Financial reporting

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A roundup of audit & assurance news from the previous month

A new report from the Public Company Accounting Oversight Board found that firms that audit 100 or fewer public companies showed a reduced rate of reported deficiencies in their 2007 through 2010 inspections, but in 2011, the rate of deficiencies showed little sign of declining.

Tax Freedom Day report is on its way, Plante Moran named employer of the year, BeachFleischman has launched an anti-fraud service and more...

The Financial Accounting Standards Board has voted to extend the comment deadline for a much-debated proposal on credit losses and loan impairments.

Microsoft Dynamics GP partner The Resource Group will launch a series of webcasts beginning April 10, designed to educate companies about the hidden costs of entry-level accounting systems.

A recent academic study suggests that adopting a conservative accounting style can hinder a company’s ability to innovate.

An anti-fraud group has released the first of a series of new case studies aimed at teaching audit committees, financial executives and auditors where and how fraud can arise.

International association of independent accounting firms Enterprise Worldwide has partnered with Canadian firm association Porter Hétu International.

The Internal Revenue Service has released its annual “Dirty Dozen” list of tax scams, advising taxpayers to be aware of identity theft, phishing scams and several other red flags that can cause financial mayhem.

The Public Company Accounting Oversight Board is seeking comments on a proposal to reorganize its auditing standards into a single system.

More internal auditors are reporting to their organizations’ chief executive officers than before, according to a semi-annual study by the Institute of Internal Auditors.

The American Institute of CPAs announced the 39 winners of the 2012 Elijah Sells Award, given to outstanding performers on the uniform CPA examination.

Responding to concerns about their allowance model and in an attempt to simplify impairment guidance for financial institutions, the Financial Accounting Standards Board has issued several exposure drafts of proposed models to take into account “expected losses” rather than the current “incurred loss” model.

— The Financial Accounting Standards Board has released a staff document that provides answers to questions about FASB’s recently issued proposal on expected credit losses.

The Financial Accounting Standards Board has added three new implementation guides to its series on using Extensible Business Reporting Language, or XBRL, interactive data tags in financial statements.

Awards, Best Places to Work recognition and more…

The International Ethics Standards Board for Accountants has released stronger provisions in its Code of Ethics for Professional Accountants to address conflicts of interest and a breach of a requirement of the code.