Financial reporting

The Financial Accounting Standards Board and the International Accounting Standards Board issued amendments Thursday to improve and align the presentation of items of other comprehensive income in financial statements prepared in accordance with International Financial Reporting Standards and U.S. GAAP.

Accounting Today has introduced a new app for the Apple iPad and iPhone that lets readers access the magazine’s features and content from the palm of their hand.

The Financial Accounting Standards Board and the International Accounting Standards Board agreed Wednesday to re-expose their revised proposals for a common revenue recognition standard, allowing people to offer further suggestions for changes.

The three-decade-long debate of having differential standards for private companies, the tougher regulatory climate on Capitol Hill, the meteoric rise in cloud and mobile computing and the changing demographics were cited among the top issues impacting the profession.

CCH and Baker Tilly International have begun a strategic partnership that will enable accounting firms in the Baker Tilly International network to receive CCH news, insights and other information services.

Sage North America unveiled a new Sage Accountants Network program Thursday aimed at helping practitioners that serve nonprofit and governmental organizations.

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

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

Two reports from the Maryland Association of CPAs and Grant Thornton paint different pictures of whether accountants favor a separate standard-setting board for private company accounting.

The Financial Accounting Standards Board has begun a new educational webcast series that will provide continuing professional education credit to those who participate in the live broadcasts

AICPA SPOTLIGHTS LATEST M&A GUIDANCE

Norwalk, Conn.

We were taken aback by an op-ed written by Bob Kueppers and D.J. Gannon that appeared in the April 2011 issue of Accounting Today ("The Journey to convergence," page 12). We're surprised they continue to tout vague generalities about the benefits of international standards and hopelessly cling to optimistic (but naive) interpretations of the Securities and Exchange Commission's announcements. They refer to the commission's "Work Plan" as supporting convergence, when it actually lays out impossible goals for proving that the costs of achieving convergence are less than the benefits.

POTENTIAL CHANGES

The California Board of Accountancy’s Accounting Education Committee and Ethics Curriculum Committee plan to hold a joint meeting to unveil their proposals for the 30 additional hours of education necessary for CPA licensure in California, beginning Jan. 1, 2014.

The Securities and Exchange Commission staff released its work plan Thursday for how International Financial Reporting Standards might be incorporated into the U.S. financial reporting system.

Securities and Exchange Commission chair Mary Schapiro told an accounting group that “investors are not as confident as they could be” in accountants, and she plans to make some changes.

The American Institute of CPAs held its annual ritual this week of visiting lawmakers’ offices on Capitol Hill to press the case for tax simplification, a ban on tax patent strategies, changes in tax-filing due dates, and other legislative priorities.

The American Institute of CPAs gave John W. Dean, a partner at the accounting firm Heard, McElroy & Vestal, LLP, in Shreveport, La., its Public Service Award at its Spring Meeting of Council.

American Institute of CPAs president and CEO Barry Melancon derided the recent efforts of the Financial Accounting Standards Board to preserve its authority over private company accounting standards, saying, “Sometimes dynasties need to be broken.”