Financial reporting

Check out the digital edition of the April 19-May 9, 2010 issue of Accounting Today by clicking here.

A “blue ribbon panel” looking to improve the accounting standards for private companies wants to find out why so many are not strictly complying with GAAP.

The American Institute of CPAs is encouraging more CPA firms and college professors to teach forensic accountants the skills they need to ferret out financial chicanery.

The Financial Accounting Standards Board and the International Accounting Standards Board plan to reconsider the standards for the types of repurchase transactions that Lehman Brothers used to shift $50 billion temporarily off its balance sheet before issuing its quarterly financial statements.

The International Accounting Standards Board has published the results of an international research project on how to account for extractive activities in the oil, gas, and mineral industries.

The International Federation of Accountants has released two downloadable handbooks containing its 2010 code of ethics for professional accountants and pronouncements on auditing, review and other assurance services.

The International Ethics Standards Board for Accountants has released a draft plan setting out a proposed strategy for the next three years on ways for accountants to deal with conflicts of interest, suspected fraud and other issues.

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International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

Check out the digital edition of the March 15 issue of Accounting Today.

The International Public Sector Accounting Standards Board has proposed a set of standards for service concession arrangements that governments establish with private businesses.

The Financial Accounting Standards Board and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards during a joint meeting this week.

The trustees of the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, have announced a series of changes to their constitution, including an emphasis on adoption of International Financial Reporting Standards over convergence.

The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in the new data-tagging format mandated by the SEC.

Ernst & Young has released a new report focusing on carbon emissions management, encouraging companies to address climate change issues in their business strategies.

Many companies are getting a jump on preparing for adoption of interactive data-tagging technology on their financial statements, even before they are subject to SEC requirements.

The American Institute of CPAs has issued a new standard on compilation and review engagements that represents one of the biggest changes to its Statements on Standards for Accounting and Review Services since 1978.

It's a new year. We've got a new logo. We've got a new tagline.

SEC CHARGES FIRM THAT FAKED KPMG AUDIT

Everybody has to have a Top 10 list around the New Year, and looking back over the past year, we found that WebCPA readers clicked the most on stories about taxes and accounting firm rankings.