Financial reporting

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.

The Financial Accounting Standards Board and the International Accounting Standards Board have issued exposure drafts proposing changes in the standards for fair value measurement and disclosure in U.S. GAAP and International Financial Reporting Standards.

The Governmental Accounting Standards Board has updated its standards for the reporting of certain financial instruments and external investment pools by government entities.

The Private Company Financial Reporting Committee met last week to discuss some of the standards that the Financial Accounting Standards Board has been proposing and postponing.

The International Federation of Accountants has written an open letter to the G-20 nations in advance of this weekend’s summit in Toronto calling on governments to fix public sector accounting.

The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

Accounting Today has finalized the agenda for its upcoming Growth & Profitability Summit.

The accounting industry ranks No. 1 in terms of net profit margin in a list of private industries compiled by Sageworks, a company that provides financial analysis tools and information for privately held companies.

The Governing Council of the American Institute of CPAs rolled through a stacked agenda during its Spring Meeting of Council here - a three-day event that was highlighted by approval to expand the institute's membership categories and the start of discussions to sharpen its strategic vision.

SUPREME COURT NIXES TEXTRON APPEAL