A&A news

A&A

Bramwell's Lunch Beat: Morgan Stanley's Boo-Boos

Here are "Bramwell's Lunch Beat" menu items for December 4.
A&A

Complexity Still an Issue for Income Tax Accounting Standard

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&A

GASB Makes Fix to Pension Standards

The Governmental Accounting Standards Board (GASB) has corrected a potential issue with the transition provisions of accounting standards on pensions for state and local governments.
A&A

PCAOB to Discuss Disclosure of Audit Engagement Partner

The PCAOB will reexamine for public comment a proposal that would require the names of the engagement partner and certain other participants in an audit to be disclosed in the auditor's report.
A&A

Economic Analysis Key Piece of PCAOB 2014 Budget

The PCAOB approved its 2014 fiscal year budget of approximately $258.4 million and its 2013-2017 strategic plan – both of which include an emphasis on economic analysis being used in the PCAOB's work.
A&A

FASB OKs Standards on Goodwill and Interest Rate Swaps

The FASB endorsed two standards – accounting for interest rate swaps and accounting for goodwill in a business combination for private companies – that were finalized PCC last month.
A&A

Group Calls on Audit Committees to Enhance Report Disclosures

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.
A&A

FAF: Accounting for Income Tax Standard Achieves Purpose

The post-implementation review team of the FAF concluded on November 19 that, while complex, a 1992 accounting standard addressing accounting for income taxes generally achieves its purpose.
A&A

IMA Joins IFAC in Support of the Global Management Accounting Profession

Professional management accounting association IMA® (Institute of Management Accountants) has been named a member of the International Federation of Accountants (IFAC).
A&A

FAF Adopts Policy on GASB Scope of Authority

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.
A&A

PCAOB Offers Firms Additional Insight on Audit Quality Control

A document the PCAOB recently added to its website offers insight into the process the PCAOB uses to determine whether an audit firm has addressed quality control criticisms.
A&A

Survey Finds Friends Determine Millennials' Financial Habits

When it comes to determining their financial habits, a new survey suggests Millennials are still relying on the oldest network in the world to guide their decisions: their friends.
A&A

New FAF Microsite Celebrates Forty Years of the FASB

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.
A&A

Compliance Risks Now a Higher Priority for Auditors

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&A

New AICPA Guide Focuses on Goodwill Impairment Testing

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.
A&A

New Toolkit on Pension Plans Available from GASB

The GASB is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new accounting and financial reporting standards.
A&A

GASB Annual Bound Editions Updated by FAF

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.
A&A

PCC Finalizes Standard on Variable Interest Entity Guidance

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.
A&A

Hypothetical Earnings Trigger Real Bonus Payments

Federal income tax incentives motivate questionable compensation decisions that benefit executives at the expense of taxpayers and shareowners.
A&A

What Are Analytical Procedures and When Are They Used?

Analytical procedures are used by accountants in multiple levels of service, and they are critical to evaluating financial data and variations that occur in financial data.

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