Financial reporting

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

The International Accounting Standards Board has published a proposed set of changes in the accounting standards for financial liabilities to address what it calls the "counter-intuitive" effects of fair value measurement.

Trust in financial institutions has been severely eroded by the financial crisis, but a new survey has found that the majority of Americans find statements by spokespeople from accounting firms believable.

According to the ancient legend of the Gordian Knot, whoever could untangle its complicated strands would rule the world.

McGladrey & Pullen mourned the death of retired partner Ray Krause, who spent about four decades with the firm.

PricewaterhouseCoopers has surveyed a group of investors and analysts to gauge their attitudes toward the different approaches taken by the accounting standards boards to account for financial instruments, including loans.

IMGCAP(1)]Check out the digital edition of the June 21, 2010 issue of Accounting Today. The issue contains the following articles and more:

Fitch Ratings has issued a report on the Financial Accounting Standards Board’s recently unveiled proposal requiring most financial instruments, including loans, to be measured on the balance sheet at fair value.

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