Financial reporting

The Financial Accounting Standards Board has issued new standards aimed at fixing the way banks account for securitizations and off-balance-sheet special-purpose entities.

The International Accounting Standards Board is readying new revisions to its standards for accounting for impaired assets in response to pressure from European regulators who have threatened to upset support for International Financial Reporting Standards.

The International Accounting Standards Board has published draft guidance to try to settle the controversial issue of fair value measurement and calm some of the recent political pressure.

Americans today are being forced to review their retirement planning goals with greater scrutiny. No one knows that more than Robert Fishbein, vice president and corporate counsel with Prudential Financial, Inc. He has now offered tips on how to get through this economic turmoil.

Three out of four audit committee members say they have increased their hands-on involvement with management, and are reassessing risk management and oversight as a result of the economic crisis, according to a new survey.

Employment search provider Monster Worldwide agreed to pay the SEC $2.5 million in penalties to settle stock option backdating charges.

Ten years ago, the Dow Jones Sustainability Index began to track the financial performance of leading sustainability-driven companies around the world.

Five trade groups representing banks, financial service firms and insurance companies sent a joint letter to Congress registering continued displeasure with fair value and mark-to-market accounting and impairment rules, despite recent changes.

BDO Seidman memorialized the passing of former managing partner and FDIC Chairman L. William “Bill” Seidman, a member of the firm’s founding family.

Grant Thornton has sent a letter to federal officials proposing that banking regulators adjust capitalization requirements to take into account the broader economic environment.

The Financial Accounting Standards Board issued a summary of the board's actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands:

The realities of volatile capital markets and a struggling global economy confront management decision-making at every turn. In recent years, the challenge of managing costs has become increasingly complex, due, in part, to relentless competition, complex global operations, compliance, efficiency imperatives, proliferating risks and the sheer speed of change.

The Financial Accounting Standards Board has issued a proposed standard on the fair value measurement of liabilities, seeking to clarify the thorny issue of fair value a bit further.

The Public Company Accounting Oversight Board has published a staff audit practice alert explaining the potential auditing and review implications of the Financial Accounting Standards Board’s recently revised standards on fair value accounting.

Ernst & Young has selected a new leader in the Americas for its Transaction Advisory Services team, which advises companies on mergers and acquisitions.

It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times.

The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator.

The economic downturn, coupled with proposals to make the Research and Development Credit permanent, the potential repeal of LIFO, and higher individual tax rates under the Obama administration, could significantly reshape the landscape of S corps over the next several years."For planning purposes, the proposal to make the R&D Credit permanent has significance because it will affect what types of investments companies will make," explained Rick Klahsen, managing director at RSM McGladrey's national tax department. "However, the proposed repeal of the LIFO inventory method would have a tremendous negative impact on S corporations. Many S corporations are manufacturers, and the loss of the LIFO method will cost them in terms of additional taxable income. It will cause them to take a look at the types of inventory investments they might make."

At least one Chicago-area CPA firm has won braggingrights after it received the highest rating possible on an independent peerreview of its financial statement audit and review services.

Consumer advocate Ralph Nader has written an article for his Web site chastising the CPA profession for standing by while Wall Street firms "used the latest tricks to cook the books."