FASB says it will continue to analyze the FAF's post-implementation review of FASB Statement No. 109. The FAF had concluded that, while generally achieving its purpose, the standard may still be too complex.
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.
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.
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.
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 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.
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.
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.