A&A news July 2013

A&A

SASB Provides a Remedy for Sustainability Issues Reporting

In an effort to provide public companies with a standardized framework for reporting the ESG issues that affect their industries, the SASB unveiled its first set of provisional sustainability accounting standards.
A&A

Survey: Biggest Roadblocks to Protection from Corporate Risks Are Internal

Despite increasing stakeholder and regulatory pressure to improve governance, risk management, and compliance, organizations are significantly hindered from performing the task effectively.
A&A

Uncertain Prognosis: Industries Impacted by Health Care Reform

With key provisions of the Patient Protection and Affordable Care Act kicking in soon, industries navigating through a new health care environment present opportunities for accountants.
A&A

FASB and IASB Form Revenue Recognition Transition Group

A joint group created by the FASB and the IASB will be tasked to help organizations transition to the upcoming final converged standard on revenue recognition, the two standards-setting groups announced July 26.
A&A

Survey Highlights Top Issues That Keep CFOs Up at Night

According to the first-ever "CFO Pulse Survey," the two things finance executives worry most about are revenue growth and possessing the right talent to achieve organizational goals.
A&A

IAASB Proposes Standards to Fundamentally Transform the Auditor's Report

On July 25, 2013, the International Auditing and Assurance Standards Board (IAASB) released proposals to enhance the future auditor's report.
A&A

Survey: New Jersey CPA Firms Anticipate Growth in 2014

Nearly nine out of ten New Jersey CPAs expect their businesses to grow in 2014, while more than half say their firms are performing better now than at this time last year, according to a recent Capital One Bank survey.
A&A

FAF Appoints James Kroeker Vice Chairman of FASB

James Kroeker, a former chief accountant for the SEC who most recently served as a deputy managing partner with Deloitte LLP, was appointed a member and vice chairman of the FASB.
A&A

Study: Women Improve Quality of Corporate Accounting; Mandating Board Gender Quotas Does Not

Are women better equipped than men to oversee corporate finances? Several recent studies in "Accounting Horizons," published by the American Accounting Association, have suggested as much.
A&A

Fitch: Lease Accounting Proposal Expected to Challenge Lessors

The changes to the guidelines for lease accounting that were proposed in the recent exposure draft from the FASB and the IASB will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.
A&A

FASB and PCC Finalize GAAP Framework for Private Companies

A decision-making framework that outlines criteria to determine whether and in what circumstances it is appropriate to adjust financial reporting requirements for private companies following US GAAP was finalized by the FASB and the PCC on July 16.
A&A

FAF to Conduct Post-Implementation Review on GASB Standard

A post-implementation review will be conducted on a GASB accounting and financial reporting standard for state and local governments regarding the impairment of capital assets and insurance recoveries.
A&A

AICPA Against Adding ESOP Appraisers to Fiduciary Definition

The AICPA gave its support to Senate Bill 273 and House Bill 2041 that would block a 2010 proposal by the Department of Labor to change its definition of fiduciary under the Employee Retirement Income Security Act to include appraisers of ESOPs.
A&A

Affordable Care Act Makes It Less Likely That Businesses Will Hire New Employees

The Affordable Care Act is decreasing the likelihood that businesses will hire new employees, according to a new survey by Sageworks, a financial information company.
A&A

NASBA and AICPA Reconcile Differences on FRF for SMEs

The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.
A&A

Survey: Almost Half of CPAs Know about AICPA FRF for SMEs

Nearly half of CPAs say they are familiar with the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) released by the AICPA on June 10, according to a recent special report by Thomson Reuters.
A&A

Maryland CPAs Praise Court Ruling on Contributory Negligence

The Maryland Court of Appeals on July 9 voted five to two against changing the state's 166-year-old contributory negligence doctrine, which prevents people from collecting damages in a lawsuit if they contributed to their injuries in any way.
A&A

FASB Standards Update Defers Certain Benefit Plan Disclosures

The FASB published a new accounting standards update on July 8 that defers indefinitely certain disclosures about investments held by nonpublic employee benefit plans in their plan sponsor's own nonpublic equity securities.
A&A

House Backs Bill That Prohibits Mandatory Firm Rotation

The US House of Representatives on July 8 approved legislation that would prevent the PCAOB from implementing a system of mandatory rotation for audit firms.
A&A

GASB Proposal Looks to Ease Transition to Pension Standards

The Governmental Accounting Standards Board (GASB) on July 2 issued for public comment a proposed statement on the transition provisions of GASB's new pension standards for state and local governments.

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