Accounting standards

The trustees of the IFRS Foundation have published their own staff’s analysis of the Securities and Exchange Commission’s final staff report on International Financial Reporting Standards in an effort to address some of the findings and prod the U.S. into embracing IFRS.

The Financial Accounting Foundation’s recently created Private Company Council plans to host its initial public meeting on December 6.

President and CEO Ken Bishop shares the latest news from the National Association of State Boards of Accountancy.

The American Institute of CPAs appears to be making progress on a Financial Reporting Framework for Small and Medium-sized Entities that it has been developing in the wake of the Financial Accounting Foundation’s decision to set up a Private Company Council, and plans to expose the framework by the end of the month.

The staff of the Governmental Accounting Standards Board has created a fact sheet to clear up some of the misconceptions about the recent changes in public pension accounting standards.

The American Institute of CPAs has issued Technical Practice Aids with information to help insurance entities with their accounting.

The Center for Audit Quality issued a practice aid Wednesday to encourage audit firms to proactively communicate with audit committees about inspection findings and quality control improvements.

A new nonprofit organization plans to establish industry-specific accounting standards for corporate sustainability reporting.

The Institute of Internal Auditors has announced that a set of revisions will be made to internal auditing standards, taking effect at the beginning of next year.

The Board of Trustees of the Financial Accounting Foundation announced that Robert H. Attmore, chairman of the Governmental Accounting Standards Board, will retire in June 2013.

The International Auditing and Assurance Standards Board has released a revised version of its International Standard on Review Engagements to better meet the needs of small and midsized entities.

The International Accounting Standards Board has decided to re-expose the latest version of its ongoing project aimed at revising the accounting standards for insurance contracts and is seeking feedback.

The Financial Accounting Foundation’s board of trustees appointed former NASBA chairman Billy Atkinson as chairman of the new Private Company Council, and named the other members of the new council, which will be able to recommend and vote on changes to accounting standards for privately held companies.

The Committee of Sponsoring Organizations of the Treadway Commission has released an exposure draft of its Internal Control over External Financial Reporting: Compendium of Approaches and Examples.

Highlights of the previous month in audit and attest

First round of Dodd-Frank-mandated inspections suggests deficiences may be widespread

As we acknowledge the 10th anniversary of the Sarbanes-Oxley Act, we are once again in a period of re-examination of the role, relevance and reliability of financial audits in protecting investors and the public interest. This seems to be, in part, a reaction to the financial crisis of the past few years.

The American Institute of CPAs has extended the deadline for comments on the significant changes it is proposing to professional standards.

An ethics standard-setter for the accounting profession is suggesting changes in how accountants should respond when they suspect illegal acts are being committed by a client or employer.