Financial reporting

The American Institute of CPAs and the Financial Accounting Foundation, which oversees the Financial Accounting Standards Board, are setting up a “blue-ribbon panel” to discuss how U.S. accounting standards can best meet the needs of users of private company financial statements.

AICPA, FEI OBJECT TO FEDERAL ACCOUNTING OVERSIGHT BOARD

New York-Securities and Exchange Commission Chief Accountant James Kroeker said that the Financial Accounting Standards Board and the International Accounting Standards Board should proceed with efforts to converge U.S. and international accounting standards, even though the SEC has not yet formally approved the proposed roadmap to International Financial Reporting Standards.

The employment outlook in accounting and finance is expected to stabilize in the first quarter, according to a new survey of CFOs, although the hiring environment remains challenging for now.

The American Institute of CPAs joined with over a dozen other accounting organizations around the world to call for a single standard for climate change reporting.

James Leisenring, a member of the International Accounting Standards Board, told attendees at an accounting conference in New York to disregard the board’s recently issued standard for recognizing and measuring financial instruments, acknowledging that political pressures had forced the board to publish the standard.

The CFA Institute expressed its support for Financial Accounting Standards Board Chairman Robert Herz’s statements on the need to “decouple” accounting standard-setting from bank regulation.

FASB Chairman Robert Herz and AICPA Accounting Standards Executive Committee Chairman Jay Hanson separately acknowledged that many assets and financial instruments do not need to be measured at fair value on the balance sheet.

Securities and Exchange Commission Chief Accountant James L. Kroeker told leaders of the accounting profession that independent auditors will be expected to consider the interests of the “investing public” — not just their audit clients — when performing their duties.

The BDO International network of accounting firms blamed difficult market conditions for a slight decrease in annual revenues in dollar terms, although the network actually came out ahead in terms of euros.

The International Public Sector Accounting Standards Board has published a paper questioning how financial statements can provide more information about the long-term sustainability of current government programs.

A new survey of corporate accountants found that 46 percent said their company could do more to prepare for recovery and another 8 percent believe their company is poorly prepared for recovery.

Despite growth in its Asia-Pacific region, as well as in its consulting unit, wobbly economic conditions both domestic and abroad resulted in Deloitte Touche Tohmatsu reporting a 4.9 percent decline in fiscal 2009 global revenues in U.S. dollars, to $26.1 billion, and just 1 percent growth in local currency terms.

The Private Company Financial Reporting Committee met to discuss the impact of recent changes in accounting standards on private companies, including some confusion in the Financial Accounting Standards Board’s new Codification updates.

The Financial Accounting Standards Board has established a Not-for-Profit Advisory Committee to offer input to the board on guidance, current and future technical projects, and longer-term issues affecting nonprofits.

Accounting firms are managing overall to maintain their rates, client services and staff even as the economy continues to challenge them and their clients, according to a new survey.

The Association of Chartered Certified Accountants recommends in a new report that environmental regulators should work with international accounting standard-setters to develop a universally applicable climate change reporting standard for organizations of all sizes.

Stephen Chipman, incoming chief executive of Grant Thornton LLP and Ed Nusbaum, incoming chief executive of Grant Thornton International, talk to Accounting Today Editor-in-Chief Bill Carlino about why a recent college grad should choose their firm. We also learn that, yes, Nusbaum has his own iPod.

PricewaterhouseCoopers has released the 2009 edition of its free downloadable guide comparing International Financial Reporting Standards with U.S. GAAP.

The Group of 20 Leaders included a call for accounting convergence in their statement at the conclusion of their summit in Pittsburgh last weekend.