The IASB and the FASB have published a progress report on their joint work to improve IFRSs and U.S. generally accepted accounting principles and to bring about their convergence.

As the auditor of Lehman Brothers, Ernst & Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehman's financial position during the financial meltdown.

To say that James Doty has had a lot on his plate during his first six weeks as chairman of the Public Company Accounting Oversight Board (PCAOB) would be an understatement.

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the formation of a Trustee Working Group to address the important topic of accounting standard setting for nonpublic entities.

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA), the government group responsible for educating Americans about how retirement and health and certain welfare plans work, has proposed that the definition of the term "fiduciary" be updated.

Speakers at a recent FASB Webcast, XBRL 2011 Taxonomy Overview, presented an outline of what public company financial report preparers need to know about using the 2011 XBRL taxonomy.

On January 25, 2011, the SEC adopted new rules regarding shareholder approval of executive compensation and the golden parachute compensation arrangements as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The objective of IFRS 2 is to outline the reporting requirements that an entity who undertakes a share-based payment transaction should make in their financial statements. It outlines the requirements an entity is to reflect in its profit and loss account (statement of comprehensive income) and balance sheet (statement of financial position) the effects of share-based payments.

The objective of this IFRS is to deal with the financial reporting for insurance contracts by an entity that issues insurance contracts. An insurance contract is defined as a contract under which one party (the insurer) accepts significant insurance risk from another party (i.e. the policyholder) by agreeing to compensate the policyholder if a specific uncertain future event (the insured event) adversely affects the policyholder.