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FASB Issues Three PCC Proposals for Public Comment

The FASB on July 1 issued for public comment three accounting proposals from the PCC in response to concerns raised by private company stakeholders about the complexity of certain aspects of US GAAP.
A&A

Statements Regarding Retirement of FASB's Seidman and GASB's Attmore

The FAF and the AICPA released the following statements regarding the retirement on June 30 of Financial Accounting Standards Board (FASB) Chairman Leslie F. Seidman and Governmental Accounting Standards Board (GASB) Chairman Robert H. Attmore.
A&A

FASB Proposes Improvements to Financial Reporting of Going Concern Uncertainties

On June 26, 2013, the Financial Accounting Standards Board (FASB) issued a proposal intended to improve disclosures of uncertainties related to an organization's ability to continue as a going concern.
A&A

Will He Stay or Will He Go: Finance Leaders Focused on Bernanke's Future at Fed

In boardrooms across the country, finance executives share a common question: Will he stay or will he go? All eyes are on Ben Bernanke amid speculation that he will cede the top spot at the Federal Reserve.
A&A

CAQ and AAA Auditing Section Announce Inaugural Awards

The CAQ and the AAA Auditing Section announced four awards as part of a new program designed to facilitate accounting and auditing academics' ability to obtain access to audit firm personnel to participate in their research projects.
A&A

GASB Seeks Public Input on Two Measurement Concept Proposals

The GASB is seeking public comment on a proposed concepts statement it issued on June 20 that would guide the GASB when establishing standards regarding the measurement of assets and liabilities for state and local governments.
A&A

Confirmation.com Audit Service Helps FBI Uncover Fraud Scheme

A North Carolina man who was the owner and operator of an investment fund that defrauded investors of approximately $6 million over a seven-year period agreed to plead guilty to securities fraud in US District Court on June 17.
A&A

FASB Approves Deferral on Certain Benefit Plan Disclosures

The FASB voted on June 12 to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor's own nonpublic equity securities.
A&A

NASBA Advises Private Companies Not to Use AICPA Framework

Stating that it would "significantly weaken the financial reporting of private companies," NASBA is recommending to privately held businesses that they not use the FRF for SMEs that was introduced by the AICPA June 10.
A&A

Three Private Company Accounting Proposals Backed by FASB

The FASB on June 10 endorsed three accounting proposals from the Private Company Council in the hopes of addressing concerns raised by stakeholders about the complexity of certain aspects of US GAAP for privately held companies.
A&A

AICPA Unveils New Non-GAAP Framework for Financial Reporting

The AICPA's FRF for SMEs provides a new accounting option for preparing streamlined, relevant financial statements for privately held, owner-managed businesses that are not required to use US GAAP.
A&A

Thomson Reuters Checkpoint Releases Report on FASB's Proposed Accounting Standards for Leases

Thomson Reuters has released an overview of the Financial Accounting Standards Board's (FASB) proposed accounting standards for leases.
A&A

FASB Issues Standard Update on Investment Company Status

The FASB has developed a new guideline for determining whether a public or private company is an investment company, for which fair value of investments is the most relevant measurement for the company's financial statement users.
A&A

IFRS Foundation Charts Progress Toward Global Adoption of IFRS

The IFRS Foundation has completed the first phase of an important initiative to assess the progress toward global adoption of IFRSs. The G20 has called for global adoption of a single set of high-quality financial reporting standards.
A&A

FASB Responds to PIR of Statement 141 on Business Combinations

On May 30, the Financial Accounting Standards Board (FASB) released its response to the Post-Implementation Review (PIR) of its business combinations reporting standard.
A&A

How CPAs Can Protect Baby Boomers' Nest Eggs from Derailers

Unexpected life or economic events are causing both short- and long-term damage to the retirement savings of baby boomers in America, according to a recent survey by Ameriprise Financial Inc. But there are strategies CPAs can implement to stop the bleeding.
A&A

Ex-KPMG Partner Faces Twenty Years in Prison for Securities Fraud

A former senior audit partner at KPMG LLP agreed to plead guilty on May 28 to a securities fraud charge for his role in an insider trading case involving a Los Angeles jewelry store owner.
A&A

Private Company Likelihood of Default Improving; Companies May Be Positioned to Borrow

According to Sageworks latest "Private Company Report" released May 28, private companies in the United States continued to grow at a healthy pace and experienced strong profit margins in the most recent period.
A&A

Feedback Sought for FASB/IASB Lease Accounting Proposal

Interested individuals and organizations have until September 13 to offer their input on a revised exposure draft – "Proposed Accounting Standards Update - Leases (Topic 842)" – from the FASB and the IASB.
A&A

US GAAP Financial Reporting Taxonomy Green-Lighted by SEC

The US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy, which allows companies to use eXtensible Business Reporting Language (XBRL) in reporting financial statements.

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