Financial reporting

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.

The Financial Accounting Standards Board has issued a discussion paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities, as it foresees the possibility of increasing divergence from international standards.

The next decade will be a period of rapid change and continuous transformation for the accounting profession that will lend itself to greater opportunities for growth and productivity, according to a new report.

The Institute of Chartered Accountants of England and Wales is calling for a “big bang” approach to implementing a series of new International Financial Reporting Standards.

The Miller and Bahnson article "Duh-preciation: Why is this elephant still in the room?" (Accounting Today, Dec. 13-Jan. 10, 2011, page 17) is a great example of the damage sitting in an ivory tower without anything useful to do but play with your ankus does to one's brain cells.

GASB UPDATES 'BLENDED' ENTITIES STANDARDS

The Financial Accounting Standards Board and the International Accounting Standards Board have published a joint set of proposals to account for the impairment of financial assets such as loans managed in an open portfolio.

The Financial Accounting Standards Board and the International Accounting Standards Board have published a proposal to establish a common approach to offsetting financial assets and liabilities on the balance sheet.

Several top accounting firms made Fortune Magazine's recently released 2011 100 Best Companies to Work For list.

The Texas Society of CPAs executive board has adopted a resolution in support of the implementation of a new GAAP model for private companies.