Financial reporting

The American Institute of CPAs has issued an exposure draft resulting from AICPA’s Attestation Clarity Project in an effort to clarify the professional standards it uses for attestation engagements.

Gaylen Hansen, chairman of the National Association of State Boards of Accountancy, discusses the recent controversy over accounting standards for private companies, NASBA's disagreement with the American Institute of CPAs, and their ongoing relationship, in an interview with Accounting Today editor-in-chief Daniel Hood.

The accounting profession stayed confident about the direction of the economy this month, according to the July edition of Accounting Today’s monthly Accountants Confidence Index.

The Financial Accounting Standards Board has named James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission, as a member and vice chairman.

Gaylen Hansen, chairman of the National Association of State Boards of Accountancy, discusses the services that NASBA is offering to state boards in an interview with Accounting Today editor-in-chief Daniel Hood.

The Tennessee State Board of Accountancy has adopted a resolution officially recognizing the American Institute of CPAs’ recently issued Financial Reporting Framework for Small and Medium-sized Entities, apparently the first state board to do so.

The International Accounting Standards Board has published for public comment a discussion paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting.

ALABAMA

The proposed changes in lease accounting standards described in the recent exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.

The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB even though they do not audit public companies and may decide to drop many of them.

The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.

The Financial Accounting Standards Board and the Private Company Council voted Tuesday to finalize the Private Company Decision-Making Framework, which outlines criteria they intend to use for determining whether and under what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.

The cost of the transition to International Financial Reporting Standards was significant for many companies, but generally around the same amount they had budgeted or less than they expected, according to a new study.

With the formal release of the 2013 AICPA Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation, there are two valuation concepts that are new to the updated guide, but are already in fairly wide use.

The National Association of State Boards of Accountancy and the American Institute of CPAs have pledged their cooperation on financial reporting frameworks for private after a dispute broke out between the two organizations over the AICPA’s recent issuance of its Financial Reporting Framework for Small and Medium-sized Enterprises.

CPA firms are predicting they will face challenges in gaining acceptance of the American Institute of CPAs’ recently introduced Financial Reporting Framework for Small and Medium-sized Entities, according to a new survey.

M&A surveys, OSCPA’s Women’s Initiative and more…

To address the market demand for training in Extensible Business Reporting Language, or XBRL, the American Institute of CPAs and XBRL US, the nonprofit consortium for XBRL business reporting standards in the U.S., have introduced an XBRL US GAAP Certificate Program.

The Texas Society of CPAs unveiled a Responsibility of Individuals Project at its Annual Meeting of Members last week in Las Vegas.

IT, accounting and finance administrative processes dominate the future outsourcing plans of major companies, according to a new survey by KPMG.