Robert Mims CPA

Keep Up-to-Date with the Latest Accounting News from Robert Mims, CPA

Bob Mims is a CPA who currently serves as Executive Financial Consultant for various companies across diverse industries. In his capacity as a CPA, he knows the vital importance of keeping up with the latest changes in accounting regulations, from financial accounting standards to disclosure and reporting, which is why he regularly checks the FASB website, among other financial accounting sources.

This page is dedicated to news and updates on CPA and accounting. Bob Mims, CPA, promises to keep an eye out for the latest news and information across multiple channels, and consolidate everything here. It is Bob’s desire to make all news and information available in one portal, to give readers the convenience of learning everything there is to know in one siteā€”no more jumping from one site to the next, making several queries on search engines, and opening multiple tabs and windows.

For the reader’s benefit, Robert Mims, CPA, will be referencing the following sources:

  • FASB
  • NonProfit Times
  • The Chronicle of Philanthropy
  • Journal of Accountancy

These are his primary sources for news and information; but rest assured, he will be regularly monitoring other print and online publications, and financial news portals as well. Robert Mims, CPA, starts with the following update from FASB:

FASB Prioritizes, Removes Projects to Improve Current Accounting Model

During their recent Agenda Consultation meeting, the FASB Board discussed financial accounting and reporting projects that needed to be prioritized, and those that needed to be shelved. The ideas behind these projects were taken from suggestions and feedback given by stakeholders, which were given through the FASB’s Invitation to Comment initiative last year.

After thorough research and analysis, and in-depth deliberation, the FASB has decided to prioritize the following projects:

  • Financial performance and reporting
    – Financial statement structure
    – Improvements to segment reporting
  • Distinguishing liabilities and equities
    – Focus on indexation and settlement
  • Improvements on intangible assets
    – Relating to disclosures and considering extension of private
    company alternatives

On the other hand, the removed projects are:

  • Accounting for pensions and other postretirement benefits
  • Disclosures associated with interest rate risk
  • Holistic approach on accounting for intangible assets

On another note, FASB Chairman Russell G. Golden shared an update on some of their ongoing larger projects, one of which is Reducing Unnecessary Complexity. This is of interest to Bob Mims, CPA, and he believes to other stakeholders as well, as making standards simpler and straightforward makes the jobs of financial accounting professionals a lot easier to accomplish.

Bob Mims will be monitoring the progress of all these projects, and will provide readers with updates as they come.