Financial reporting

A roundup of news from around the profession from the previous month.

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A roundup of audit and attest news from the previous month.

The Financial Accounting Standards Board and the Private Company Council have issued the final version of their Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies

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The Financial Accounting Foundation has announced that the Financial Accounting Standards Board’s FASB Accounting Standards Codification has been enabled for use on tablet devices.

The International Accounting Standards Board has released an interim standard for businesses that engage in rate-regulated activities, such as gas, electric and water utility companies, even as a new report from two prominent accounting profession organizations outlines some of the challenges the IASB is facing.

The Governmental Accounting Standards Board has released an implementation guide for the new GASB standards for accounting and financial reporting for pensions.

The Financial Accounting Foundation has appointed Steven E. Buller, the managing director and former CFO of the investment management firm BlackRock, as the new chairman of the Financial Accounting Standards Advisory Council, a key advisory group for the Financial Accounting Standards Board, which the FAF oversees.

The American Institute of CPAs’ Auditing Standards Board is proposing changes in subject-matter specific attestation standards.

The Financial Accounting Standards Board voted Wednesday to reorganize its future agenda to focus more closely on the issues most important to FASB stakeholders, as it anticipates completion of its remaining four convergence projects for harmonizing U.S. GAAP with International Financial Reporting Standards.

Nearly 80 percent of business executives surveyed last year by Deloitte anticipate that complying with the lease accounting standards that the Financial Accounting Standards Board and the International Accounting Standards Board have been collaborating on will be difficult, with concerns especially high about data quality and information technology systems.

The Financial Accounting Foundation said Tuesday that it will contribute up to $3 million to the International Financial Reporting Standards Foundation to help complete some of their joint accounting standards convergence projects.

With eight overall new Securities and Exchange Commission clients and a net gain of five, Top 20 Firm Marcum topped the charts among large and national firms in the fourth quarter — bringing in over a million dollars in audit fees.

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The Financial Accounting Standards Board has launched the FASB Outlook, a new quarterly e-newsletter designed to keep people informed about FASB’s current projects and activities.