Financial reporting

Barney Frank once urged Financial Accounting Standards Board Chairman Bob Herz not to let the FASB become the “Slows-B” when it came to revamping accounting standards in the midst of the financial crisis, and Herz certainly isn’t being slow when it comes to his just-announced retirement.

Financial Accounting Standards Board Chairman Robert Herz plans to retire after more than eight years of leading the board, which will now increase in size to seven members.

The leader of a trade association representing the equipment finance sector criticized the new accounting standards for leasing contracts proposed by the Financial Accounting Standards Board and the International Accounting Standards Board this week.

Golden Gate University plans to offer a forensic accounting certificate completely online in the fall semester.

The Financial Accounting Standards Board has voted to extend the comment period by an additional 30 days for its proposed standards on the disclosure of loss contingencies.

A new study finds that investors are not only skeptical of upbeat financial forecasts from the management at public companies, but they often believe downbeat forecasts are overly optimistic and less credible than positive news about the company’s outlook.

The Financial Accounting Standards Board and the International Accounting Standards Board have published their long-awaited joint proposals for overhauling the accounting standards for lease contracts.

The Securities and Exchange Commission is asking the public for feedback on its plans for incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.

Russell W. Hinton of Atlanta and Peter Hughes of Orange County, Calif., are the 2010 recipients of the American Institute of CPAs’ Outstanding CPA in Government Award.

A group of Democratic senators has written to the chair of the Securities and Exchange Commission urging the SEC to require more complete and accurate corporate accounting disclosures, especially of off-balance sheet transactions.

GASB LOOKS TO IMPROVE PENSION STANDARDS

As part of their ongoing flood of projects, the Financial Accounting Standards Board and the International Accounting Standards Board have also jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

FINANCIAL REFORM ENACTED

The updated work plan recently unveiled by the Financial Accounting Standards Board and the International Accounting Standards Board reflects stakeholder concerns about the time required to review a number of exposure drafts in order to meet the June 2011 target date of completing major convergence projects.

The Institute of Management Accountants Foundation of Applied Research has issued a call for proposals for new management accounting research from the academic community.

IMGCAP(1)]Check out the digital edition of the August 16-Sept. 12 issue of Accounting Today.

The Financial Accounting Foundation, the organization that oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has joined Twitter to expand its communications outreach.

The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards and the oversight of the International Accounting Standards Board, has announced the membership of the newly created SME Implementation Group.

KPMG LLP has introduced the Financial Reporting Network, a source of online information and insight for corporate decision-makers on trends related to financial reporting.

Is the Prince of Wales proclaiming sustainability reporting throughout the accounting realm?