Accounting standards

A task force that has been investigating the budget crisis affecting many states across the country is calling for major changes in the ways that states handle their budgeting and financial reporting.

A roundup of audit and assurance from the previous month

The Public Company Accounting Oversight Board approved a 2014 budget of $258.4 million, and a 2013-2017 strategic plan that includes a greater focus on accounting firms' burgeoning consulting practices.

Miller & Bahnson reprise a column on the redefinition of comparability

The Financial Accounting Foundation has appointed investor and asset manager Ann Spruill to its Board of Trustees, effective Jan. 1, 2014.

Thomson Reuters released a report on the IRS’s new regulations impacting taxpayers who acquire, produce or improve tangible property.

The IASB published for public comment Wednesday an exposure draft of five proposed amendments to four International Financial Reporting Standards under its annual improvements project.

A new study finds almost 40 percent of researched companies have audit committee members with social ties to the CEO.

While the flow of high-quality information is critical to the functioning of capital markets, many are coming to see the independent audits that vouch for that information as irrelevant, according to PCAOB Chairman James Doty.

Audit firms may not be appropriately executing engagement quality review, according to the Public Company Accounting Oversight Board.

The Financial Accounting Standards Board acknowledged Tuesday that a 1992 standard on accounting for income taxes did little to simplify the accounting.

FASB Chairman Russell Golden looks at what's to come

Three short takes: IASB vs. EU; M. Prada stumbles, and GAAP reporting as perjury

The American Institute of CPAs’ Accounting and Review Services Committee has issued a Proposed Statement on Standards for Accounting and Review Services, Framework for Performing and Reporting on Compilation and Review Engagements, as a result of its Clarity Project.

Not only are the requirements of the Affordable Care Act difficult and complicated for businesses to understand, but in many cases those aspects that businesses and their advisors think they understand are already slated to change in the future, according to one expert.

The Financial Accounting Standards Board voted Monday to endorse two accounting standards proposed by the Private Company Council pertaining to accounting for goodwill subsequent to a business combination and for certain types of interest rate swaps in an effort to modify the existing accounting standards for private companies.

A post-implementation review of a 1992 accounting standard addressing the accounting for income taxes found that the standard generally achieved its intended purpose, but may not have reduced the complexity of accounting for income taxes.

The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

The International Accounting Standards Board has introduced a new hedge accounting model as a major step forward in the financial instruments project on which it has been collaborating with the Financial Accounting Standards Board.

The Financial Accounting Foundation and the Financial Accounting Standards Board have launched a new section on the FAF Web site that features audio, transcripts and photos from the September’s FASB@40 Conference hosted in New York to commemorate the FASB’s 40th anniversary.