Accounting standards

IMGCAP(1)]The Financial Accounting Standards Board recently issued an exposure draft on revenue recognition that is expected to have a significant impact on accountants, auditors and entities alike.

The Public Company Accounting Oversight Board has proposed a new auditing standard covering confirmation procedures, with more of a focus on obtaining audit evidence from independent third parties.

Fitch Ratings has issued a report on the Financial Accounting Standards Board’s recently unveiled proposal requiring most financial instruments, including loans, to be measured on the balance sheet at fair value.

The Public Company Accounting Oversight Board has released updated staff guidance to help accounting firms outside the U.S. to register with the board even if their countries do not allow the PCAOB to inspect them or answer some of the questions on a PCAOB application form.

The Federal Trade Commission has further delayed enforcement of the so-called “Red Flags” Rule for identity theft prevention until Dec. 31, while Congress considers legislation that would affect the scope of entities covered by the rule.

We begin by repeating this Feb. 24, 2010, quote from the American Institute of CPAs' Barry Melancon: "Our increasingly global economy makes it clear that the U.S. should move toward a single set of high-quality, globally accepted accounting standards for public companies."

The Senate voted last week to approve a historic financial regulatory reform bill that would make sweeping changes in how the financial system is regulated.

Securities and Exchange Commission Chair Mary Schapiro tried to explode some of the “myths” about the agency’s drawn-out convergence of U.S. GAAP with International Financial Reporting Standards, insisting the SEC is committed to global accounting standards and not simply protecting America’s “parochial” interests.

IMGCAP(1)]From a compliance perspective, the new U.S. health care law raises a number of issues for corporate America.

The International Public Sector Accounting Standards Board has published its 2010 Handbook of International Public Sector Accounting Pronouncements.

The International Accounting Standards Board has published the results of an international research project on how to account for extractive activities in the oil, gas, and mineral industries.

The Public Company Accounting Oversight Board has proposed an auditing standard on “Communications with Audit Committees,” and a series of related amendments to interim standards.

Washington, D.C.-At least 12 major nations - including several of the U.S.'s top international trading partners - are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

The Public Company Accounting Oversight Board plans to hold seven forums around the country to discuss auditing in the small business environment.

Members have been named to a blue-ribbon panel to provide recommendations on accounting standards for privately held companies.

SEC APPROVES ENGAGEMENT REVIEW STANDARD

At least a dozen major nations – including several of the USA’s top international trading partners – are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

The Public Company Accounting Oversight Board has launched a redesigned and expanded Web site.

The Public Company Accounting Oversight Board has published two sets of staff questions and answers to provide guidance about a registered auditing firm’s obligation to report certain events to the PCAOB in special reports, and the process through which a firm can succeed to a predecessor firm’s registration status.

The California Board of Accountancy is requiring CPAs licensed in California to take additional ethics education classes starting in the New Year, and all accounting firms in the state will be subject to peer review.