Accounting standards

The International Accounting Standards Board and the International Federation of Accountants agreed Tuesday to strengthen their cooperation on developing accounting standards for both the private and public sectors.

The Financial Accounting Standards Board and the International Accounting Standards Board published revised proposals Monday for revenue recognition as part of their continuing efforts at convergence.

The International Federation of Accountants’ Small and Medium Practices Committee has released the third edition of its Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities.

The Financial Accounting Standards Board has added two new projects to its agenda aimed at improving financial reporting by not-for-profit organizations.

The Financial Accounting Standards Board is proposing to defer some of the changes it required earlier this year in the presentation of other comprehensive income on financial statements after hearing objections from various quarters.

The American Institute of CPAs’ Financial Reporting Executive Committee has published a working draft of a new AICPA Accounting and Valuation Guide, “Testing Goodwill for Impairment.”

The Financial Accounting Standards Board has proposed a set of improvements in financial reporting on consolidations that would affect all companies required to evaluate whether they should consolidate another entity.

The Financial Accounting Foundation plans to host a series of three public roundtables early next year and a live webcast later this month to give constituents an opportunity to provide their feedback on its recent proposal to create a Private Company Standards Improvement Council.

Candidly, it has taken much longer than it should for us to fully comprehend and explain the gaping distinction between financial accounting and financial reporting. Since we figured it out, though, we've looked at things differently, to the point that we now believe a company's own transactions are not valid sources of useful information.

IMGCAP(1)]In mid-2011, the American Institute of CPAs established a Service Organization Controls reporting framework in hopes of providing the public and CPAs with a clearer understanding of the reporting options for service organizations.

More than half of global businesses are unaware of pending lease accounting changes that would virtually eliminate the use of off-balance sheet leases, according to a new survey by Grant Thornton.

The Financial Accounting Standards Board has released two proposed accounting standards updates to clarify the criteria for investment company accounting and develop guidance for investment property accounting.

The American Institute of CPAs has launched a new letter-writing campaign aimed at pressuring the Financial Accounting Foundation to set up a separate standard-setting board for private company accounting.

Chief financial officers and investors have increased their support for global accounting standards since the start of the economic crisis in 2008, according to an international survey published Thursday by the global Association of Chartered Certified Accountants.

The Public Company Accounting Oversight Board announced Thursday that it had permanently barred a Denver-based audit partner and permanently revoked the registration of a registered public accounting firm because the audit partner had participated in audits while subject to a previous bar.

The Financial Accounting Standards Board said Wednesday that it would consider postponing the effective date of certain provisions of a recently issued standard on the presentation of comprehensive income.

The Public Company Accounting Oversight Board voted Tuesday to propose requiring PCAOB-registered accounting firms to disclose the name of the engagement partner in the audit report they file for a corporate client and on the PCAOB Annual Report form.

In his first speech in the U.S. as chairman of the International Accounting Standards Board, Hans Hoogervorst made the case for why the U.S. should adopt International Financial Reporting Standards.

The American Institute of CPAs has stepped up its campaign to dislodge control of private accounting standard-setting from the Financial Accounting Standards Board.

The Financial Accounting Standards Board has released a new Accounting Standards Update aimed at improving employer disclosures for multiple-employer pension plans.