Financial reporting

The American Institute of CPAs’ Financial Reporting Executive Committee has published a working draft of a new AICPA Accounting and Valuation Guide, “Testing Goodwill for Impairment.”

The Financial Accounting Standards Board has proposed a set of improvements in financial reporting on consolidations that would affect all companies required to evaluate whether they should consolidate another entity.

Value pricing, also known as fixed-fee billing, is attractive on some levels to both accountants and their clients: accountants, because they get their fee up front, normally at a premium above their time-based billing; and clients, because it provides them with certainty about the services they will receive and the fee they will be billed.

Check out the digital edition of the November 2011 issue of Accounting Today.

The Financial Accounting Foundation plans to host a series of three public roundtables early next year and a live webcast later this month to give constituents an opportunity to provide their feedback on its recent proposal to create a Private Company Standards Improvement Council.

The spectacular bankruptcy of MF Global this week has led to speculation about what led to the brokerage firm’s downfall.

FASB ISSUES MULTI-EMPLOYER PENSION PLAN STANDARD

The American Institute of CPAs has thrown down the proverbial gauntlet to the Financial Accounting Foundation, passing a resolution giving its board the option to create a separate body to develop accounting standards for private companies.

Accounting firms that have been able to report increased revenues during the economic downturn often have niche services, strategic promotion of these services, and a hard push behind their best people and expertise to thank for that growth.

SPLITTING THE DIFFERENCE

The head of a British accounting group is warning the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board against pursuing a so-called “condorsement” approach to International Financial Reporting Standards.

Accounting Today handed out the awards for the Best Accounting Firms to Work For 2011 at the Accounting Today Growth & Profitability Summit in Las Vegas.

U.S. and Hong Kong accounting organizations have inked a five-year mutual recognition agreement that would allow reciprocity between U.S. and Hong Kong CPAs.

More than half of global businesses are unaware of pending lease accounting changes that would virtually eliminate the use of off-balance sheet leases, according to a new survey by Grant Thornton.

Financial Accounting Standards Board chair Leslie Seidman gave a cautious thumbs-up to the so-called “condorsement” approach to incorporation of International Financial Reporting Standards in the U.S., while defending FASB’s authority over private company accounting standards.

The National Association of State Boards of Accountancy has launched a new Web site, CPAverify.org, that provides a central database of state licensee information about CPAs practicing across the U.S.

New information made public by the U.S. Federal Election Commission reveals that members of the accounting profession are opening their checkbooks early and often in an effort to help candidates in the 2012 Presidential elections.

Unlike Texas Governor Rick Perry, I personally do not spend time mulling over the immigration status of Mitt Romney's lawn care crew.

The Financial Accounting Standards Board has released two proposed accounting standards updates to clarify the criteria for investment company accounting and develop guidance for investment property accounting.

Unlike Texas Governor Rick Perry, I personally do spend time mulling over the immigration status of Mitt Romney's lawn care crew.