A&A news November 2012

A&A

PCAOB Approves 2013 Budget and Strategic Plan

On November 28, the Public Company Accounting Oversight Board (PCAOB) approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan.
A&A

Going Concern Guidance To Be Brought into GAAP

The Financial Accounting Standards Board (FASB) voted at its November 7, 2012, meeting to adopt a financial reporting model for management's assessment of going concern and related disclosures.
A&A

SEC Issues Rule for Compensation Committees

The SEC has approved a new rule directing national securities exchanges to adopt specific listing standards governing the independence of public company compensation committees and compensation advisers.
A&A

PCAOB's Sixth Annual International Auditor Regulatory Institute

The Public Company Accounting Oversight Board hosted nearly eighty representatives of auditor oversight bodies from thirty-seven foreign jurisdictions last week during its sixth annual International Auditor Regulatory Institute.
A&A

Rothstein Kass Reference Manual for Fund Managers

The third annual "Alternative Investment Fund Pro Forma Financial Statements Reference Manual" is a comprehensive guidebook for completing financial statements for hedge and hybrid funds, fund of funds, and master-feeder structures.
A&A

Accounting Tool Keeps Billions in Profits Overseas

New research found that an obscure accounting tool gives US companies the option of omitting from their financial statements, except in footnotes, that any taxes at all are owed to the IRS on profits made by their foreign subsidiaries.
A&A

AICPA's Resolution Underscores Need to Address US Debt

Expressing concern about the growing federal debt, the AICPA has adopted a resolution underscoring the need to put America on a better economic path and supporting two non-partisan efforts.
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Accessing Capital: Improve 5 Metrics That Matter

A recent study found that while nearly 91 percent of private company owners were enthusiastic about executing growth strategies, only 51 percent reported having the necessary financial resources to do so.
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FASB Overview: New Credit Loss Model

The Financial Accounting Standards Board expects to issue an Exposure Draft of an Accounting Standards Update that proposes a single measurement model for measuring credit losses, possibly by the end of 2012.
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International Fraud Awareness Week

Hundreds of organizations worldwide have partnered with the Association of Certified Fraud Examiners (ACFE) to participate in International Fraud Awareness Week, November 11-17 to promote antifraud awareness and education.
A&A

IIA Approves Revised Standards

The Institute of Internal Auditors has issued revisions to the International Standards for the Professional Practice of Internal Auditing that will go into effect January 1. The standards are mandatory under the IIA's International Professional Practices Framework.
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FASB Extends Disclosure Framework Comment Deadline

The Financial Accounting Standards Board announced November 2 that it would extend the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012.
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FASB Extends Deadline for Comment on Private Company Framework

The FASB announced it would extend the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify GAAP for private companies. The deadline is now November 9.
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Survey: National Debt Impacting Hiring Plans

According to results of a new survey released by Sageworks, a financial information company, the national debt is weighing on business owners as they consider adding workers and making other investments.
A&A

AICPA FRF for SMEs Exposure Draft Available for Comment

The American Institute of CPAs (AICPA) announced today that an exposure draft on its proposed Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is now available for comment.
A&A

Health Care Reform: Financial Impact 2013 and Beyond

As the third year of the PPACA approaches, employers need to be aware of additional fees that will be assessed on insurers and plan administrators of self-insured plans beginning in 2013.
A&A

Fiscal Cliff, Deficits, and Jobs Remain Concerns

A quarterly volatility and variables poll of 540 corporate executives indicates that many CFOs are stressed and plan to be more diligent in planning and forecasting.