Financial Reporting

A&A

CAQ Statement on PCAOB Report, ICFR Inspection Findings

The CAQ has issued a statement from Executive Director Cindy Fornelli regarding the release of the PCAOB's report on inspection findings related to audits of internal control over financial reporting.
2146
A&A

Private Companies Finally (May) Have Their Own Standards

As they grow their private companies, one of the last things - if not the last thing - owners want to spend time and money on is complicated financial reporting requirements.
3429
A&A

Going Concern Guidance To Be Brought into GAAP

The Financial Accounting Standards Board (FASB) voted at its November 7, 2012, meeting to adopt a financial reporting model for management's assessment of going concern and related disclosures.
3585
A&A

Rothstein Kass Reference Manual for Fund Managers

The third annual "Alternative Investment Fund Pro Forma Financial Statements Reference Manual" is a comprehensive guidebook for completing financial statements for hedge and hybrid funds, fund of funds, and master-feeder structures.
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A&A

FASB Extends Disclosure Framework Comment Deadline

The Financial Accounting Standards Board announced November 2 that it would extend the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012.
1873
A&A

FASB Extends Deadline for Comment on Private Company Framework

The FASB announced it would extend the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify GAAP for private companies. The deadline is now November 9.
1617
A&A

AICPA FRF for SMEs Exposure Draft Available for Comment

The American Institute of CPAs (AICPA) announced today that an exposure draft on its proposed Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) is now available for comment.
2867
A&A

New Webinar: 'Skepticism and the External Auditor'

The latest webcast in the NACD-developed Skepticism Series to Combat Fraud has just been released. "Skepticism and the External Auditor" is part two of the five-part series of webcasts.
2016
A&A

FASB Will Propose New Credit Impairment Model

How to measure and disclose evidence that a loan or bond is not performing continues to be an issue in the ongoing deliberations of the Financial Accounting Standards Board and the International Accounting Standards Board.
3630
A&A

Auditor Evaluation Tool for Audit Committees Launched

Seven organizations have joined to launch a new tool to assist audit committees in performing an annual evaluation of an external auditor in order to make an informed recommendation whether to retain the auditor.
2978
A&A

SEC Charges CFO with Diverting Company Dollars

The SEC has charged a former CFO of a Minnesota-based computer networking device manufacturer for secretly diverting company funds to cover unauthorized personal expenses and other employees' entertainment expenses.
2241
A&A

FASB Update on Private Company Framework

A recent webcast presented by the FASB reviewed key areas of the “Private Company Decision-Making Framework – A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies” staff paper.
2887
A&A

FAF Names Members of New Private Company Council

FAF has announced the appointment of the chairman and nine members of the newly created Private Company Council, which will work with FASB to determine whether and when to modify US GAAP for private companies.
1968
A&A

Investor Confidence in US Companies Inching Upward

On September 19, the Center for Audit Quality released its sixth annual "Main Street Investor Survey," which shows that investor confidence in capital markets has increased 4 percentage points since 2011.
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A&A

9/28 Deadline to Comment on GASB Exposure Draft

Parties interested in submitting written comments on the GASB Exposure Draft, "Accounting and Financial Reporting for Nonexchange Financial Guarantee Transactions," should file comment letters by Friday, September 28, 2012.
1830
A&A

IMA Stresses Importance of COSO Exposure Draft

As a cofounder of COSO, IMA has contributed to the latest COSO exposure draft "Internal Control over External Financial Reporting: Compendium of Approaches and Examples" and encourages small businesses to provide input.
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Tax

AICPA Recommends Changes to IRS Form 990

The AICPA has recommended changes be made to IRS Form 990, Return of Organization Exempt from Income Tax. Some observers say the once-straightforward form has become too complex.
2948
A&A

FASB Proposes Changes to Presentation of Reclassified Income

The FASB has issued for public comment a proposed Accounting Standards Update that is intended to improve the presentation of reclassifications out of accumulated other comprehensive income.
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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.
7204
A&A

FASB Seeks Input on Disclosure Framework

The FASB has issued the Invitation to Comment, Disclosure Framework, to ask for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations.
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