Financial reporting

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.

AUDIT FIRMS OFFER ADVICE ON NEW CLIENTS

As we prepare for the replacement of SAS 70 by SSAE 16, articles and vendor whitepapers are flooding the landscape.

Washington, DC - The Securities and Exchange Commission has published its inaugural progress report on the work plan related to the move to global accounting standards.

The Financial Accounting Foundation, the organization that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has launched a new Web site to expand awareness of its mission, operations and activities.

The International Accounting Standards Board has proposed new standards that aim to simplify the accounting for hedging activities.

Harold Katz, one of the founders of the organization CPAs Reforming Our Profession, or CROP, has died at the age of 77.

The board of trustees of the Financial Accounting Foundation has appointed nine new members to the Financial Accounting Standards Advisory Council, effective Jan. 1, 2011.

The Committee of Sponsoring Organizations of the Treadway Commission has initiated a project to review and update the COSO Internal Control - Integrated Framework.

The Financial Accounting Foundation said it would conduct post-implementation reviews of financial accounting and reporting standards issued by the two boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board.