Financial reporting

The National Association of State Boards of Accountancy has released its annual Candidate Performance Book for Uniform CPA Examination candidates, presenting comprehensive statistical data from all four testing windows of the Uniform CPA exam last year.

Shares in group couponing site Groupon, one of the hottest IPOs of last year, took a nosedive in after-hours trading Friday after the company admitted in its annual report that it would need to revise its revenue and net income for the fourth quarter.

News from accounting firms and associations, including BKR, IGAF Polaris and KPMG

The Financial Accounting Standards Board is making progress on its disclosure framework project, which aims to establish an overarching framework to help the board establish requirements for disclosures in notes to financial statements.

CEOs, CFOs and other senior management accountants have a cautious, yet increasingly positive outlook for the global economy over the next 12 months, according to a new survey.

The New York State Society of CPAs has told the Financial Accounting Standards Board and the International Accounting Standards Board that they need to make changes in their latest set of proposals for changing revenue recognition standards.

A House subcommittee held hearings Wednesday in which they questioned the Public Company Accounting Oversight Board’s recent proposal for mandatory audit firm rotation, along with the PCAOB’s push to make disciplinary proceedings against auditors public.

The Securities and Exchange Commission said Wednesday that the U.S. GAAP 2012 Taxonomy is now available for use in the SEC’s EDGAR online database, along with the Mutual Fund Risk/Return Summary 2012.

Firm News -- March 23

The Financial Accounting Standards Board has added a new item to its agenda to revise the accounting standards for repurchase agreements in response to the problems that led to the collapse of MF Global.

The International Federation of Accountants has published a paper calling for enhanced financial management transparency and accountability in the public sector, especially in the midst of the sovereign debt crisis.

The Financial Accounting Foundation has published a learning guide for the FASB Accounting Standards Codification system to help accountants learn their way around the relatively recent system for organizing U.S. GAAP standards.

The accounting scandal at snack maker Diamond Foods in recent months may have shocked shareholders and some California walnut farmers.

The Financial Accounting Standards Board has decided against undertaking a separate project to revise a controversial standard to account for uncertainty in income taxes.

The International Auditing and Assurance Standards Board has released a revised standard for compilation engagements, specially enhanced for the needs of small and midsized entities.

The Governmental Accounting Standards Board has proposed new financial reporting standards for state and local governments to help them account for government combinations such as mergers, acquisitions and transfers of operations, along with disposals such as sales and transfers of government operations.

Firm News - March 16

LinkedIn has recently launched a special group for accountants that is already attracting a growing group of accountants.

The March edition of Accounting Today’s Accountants Confidence Index reveals that the profession has lowered its expectations for growth in the next three to six months.

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