Financial reporting

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.

The Blue-Ribbon Panel on Standard Setting for Private Companies submitted a report Wednesday recommending that the Financial Accounting Foundation set up a separate board to determine private company accounting standards.

The Financial Accounting Standards Board has taken a step back on previous plans to require companies to report all of their financial instruments at fair value.

The Financial Accounting Foundation has released the 2011 U.S. GAAP Financial Reporting Taxonomy, pending final acceptance by the Securities and Exchange Commission.

The AICPA has posted a sample client letter that accountants and tax practitioners can download, personalize and use to inform their clients about how the legislation extending the Bush-era tax cuts could affect them.

JANUARY

The American Institute of CPAs, the National Association of State Boards of Accountancy, and Prometric launched the new Uniform CPA Examination on Wednesday, which now includes questions on International Financial Reporting Standards and other significant changes.

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

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2011 KICKOFF

The Governmental Accounting Standards Board issued a new accounting statement Thursday aimed at incorporating accounting guidance issued by outside standard-setters that is applicable to state and local governments.