Accounting standards

We have come to realize that it's long past time to question using LIFO to allocate costs first to the cost of goods sold and then inventory.

Financial Accounting Standards Board chairman Leslie Seidman and International Accounting Standards Board chairman Hans Hoogervorst appeared side by side at an American Institute of CPAs conference in early December to discuss what went awry in U.S. support for International Financial Reporting Standards.

The Public Company Accounting Oversight Board released a report in early December in which it identified widespread problems at eight major firms with their audits of internal control over financial reporting.

The Private Company Council held its inaugural meeting in early December to discuss how accounting standards should be adjusted for privately held companies.

Ten years on, SOX doesn't appear to be working

The Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, is coming out in support of a proposal to create a new Accounting Standards Advisory Forum of international standard setters, but is balking at a requirement that participants need to make a commitment to International Financial Reporting Standards.

The Securities and Exchange Commission has approved Auditing Standard No. 16, Communications with Audit Committees, as well as amendments to other standards from the Public Company Accounting Oversight Board.

The Financial Accounting Standards Board has released a proposal for comment to improve reporting on expected credit losses on loans and other financial assets held as investments by banks, financial institutions and other public and private organizations.

The International Accounting Standards Board has settled on its future agenda and priorities following a public consultation.

The Financial Accounting Standards Board and the Center for Audit Quality issued a summary Wednesday of observations from two forums on disclosure effectiveness.

A new report from the Institute of Chartered Accountants in England and Wales urges the International Accounting Standards Board to “end the era of convergence,” and give all listed companies around the world the option of applying International Financial Reporting Standards.

The Private Company Council held its inaugural meeting on Thursday to discuss how accounting standards should be adjusted for privately held companies.

The Financial Accounting Foundation’s board of trustees has appointed four new members to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

FASB chair Leslie Seidman lays out a schedule for handling the remaining projects on the convergence agenda

Financial Accounting Standards Board chair Leslie Seidman is planning for a multilateral way of working with the International Accounting Standards Board in the future, even as her term approaches an end next year.

The Financial Accounting Standards Board has issued a proposed Accounting Standards Update aimed at clarifying the scope of transactions that would be subject to disclosures about offsetting of assets and liabilities on the balance sheet.

Financial Accounting Standards Board chair Leslie Seidman talks with Accounting Today editor-in-chief Daniel Hood about how FASB's relationship with the International Accounting Standards Board is changing.

Financial Accounting Standards Board chair Leslie Seidman discusses the status of the revenue recognition, leasing, financial instruments and insurance standards that FASB is converging with the International Accounting Standards Board.

Financial Accounting Standards Board chair Leslie Seidman talks with Accounting Today editor-in-chief Daniel Hood about FASB's accomplishments in converging accounting standards with the International Accounting Standards Board on the 10-year anniversary of the Norwalk Agreement.

The Securities and Exchange Commission and the Department of Justice have released A Resource Guide to the U.S. Foreign Corrupt Practices Act, a 120-page guide providing a detailed analysis of the U.S. Foreign Corrupt Practices Act, including the accounting provisions, and closely examining the SEC and DOJ approach to FCPA enforcement.