Financial reporting

The board of trustees of the Financial Accounting Foundation appointed 10 new members Monday to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

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A post-implementation review of a 1992 accounting standard addressing the accounting for income taxes found that the standard generally achieved its intended purpose, but may not have reduced the complexity of accounting for income taxes.

The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

The Institute of Management Accountants has become a member of the International Federation of Accountants, reflecting the growing importance of management accountants in the global economy.

The Securities and Exchange Commission and the Public Company Accounting Oversight Board are expanding their efforts to deter accounting fraud, reaching out to academics, practitioners and others to find ways to better detect accounting fraud.

The International Accounting Standards Board has introduced a new hedge accounting model as a major step forward in the financial instruments project on which it has been collaborating with the Financial Accounting Standards Board.

Paychex Inc. has officially introduced Paychex Accounting Online – a secure cloud accounting offering aimed at small businesses and powered by strategic partner Kashoo.

Xero has added new features to its cloud accounting software designed to make managing finances and related financial documents in the cloud easier for accounting professionals and small businesses.

The Financial Accounting Foundation and the Financial Accounting Standards Board have launched a new section on the FAF Web site that features audio, transcripts and photos from the September’s FASB@40 Conference hosted in New York to commemorate the FASB’s 40th anniversary.

The chairmen of the Financial Accounting Standards Board and the International Accounting Standard Board appeared alongside each other Monday to discuss the status of their efforts to converge accounting standards over the past decade or more and their plans for the future as the convergence effort appears to be running out of steam.

Apple has approved Workbox, a new app designed to allow users to run all bookkeeping functions directly from their iPads.

Cloud accounting and financial software provider FinancialForce.com has launched FinancialForce Revenue Recognition, the latest addition to its suite of cloud applications built on the Salesforce platform.

The Private Company Council has voted to finalize an alternative standard for private companies to use when applying variable interest entity guidance to common control leasing arrangements.

Michel Prada, chairman of the IFRS Foundation Board of Trustees, which oversees the International Accounting Standards Board, took countries like the U.S. and Japan to task for taking what he called an “à la carte” approach to accounting standards by not fully embracing International Financial Reporting Standards.

Accounting firms could find value in managing their clients online funding campaigns, according to Xcentric's vice president of marketing Roy Keely.

For the last several years, accounting firms have been merging with or acquiring their peers -- but the shopping spree is bound to come to an end as future leaders head out to create their own practices once the combined firms complete their integration, according to Boomer Consulting shareholder and COO Sandra Wiley.

The Governmental Accounting Standards Board has released a new online toolkit to help preparers and auditors of state and local government pension plans implement new accounting and financial reporting standards.

Accountants face irrelevance if they don't keep up with the continuing changes in technology, according to Jon Baron, managing director of Thomson Reuters' Professional Tax & Accounting.

Ernst & Young has been making a greater effort this Veterans Day and in recent years to increase its outreach to veterans and hire more members of the military to bring their leadership skills to the firm.