Financial reporting

International Accounting Standards Board chairman Sir David Tweedie made the case Thursday for U.S. businesses and the Securities and Exchange Commission to support International Financial Reporting Standards this year.

Basic changes to the format of financial reports need to be made to keep them relevant and useful, according to a newly released report.

The Financial Accounting Foundation said Monday it would begin live video webcasting of all education sessions hosted by the Financial Accounting Standards Board.

The board of trustees of the Financial Accounting Foundation has formed a trustee working group to address the issue of accounting standard-setting for nonpublic entities.

Transitioning to International Standards on Auditing has become an important issue for many accountants, according to a new survey.

International administration of the Uniform CPA Examination will be offered during the month of August in Japan, Bahrain, Kuwait, Lebanon, and the United Arab Emirates, the American Institute of CPAs, the National Association of State Boards of Accountancy and Prometric announced on Tuesday.

The Securities and Exchange Commission has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy.

Finding the best method of measuring assets and liabilities has been both elusive and controversial.

The International Federation of Accountants has released a revised edition of its Good Practice Guide, “Establishing and Developing a Professional Accountancy Body,” with new material on governance, the public sector, case studies, and practical illustrations.

The trustees of the IFRS Foundation have appointed Takatsugu Ochi to a five-year term on the International Accounting Standards Board, reflecting an effort to include representation from outside Europe and North America.

A working group has started providing guidance on new international accounting standards for small and midsized companies.

A California technology company has filed suit for the second time against the Financial Accounting Standards Board, alleging antitrust violations and willfully attempting to misappropriate patented technology after it submitted a comment to FASB recommending its technology.

The effects of the financial crisis continue to be felt by small businesses, according to small and midsized accounting practitioners recently polled by the International Federation of Accountants, but they believe this year will be a better one for their firms.

The American Institute of CPAs has partnered with Bank of America to develop banking and credit services for AICPA members.

Robert Herz, the former chairman of the Financial Accounting Standards Board, who retired unexpectedly last fall, has found a new job: senior advisor at WebFilings, a company that provides technology for SEC financial filings.

Check out the digital edition of the February issue of Accounting Today.

The Governmental Accounting Standards Board has proposed guidance on how to apply the accounting standards when a hedging derivative is terminated for a government entity.

Representatives of the U.S. and Japanese accounting standards boards met in Connecticut this week to talk about their efforts to converge with international standards.

Check out the digital edition of the February issue of Accounting Today.

Congressmen Brad Sherman, D-Calif., and Michael Conaway, R-Texas, have formed a Bipartisan Congressional CPA Caucus that they plan to co-chair.