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.
In a March 7 press release, the International Accounting Standards Board said it has issued a revised set of proposals for a model for recognizing credit losses on financial instruments that differs from one proposed by the Financial Accounting Standards Board.
FASB plans to discuss issues raised in FAF's review of Statement No. 131, Disclosures about Segments of an Enterprise and Related Information, with stakeholders and the SEC to determine whether further review of the standard is warranted.
INCPAS, through the work of a board-level task force, has released a white paper on integrated reporting. The paper defines integrated reporting and addresses and answers several key questions pertaining to it.
The AICPA recently released an updated guide that aids auditors in assessing the fair value of financial instruments. The publication is based on new standards resulting from the AICPA's Clarity Project.
Financial analysts say there's not enough detail being provided in reports from companies that use derivatives and hedging activities, which makes analysis of investments that rely significantly on such financial instruments riskier.
FAF, the private-sector organization charged with oversight of accounting standards set by FASB, recently took a look back at the effectiveness of a standard established to improve the way public companies report information about their business segments.
FASB has issued a request for public comment on its proposal to improve financial reporting disclosures on repurchase agreements in order to more properly reflect a company's obligations and risks in some circumstances.
The Governmental Accounting Standards Board (GASB) has approved a new standard intended to improve accounting and financial reporting for US state and local governments' combinations and disposals of government operations.
On December 12, 2012, the Financial Accounting Standards Board (FASB), in conjunction with the Center for Audit Quality (CAQ), issued a summary of observations from two forums on disclosure effectiveness.
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.
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.