Financial reporting

The Financial Accounting Standards Board has added a new project to its agenda aimed at reducing or eliminating the need for private companies and not-for-profit organizations to provide as many fair value measurement disclosures as public companies.

PCAOB Expands Standing Advisory Group

Accounting firm Clifton Gunderson said Tuesday it is intensifying its efforts to persuade the Financial Accounting Foundation to set up an independent board to set accounting standards for privately held companies.

International Accounting Standards Board chairman Hans Hoogervorst said that regardless of which way the Securities and Exchange Commission decides to go on supporting International Financial Reporting Standards, the main thing that is needed from the U.S. right now is “clarity.”

Trilogy Software Inc. has completed its first-round equity offering of $3.3 million, which will be used to launch the company’s DoxCycle intelligent tax source document management software and to explore opportunities in the professional tax and accounting industry.

The American Institute of CPAs settled its copyright infringement lawsuit Tuesday with KAPLI Inc., a provider of review course materials, over the company’s alleged use of some of the questions and test items from the AICPA’s Uniform CPA Exam that had not previously been made public.

The International Accounting Standards Board and the International Federation of Accountants agreed Tuesday to strengthen their cooperation on developing accounting standards for both the private and public sectors.

The Private Company Financial Reporting Committee held what is likely to be one of its final meetings last week as the PCFRC gets ready to disband.

The Financial Accounting Foundation’s board of trustees has appointed 13 new members to the Financial Accounting Standards Advisory Council and five new members to the Governmental Accounting Standards Advisory Council, effective January 1.

The Texas Society of CPAs has weighed in on the Financial Accounting Foundation’s controversial proposal to set up a Private Company Standards Improvement Council and sent a letter expressing its “respectful disagreement.”

The Securities and Exchange Commission has released two eagerly anticipated staff papers comparing International Financial Reporting Standards with U.S. GAAP and analyzing IFRS in practice at foreign companies.

The Financial Accounting Foundation has sent a comment letter to the Securities and Exchange Commission supporting the so-called “condorsement” approach to incorporating International Financial Reporting Standards into the U.S. financial reporting system, but with some important changes.

Investors and financial executives are increasingly feeling overloaded by the volume and complexity of financial disclosure information in annual reports and other financial filings, according to a new study.

Financial Executives International has teamed up with the Center for Audit Quality, the Institute of Internal Auditors and the National Association of Corporate Directors on a new anti-fraud quiz.

The Financial Accounting Standards Board and the International Accounting Standards Board published revised proposals Monday for revenue recognition as part of their continuing efforts at convergence.

Mike Karlins, a partner at the Woodlands, Texas-based CPA firm Karlins & Ramey LLC, was recently accepted into membership of Construction Industry CPAs/Consultants Association by executive director John Corcoran in Chicago during CICPAC’s recent annual conference.

The Financial Accounting Standards Board has added two new projects to its agenda aimed at improving financial reporting by not-for-profit organizations.

The Financial Accounting Standards Board is proposing to defer some of the changes it required earlier this year in the presentation of other comprehensive income on financial statements after hearing objections from various quarters.

Securities and Exchange Commission chief accountant James Kroeker criticized the American Institute of CPAs’ resolution of disapproval against the Financial Accounting Foundation’s proposal to set up a Private Company Standards Improvement Council, calling it a “clear threat to the independence of the FAF.”

The worst is over for accounting firms, said Allan D. Koltin, chief executive of Koltin Consulting Group, in his keynote address at the Thomson Reuters Users’ Conference for Professional Tax & Accounting Firms.