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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
On June 27, the FASB issued for public comment a proposed ASU intended to improve financial reporting about certain risks inherent in financial instruments and how they contribute to the reporting organization's broader risks.
J. Stephen McNally, CPA, provides an overview of COSO and his perspective on how it has been leveraged by such companies as Campbell Soup. In addition, he offers insight into COSO's recent ICIF Refresh Project.
June 30, the day on which many educational institutions and nonprofits end their fiscal year, is fast approaching. This brings "joy" to many internal accountants because they know that an annual visit from the auditors is just around the corner.
On May 23, the FAF announced its decision to make process and structural improvements by creating the Private Company Council (PCC). The PPC is based upon the body proposed last October by the FAF to set differences in U.S. GAAP, where appropriate, for privately held companies.
How can taxpayers follow how their money is being spent on public education? What is the difference between a school district's budget and its financial statements? Answers to these questions, and many others, can be found in GASB's new user guide, What You Should Know about Your School District's Finances.
On March 21 and 22, 2012, the PCAOB hosted a public meeting to obtain further input on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms.