The final report of the Blue Ribbon Panel to the Financial Accounting Foundation (FAF) recommended a new, separate standard-setting board for private companies and modifications to U.S. GAAP for private companies.
Big Four firm KPMG has announced the closing of an agreement to acquire the business of advisory firm EquaTerra. According to a company announcement, the acquisition is consistent with the KPMG network’s growth strategy, focusing on organic and inorganic opportunities in select high-demand market sectors.
Whoever said accountants are stuffy has not met, or rather heard, Mark Ryba. He’s fairly unassuming. He talks numbers by day. But on weekend nights, his exceptional voice booms off the walls at Ingall’s Rink as the announcer for Yale’s hockey team.
On January 25, 2011, the SEC adopted new rules regarding shareholder approval of executive compensation and the golden parachute compensation arrangements as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Half of Baby Boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the AICPA.
It is tax season again, which means that people are shopping for accountants. When potential clients are researching and evaluating your firm, the first step will be to do a quick Google search and find your web site.
We recently featured five cool Web apps for running your firm that were highly recommended by your accounting colleagues. Now we’re going to stay on the productivity app beat and take a look at mobile devices.
The objective of IFRS 1 is to make sure that a reporting entity who adopts IFRS as its financial reporting basis prepares financial statements that are transparent for users and comparable over all the periods presented; provides a suitable starting point for reporting under IFRS; and can be generated at a cost that does not exceed benefits to users.
The objective of IFRS 2 is to outline the reporting requirements that an entity who undertakes a share-based payment transaction should make in their financial statements. It outlines the requirements an entity is to reflect in its profit and loss account (statement of comprehensive income) and balance sheet (statement of financial position) the effects of share-based payments.
The objective of this IFRS is to deal with the information that an entity provides within their financial statements about a business combination and the effect of this combination on the financial statements.
The objective of this IFRS is to deal with the financial reporting for insurance contracts by an entity that issues insurance contracts. An insurance contract is defined as a contract under which one party (the insurer) accepts significant insurance risk from another party (i.e. the policyholder) by agreeing to compensate the policyholder if a specific uncertain future event (the insured event) adversely affects the policyholder.
The objective of this IFRS is to deal with the financial reporting requirements for entities in the mineral extractive industry. Exploration for and evaluation of mineral resources is the search for mineral resources (e.g. oil, natural gas and similar non-regenerative resources) after the entity has obtained legal rights to explore in a specific area.
The objective of IFRS 7 is to deal with the disclosures required in an entity’s financial statements in connection with financial instruments. Before the issuance of this IFRS, the disclosure requirements were contained within IAS 32. IAS 32 now contains just the presentation requirements of financial instruments.
The objective of this IFRS is to deal with the information that an entity should disclose in its financial statements to enable users to evaluate the nature and financial effects of the business activities and the economic environment in which the business operates.
This standard was released in November 2009 and is intended to completely replace IAS 39 Financial Instruments: Recognition and Measurement by the end of 2010. IFRS 9 only deals with the classification and measurement of financial assets. A consistent theme of IFRS 9 is that it requires financial assets to be classified on initial recognition at amortised cost or fair value.
When the U.S. Securities and Exchange Commission tells a CPA, “Thou shalt not practice,” they don’t mean maybe. The SEC filed a settled enforcement action January 11 against Michael R. Drogin, of New York and New Jersey.