A&A news March 2013 | AccountingWEB

A&A news March 2013


IASB Floats Revised Proposals for Loan-Loss Provisioning

In a March 7 press release, the International Accounting Standards Board said it has issued a revised set of proposals for a model for recognizing credit losses on financial instruments that differs from one proposed by the Financial Accounting Standards Board.

FASB to Review Business Segment Reporting Issues Based on FAF Review

FASB plans to discuss issues raised in FAF's review of Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, with stakeholders and the SEC to determine whether further review of the standard is warranted.

Accountants' Worries Range from Fuel Costs to Value of US Dollar

A new report, “Drivers of Change in the US,” is an analysis of a 2012 survey of 550 members of the ACCA and the IMA who were asked to rank their concerns about the changes and challenges facing the accounting profession now and in the future.

UK Competition Commission Says Big Four Audit Dominance Not Best for Investors

The United Kingdom's Competition Commission (UKCC) says that the nation's audit market is dominated by the Big Four accounting firms, which has stanched competition for audit work from public companies to the detriment of their shareholders.

PCAOB Announces Investor Advisory Group Members

The Public Company Accounting Oversight Board (PCAOB) announced March 1, 2013, twenty new and reappointed members of its Investor Advisory Group (IAG). These members will serve three-year terms ending in October 2015.

PCAOB Gives Audit Firms a Mixed Review

The PCAOB issued a cautiously optimistic report on US auditors' performance, saying the Board found a reduced rate of "significant audit performance deficiencies" compared to its last review in 2007; however, the Board did note that problems persist.


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