A&A news January 2014

A&A

FASB Reorganizes Its Future Priorities

The Financial Accounting Standards Board (FASB) used the results of a recent survey of stakeholders as a guide for the reorganization of its future project agenda. The FASB also targeted several research projects that will be included in its prioritization initiative.
A&A

Bramwell’s Lunch Beat: Accrual for the Government

Here are “Bramwell’s Lunch Beat” menu items for January 30.
A&A

FAF to Offer Up to $3 Million Toward Joint FASB/IASB Projects

The Financial Accounting Foundation could contribute as much as $3 million this year to the International Financial Reporting Standards (IFRS) Foundation in support of several convergence projects that the Financial Accounting Standards Board and the International Accounting Standards Board are working to complete.
A&A

What's the Password? Five Possible Answers for Accounting Regulators

Password was a popular TV show back in the day, in which TV personalities teamed up with regular Joes and competed for prizes based on giving one-word “passwords” to their teammates to guess the “Password” that only the studio audience and TV viewers saw.
A&A

Auditing Special Purpose Frameworks - Part 6

In the newest installment of his series, CPA Larry Perry looks at how lease accounting and income tax accounting differ within US GAAP and the American Institute of CPAs "Framework for Small- and Medium-Sized Entities."
A&A

Bramwell’s Lunch Beat: Bad Grade for Audits

Here are “Bramwell’s Lunch Beat” menu items for January 27.
A&A

Six Business Groups Protest Accrual Accounting Proposal

In a letter sent to the Senate Finance Committee last week, a coalition of six business organizations, including the American Institute of CPAs, emphasized their opposition to a proposal that would force many of the groups’ members to use the accrual method of accounting instead of the cash method of accounting for tax purposes.
A&A

KPMG Settles SEC Charges Over Violating Auditor Independence Rules

KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission, which found that the Big Four firm violated auditor independence rules by providing certain nonaudit services, such as bookkeeping, to affiliates of companies whose books KPMG was auditing.
A&A

Auditing Special Purpose Frameworks - Part 5

The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
A&A

Print Version of FASB Codification Updated

The Financial Accounting Foundation announced on January 21 that is has updated the four-volume print edition of the Financial Accounting Standards Board "Accounting Standards Codification" – recognized as the authoritative source of US GAAP for public and private companies and not-for-profit organizations.
A&A

FASB Makes Tweaks to Goodwill, Interest Rate Swap Standards

The Financial Accounting Standards Board (FASB) on January 16 issued updates for two accounting standards – one on goodwill and the other on interest rate swaps – both of which FASB Chairman Russell Golden said address issues that “private company stakeholders have told us are priorities.”
A&A

Auditing Special Purpose Frameworks - Part 4

To continue laying the foundation of principles for commonly used financial reporting frameworks, this article presents how key issues differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
A&A

SEC Sets July 1 as Start of Municipal Advisor Registration

July 1, 2014, is the date when the first set of municipal advisors will be required to register under new rules the US Securities and Exchange Commission finalized last year.
A&A

Bramwell's Lunch Beat: Preparers Are Lukewarm on Auditor Disclosure Proposal

Here are "Bramwell's Lunch Beat" menu items for January 8.
A&A

Auditing Special Purpose Frameworks - Part 3

The last article in this series summarized four basic principles for the income tax basis. Other basic principles for this basis are presented in this article.
A&A

Here Are the Changes to the Single Audit Requirements for 2014

On December 26 the feds finalized changes to the Single Audit requirements. I am writing to give you a quick heads up about how the changes could affect auditors.