Accounting and Auditing

A&A

New CAQ Guide Explains How Public Companies Manage Financial Reporting Risks

On March 21, 2013, the Center for Audit Quality (CAQ) released the "Guide to Internal Control Over Financial Reporting (ICFR)," a new publication for investors and the general public.
A&A

Updated AICPA Not-for-Profit Audit Guide Available in Three Formats

The American Institute of CPAs (AICPA) announced the release of its updated Audit and Accounting Guide: Not-for-Profit Entities. It's available in three formats: e-book, online, and in paperback.
A&A

Restatements Fall Overall but Rise for Largest Companies

While the overall number of financial restatements by US public companies has decreased over the last four years, large company restatements have been on the rise, according to research conducted and published by Audit Analytics in the "2012 Financial Restatements: A Twelve Year Comparison" report.
A&A

PCAOB Approves 2013 Budget and Strategic Plan

On November 28, the Public Company Accounting Oversight Board (PCAOB) approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan.
A&A

New Book Demystifies the 'Language' of Accounting

"Accounting Is Not a Foreign Language: Translating the Basics of Accounting," written by Jeanine Pfeiffer, is a new book designed for non-accountants who have careers in the accounting profession.
A&A

GASB’s New Pension Standards Now Available

On August 2, 2012, the Governmental Accounting Standards Board (GASB) published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments.
A&A

FASB Issues Invitation to Comment

On July 31, 2012, the FASB issued an Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify US GAAP for private companies.
A&A

Control Inventory before It Controls You

Mary Ellen Biery, research specialist for Sageworks Inc., offers advice you can share with your merchandizing clients.
Practice

CFP Board's Bulletproof Investment Strategy

CFP Board's consumer advocate Eleanor Blayney offers tips on how consumers can reclaim their long-term financial security by following a smart, pragmatic approach to investing.
A&A

Using Financial Statements to Improve Cash Flow

Managers will enjoy much greater success if their passion for success is governed by sound financial discipline, which stems from an understanding of their financial statements.
A&A

8 Ways CPAs Violate the AICPA's Ethics Requirements

Why do CPAs violate the Code of Professional Conduct? Gary Zeune, CPA, Managing Director, The Pros & The Cons LLC, shares his insight.
A&A

Best Practices for the Account Reconciliation Process

Account reconciliation is an underappreciated yet critical control to help ensure an organization's financial integrity. Weaknesses and inefficiencies in the reconciliation process often lead to inaccuracies.
A&A

CPAs Examine Impact of Health Care Decision

The Supreme Court ruled to uphold much of the PPACA, which puts in motion the expansion of the health care system, including the individual mandate requiring all U.S. citizens to maintain minimum health care coverage or pay a penalty.
Practice

M&A: Five Variables when Assigning Value

In this world of merger mania and baby boomers dealing with succession, many wonder how accounting practices are valued when being sold externally (not to partners), and what the multiple is.
A&A

FASB Publishes Proposed Accounting Standards Update

On June 27, the FASB issued for public comment a proposed ASU intended to improve financial reporting about certain risks inherent in financial instruments and how they contribute to the reporting organization's broader risks.
A&A

ACCA and IMA Partnership Announced

The ACCA and the IMA have announced their global strategic partnership. The signing of the agreement took place at IMA's Annual Meeting of Members, during IMA's Annual Conference and Exposition in Las Vegas.
A&A

COSO Framework Holding Strong - Getting a Polish

J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.
A&A

IASB and FASB Agree on Lease Accounting Approach

On June 13, the IASB and the FASB agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in IFRS and the US GAAP.
Technology

Xero's New Cloud-Based WorkflowMax

Xero has recently added WorkflowMax - a complete practice management suite ‒ to its Cloud-based offerings.

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