Auditing

A&A

IFRS 7: Financial Instruments: Disclosures

The objective of IFRS 7 is to deal with the disclosures required in an entity’s financial statements in connection with financial instruments. Before the issuance of this IFRS, the disclosure requirements were contained within IAS 32. IAS 32 now contains just the presentation requirements of financial instruments.
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A&A

IFRS 8: Operating Segments

The objective of this IFRS is to deal with the information that an entity should disclose in its financial statements to enable users to evaluate the nature and financial effects of the business activities and the economic environment in which the business operates.
246
A&A

IFRS 9: Financial Instruments

This standard was released in November 2009 and is intended to completely replace IAS 39 Financial Instruments: Recognition and Measurement by the end of 2010. IFRS 9 only deals with the classification and measurement of financial assets. A consistent theme of IFRS 9 is that it requires financial assets to be classified on initial recognition at amortised cost or fair value.
282
A&A

Nonprofits and International Financial Reporting Standards

Kurt Herdman of Schneider Downs explains how IFRS has and will continue to have an effect on nonprofit organizations.
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A&A

Global study shows new direction for internal auditing

In the next five years, the focus of internal audit activities will differ significantly from current practice, and it's important that internal auditors at all levels – not just the chief audit executive – keep up-to-date.
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A&A

Business opportunities make forensics, fraud examination credential worth investigating

Demand for forensic accounting services from businesses of all sizes has made qualifying for a second certification in forensics and fraud examination an attractive option for accountants.
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A&A

Buck and Schroeder join Financial Accounting Standards Board

The Financial Accounting Foundation has announced the appointments of Daryl E. Buck and R. Harold (Hal) Schroeder to the FASB. Buck and Schroeder will fill two additional seats on the FASB that were announced in August, bringing the size of the FASB board to seven members.
2855
A&A

SEC Shadow NAV rule means greater transparency for investors

The Securities and Exchange Commission (SEC) has announced that, for the first time, investors can access detailed information that money market funds file with the Commission.
3776
A&A

Texas Society of CPAs recommends separate standards for private companies under FAF

TSCPA officials said that the society has long supported the development of accounting standards that meet the needs of privately held companies in the United States, especially those that are the backbone of the economy, and are not adequately served through current GAAP financial statements.
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A&A

FASB's Seidman signals emphasis on converged standards, needs of private companies

Leslie Seidman, the newly appointed chairman of the FASB, repeatedly emphasized the board's intention to communicate with constituents and to produce standards in "an open process that encourages and values input."
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A&A

State of the Union provides hope for accountants

President Obama delivered his State of the Union address to the nation Tuesday night and included verbiage that offers encouragement for accountants struggling with issues surrounding the new 1099 regulations.
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A&A

James Doty to chair SEC accounting oversight board

James Doty, a partner at Washington, D.C.-based law firm Baker Botts LLP who served as general counsel for the SEC in the early 1990s, recently was appointed by SEC chairman Mary Schapiro to lead the agency’s Public Company Accounting Oversight Board.
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A&A

PCAOB to conduct audits of U.S. accounting firms operating in the UK

The Public Company Accounting Oversight Board and the Professional Oversight Board in the UK have signed an agreement that will allow the PCAOB, working in cooperation with the POB, to resume audits of accounting firms registered in the UK.
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A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
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A&A

Reality check: Fraud in the workplace

We like to believe that everyone is honest, no one cheats or takes unfair advantage, but the reality is that workplaces can be breeding grounds for bad behavior. Here are some steps for spotting and circumventing fraudulent activity.
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A&A

PwC provides top 10 questions for audit committees

Wondering where to start with your next audit? PwC US's Center for Board Governance has announced its annual list of questions and insights to help audit committees oversee their companies' 2010 year-end financial reporting process.
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A&A

Ernst & Young charged with civil fraud for role in Lehman collapse

The New York Attorney General has filed a lawsuit against Ernst & Young, accusing the firm of helping Lehman Brothers hide its financial weakness from investors from 2001 until the investment bank collapsed in 2008.
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A&A

PCAOB establishes new Office of Outreach and Small Business Liaison

The Public Company Accounting Oversight Board announced yesterday the establishment of the Office of Outreach and Small Business Liaison.
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A&A

SEC has five prominent fraud cases in one month

July was a busy month for the SEC. Five of the enforcement cases charged or settled that month involved large, well-known companies, including KBR, Goldman Sachs, Dell, General Electric, and Citigroup.
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A&A

Panel works on final recommendation for separate standards board for private companies

The Blue Ribbon Panel continued its discussion on how to modify existing standards-setting process for private companies during its meeting last week.
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What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
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editor@accountingweb.com
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