Financial reporting

The Financial Accounting Standards Board’s Not-for-Profit Advisory Committee has recommended a set of fundamental changes in the accounting rules for nonprofit organizations that would require them to explain their finances to donors and other interested parties in greater detail.

The Financial Accounting Foundation’s board of trustees released a proposed plan Tuesday calling for the establishment of a new council that would be able to identify, propose and vote on improvements to U.S. accounting standards specifically for private companies, but the changes would still be subject to ratification by the Financial Accounting Standards Board.

Crowe Horwath LLP plans to merge in Perry-Smith LLP on Nov. 1, expanding the Chicago-based firm’s footprint to San Francisco and Sacramento.

As last month's one-two punch of Hurricane Irene and Tropical Storm Lee devastated the East Coast with massive flooding, widespread power outages and as-yet-uncalculated billions in damages, many of that region's accounting firms were forced to implement disaster recovery programs before business slowly returned to normal.

The Financial Accounting Foundation is poised to release the proposals of its trustee working group for changing the structure and process of the Financial Accounting Standards Board's oversight of standards for private companies and nonprofits.

The Financial Accounting Standards Board has finalized a new standard aimed at simplifying how organizations test goodwill for impairment.

The concept of quality governance practices within nonprofit organizations is not revolutionary. Historically, however, the role of those charged with the governance of nonprofit organizations - the board of directors - has not always been clearly defined.

PRIVATE MATTERS

Accounting Today has released its annual list of the Best Accounting Firms to Work For, which identifies and honors the best places of employment in the accounting industry.

In a union that would create one of the largest CPA and business advisory firms in California, Top 100 Firm Burr Pilger Mayer is merging with Windes & McClaughry Accountancy Corp., effective Jan. 1, 2012.

H&R Block announced Thursday it will discontinue service under its ExpressTax brand, which primarily served early filers who wanted quick refunds and currently has 269 franchise offices.

While Southeast accounting firm Elliott Davis scored first in four categories of university and employer ranking Web site Vault.com’s Accounting Quality of Life Rankings for 2012, accounting firms shared the wealth in the other 11 categories.

Big Four firm KPMG LLP has agreed to acquire Optimum Solutions, an Oracle Platinum Partner that provides management consulting and implementation services for organizations using Oracle Corp.’s enterprise software.

A total of 33 state CPA societies representing over 275,000 CPAs have written letters so far to the Financial Accounting Foundation or passed resolutions urging the FAF to create a new accounting standard-setting board for privately held companies, according to the American Institute of CPAs.

Small and midsized enterprises are placing greater emphasis on sustainability strategy in tandem with their accounting, according to a new report.

Vault.com has ranked Grant Thornton as the top accounting firm to work for in the employment site’s second annual rankings.

The Private Company Financial Reporting Committee discussed proposed accounting standards for revenue recognition, leasing and investment properties during a meeting with members of the Financial Accounting Standards Board.

The Governmental Accounting Standards Board has extended the deadline until October 14 for constituents to comment on its recent proposals for improving the disclosures for pension accounting and financial reporting.

Deloitte Touche Tohmatsu global CEO Barry Salzberg led his firm to record revenues of $28.8 billion this past year.