Financial reporting

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.

Welcome back.

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.

The past year witnessed plenty of head-spinning developments in the worlds of accounting and taxes, and AccountingToday.com (along with its predecessor site WebCPA) was there to chart the latest developments.

In a recent speech, a senior European Commission official warned accountants that a drastic tightening of auditing rules in the European Union is under consideration in Brussels, including possible segregation-of-service rules on client auditing and accounting services, and requiring auditors to give "an unencumbered opinion of a situation", as opposed to the current "historical review."

Canada's transition to International Financial Reporting Standards, while improving transparency and comparability of Canadian companies, will likely not affect credit ratings, according to a new report from Moody's Investor Service.

Tommaso Padoa-Schioppa, who was appointed only six months ago to oversee the board that sets international accounting standards, died of a heart attack on Saturday night.

Eighty percent of CPA firms reported either a decline in revenue, no growth, or modest growth between May 2008 and June 2010, according to a new survey by the American Institute of CPAs and the Texas Society of CPAs.

The Governmental Accounting Standards Board has issued revisions to its financial reporting entity standards to better account for business-type activities at government-run institutions such as state universities.

Check out the digital edition of the December 13, 2010-January 10, 2011 issue of Accounting Today.

KPMG reported a 2.6 percent increase in annual revenue worldwide Thursday to $20.63 billion from $20.11 billion, a 0.1 percent increase in local currency terms.

Accounting bodies from three countries have found an increase in sustainability strategies to address climate change, particularly within large companies.

Accounting Today is in the midst of compiling its annual lists of the Top 100 Firms and Regional Leaders.