Financial reporting

Firm News -- March 2

E&Y TO PAY PCAOB $2M TO SETTLE AUDIT CHARGES

WHERE'S MY REFUND?

The International Valuation Standards Council has begun a project with the goal of bringing greater consistency to how financial derivatives should be valued, even as the International Accounting Standards Board and the Financial Accounting Standards Board continue to tinker with their financial instruments accounting standards project.

Firm News -- February 24

A senior U.S. regulator was "optimistic" on Monday about finding a framework for the world's top economy to use global book keeping rules for investors to compare cross-border companies.

The Financial Accounting Standards Board and the International Accounting Standards Board are planning to host a series of outreach meetings around the world on their latest proposals for changes in the standards for revenue recognition.

The Governmental Accounting Standards Board has expanded and updated its guide to understanding local government financial statements, and plans to publish more taxpayer-oriented guides later this year.

The Financial Accounting Foundation intends to conduct post-implementation reviews of several business and government accounting standards pertaining to business combinations, reportable operating segments, deposits, investments, and repurchase agreements, to see how well they have worked in practice.

Members of the Financial Accounting Standards Board held a two-day meeting this week with officials from the Accounting Standards Board of Japan how they could better align accounting rules.

IMGCAP(1)]Check out the digital edition of the February 2012 issue of Accounting Today.

Firm News - February 10

The National Association of State Boards of Accountancy is awarding $25,000 in grants to academicians and post-doctoral researchers to research educational issues that affect CPAs, the public accounting professions and the responsibility of state accounting boards to protect the public.

Professional accountants need to respond to increasing demand from investors for non-financial information, specifically environmental, social and governance disclosures, according to a new report.

Firm News - Feb. 3

Financial Accounting Standards Board chair Leslie Seidman provides an update on the progress FASB is making on converging U.S. GAAP with IFRS and the SEC's delayed decision on incorporating IFRS in the U.S. financial reporting system in an interview with Accounting Today editor-in-chief Bill Carlino.

We're drafting this column in January, when many were surely puzzling over Securities and Exchange Commission Chief Accountant Jim Kroeker's December announcement that the commission would not, after all, decide by year end whether the International Accounting Standards Board and International Financial Reporting Standards would replace the Financial Accounting Standards Board and U.S. GAAP.

The column you regularly publish by Profs. Miller and Bahnson has finally reached the point where it can no longer be ignored. While I cannot be labeled a regular reader, I do gaze at it just to see who or what they have decided to flagellate.

A SLOW START

The American Institute of CPAs and the Chartered Institute of Management Accountants formally launched their Chartered Global Management Accountant designation on Tuesday with a joint event in New York and London.