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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.
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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.
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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.
A&A

FAF Proposal Clarifies GASB's Standard-Setting Authority

Citing stakeholder concerns that trustees of the Financial Accounting Foundation were "stepping into the standard-setting role" of the GASB, the FAF on August 20 issued for comment a revised proposal to clarify the characteristics of information that the GASB may incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.
A&A

Sageworks Unlocks Database of Stats for Accounting Firms

A massive database of industry statistics on privately held companies aggregated by financial information company Sageworks is now available for free to all US accounting firms.
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PCAOB Report Highlights Deficiencies in Broker-Dealer Audits

Officials from the Public Company Accounting Oversight Board (PCAOB) said on August 19 that deficiencies were found in all sixty of the broker-dealer audits conducted by audit firms that the PCAOB inspected last year – and in 95 percent of the individual audits selected for inspection.
A&A

Inside the Mind of the White-Collar Criminal

Back in the day of paper ledgers and journals, I worked for a leather-goods manufacturer. I had become increasingly concerned that, while sales remained stable, the cost of goods sold was rising and negatively affecting the bottom line.
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PCAOB Proposes New Standards to Enhance Auditor Reporting

A new auditing standard and related amendments to enhance the auditor's reporting model were proposed for public comment by the Public Company Accounting Oversight Board (PCAOB) on August 13.
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CAQ Develops Resource on Audit Quality Reporting

The CAQ released a "Resource on Audit Quality Reporting" to highlight some important elements of audit quality US audit firms could consider in refining or developing their own reporting regarding their public company audit practice.
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Political Benefactors Wanted: Dead or Alive

Some people are so passionate about politics they won't let anything get in their way. Not even a little thing like, well . . . death. "USA TODAY" recently analyzed data available from the Federal Election Commission and came up with some interesting findings.
A&A

FASB Issues Proposal to Define Public Business Entity

A proposal that defines a public business entity was issued by the Financial Accounting Standards Board (FASB) on August 7. The FASB is encouraging stakeholders to review and provide comments on the proposal by September 20.
A&A

Survey of SMPs Shows High Demand for Sustainability Services

Seventy-three percent of SMPs worldwide are either providing or have plans to provide sustainability services to their clients, suggesting there is a sizeable market for these services among the small businesses that SMPs typically serve.
A&A

More Jobs Now, but Where Is the Country in Economic Cycle?

The August 2 report from the Bureau of Labor Statistics showing that US unemployment fell and 162,000 jobs were added in July was positive, especially on the heels of news that second-quarter GDP grew at an annual rate of 1.7 percent.
A&A

Intuit Announces Small Business Big Game Multimillion Dollar Campaign

Intuit's new program shares the stories of small business owners with the world and recognizes their contributions with more than $25 million in rewards and offers to help them succeed.
A&A

Survey: Audit Fees Rose for Public and Private Companies in 2012

According to more than 220 finance leaders who participated in a new survey by FEI, audit fees paid by public companies in 2012 increased by 4 percent over their prior fiscal year audit; private company fees increased by 3 percent.
A&A

SASB Provides a Remedy for Sustainability Issues Reporting

In an effort to provide public companies with a standardized framework for reporting the ESG issues that affect their industries, the SASB unveiled its first set of provisional sustainability accounting standards.
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Survey: Biggest Roadblocks to Protection from Corporate Risks Are Internal

Despite increasing stakeholder and regulatory pressure to improve governance, risk management, and compliance, organizations are significantly hindered from performing the task effectively.
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Uncertain Prognosis: Industries Impacted by Health Care Reform

With key provisions of the Patient Protection and Affordable Care Act kicking in soon, industries navigating through a new health care environment present opportunities for accountants.

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