Financial reporting

Please do not adjust your set. This is still WebCPA, but now it’s been rechristened Accounting Today for the WebCPA.

Approval of a resolution to support the creation of a GAAP model for private companies and a separate standards board, a revamp of the CPA Vision project and the election of the new 2010-2011 chairman highlighted the Fall Meeting of Council of the American Institute of CPAs, here.

There are certain things that I've resigned myself to believing will never happen in my lifetime. One is my brother-in-law repaying the money he has owed me for 13 years. The other would find me suddenly enjoying lower taxes in New York State. For good measure, you can also add to that list the day my children stop requesting money.

Many claim that "principles-based" accounting standards are superior to "rules-based" standards.

REGISTRATION UNDER WAY

BDO USA LLP kicked off the firm’s Centennial Partners Meeting on Monday.

IMGCAP(1)]Check out the digital edition of the November 15 issue of Accounting Today.

CEOs of accounting institutes from around the world met at the World Congress of Accountants in Malaysia, where they discussed the need for companies to report on non-financial results in areas such as social and environmental activities.

An international monitoring group overseeing accounting standard-setters has issued a report that found the International Federation of Accountants has carried out a series of reforms in recent years, but outlined some steps it should pursue in the future.

ifrs, foundation, iasb

The International Federation of Accountants has released a policy position paper to address how the accounting profession should be acting in the public interest, with a proposed definitional framework outlining those responsibilities.

The Financial Accounting Standards Board has issued an exposure draft outlining changes in the accounting standards for repurchase agreements such as the Repo 105 transactions that have been blamed for contributing to the collapse of Lehman Brothers.

The Securities and Exchange Commission has published its first progress report on the work plan related to the move to global accounting standards.

Walter Edward Hanson, the former chairman of Peat Marwick International, a predecessor firm of KPMG, passed away at his home in Newport Beach, Calif., at the age of 84.

Cash flow and not the economy is the top concern for chief financial officers heading into 2011, according to a survey from TD Bank.

The International Accounting Standards Board is making more of an effort to complete its major convergence projects by the middle of next year.

The International Accounting Standards Board has amended its financial instruments standards to prevent companies with financial problems from trying to claim a profit based on an inflated value of the debts they owe.

Corporate executives are getting ready to move to International Financial Reporting Standards, but say they probably won’t do it until the Securities and Exchange Commission mandates it, even if an early adoption option is allowed, according to a new survey.

India is scheduled to begin using International Financial Reporting Standards in less than six months, but the country may be making several key changes in the standards prior to the rollout.

The Accountancy and Actuarial Discipline Board in the United Kingdom has begun an investigation of KPMG’s U.K. firm for its audits of British Aerospace and BAE Systems Group.