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Financial Accounting Standards Board
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Financial Accounting Standards Board
Founded
1972 (Operational in 1973)
Location
Norwalk, Connecticut
Key people
Russell G. Golden
(Chairman)
James L. Kroeker
(Vice Chairman)
Website
fasb.org
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The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body[1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973.
FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).[2][3]
The FASB's mission is to “establish and improve financial accounting and reporting standards to provide useful information to investors and other users of financial reports and educate stakeholders on how to most effectively understand and implement those standards.”[2][3] The FASB carries out its mission through improving the usefulness of financial reporting, focusing on the faithful representation and relevance of financial information, including the enhancing characteristics of useful information, comparability, timeliness, understandability, and verifiability. The FASB also accomplishes their mission through educating and guiding auditors, preparers, and other users of financial statements, ensuring current standards reflect developments in methods of doing business and economic environment changes, and by acknowledging areas of insufficiency in financial reporting that could be improved through the standard setting process.[4][5]
Contents
1 Structure
1.1 Oversight
1.2 Funding
2 History
2.1 Inception
2.2 Conceptual Framework
2.3 Emerging Issues Task Force
2.4 International Standard Setting Comparability
2.5 The Norwalk Agreement
2.6 Sarbanes-Oxley Act of 2002
2.7 AICPA’s GAAP Agreement
2.8 Investor Task Force
2.9 Financial Crisis Advisory Group (FCAG)
2.10 Accounting Standards Codification
2.11 Convergence to International Comparability
3 Accounting Standards
3.1 FASB Pronouncements
3.2 Major FASB Standards
3.2.1 Revenue Recognition
3.2.2 Credit Losses
3.2.3 Variable Interest Entities
3.2.4 Pensions
3.2.5 Stock Options
3.2.6 Leases (balance sheet)
3.2.7 Derivative Accounting
4 Criticism
4.1 Mark-to-Market
4.2 Materiality
4.3 International Comparability vs. Convergence
5 See Also
5.1 FASB 11 concepts
5.2 Accounting issues
5.3 Related associations
6 References
7 External links
Structure[edit]
The FASB is based in Norwalk, Connecticut, and is led by seven full-time Board members,[6] one being the chairman, appointed by the Financial Accounting Foundation (FAF) to serve five-year terms and are eligible for one term reappointment.[7]
The qualifications to serve on the FASB Board include professional competence and realistic experience from professions like financial reporting, investment services, and financial planning. Board members also come from sectors such as academia, business, and legal, or government agencies.[8][9]
FASB Board members, as of 30 April 2018:[10]
Member Professional Background Term Expiration
Russell Golden, Chairman Public Accounting 2nd term expires in 2020
James Kroeker, Vice Chairman Public Accounting/SEC 2nd term expires in 2024
Christine Botosan Academic 1st term expires in 2021
Marsha Hunt Public Accounting 1st term expires in 2022
Harold Monk, Jr. Private Company Auditor 1st term expires in 2022
R. Harold Schroeder Financial Statement User 2nd term expires in 2021
Marc Siegel Financial Statement User 2nd term expires in 2018
The board is supported by more than 60 staff[9] with backgrounds in public accounting, industry, academia, and government.[7]
Oversight[edit]
The FASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the FASB and the Governmental Accounting Standards Board and funds both organizations.[11] The Board of Trustees of the FAF is selected by a nomination process that involves several organizations from investing, accounting, business, financial, and governmental sectors, but are ultimately selected by the existing Board. The selection process was amended as such in 2008 to reduce private sector influence on the Board of Trustees and its oversight of the FASB and GASB.[12][13]
Funding[edit]
The FASB obtains funding from accounting support fees, subscription and publication revenues, and investment income.[14]
FASB Accounting Support Fees are collected under the authority of the Sarbanes-Oxley Act. Fees are assessed and collected from issuers of publicly-traded securities and allocated based on the average market capitalization of each issuer. The FASB accounting support fees are reviewed by the U.S. Securities and Exchange Commission (SEC) each year to ensure compliance with the statute.[14]
Subscription and Publication revenue includes sales and licensing of copyrighted FASB-related materials. The Financial Accounting Foundation (FAF) licenses the content of the FASB Codification to commercial publishers and other licensees for inclusion in their proprietary online research systems. The FASB Codification materials also are available through various paid subscription plans and hard copy printed versions.[3][14]
History[edit]
Inception[edit]
Marshall Armstrong, then-president of the American Institute of Certified Public Accountants (AICPA), appointed a group of seven men (the Wheat Committee) in the early 1970s to examine the organization and operation of the Accounting Principles Board, in order to determine what adjustments were needed to facilitate more accurate and timely results.[15] Their findings, “Report of the Study on the Establishment of Accounting Principles”, were published in March 1972, and proposed several changes including establishing the Financial Accounting Foundation, separate from other professional firms, that would be overseen by the Board of Trustees. The FASB was conceived as a full-time body to ensure that Board member deliberations encourage broad participation, objectively consider all stakeholder views, and are not influenced or directed by political/private interests.[15] The Wheat Report also recommended developing the “Financial Accounting Standards Advisory Council, a 20-member advisory council that members serve an initial 1-year term, that could be renewed indefinitely, and to explicitly define the FASB research projects, to ensure timely and appropriate results.[15]
The U.S Securities and Exchange Commission (SEC) issued Accounting Series Release No. 150 (ASR 150), which states that FASB pronouncements will be considered by the SEC as having “substantial authoritative support”, in 1973.[16] That same year, the FASB issued its first standard, Statement of Financial Accounting Standards No. 1: Disclosure of Foreign Currency Translation Information.[17]
Conceptual Framework[edit]
The FASB Conceptual Framework was established in 1973 as a comprehensible set of standards and rules intended to address and solve new emerging issues. The conceptual framework underlied financial accounting by serving as the Board’s reasoning behind its standards-setting decisions.[18][19]
The conceptual framework provides two functions: to state the objectives of financial reporting and provide definitions of financial statement elements. The conceptual framework creates a foundation for financial accounting and establishes consistent standards that highlights the nature, function, and limitations of financial reporting.[18][19]
Emerging Issues Task Force[edit]
The FASB formed the Emerging Issues Task Force (EITF) in 1984.[7] This group was formed in order to provide timely responses to financial issues as they emerged. This group includes 15 people from both the private and public sectors coupled with representatives from the FASB and an SEC observer.[6] As issues emerge, the task force considers them and tries to reach a consensus on what course of action to take. From conception until the 2003 AICPA GAAP Agreement, if consensus was reached on an topic, the group would issue an EITF Issue that was considered equivalent to a FASB pronouncement and included in GAAP.[6]
International Standard Setting Comparability[edit]
The FASB participated in an international conference on global accounting standards in 1991, “The Objectives and Concepts Underlying Financial Reporting,” co-sponsored by the International Accounting Standards Committee and the Fédération des Experts Comptables Européens.[20]
Two years later, the FASB participated in the formation of the G4+1, a group of international standard setters, whose members included the United States, Australia, the United Kingdom, Canada and New Zealand.[20] In August 1994 the group released a special report, titled “Future Events: A Conceptual Study of their Significance for Recognition and Measurement”.[21]
In 1999, the FASB issued a report on “International Accounting Standard Setting: A Vision for the Future”, which acknowledged the rapid changes taking place in the international accounting standard setting environment, and that Convergence and development of high-quality international standards are coinciding goals.[22]
The U.S. Securities and Exchange Commission (SEC) published a "proposed Roadmap” for the adoption of International Financial Reporting Standards (IFRS) for U.S. companies, to replace U.S. GAAP (Generally Accepted Accounting Principles) on a timetable that established several milestones to be achieved by 2011 as the basis for moving ahead toward a transition to IFRS beginning in 2014."[23]
The Norwalk Agreement[edit]
Main article: Norwalk Agreement
In 2002, the FASB commenced work on a convergence project in partnership with the International Accounting Standards Board (IASB), the independent, accounting standard-setting body of the International Financial Reporting Standards Foundation.[24] The two groups met on September 18, 2002, in Norwalk, Connecticut, to sign a Memorandum of Understanding (MoU)[25] which "committed the boards to developing high-quality, compatible accounting standards with a common solution."[23][26]
This MoU, which came to be known as the “Norwalk Agreement,” outlined plans to converge IFRS and US GAAP into one set of high quality and compatible standards. For ten years the FASB and IASB collaborated on a "common objective not only to eliminate differences between IFRS and U.S. GAAP wherever possible, “but also to achieve convergence in accounting standards that stood the test of time."[23]
Sarbanes-Oxley Act of 2002[edit]
The Sarbanes-Oxley Act of 2002 was signed into law on July 30, 2002, to protect stakeholders and investors by improving the dependability and precision of corporate financial disclosures. The legislation also created the Public Company Accounting Oversight Board (PCAOB), and included accounting support fees from issuers of securities to FASB.[27]
AICPA’s GAAP Agreement[edit]
In November 2002, FASB Chairman Robert Herz announced that FASB and AICPA came to the agreement that the AICPA would no longer issue Statements of Positions (SOPs) that are considered authoritative GAAP.[28][29] They also concluded that consensus of the EITF will be required to be ratified by the FASB to become authoritative GAAP.[29]
Investor Task Force[edit]
The FASB established the Investor Task Force (ITF) in 2005, which was an advisory resource that provided the Board with sector expertise and specific insights from the professional investment community on relevant accounting issues.[30] The FASB then implemented SFAS 157 which established new standards for disclosure regarding fair value measurements in financial statements in 2006.[31] That same year, the FASB added Investor Liaisons to its staff, who would be responsible for reaching out to investors to hear feedback on the various FASB activities.[32]
Financial Crisis Advisory Group (FCAG)[edit]
The FASB and the International Accounting Standards Board created the Financial Crisis Advisory Group in 2008—an international group of standard-setting bodies—that coordinated responses "on the future of global standards in light of" the financial crisis of 2007–2010.[33] The FCAG was composed of 15–20 senior leaders in finance and chaired by Harvey Goldschmid and Hans Hoogervorst with a mandate to investigate financial reporting issues uncovered by the global financial crisis. FCAG members included Stephen Haddrill and Michel Prada—a member of the International Centre for Financial Regulation (ICFR) and co-chair of the Council on Global Financial Regulation was a member of the Financial Crisis Advisory Group.[34][35] Haddrill who was the only UK representative on the FCAG, is CEO of the Financial Reporting Council (FRC) in the United Kingdom and has a close interest in accounting standards.[33]
The FCAG issued a report in July 2009 finding, among other things, that the FASB and SEC had been pressured by politicians and banks to change accounting standards to protect banks from the impact of their toxic mortgages.[36][37][33] Just prior to the report to the G20, and in reference to the political pressure placed on standards setters "to make changes to fair value accounting rules over suggestions that it exacerbated the financial crisis" Haddrill cautioned, "Who do we want to set accounting standards? Not politicians, that’s clear. But neither do we want experts vacuum-packed in a world of their own."[33]
Accounting Standards Codification[edit]
Main article: Accounting Standards Codification
On July 1, 2009, the FASB announced the launch of its Accounting Standards Codification,[38][39][40] an online research system representing the single source of authoritative nongovernmental U.S. GAAP, available from the FASB in multiple views; Professional view, Academic view, and Basic view. The Codification organizes the pronouncements that constitute U.S. GAAP into a consistent, searchable format.[41] The Codification is not to be confused with the FASB's 1973 Conceptual Framework project.[39]
Convergence to International Comparability[edit]
In 2010, the SEC instructed the staff to create and implement a work plan that addresses whether, when and how US GAAP should be merged into a global reporting model developed by International Accounting Standards Board (IASB)—the standards setting body designated by the International Financial Reporting Standards (IFRS). The SEC staff research included including convergence with IFRS and an alternate IFRS endorsement mechanism.[42]
In the resulting 2012 report the SEC Staff asserted that the IFRS standards were not sufficiently supported by U.S. capital market participants and lacked consistent implementation methods. The report goes on to say that, while the U.S. financial reporting community does not support IFRS as the authoritative mechanism for US financial reporting, there is support for “high-quality, globally accepted accounting standards” as demonstrated in the joint efforts of the IASB and FASB to develop converged financial reporting for revenue recognition and lease accounting.[43]
The FASB and the IASB issued guidance on recognizing revenue in contracts with customers in 2014, establishing principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from these transactions.[44] In May 2015 the SEC acknowledged that "investors, auditors, regulators and standard-setters" in the United States did not support mandating International Financial Reporting Standards Foundation (IFRS) for all U.S. public companies. There was "little support for the SEC to provide an option allowing U.S. companies to prepare their financial statements under IFRS." However, there was support for a single set of globally accepted accounting standards.[23] The FASB and IASB planned meetings in 2015 to discuss "business combinations, the disclosure framework, insurance contracts and the conceptual framework."[45] As of 2017, there were no active bilateral FASB/IASB projects underway. Instead, the FASB participates in the Accounting Standards Advisory Forum, a global grouping of standard-setters, and monitors individual projects to seek comparability.[46]
Accounting Standards[edit]
FASB Pronouncements[edit]
Main article: List of FASB Pronouncements
The FASB pronouncements are a set of rules and general guidelines that help to facilitate the reporting of financial information. The pronouncements are part of the accounting framework known as generally accepted accounting principles.[47]
In order to establish accounting principles, the FASB issues pronouncements publicly, each addressing general or specific accounting issues. These pronouncements are Statements of Financial Accounting Standards, Statements of Financial Accounting Concepts, FASB Interpretations, FASB Technical Bulletins, EITF Abstracts. Since September 15, 2009, authoritative announcements are contained in the codification itself.[48]
Major FASB Standards[edit]
Revenue Recognition[edit]
On May 28, 2014, the FASB and International Accounting Standards Board (IASB) jointly issued substantially converged standards on the recognition of revenue from contracts with customers. The standards improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. The two boards developed new, substantially converged requirements for the recognition of revenue in both IFRS and U.S. GAAP – providing substantial enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and U.S. GAAP. The previous revenue recognitions requirements of both IFRS and U.S. GAAP differed from one and often resulted in different accounting for transactions that were economically similar. Furthermore, while revenue recognition requirements of IFRS lacked sufficient detail, the accounting requirements of U.S. GAAP were considered to be overly prescriptive and conflicting in certain areas.[49]
Credit Losses[edit]
On June 16, 2016 the FASB issued an ASU that improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration, and requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio.[50]
Variable Interest Entities[edit]
The FASB Issued statement number 167, a revision to FASB interpretation no. 46(R) Consolidation of Variable Interest Entities, in June 2009. This update provides new guidance on how to determine whether an organization that is either inadequately capitalized or not controlled through voting rights should be consolidated.
Under the new standard, the decision whether to consolidate is determined by two factors: a company’s design and intention and a parent company’s ability to direct that organization’s actions in a way that significantly impacts its economic performance.[51]
Pensions[edit]
In late 2006, the FASB issued Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans (statement 158). Under this update, if a pension or other postretirement plan is overfunded, a company must recognize that overfunded amount as an asset, which can be reduced later if the plan becomes underfunded. Conversely, if a plan is underfunded, a company must recognize that underfunded amount as a liability, which can be reduced if a plan’s funding increases in a period. These asset or liability determinations are recognized at the employer’s year end in the same year that the plan funding takes place.[52]
These enhancements were made in order to provide employees, investors, retirees, and users of financial statements more complete information about the status of a pension or other postretirement plan, which is used to make informed decisions about organizations capabilities to fulfill plan obligations.[52]
Stock Options[edit]
The FASB issued a statement on Share Based Payments (statement 123(R)) in 2004, developed jointly with the IASB.[53] This standard update requires companies to identify the cost of share-based payments (e.g., restricted share plans, employee share purchase plans, performance-based awards, share appreciation rights, and stock options) within their financials.[53] The FASB updated this reporting standard with the goal of improving comparability, relevance and reliability of financial information.[54]
Leases (balance sheet)[edit]
In February 2016, the FASB issued a new Leases standard, to improve financial reporting about leasing transactions. The new standard requires organizations to include lease obligations on their balance sheets, and affects all companies and other organizations that lease assets.[55]
This project was first commenced by the FASB and the IASB in 2006, and the IASB issued IFRS 16, Leases, on January 13, 2016. The FASB issued an ASU to improve the accounting for lease transactions on February 25, 2016. The improvements in this ASU requires organizations engaged in leasing arrangements to recognize assets and liabilities for leases with terms of 12 months or longer. Organizations are also required to recognize both operating leases and capital leases on their balance sheets, and disclose information pertaining to the lease amount, time, and uncertainties of cash flows.[55]
Derivative Accounting[edit]
Statement No. 133 was issued by the FASB in June 1998, which inaugurated accounting and reporting standards for derivative instruments, including instruments rooted in other contracts, and hedging activities. Organizations are also required to identify all derivatives as assets or liabilities, which are stated at fair value. Derivatives can be classified as a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, a hedge of the exposure to variable cash flows of a projected transaction, or a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm obligation, an available-for-sale security, or a foreign-currency-denominated predicted transaction. Upon electing to use hedge accounting, companies must establish a method to evaluate the effectiveness of hedging a derivative, and a method to determine the ineffectiveness of a hedge.[56] The FASB further improved derivative accounting in 2017 with simplification measures included in ASU 2017-12.[57]
Criticism[edit]
Mark-to-Market[edit]
Critics argue that the 2006 SFAS 157 contributed to the 2008 financial crisis by easing the mark-to-market accounting rule and allowing valuation of assets based on their current market price, rather than the purchase price. Critics claim FASB changes to mark-to-market accounting were made to accommodate "banks with toxic assets on their books."[58]
However, others from within the accounting profession assert that the mark-to-market system in fact provides greater transparency and stability by applying similar values to similar assets, regardless of whether they were bought or created internally by a firm.[59] They contrast this with the alternate “mark-to-model” system—said to be riskier, less transparent, and results in incomparable and inconsistent reporting.[59]
Others say mark-to-market provides the most practical choice when valuing most assets, if there is understanding of the long-term effects, and obligation to a global position.[59] They counter that the banking issues went beyond failures in accounting and into major liquidity concerns, and that the accounting profession, FASB, and SEC were not responsible for the banking crisis.[59]
A report from the Harvard Business Review agreed that the mark-to-market accounting is not the direct cause of the financial crisis, but the lack of knowledge related to accounting standards by investors fueled the fire. Most investors at the time assumed that all of banks’ assets were appraised at market prices, and that the writing down of bonds would cause banks to violate regulatory capital requirements.[60]
Materiality[edit]
The FASB issued a proposal regarding "the use of materiality by reporting entities" in an amendment of the definition of the legal concept of materiality in 2015, stating that “information would be considered material if it was likely to be seen by a reasonable person as significantly altering the total mix of facts about a company.” This amendment raised concerns by auditors who believed leaving materiality as a legal concept would undermine judgments made by preparers and auditors to an attorney.[61]
However, FASB’s inclusion of materiality was designed to facilitate more transparency by instructing greater disclosure by preparers. According to FASB Concepts Statement 8:[62] information is material if omitting or misstating it could influence decisions users make on the basis of the financial information of a specific reporting entity. This guidance is followed by the explanation: “In other words, materiality is an entity-specific aspect of relevance based on the nature or magnitude or both of the items to which the information relates in the context of an individual entity’s financial report.”[63]
International Comparability vs. Convergence[edit]
Some industry professionals support development of a single, globally-shared set of accounting standards. Convergence proponents assert that a single set of standards would make it easier and more cost-effective for large multi-national corporations to report using one set of financial reporting standards for all countries. They believe it would make financial statements more comparable to one another, improving overall transparency and understanding of a company’s financial health. Supporters also argue that a single set of standards would give investors access to crucial information more quickly and increase opportunities for international investments, resulting in economic growth.[64][65]
Other professionals, however, are opposed to wholesale convergence of a single set of international accounting standards.[64] Opponents share concerns that, due to different environmental influences around the world, such as differing stages of economic development and sources of funding, independent accounting standards are appropriate and necessary.[66]
Convergence opponents have said that without vision and commitment to convergence, the standards wouldn’t be effective unless they were enforced or provide significant benefits.[64]
Many U.S. accounting firms are opposed to convergence because of the familiarity of GAAP, the unfamiliarity with international accounting principles, and other countries' accounting systems. U.S. firms and other CPAs have been reluctant to adapt and learn a new accounting system, and believe that IFRS lacks guidance compared to the GAAP. CFOs are also against converging to one set of standards, because of the associated cost.[65]
See Also[edit]
FASB 133
FIN46
FASB 11 concepts[edit]
Money measurement
Entity
Going concern
Cost
Dual aspect
Accounting period
Conservation
Realization
Matching
Consistency
Materiality
Accounting issues[edit]
Stock option expensing
FAS 157
Mark-to-market or fair value accounting
Related associations[edit]
Financial Accounting Foundation
Governmental Accounting Standards Board
References[edit]
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Jump up ^ "Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers" (PDF). Retrieved 1 November 2017.
Jump up ^ Cohn, Michael (28 May 2014). "FASB and IASB Issue Revenue Recognition Standard". Accounting Today. Retrieved 26 April 2018.
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Jump up ^ "FASB Pronouncements". AccountingTools. Retrieved 1 November 2017.
Jump up ^ "About the Codification" (PDF). p. 29. Retrieved 26 April 2018.
Jump up ^ Bramwell, Jason (28 May 2014). "FASB, IASB Unveil Final Standard on Revenue Recognition". AccountingWEB. Retrieved 1 November 2017.
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^ Jump up to: a b "FAS 123 (Revised 2004) (as issued)". www.fasb.org. p. iii. Retrieved 26 April 2018.
Jump up ^ "FASB: Companies Must Expense Options". AccountingWEB. 17 December 2004. Retrieved 1 November 2017.
^ Jump up to: a b Bramwell, Jason (25 February 2016). "The Wait is Over: FASB Issues New Guidance on Lease Accounting". AccountingWEB. Retrieved 1 November 2017.
Jump up ^ "FAS 133 Summary – Advisors on Derivatives & Hedge Accounting for the Energy Sector ~ Disclosure Compliance FAS 133 Consultants. Summary FAS 133 hedge effectiveness testing consulting. Overview Embedded Derivatives Basis Hedging IAS 39 Training Consultant. Mark-to-market accounting, Interest Rates, FAS 133 Foreign Exchange Currency FX". riskex.com. Retrieved 1 November 2017.
Jump up ^ "Tax & Accounting Update". The CPA Journal. 23 April 2018. Retrieved 26 April 2018.
Jump up ^ Taub, Stephen (7 November 2007). "FAS 157 Could Cause Huge Write-offs". CFO. Retrieved 16 November 2017.
^ Jump up to: a b c d Newman, Jeremy. "In Defense Of Mark-To-Market". Forbes. Retrieved 16 November 2017.
Jump up ^ Pozen, Robert C. "Is It Fair to Blame Fair Value Accounting for the Financial Crisis?". Harvard Business Review. Retrieved 16 November 2017.
Jump up ^ Morgenson, Gretchen (2 January 2016). "FASB Proposes to Curb What Companies Must Disclose". The New York Times. Retrieved 26 April 2018.
Jump up ^ "Concepts Statement No. 8—Conceptual Framework for Financial Reporting—Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information (a replacement of FASB Concepts Statements No. 1 and No. 2)". www.fasb.org. Retrieved 16 November 2017.
Jump up ^ Afterman, Allan B. (13 March 2016). "FASB's Proposal to Change the Definition of Materiality: The Unexpected Uproar – The CPA Journal". The CPA Journal. Retrieved 16 November 2017.
^ Jump up to: a b c Bader, Keith (2009). "The International Accounting Debate: Options in Standardization". Journal of International Business and Law. 8 (1). Retrieved 15 December 2017.
^ Jump up to: a b Pologeorgis, Nicolas (16 October 2012). "The Impact Of Combining The U.S. GAAP And IFRS". Investopedia. Retrieved 15 December 2017.
Jump up ^ Choi, Frederick D. (1981). "A Cluster Approach to Harmonization". Management Accounting. p. 29.
External links[edit]
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Hustle & Flow
From Wikipedia, the free encyclopedia
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Hustle & Flow
Theatrical release poster
Directed by
Craig Brewer
Produced by
Stephanie Allain
John Singleton
Written by
Craig Brewer
Starring
Terrence Howard
Anthony Anderson
Taryn Manning
Taraji P. Henson
DJ Qualls
Music by
Scott Bomar
Cinematography
Amy Vincent
Edited by
Billy Fox
Production
company
MTV Films
New Deal Entertainment
Distributed by
Paramount Classics
Release date
July 22, 2005 (2005-07-22)
Running time
116 minutes[1]
Country
United States
Language
English
Budget
$2.8 million
Box office
$23.6 million
Hustle & Flow is a 2005 American drama film written and directed by Craig Brewer and produced by John Singleton and Stephanie Allain. It was released on July 22, 2005. Terrence Howard stars as a Memphis hustler and pimp who faces his aspiration to become a rapper. The film is dedicated to Sun Records founder Sam Phillips.
The film won the Academy Award for Best Original Song for Three 6 Mafia's song "It's Hard out Here for a Pimp". Howard was nominated for Best Actor.
Contents
[hide]
1 Plot
2 Cast
3 Production
4 Critical reception
5 Awards and nominations
6 Soundtrack
7 References
8 External links
Plot[edit]
DJay (Terrence Howard) is a pimp and drug dealer who is dissatisfied with his life. After acquiring a keyboard and reacquainting himself with an old friend from school, Key (Anthony Anderson), who has become a sound technician, DJay decides to try his hand at making hip hop songs.
Key and his sound-mixer friend Shelby (DJ Qualls) help DJay put together several "flow" songs in which he expresses the frustrations of a small-time hustler struggling to survive. DJay quickly proves to have a real talent for lyrics, and his first fixed-length song, done at the urging of his friends, appears to have a decent chance of becoming a hit and getting local radio play.
The group experiences many setbacks throughout the creative process. DJay must hustle those around him in order to procure proper equipment and recording time, and Key's relationship with his wife becomes strained. DJay throws out one of his prostitutes, Lexus, along with her one-year-old son Roger, for ridiculing his art. DJay's pregnant prostitute, Shug (Taraji P. Henson), joins in the creative process, singing hooks, and the group eventually records several fixed-length tracks, including "Whoop That Trick" and their primary single "It's Hard Out Here for a Pimp". After their first recording, DJay falls in love with Shug.
DJay's friend, Arnel (Isaac Hayes), informs him that Skinny Black (Chris "Ludacris" Bridges), a successful Memphis rapper, will be returning to the neighborhood for a Fourth of July party. DJay gains admittance to the party under the pretext of providing marijuana, with the intention of giving Skinny Black his demo tape. Black is dismissive at first, but after a long night of reminiscing DJay successfully persuades him into taking the tape.
Before leaving the party, however, DJay discovers that the drunken Black has destroyed his tape, leaving it in the toilet. When DJay confronts Skinny Black, Black laughs at the idea of touring with DJay and insults him. In a fit of rage, DJay beats and pistol whips Black with his own gun. Realizing what he has done, DJay attempts to resuscitate the unconscious Black, until a member of Black's crew enters the bathroom and quickly pulls out his gun. DJay shoots the man in his arm, then uses him as a human shield to make his escape.
DJay arrives home to find the police and Black's associates waiting for him. DJay turns himself in and tells Nola (Taryn Manning) to keep his writing pad, with his rap lyrics. He tells her she is "in charge" of getting his songs on local radio stations, and exchanges a glance with a tearful Shug. DJay is charged for assault and possession of a firearm and is sentenced to 11 months in prison.
While serving his time, DJay gets a visit from Key. When Key asks DJay if he really knew Skinny Black, DJay reveals that he made it up in order to keep the group's dream alive. DJay learns from Key that Nola has hustled the local radio DJs into playing his songs, which have become local hits. Key says he and Nola want to discuss his future plans. The film ends as we see a friendly duo of prison guards who have their own rap group asking DJay to listen to their demo, much as DJay had approached Skinny Black. Humbled and flattered, DJay accepts their tape and responds with: "You know what they say, everybody gotta have a dream".
Cast[edit]
Terrence Howard as DJay, a small-time hustler who is dissatisfied with his not-so-glamorous life and learns to express himself. He is also Shug's love interest.
Anthony Anderson as Key, a modestly successful audio technician with a passion for music.
Taryn Manning as Nola, a book smart levelheaded prostitute of DJay's.
Taraji P. Henson as Shug, a friendly prostitute of DJay's who is pregnant with an unknown client's child. She is also DJay's love interest.
DJ Qualls as Shelby, a friend of Key's and an amateur musician.
Ludacris as Skinny Black, a successful Memphis rapper who has forgotten his roots.
Paula Jai Parker as Lexus, an arrogant and rude prostitute and part-time stripper with a young child.
Elise Neal as Yevette, Key's straitlaced wife.
Isaac Hayes as Arnel, a bar owner who is sympathetic to DJay's aspirations.
Juicy J as Tigga, a local rapper.
Haystak as Mickey, the strip club DJ.
DJ Paul as the neighbour of DJay.
I-20 (rapper) as Skinny Black's bodyguard.
Production[edit]
This section needs expansion. You can help by adding to it. (March 2010)
Terrence Howard initially turned down the role of DJay. He reportedly was attempting to avoid being typecast as a "pimp" archetype. However, after recognizing the complexity and depth of the character, he reversed his earlier decision and took on the role.
As concepts of both hustle and flow are unique to African American culture, it turned out to be nearly impossible to find proper translations for international release of the film. For example, the Russian translation of the title means "The bustle and the motion". The Italian title is appended with "Il colore della musica" which means "The color of music".
The film experienced many years of near-misses and outright rejection from major studios and potential financiers before finally being backed by its longtime supporter John Singleton. In the DVD extras Singleton says that he decided at last to put up the money himself because he was exasperated at his friends' not getting what their film deserved.
Critical reception[edit]
The film received positive reviews overall. Rotten Tomatoes gives the film an 82% "fresh" rating.[2] Metacritic gives the film a rating of 68/100 based on 37 reviews.[3] The Boston Globe said, "Some will find it chicly inspired, recalling blaxploitation's heyday with its grimy urban realism. Some will find it corny, absurd, and a limited view of options for disenfranchised African-Americans."[4]
According to Entertainment Weekly, "The home-studio recording sequences in Hustle & Flow are funky, rowdy, and indelible. Brewer gives us the pleasure of watching characters create music from the ground up."[5]
Awards and nominations[edit]
Academy Awards
Best Actor in a Leading Role: Terrence Howard (Nominated)
Best Original Song: Jordan Houston, Cedric Coleman, and Paul Beauregard for "It's Hard Out Here for a Pimp" (Winner)
Austin Film Critics
Breakthrough Artist Award: Terrence Howard (Winner) also won for Four Brothers, Get Rich or Die Tryin', Lackawanna Blues and Their Eyes Were Watching God
Black Movie Awards
Outstanding Actor in a Motion Picture: Terrence Howard (Winner)
Outstanding Performance by an Actress in a Supporting Role: Taraji P. Henson (Winner)
Outstanding Performance by an Actor in a Supporting Role: Anthony Anderson (Winner)
Outstanding Motion Picture: (Nominated)
Black Reel Awards
Best Actor: Terrence Howard (Winner)
Best Supporting Actress: Taraji P. Henson (Winner)
Best Original Soundtrack: (Winner)
Best Film: (Nominated)
Best Supporting Actor: Anthony Anderson (Nominated)
Best Ensemble: Nominated
Broadcast Film Critics Association Awards
Best Actor: Terrence Howard (Nominated)
Best Song: Terrence Howard for "Hustle & Flow" (Winner)
Chicago Film Critics
Best Actor: Terrence Howard (Nominated)
Florida Film Critics
Breakout Award: Terrence Howard (Winner) also honored for Crash and Get Rich or Die Tryin'
Golden Globes
Best Actor in a Drama Motion Picture: Terrence Howard (Nominated)
Gotham Awards
Breakthrough Award: Terrence Howard (Nominated)
Image Awards
Outstanding Motion Picture (Nominated)
Outstanding Actor in a Motion Picture: Terrence Howard (Nominated)
Outstanding Supporting Actress in a Motion Picture:
Taraji P. Henson (Nominated)
Elise Neal (Nominated)
Outstanding Supporting Actor in a Motion Picture: Anthony Anderson (Nominated)
MTV Movie Awards
Best Breakthrough Performance: Taraji P. Henson (Nominated)
Best Kiss: Terrence Howard and Taraji P. Henson (Nominated)
Best Performance: Terrence Howard (Nominated)
Screen Actors Guild Awards
Outstanding Performance by a Cast in a Motion Picture
Sundance Film Festival
Audience Award, Dramatic: Craig Brewer (Winner)
Excellence in Cinematography Award, Dramatic: Amelia Vincent (Winner)
Teen Choice Awards
Choice Drama Movie Actor: Terrence Howard (Nominated)
Soundtrack[edit]
Main article: Hustle & Flow (soundtrack)
The soundtrack was released on July 12, 2005 by Grand Hustle and Atlantic Records. The album centers on Southern hip hop.
References[edit]
Jump up ^ "HUSTLE & FLOW (15)". British Board of Film Classification. July 8, 2005. Retrieved July 8, 2015.
Jump up ^ "Hustle & Flow Movie Reviews, Pictures". Rotten Tomatoes. Retrieved 2011-03-31.
Jump up ^ "Hustle & Flow Reviews, Ratings, Credits, and More at Metacritic". Metacritic.com. 2005-07-22. Retrieved 2011-03-31.
Jump up ^ "Hustle & Flow Movie Review - Hustle & Flow Movie Trailer - The Boston Globe". Boston.com. 2005-07-22. Retrieved 2011-03-31.
Jump up ^ Owen Gleiberman (2005-07-20). "Hustle & Flow | Movies". EW.com. Retrieved 2011-03-31.
External links[edit]
Tennessee portal
2000s portal
Hip hop portal
Film portal
African American portal
Wikinews has related news: 2006 Oscars handed out at Kodak Theatre
Official website
Hustle & Flow on IMDb
Hustle & Flow at Box Office Mojo
Hustle & Flow at Rotten Tomatoes
Hustle & Flow at Metacritic
Sundance Films Honored
[show]
v
t
e
Films directed by Craig Brewer
The Poor & Hungry (2000)
Hustle & Flow (2005)
Black Snake Moan (2006)
Footloose (2011)
[show]
v
t
e
MTV Films
Joe's Apartment (1996)
Beavis and Butt-Head Do America (1996)
Dead Man on Campus (1998)
Varsity Blues (1999)
200 Cigarettes (1999)
Election (1999)
The Wood (1999)
The Original Kings of Comedy (2000)
Save the Last Dance (2001)
Pootie Tang (2001)
Orange County (2002)
Better Luck Tomorrow (2002)
Crossroads (2002)
Martin Lawrence Live: Runteldat (2002)
Jackass: The Movie (2002)
The Fighting Temptations (2003)
Tupac: Resurrection (2003)
The Perfect Score (2004)
Napoleon Dynamite (2004)
Hustle & Flow (2005)
Coach Carter (2005)
Murderball (2005)
The Longest Yard (2005)
Get Rich or Die Tryin' (2005)
Æon Flux (2005)
Jackass Number Two (2006)
Freedom Writers (2007)
Blades of Glory (2007)
Beneath (2007)
How She Move (2008)
The Foot Fist Way (2008)
Stop-Loss (2008)
Dance Flick (2009)
Jackass 3D (2010)
Justin Bieber: Never Say Never (2011)
Footloose (2011)
Katy Perry: Part of Me (2012)
Hansel & Gretel: Witch Hunters (2013)
Jackass Presents: Bad Grandpa (2013)
Project Almanac (2015)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Hustle_%26_Flow&oldid=826999757"
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values: Link to connected data repository item [ctrl-alt-g]

values: Printable version of this page [ctrl-alt-p]

values:
interlanguage-link interwiki-ca
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values: شتاب و طغیان – Persian

values:
interlanguage-link interwiki-fa
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values: Hustle & Flow - Il colore della musica – Italian

values:
interlanguage-link interwiki-nl
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values:
interlanguage-link interwiki-no
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values:
interlanguage-link interwiki-pl
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values: Суета и движение – Russian

values: Метушня і рух – Ukrainian

values:
interlanguage-link interwiki-uk
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values: All languages (initial selection from common choices by you and others)

values: /static/images/wikimedia-button-1.5x.png 1.5x, /static/images/wikimedia-button-2x.png 2x

values: /static/images/poweredby_mediawiki_132x47.png 1.5x, /static/images/poweredby_mediawiki_176x62.png 2x

values: mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject page-Hustle_Flow rootpage-Hustle_Flow skin-vector action-view