Financial reporting

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.

The May edition of Accounting Today's monthly Accountants Confidence Index continues the expectation of expansion that started in April.

Check out the digital edition of the May 2012 issue of Accounting Today.

Recent developments at accounting firms across the U.S. and around the world.

This time, we've decided to touch briefly on 19 current issues, doing a "Lightning Round," instead of covering only one in depth.

With the G-20 finance ministers having given accounting standard setters a new deadline of mid-2013 to get their convergence work done, the Securities and Exchange Commission is under fresh pressure to reach a decision on incorporating International Financial Reporting Standards into the U.S. financial reporting system.

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, plans to release the updated version of its Internal Control–Integrated Framework in the first quarter of 2013, instead of the fall of 2012.

The finance and accounting outsourcing market is expected to rebound this year, with 10 to 15 percent growth, following a slowdown last year.

A roundup of news from the world of auditing, attest and assurance.