Financial reporting

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.

Firm News -- March 9

Grant Thornton has released a new paper calling for an overhaul in the current thinking of the Financial Accounting Standards Board and the International Accounting Standards Board on lease accounting standards, instead advocating the use of two different lease accounting models.

International Accounting Standards Board chairman Hans Hoogervorst told attendees at a financial conference in Mexico City that the board plans to give accountants a period of relative stability to give them time to adjust to all the new standards.

The Financial Accounting Standards Board has added a new project to its agenda to re-examine the definition of a “nonpublic entity,” as part of its efforts to reach out more to private company constituents.

The Institute of Management Accountants and cloud-based financial and ERP product provider NetSuite Inc. have released a 23-page report, offering insights into the greatest challenges faced by today’s finance organizations, along with the steps that companies are taking to overcome them.

Guarini Takes Helm at GH•D

Michael Andrew, the chairman of KPMG International, sees a variety of audit risks arising in the global financial markets.

A new study suggests that using online video to announce a financial restatement can lead to an erosion in investor trust if not handled properly.

IMGCAP(1)]Regulators are favoring more disclosure in annual reports prepared for public companies for fiscal year 2011, but they are also bringing in a dose of reasonableness in regards to burdensome valuation requirements.

Accounting and consulting firm Moss Adams has introduced a mobile app, making its digital magazine Moss Adams Insights accessible on any iPhone, iPod Touch, iPad and Android device.

Proposed changes in leasing accounting standards are creating concerns among many businesses that use long-term leases, with 92 percent of executives in a new survey indicating they are unprepared to address the changes.

The Financial Accounting Standards Board and the International Accounting Standards Board are not seeing eye to eye on an important component of their leasing standards project involving income statement changes for lessees.