A&A news September 2011 | AccountingWEB

A&A news September 2011


Accounting community calls for independent standards board for private companies

CPA firms, private companies, lenders, and nonprofit entities have joined in a massive letter-writing campaign to the Financial Accounting Foundation (FAF) to express their views on the need for separate standards and an independent standard setting board for private companies.

Privately held companies are overwhelmingly in favor of separate reporting standards

Nearly 2,500 letters were sent to the Financial Accounting Foundation demanding the creation of an independent separate board to develop different standards for privately held businesses. According to the AICPA's review, 99 percent of privately held businesses are in favor.

New XBRL and proposed 2012 US GAAP financial reporting taxonomy released

The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), has announced that it has completed the first part of its project to address requests for extensions to the IFRS XBRL taxonomy.

FASB, GASB: Accountants can be heard on upcoming controversial issues

A series of hearings and roundtables scheduled by the standard-setting boards during October will address two controversial issues: (1) the GASB proposals on accounting for government pensions, and (2) standard setting for private companies and nonprofit entities.

AICPA panel addresses economic data and what it means for CPAs

Panelists in a recent AICPA Webcast were invited to take a close look at the pessimistic conclusions of the CPA Outlook Index for the third quarter, and consider what it could mean for CPAs and their clients.

Latest CPA Outlook Index provides grim view of the economy

The outlook for the U.S. economy turned negative in the third quarter for the first time since 2009 as prospects for recovery waned and concerns about a second recession rose.

Manufacturers to be hit with skill shortage due to retiring Baby Boomers

Manufacturers are anticipating a surge of skill shortage as the Baby Boomers retire. Most of those surveyed have current job openings and are encouraging older workers to stay on the job.

Ernst & Young LLP launches academic case study on sustainability reporting

As a professor of business administration at the University of Virginia Darden School of Business, a college widely regarded for its ability to prepare students to meet the social, ethical, and environmental stewardship issues of tomorrow, Dr. Richard Brownlee II is well versed in teaching sustainability topics to future business professionals.
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