A&A news January 2013

A&A

AICPA Releases New Financial Instruments Auditing Guide

The AICPA recently released an updated guide that aids auditors in assessing the fair value of financial instruments. The publication is based on new standards resulting from the AICPA's Clarity Project.
A&A

Accounting Fraud Prompts $580 Million Write-Down at CAT

Underscoring the importance of performing extensive due diligence before investing in the world's second largest economy, construction equipment giant Caterpillar got burned to the tune of $580 million.
A&A

House Panel Critical of PCAOB's Economic Analyses

A US House panel is investigating whether the Public Company Accounting Oversight Board (PCAOB), the nation's chief public company audit overseer, is doing enough to incorporate economic factors into new regulations it is proposing.
A&A

Financial Analysts Say Hedging, Derivatives Reporting Inadequate

Financial analysts say there's not enough detail being provided in reports from companies that use derivatives and hedging activities, which makes analysis of investments that rely significantly on such financial instruments riskier.
A&A

FAF Takes a Look Back at Standards for Segment Disclosures

FAF, the private-sector organization charged with oversight of accounting standards set by FASB, recently took a look back at the effectiveness of a standard established to improve the way public companies report information about their business segments.
A&A

Credit Rating Agency Performance Needs Improvement

The continued poor performance of the credit rating agencies in providing adequate assurance of the creditworthiness of debt instruments requires stronger action from regulatory bodies.
A&A

FASB Floats Proposal to Close Repo Agreement Loophole

FASB has issued a request for public comment on its proposal to improve financial reporting disclosures on repurchase agreements in order to more properly reflect a company's obligations and risks in some circumstances.
A&A

Internal Auditors See Steady Rise in Pay

It's a great time to be a corporate internal auditor – pay and perks for the profession are growing at a faster pace than most other jobs. Internal auditors in the United States and Canada received a median 3 percent increase in their base salaries in 2012, the second year in a row they've seen an increase.
A&A

AICPA Amends Guidance on Component Auditors

The AICPA has released SAS No. 127, Omnibus Statement on Auditing Standards–2013, which amends two sections of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification.
A&A

GASB Approves New Standard

The Governmental Accounting Standards Board (GASB) has approved a new standard intended to improve accounting and financial reporting for US state and local governments' combinations and disposals of government operations.
A&A

FASB Issues Proposed Clarification to Fair Value Disclosure Exemption

The FASB has issued for public comment a proposed ASU intended to clarify the scope and applicability of a disclosure exemption that is specific to private companies and nonprofit organizations.
A&A

FASB Focuses on Nonpublic Companies

Private companies and not-for-profit entities can expect to be the focus in many of the deliberations of the Financial Accounting Standards Board (FASB) in 2013 as the result of major decisions made in 2012.
A&A

ParenteBeard Reveals "Seven Deadly Sins of Audit Committees"

In an effort to alert companies to common pitfalls encountered by audit committees, ParenteBeard has released its "Seven Deadly Sins of Audit Committees," which are based on research and feedback compiled at the firm's annual Audit Committee Forum.

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