A&A news June 2012

A&A

FASB Publishes Proposed Accounting Standards Update

On June 27, the FASB issued for public comment a proposed ASU intended to improve financial reporting about certain risks inherent in financial instruments and how they contribute to the reporting organization's broader risks.
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A&A

ACCA and IMA Partnership Announced

The ACCA and the IMA have announced their global strategic partnership. The signing of the agreement took place at IMA's Annual Meeting of Members, during IMA's Annual Conference and Exposition in Las Vegas.
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A&A

COSO Framework Holding Strong - Getting a Polish

J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.
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A&A

IASB and FASB Agree on Lease Accounting Approach

On June 13, the IASB and the FASB agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in IFRS and the US GAAP.
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A&A

Global Survey on Business Ethics

A recent global survey on business ethics explored key ethical questions faced by accounting firms. Read the results and see how other accounting firms are addressing the issue of ethics with an internal code of conduct.
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A&A

Experts Say Financial Abuse of Elderly Getting Worse

Results of the IPT's Elder Investment Fraud and Financial Exploitation Survey reveal that 84 percent of respondents who deal with investment fraud/financial exploitation of senior citizens agree that the problem is getting worse.
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A&A

Accounting Profession Faces Huge Challenges

Gail Kinsella, the newly elected president of the NYSSCPA, shares her perspective on the challenges the NYSSCPA and the profession as a whole must be prepared to deal with in the near term.
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A&A

M&A: Restatements Likely with Mergers and Acquisitions

With the coffers of many companies bulging with cash, an upsurge in corporate mergers and acquisitions could easily be in the offing.
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A&A

FAF Requests Nominations for New PCC

On June 1, the Financial Accounting Foundation Board of Trustees issued a request for nominations for candidates to serve on the new Private Company Council.
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Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
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