A&A news February 2011

A&A

FASB unveils XBRL 2011 taxonomy

Speakers at a recent FASB Webcast, XBRL 2011 Taxonomy Overview, presented an outline of what public company financial report preparers need to know about using the 2011 XBRL taxonomy.
A&A

Historic moment for private company accounting standards; CPAs told they must support proposed changes

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.
A&A

KPMG expands its global outsourcing advisory services through acquisition of EquaTerra

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.
A&A

The voice of Yale hockey: Mild-mannered accountant Mark Ryba

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.
A&A

SEC adopts say-on-pay rules for executive compensation

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.
A&A

Many baby boomers see retirement delayed at least four years

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.
Practice Development

Creating a memorable 'About Us' page for your site

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.
Practice

Eleven cool mobile apps for running your practice

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.
A&A

AICPA's Melancon receives Executive of the Year award

Barry Melancon, president and CEO of the American Institute of Certified Public Accountants, this week received the 2011 Association TRENDS Association Executive of the Year award.
A&A

IFRS 1: First-time adoption of IFRS

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.
A&A

IFRS 2: Share-Based Payment

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.
A&A

IFRS 3: Business Combinations

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.
A&A

IFRS 4: Insurance Contracts

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.
A&A

IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations

The objective of IFRS 5 is to specify how assets that are classified as ‘held for sale’ should be presented and disclosed within a set of financial statements, and discontinued operations.
A&A

IFRS 6: Exploration for and Evaluation of Mineral Resources

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.
A&A

IFRS 7: Financial Instruments: Disclosures

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.
A&A

IFRS 8: Operating Segments

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.
A&A

IFRS 9: Financial Instruments

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.
A&A

Censured accountant left a trail of violations

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.
A&A

Nonprofits and International Financial Reporting Standards

Kurt Herdman of Schneider Downs explains how IFRS has and will continue to have an effect on nonprofit organizations.

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