Financial reporting

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?

The Prince’s Accounting for Sustainability Project has teamed up with the Global Reporting Initiative to form the International Integrated Reporting Committee, with the goal of creating a globally accepted framework for sustainability accounting.

The International Accounting Standards Board has published a proposed set of changes to insurance contract accounting in an effort to impose a single standard upon all insurers in all jurisdictions that would apply to all types of insurance contracts on a consistent basis.

The American Institute of CPAs has written a letter to members of the House and Senate asking them to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.

The Financial Accounting Standards Board has released a new set of standards aimed at improving the transparency of financial reporting by companies that hold financing receivables, which include loans, lease receivables, and other long-term receivables.

AICPA PROPOSES REVISIONS TO PEER REVIEW

The current financial environment has placed increased pressure on both accountants and their clients, which in turn can lead to increased risk of liability.

IMGCAP(1)]Check out the digital edition of the July 19 issue of Accounting Today.

PricewaterhouseCoopers said the Financial Accounting Standards Board and the International Accounting Standards Board should slow down the pace of their standard-setting work, even though the two boards have recently extended the timeline for exposing new standards to the public.

Firms headquartered in counties where residents report that religion is important in their daily lives exhibit less aggressive financial reporting, according to a study by three professors from Texas A&M University.

Koss released restated earnings for 2008 and 2009 after the headphone manufacturer’s vice president of finance was found to have embezzled about $31.5 million.