Auditing

A&A

'Hey there, Bob Pozen' YouTube video addresses complexity in financial reporting

Steven Zelin, aka "The Singing CPA," and Edith Orenstein, AccountingWEB blogger for Financial Executives International (FEI), have teamed up to create a music video celebrating the third anniversary of the SEC's Advisory Committee on Improvements to Financial Reporting.
A&A

Private companies, auditors pressure Financial Accounting Foundation for separate standards

Auitors, private company executives, and lenders have submitted comment letters to the Financial Accounting Foundation in support of separate standards for private companies.
A&A

IFRS Roundtable: Small public companies and regulators concerned about cost of adopting IFRS

Executives from small public companies and auditors representing regional firms participated in the second panel during the SEC's recent roundtable in Washington that explored the benefits and challenges of adopting International Financial Reporting Standards (IFRS).
A&A

IFRS Roundtable on adoption of IFRS: Investor viewpoint

The Securities and Exchange Commission (SEC), which is responsible for accounting standards in the U.S. and for the protection of investors, has said it will decide by the end of this year whether to adopt International Financial Reporting Standards (IFRS) for U.S. public companies.
A&A

GASB to propose changes to accounting for state pensions

The Government Accounting Standards Board (GASB) will propose changes later this month to the method used by most U.S. state and local governments when they report unfunded pension liabilities on their balance sheets. The proposed changes could result in an increase in the amount of liabilities governments will report.
A&A

PCAOB moves forward with changes to auditor's reporting model

Citing a goal of investor protection, the PCAOB has issued a concept release to discuss alternatives for changing the auditor's reporting model. The Board is seeking comment on alternatives and other matters presented in the concept release.
Practice Development

Seize the future: AICPA leaders describe changing landscape of profession

AICPA Chairman Paul Stahlin and President and CEO Barry Melancon took time out from their busy schedules this week to address the attendees at this year's annual AICPA Practitioners Symposium and TECH+ conference in Las Vegas.
A&A

PCAOB chairman: Audit firm changes may become mandatory

The chair of the Public Company Accounting Oversight Board has signaled that public companies may be required to regularly change their auditing firms to reduce conflicts of interest.
A&A

Dodd-Frank update: PCOAB announces adoption of interim inspection program for audits of securities brokers and dealers

The Public Company Accounting Oversight Board (PCAOB) has adopted certain rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to audits of securities brokers and dealers.
A&A

Update from the Center for Audit Quality, AICPA Governing Council 2011

Kicking off the annual Spring AICPA Council meeting in Washington, D.C., Center for Audit Quality Executive Director Cindy Fornelli gave an update on Center for Audit Quality activities Sunday to a packed house, taking place just a block away from CAQ headquarters.
A&A

Slippage in IFRS adoption timeline and hints of change add to uncertainty for U.S. companies

The FASB and the IASB late last month announced a delay for completion of the remaining priority convergence projects from June 2011 until late 2011.
A&A

Challenges, best practices for the first XBRL filing

Thousands of small public companies will submit eXtensible Business Reporting Language (XBRL) financial reports, for the first time, with their regular June 15, 2011 filings with the SEC.
Practice Management

FASB issues proposed accounting standards update on testing goodwill for impairment

The FASB has issued an exposure draft of a proposed accounting standards update intended to simplify how an entity is required to test goodwill for impairment.
A&A

FASB and IASB publish progress report on conversion

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.
A&A

FASB issues accounting standards update to improve financial reporting about troubled debt restructurings

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (Update) No. 2011-02, Receivables (Topic 310): A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring.
A&A

Did Ernst & Young really assist financial fraud?

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.
A&A

Federal contracts: Unallowable costs explained

Certain expenses are legitimate costs of doing business, but the federal government won’t reimburse them as part of a federal contact.
A&A

James Doty: New PCAOB chairman works to increase audit enforcement initiatives

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.
A&A

Mobile computing takes accountants to a new level of productivity

Mobile computing is one of the hottest trends in the consumer sector today. Driven largely by video, web-browsing, gaming, and other just-for-fun applications, it has quickly moved from gadget status to a must-have for consumers.
A&A

Standard setting for private companies on the docket of Financial Accounting Foundation

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.

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