A&A news November 2013

A&A

FASB OKs Standards on Goodwill and Interest Rate Swaps

The FASB endorsed two standards – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – that were finalized PCC last month.
A&A

Group Calls on Audit Committees to Enhance Report Disclosures

A collective of corporate governance and policy leaders is advocating that audit committees of public companies strengthen their public disclosures to more effectively convey key elements of their critical work to investors and stakeholders.
A&A

FAF: Accounting for Income Tax Standard Achieves Purpose

The post-implementation review team of the FAF concluded on November 19 that, while complex, a 1992 accounting standard addressing accounting for income taxes generally achieves its purpose.
A&A

IMA Joins IFAC in Support of the Global Management Accounting Profession

Professional management accounting association IMA® (Institute of Management Accountants) has been named a member of the International Federation of Accountants (IFAC).
A&A

FAF Adopts Policy on GASB Scope of Authority

The FAF finalized a new policy on November 19 that provides the GASB with direction on what information it may incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues state and local governments.
A&A

PCAOB Offers Firms Additional Insight on Audit Quality Control

A document the PCAOB recently added to its website offers insight into the process the PCAOB uses to determine whether an audit firm has addressed quality control criticisms.
A&A

Survey Finds Friends Determine Millennials' Financial Habits

When it comes to determining their financial habits, a new survey suggests Millennials are still relying on the oldest network in the world to guide their decisions: their friends.
A&A

New FAF Microsite Celebrates Forty Years of the FASB

In commemoration of the fortieth anniversary of the FASB, the FAF unveiled a new section of its website that features audio, transcripts, and photos from the FASB@40 Conference that was held September 12.
A&A

Compliance Risks Now a Higher Priority for Auditors

According to a recent survey from the Audit Executive Center of the Institute of Internal Auditors (IIA), internal audit departments are putting a greater focus on compliance risks and less emphasis on SOX.
A&A

New AICPA Guide Focuses on Goodwill Impairment Testing

A new guide released on November 8 by the Financial Reporting Executive Committee of the AICPA provides accountants, auditors, and valuation specialists with guidance for impairment testing of goodwill.
A&A

New Toolkit on Pension Plans Available from GASB

The GASB is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new accounting and financial reporting standards.
A&A

GASB Annual Bound Editions Updated by FAF

An updated print edition of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards was released by the GASB's parent organization, the FAF, on November 5.
A&A

PCC Finalizes Standard on Variable Interest Entity Guidance

On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
A&A

Hypothetical Earnings Trigger Real Bonus Payments

Federal income tax incentives motivate questionable compensation decisions that benefit executives at the expense of taxpayers and shareowners.
A&A

What Are Analytical Procedures and When Are They Used?

Analytical procedures are used by accountants in multiple levels of service, and they are critical to evaluating financial data and variations that occur in financial data.
A&A

FASB Issues Exposure Draft on Development Stage Entities

On November 7, FASB issued an exposure draft of a proposed accounting standards update that is intended to improve financial reporting about public and private development stage entities.
A&A

Studies Make a Case for Engagement Partner Identification

The three research studies examine whether knowing the name of the engagement partner leading an auditing effort is valuable to investors and whether being required to provide this information enhances the performance of engagement partners.
A&A

FASB: Final Revenue Recognition Standard Coming Soon

A revenue recognition standard for US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is close to being finalized.
A&A

PCAOB Announces Center for Economic Analysis; Names Luigi Zingales Founding Director

The PCAOB announced that it is establishing a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection.
A&A

AICPA Calls on the Senate to Support Digital Accountability and Transparency Act

In a letter to US senators Tom Carper and Tom Coburn, the AICPA encouraged the Senate's support of legislation that would include a provision calling for the establishment of government-wide financial data standards for federal funds.

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