Accounting standards

The Professional Accountants in Business Committee of the International Federation of Accountants has proposed guidance to help accountants improve their business reporting processes.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, plans to release the updated version of its Internal Control–Integrated Framework in the first quarter of 2013, instead of the fall of 2012.

Auditor rotation may not be the answer, but at least it's got people asking the question.

Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.

The Governmental Accounting Standards Board has issued two new accounting statements, one covering items previously reported as assets and liabilities, which clarified the appropriate reporting of deferred outflows and inflows of resources, and another statement containing technical corrections to resolve conflicting guidance.

The Financial Accounting Standards Board is making progress on its disclosure framework project, which aims to establish an overarching framework to help the board establish requirements for disclosures in notes to financial statements.

The New York State Society of CPAs has told the Financial Accounting Standards Board and the International Accounting Standards Board that they need to make changes in their latest set of proposals for changing revenue recognition standards.

A House subcommittee held hearings Wednesday in which they questioned the Public Company Accounting Oversight Board’s recent proposal for mandatory audit firm rotation, along with the PCAOB’s push to make disciplinary proceedings against auditors public.

The Financial Accounting Standards Board has added a new item to its agenda to revise the accounting standards for repurchase agreements in response to the problems that led to the collapse of MF Global.

The International Federation of Accountants has published a paper calling for enhanced financial management transparency and accountability in the public sector, especially in the midst of the sovereign debt crisis.

The Financial Accounting Foundation has published a learning guide for the FASB Accounting Standards Codification system to help accountants learn their way around the relatively recent system for organizing U.S. GAAP standards.

The International Auditing and Assurance Standards Board has released a revised standard for compilation engagements, specially enhanced for the needs of small and midsized entities.

The Governmental Accounting Standards Board has proposed new financial reporting standards for state and local governments to help them account for government combinations such as mergers, acquisitions and transfers of operations, along with disposals such as sales and transfers of government operations.

Grant Thornton has released a new paper calling for an overhaul in the current thinking of the Financial Accounting Standards Board and the International Accounting Standards Board on lease accounting standards, instead advocating the use of two different lease accounting models.

International Accounting Standards Board chairman Hans Hoogervorst told attendees at a financial conference in Mexico City that the board plans to give accountants a period of relative stability to give them time to adjust to all the new standards.

The International Ethics Standards Board for Accountants has released for public exposure proposed changes to the definition of “engagement team” in the IESBA Code of Ethics for Professional Accountants.

The Financial Accounting Standards Board and the International Accounting Standards Board are not seeing eye to eye on an important component of their leasing standards project involving income statement changes for lessees.

The Securities and Exchange Commission has proposed new rules aimed at safeguarding investors from identity theft by requiring broker-dealers, mutual funds and other SEC-regulated entities create programs to detect and respond to “red flags” indicating possible identity theft.