Financial reporting

Baker Tilly International said Friday that revenues of its global accounting firm network grew 5 percent to $3.2 billion for the year ending June 30, 2011.

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they would work together on seeking to reduce the differences in their classification and measurement models for financial instruments.

The Financial Accounting Standards Board has proposed an updated standard on impairment testing of intangible assets with indefinite lives, such as trademarks, licenses and distribution lives.

The National Association of State Boards of Accountancy and the American Institute of CPAs have both given their final approval to a revised set of standards for providers of continuing professional education programs for accountants.

International Accounting Standards Board chairman Hans Hoogervorst told attendees at an accounting conference in Moscow on Monday that he believes the U.S. will ultimately decide to support International Financial Reporting Standards.

The American Institute of CPAs has begun offering a revenue-sharing arrangement to state CPA societies if they help market the new Chartered Global Management Accountant designation to their members.

European Commission plans to bring the European Union into line with the possibly less stringent Sarbanes-Oxley measures to ban audit firms from offering tax and other non-audit services to audit clients are facing controversy as the issue moves to the European Parliament.

Firm News - January 20

Five Accounting Firms Make Fortune's Best Companies List

Succession planning, recruiting, M&A and developing top talent and pricing pressures were among several front-burner issues that came to the forefront during a roundtable discussion by members of the Advisory Board.

Credit rating agency Fitch Ratings said in a new report that it expects the U.S. will still move forward with plans to incorporate International Financial Reporting Standards into U.S. GAAP, but in a “prolonged, cautious and incremental way.”

HA&W Names Next MP

The Financial Accounting Standards Board has made available the 2012 U.S. GAAP Financial Reporting Taxonomy, which can be used to submit XBRL-format financial filings to the Securities and Exchange Commission.

Canada’s three legacy accounting bodies—the Canadian Institute of Chartered Accountants, the Certified Management Accountants of Canada, and the Certified General Accountants of Canada—presented a proposed framework to their members Tuesday for uniting Canada’s accounting profession.

More than three-quarters of investment bankers surveyed by BDO USA indicated that Chinese accounting scandals have led them to increase their due diligence when vetting China-based offerings.

Financial Accounting Standards Board chair Leslie Seidman has been reviewing the suggestions that have been coming in about the proposed Private Company Standards Improvement Council while awaiting a decision on how much authority her board will have over the new council.

Firm News - January 13

Financial Executives International has released a list of the top challenges in 2012.

The Financial Accounting Foundation has conducted its first post-implementation review of an accounting standard, starting with FIN 48, “Accounting for Uncertainty in Income Tax Positions,” and found it generally achieved its purpose, though it still needs some improvement.