Accounting standards

The Private Company Council voted Tuesday to move forward with proposed alternatives within U.S. GAAP to improve financial reporting for private companies.

The U.S.-based Center for Audit Quality has teamed up with two organizations in Europe and Australia on a new report that highlights the similar issues facing audit committees around the world.

The Securities and Exchange Commission is encouraging the Financial Accounting Standards Board to give accountants a long transition period to adjust to the upcoming revenue recognition standards.

The Securities and Exchange Commission has granted 45 more days to comment on the Nasdaq proposed internal audit function rule.

Arrogance and ignorance remain major drives of unethical behavior in accounting and financial reporting

The Financial Accounting Standards Board has issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a nonpublic employee benefit plan in the plan sponsor’s own equity securities.

The Financial Foundation and the Financial Accounting Standards Board that it oversees are marking their 40th anniversary by introducing redesigned logos, branding and Web sites.

Robert Herz, the former chairman of the Financial Accounting Standards Board, has written a new book on his experiences leading FASB, with reflections on his experiences leading the board through the financial crisis and in its efforts to converge U.S. GAAP with International Financial Reporting Standards.

The Financial Accounting Foundation’ board of trustees has named Russell G. Golden as the next chairman of the Financial Accounting Standards Board, succeeding Leslie Seidman, whose term will end on June 30.

The Governmental Accounting Standards Board has approved a new standard that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and governments that receive guarantees on their obligations.

The Financial Accounting Standards Board has issued an Accounting Standards Update aimed at improving financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting.

Former Financial Accounting Standards Board chairman Robert Herz has written a new book on his experiences chairing the Financial Accounting Standards Board and the challenges he faced during the financial crisis.

A proposed Integrated Reporting Framework unveiled by the International Integrated Reporting Council this week is attracting some early support.

The International Integrated Reporting Council has issued a consultation draft of its International Integrated Reporting Framework, which aims to create the foundations for a new reporting model that will enable a business to provide a concise communication of how it creates value over time.

The Financial Accounting Standards Board and the Private Company Council have released an invitation to comment on their proposed decision-making framework for determining when exceptions to accounting standards should be made for privately held companies.

Members of the Accounting Standards Advisory Forum held their inaugural meeting in London on Monday and Tuesday and signed a joint memorandum of understanding under which the standard-setters from around the world will provide advice to the International Accounting Standards Board.

The Financial Accounting Foundation has named Iowa Auditor of State David A. Vaudt as the next chairman of the Governmental Accounting Standards Board, succeeding Robert Attmore.

A report from the Securities and Exchange Commission clears companies to use social media outlets like Facebook and Twitter to announce key information, provided that investors have been alerted about which social media will be used.

The Financial Accounting Standards Board is proposing improvements to financial reporting about discontinued operations of major business lines or major geographic areas of operations.

We are republishing some classic Spirit of Accounting columns while we're extra-busy with a new major project. We selected this one because (alas!) several of its points are just as valid today as they were when it was printed in October 2002