Financial reporting

Recent promotions, new hires and more at accounting firms across the country.

The Institute of Management Accountants has thrown its support behind the Financial Accounting Foundation’s plan to establish a Private Company Council to improve the process of setting accounting standards for private companies.

The Professional Accountants in Business Committee of the International Federation of Accountants has proposed guidance to help accountants improve their business reporting processes.

Financial Accounting Foundation president and CEO Terri Polley explained to Accounting Today some of the thinking behind the new Private Company Council that the FAF Board of Trustees voted to create on Wednesday.

The American Institute of CPAs has agreed to lend its support to the new Private Company Council established by the Financial Accounting Foundation after opposing an earlier version proposed by the FAF last year.

The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.

The New York State Society of CPAs said the Internal Revenue Service should provide safe harbor guidelines for transferring property from one irrevocable trust to another, a process known as a trust decanting.

The Pan African Federation of Accountants has approved a resolution to adopt international accounting and auditing standards.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.

The AICPA celebrated its 125th anniversary last week at its Spring Meeting of Council, and our reporters were on site to bring you the highlights.

Ohio-based accounting firm Skoda Minotti has acquired information technology firm PBnJ Solutions, and added it to its Technology Partners services group.

Top 10 Firm BKD LLP announced that regional managing partner Ted Dickman will be its next CEO, effective June 1.

Moss Adams chairman Robert Bunting, a former chairman of the American Institute of CPAs, assembled a group of his fellow former AICPA chairmen to mark the 125th anniversary of the Institute.

A group of high-ranking officials in accounting and auditing standard-setting organizations discussed the changing standards for mandatory audit firm rotation, private company accounting and other controversial issues at the American Institute of CPAs’ Spring Meeting of Council.

The American Institute of CPAs marked its 125th anniversary during its Spring Meeting of Council, with meetings on Capitol Hill and the White House with lawmakers and policymakers, capped off with a lavish black tie reception.

The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

The American Institute of CPAs has written a letter to the leaders of the House Ways and Means Committee and the Senate Finance Committee asking them to amend the Tax Code to allow estates and nongrantor trusts to fully deduct the cost of complying with the fiduciary duties of administering estates and trusts.

Kenneth Leventhal, CPA, founder of one of the largest CPA firms in the country, Leventhal & Co., and a noted philanthropist, died on May 8 at the age of 91.

Top 100 Firm Eide Bailly announced that nine staff members have been accepted into the partnership: Travis Burgess and Jodi Daugherty, in Boise, Idaho; Judy Vorndran and TJ Bert, in Golden, Colo.; Todd Harker, in Vail, Colo.; Sean Hales, in Phoenix; and Jenni Huotari, Chris Lee and Shelley Earsley, in Fargo.