less confusion about differences between them.
Diana StoltzfusHOST
Yeah, 100%.
Diana StoltzfusHOST
Okay, going concern.
Brian CroteauGUEST
Yeah, I think these would be potentially targeted amendments.
Brian CroteauGUEST
I mean, if you look back, when the FASB updated their standard, the PCOB issued staff guidance, it was SAPA 13 at the time.
Brian CroteauGUEST
And, you know, they still don't have alignment with the definition of substantial doubt, nor the period of time for the evaluation.
Anthony PowerHOST
And on higher seasonal power costs, which is still well below the $71,100 revenue per Bitcoin mined, gross margins fell effectively from 49% to 41%.
Anthony PowerHOST
Now, the benefit from ABTC is because they have a significant amount of Bitcoin on the balance sheet, they do have the FASB rules in their favor when Bitcoin price rallies in a quarter.
Anthony PowerHOST
And their overall position was around about 126 million net income.
Anthony PowerHOST
So that's a positive net income there.
Anthony PowerHOST
We talked about companies with Bitcoin on the balance sheet.
Anthony PowerHOST
They'll benefit from the FASB rules.
Anthony PowerHOST
Well, obviously, Hook were one of those.
Anthony PowerHOST
They benefited over $400 million from their Bitcoin held on the balance sheet, which gave them a net income of $189.5 million.
Joe BerquistHOST
Is it really working like that? That's what we're trying to find out.
Joe BerquistHOST
What we're trying to find out is five to seven years on here, um how are banks really doing with cecil and is it really working for you so i so i'm going to show everybody a couple things here today i'm going to bring this up this is the main article i want to look at this is called cecil under review weighing the costs benefits and impact uh take a look at some of the potential issues the financial accounting standards board may consider in its review of a major loan loss accounting rule But then if we look at some other things here, there was an article here from a blog post from PCBB.
Joe BerquistHOST
And this is back in September.
Joe BerquistHOST
And it says Cecil reassess and right size the right way.
Joe BerquistHOST
While the Financial Accounting Standards Board conducts a review of Cecil, now could be a good time for banks to reassess and right size their Cecil frameworks.
Joe BerquistHOST
So we'll take a look at that for a minute.
Joe BerquistHOST
But then also.
6 MINS LATER
Joe BerquistHOST
So Cecil under review.
Joe BlattHOST
Also, the tax deduction the donor would receive would be the full $100,000 rather than the net amount, which would be better for the donor.
Joe BlattHOST
I'm not going to go into the accounting for cryptocurrency in this episode, but in 2023, FASB passed accounting standards that allowed organizations to account for some cryptocurrency at fair value, similar to stocks.
Joe BlattHOST
This was a needed change from the previous methodology, which treated them similar to other non-marketable items such as properties.
Joe BlattHOST
If you are part of the fiscal team, you need to read FASB 2023-08, Accounting for and Disclosure of Crypto Assets.
Joe BlattHOST
FASB is working on guidance for those assets that don't meet the requirements of this standard and should be coming out soon.
Joe BlattHOST
Okay, let's return to governance.
Joe BlattHOST
The board should be setting policy.
Mike ManspeakerGUEST
So in the standard, we just find cash and cash equivalents.
Mike ManspeakerGUEST
But now, you know, you have to look at the kind of evolving definition of that in the FASB standards to just to kind of keep all that in mind.
Mike ManspeakerGUEST
Okay.
Mike ManspeakerGUEST
What we're saying in standard is that, you know, that that should receive that higher level of evidence, you know, that gets afforded by a third party confirmation cash and then accounts receivable.
Anthony PowerHOST
Where do you get the net income from? Well, I can tell you straight away where the net income's come from.
Anthony PowerHOST
Under the FASB rules for accounting, you're allowed to account for your cryptocurrency as it rises and therefore show a true and fair value.
Anthony PowerHOST
And as we spoke about, between quarter two and quarter three, the last quarterly reporting, the Bitcoin price rose between $24,000 and $25,000 in a quarter.
Anthony PowerHOST
And so the amount of Bitcoin held by Strategies, somewhere in the region of about $848,000.
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Start with the setup.
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IFRS is developed by the IASB, the International Accounting Standards Board, and USGAP by the FASB, the Financial Accounting Standards Board.
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The effort to bring their conceptual frameworks and existing standards together stalled in the late 2000s.
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But the major new standards, such as revenue recognition, leasing, and credit losses, have been mostly or entirely converged.
7 MINS LATER
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You have to spot them yourself.
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Second, the actions of standard setters and user groups.
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The IASB and FASB publish an exposure draft for each proposed standard, and users can send comment letters.
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CFA Institute members serve on liaison committees and write letters for users.
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The IASB, the International Accounting Standards Board, writes IFRS, the International Financial Reporting Standards.
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The FASB, the Financial Accounting Standards Board, writes USGAP, which stands for Generally Accepted Accounting Principles.
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Securities regulators, like the Securities and Exchange Commission, or SEC, in the United States, require listed companies to prepare reports under specified standards and file them.
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The SEC does not write USGAP.
12 MINS LATER
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The assurance is reasonable, never absolute.
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Trap four, confusing standard-setters with regulators.
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The IASB and the FASB write the rules.
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The SEC requires the filings and enforces them, and so do national regulators in Europe.
Bill HannaHOST
In terms of the number of years, how do we determine the number of years to amortize or depreciate the asset over? That's going to differ from tangible versus intangible assets.
Bill HannaHOST
So for tangible assets, for example, here in the US, there is the FASB, the Financial Accounting Standard Board.
Bill HannaHOST
And that is an independent organization that gives you a range for the number of years you should amortize an asset over.
Bill HannaHOST
Also, if you're enjoying this video so far, go ahead and hit the like button because that is the only way for me to know that you enjoyed the video.
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