A&A news

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.
A&A

LA Jeweler Pleads Guilty in KPMG Insider Trading Case

Los Angeles jewelry store owner Bryan Shaw faces a maximum of five years in prison after he pleaded guilty May 20 for his role in an insider trading case involving a former senior audit partner at KPMG LLP.
A&A

Hewlett Packard Faces $1 Billion Lawsuit from Shareholders

Hewlett Packard (HP) shareholders are suing the company for $1 billion over the "vastly overvalued" acquisition of the British software firm Autonomy. According to claims brought against the multinational, HP tried to pull out of its $11.1 billion takeover of Autonomy before the deal closed.
A&A

SOX Compliance Survey Shows Need for More Scrutiny on High-Risk Processes

Demand for added attention to high-risk processes, growing costs, and the increasing role of IT controls and testing reports are some of the key changes and challenges companies faced over the last year.
A&A

COSO Issues Updated Internal Control-Integrated Framework, Related Illustrative Documents

COSO – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – issued its updated Internal Control-Integrated Framework and related illustrative documents.
A&A

New Report on Financial Reporting Fraud Released

A new research report examines auditor involvement in fraudulent financial reporting cases cited in SEC enforcement actions issued from 1998-2010. During the thirteen-year period, there were eighty-seven sanctions against external auditors in SEC fraud investigations involving publicly traded companies.
A&A

FASB Requesting Participation in FASAC Survey

The Financial Accounting Standards Advisory Council (FASAC), the primary advisory group for the Financial Accounting Standards Board (FASB), has issued a survey to solicit stakeholder views about the FASB’s future agenda. Participants are asked to respond to the survey by May 30, 2013.
A&A

Whistleblowing Reaches Center Stage

Court cases and events involving whistleblowing are appearing in news headlines with greater frequency, and awareness about the importance of speaking up, when witnessing wrongdoing continues to grow.
A&A

FASB Looks to Defer Certain Disclosures for Benefit Plans

As a result of concerns from stakeholders, the FASB has issued a proposal to defer indefinitely the effective date for certain disclosure requirements for nonpublic employee benefit plans in the plan sponsor's own equity securities. Individuals or organizations can comment on the proposal until May 31.
A&A

AICPA Survey Finds Money Worries Taking Toll on Americans' Waistlines, Well-being

Feeling a little paunchy around the middle or particularly irritable when you pull into work in the morning? Don't blame it all on processed sugar or your two-hour commute. A recent AICPA survey found money worries are making many Americans impatient, unhealthy, and sleep deprived.
A&A

Report: Most General Ledger Accounts Reconciled Manually

If you think automation is primarily being used to reconcile the general ledger accounts of public and private companies, think again. Nearly two-thirds of finance departments in US companies and one-half in Canadian companies are still using a manual accounting system.

Pages


Already a member? log in here.