Financial reporting

The outlook on the U.S. economy declined further among CFOs, controllers and CPAs in executive and senior management accounting roles in the third quarter, according to a survey by the American Institute of CPAs.

The Financial Accounting Standards Board and the International Accounting Standards Board have updated the computer-readable tags for their accounting standards and exposed them for public comment.

ALTERNATIVE NO MORE

The International Accounting Standards Board has proposed revising its standards in order to define investment entities as a separate type of entity that would be exempt from the requirements for consolidated financial statements.

The Securities and Exchange Commission has reached a settlement with the former CFO of Beazer Homes USA to recover his bonus and stock sale profits from the time when the home-building company was committing accounting fraud.

Kansas accounting firm Summers Spencer & Co. has absorbed Overland Park, Kan.-based accounting firm James F. Gillespie CPA through a merger, reported the Kansas City Business Journal.

Financial services conglomerate Bloomberg and tax publisher BNA have entered into an agreement for Bloomberg to acquire all outstanding shares of BNA in a deal worth roughly $990 million, it was announced Thursday.

A new report from the Treasury Inspector General for Tax Administration concludes that the IRS needs to improve the timeliness and accuracy of its response to taxpayer complaints about math error adjustments.

McGladrey & Pullen announced Tuesday that its board of directors has reached an agreement with H&R Block to purchase back RSM McGladrey Inc. for $610 million, reuniting the assurance, tax and consulting practices under an integrated McGladrey & Pullen partnership structure.

For as long as I've been eligible to vote, I've always been a proponent of term limits. I believe being elected by a voter constituency to serve in any capacity is an honor and privilege, not an occupational annuity.

Governor Andrew Cuomo has signed a CPA mobility bill into law in New York State.

Non-GAAP earnings numbers are better at predicting a company’s future earnings potential, but they are more subject to opportunistic manipulation and insider trading, a new study finds.

The American Institute of CPAs has recommended that the Securities and Exchange Commission permit public companies in the U.S. to adopt International Financial Reporting Standards on an optional basis.

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

The Financial Accounting Standards Board has approved an updated accounting standard to simplify how an entity should test goodwill for impairment.

The International Federation of Accountants’ Professional Accountants in Business Committee has published a new paper on the changing expectations of employers for professional accountants in the business world.

The Securities and Exchange Commission has released an updated manual for companies filing financial reports in the SEC’s Edgar online system.

IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.

The U.S. CPA Exam was successfully administered at five international test sites: Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates.

The New York State Society of CPAs sees comparability and quality as two of the main obstacles to the adoption of International Financial Reporting Standards in the U.S.