A&A news

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FASB to Host Roundtable Meetings on Insurance Proposal

The Financial Accounting Standards Board will host public roundtable meetings in December on its proposed accounting standards update "Insurance Contracts (Topic 834)."
A&A

PCC Finalizes Two GAAP Standards for FASB to Endorse

Two alternatives within US GAAP – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – were finalized by the PCC during a meeting on October 1.
A&A

ACCA/IMA Report Reveals Ten Key Skills for Future CFOs

While many of today's CFOs have taken the usual finance stepping-stones toward their executive roles, they believe tomorrow's CFOs will need new experiences and key skills to meet the evolving needs of business, according to a new report.
A&A

Private Companies Growing Sales at Slower Rate than Previous Years

On September 23, Sageworks released its latest Private Company Report, a quarterly update on the health and state of privately held US companies.
A&A

PCAOB Expected to Reexamine Audit Transparency Proposal

In an effort to bring greater transparency to public company audits, the PCAOB may reexamine a proposal before the close of 2013 that could require disclosure of the audit engagement partner's name in the audit report.
A&A

FASAC Survey Identifies Top Five Projects for FASB

The primary advisory group for the FASB released results of a recent survey that solicited stakeholder views about the standard-setting board's future agenda, including the top five projects the FASB should pursue in the next three to five years.
A&A

FASB Chairman Russell Golden Outlines Plans for Future

In his first public speech since taking the helm of the FASB, Chairman Russell Golden outlined his top four priorities for the standard-setting board's future during an event on September 12 celebrating FASB's fortieth anniversary.
A&A

FASB OK'd Exposure Draft on Development Stage Entities

The FASB voted on September 11 to approve issuing an exposure draft containing proposals for improving financial reporting about public and private development stage entities.
A&A

Fortune 100 Companies Disclosing More about Auditors

Most Fortune 100 companies disclosed more information about their audit committees and external auditors than was required during the 2013 proxy season, according to a new report by Big Four firm EY.
A&A

Public Comment Period on Lease Accounting Draws Near

September 13 is the final day individuals and organizations can submit comments on the revised proposals to the guidelines for lease accounting that were published in May by the FASB and the IASB.
A&A

AICPA Economic Outlook Survey: CPA Execs More Optimistic about Hiring

Despite optimism in the US economy dropping 4 percentage points in the third quarter of 2013, business executives continue to raise their expectations for hiring in the coming year, as the number of companies that plan to add new employees increased by 3 percent.
A&A

Benchmarking for Competitive Advantage: Best Practices, Metrics, Pitfalls

Businesses often want to see how their company's financial performance stacks up against the competition, but it's difficult for accountants to find quality data on comparable, private companies.
A&A

FASB Sets Deadline for Disclosure Field Study Registration

The Financial Accounting Standards Board (FASB) on Thursday set September 30 as the registration deadline for participation in a field study on disclosures in notes to financial statements.
A&A

AICPA Releases Decision Tool on Accounting Frameworks

The AICPA released a decision tool to help privately held businesses determine which accounting framework, including the "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs), best meets their financial reporting needs.
A&A

Proposed 2014 US GAAP Taxonomy Ready for Public Review

Individuals interested in reviewing the proposed 2014 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments.
A&A

Report Highlights Secrets Clients Hide from Their Advisors

Are clients being forthright with their financial advisors about factors that could affect their personal finances? While most are, 28.6 percent said they've withheld critical financial information from their advisors.
A&A

FASB Proposes Variable Interest Entity Guidance Exemption

A proposal that would exempt many private companies from applying variable interest entity guidance under US GAAP to lessor companies under common control was issued by the FASB on August 23.
A&A

AICPA Opposes Proposed Limitation on Use of Cash Method of Accounting

On August 15, the AICPA expressed its opposition to a proposed limitation on the use of the cash method of accounting for non-natural taxpayers, personal service corporations, and farmers that is contained in House Ways and Means Committee Chairman Dave Camp's small business tax reform discussion draft.
A&A

Registration Open for September 5 Webcast: Overview of GASB Proposals for Financial Statement Users

Registration is now open for the upcoming Governmental Accounting Standards Board (GASB) webcast IN FOCUS: Overview of GASB Proposals for Financial Statement Users. This live webcast, offered free of charge, will take place on September 5.
A&A

Two GASB Insurance-Related Standards Receive Good Review

A post-implementation review of two accounting standards that were established to improve the consistency and comparability of reporting US state and local governments' insurance activities concluded that the standards achieve their purposes.

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