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Financial Reporting


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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

SOX Has Restored Investors' Confidence

Ernst & Young has released a report - "The Sarbanes-Oxley Act at 10" - that considers the legislation, discusses what it was designed to do, and analyzes its impact.

FASB Publishes Proposed Accounting Standards Update

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.

COSO Framework Holding Strong - Getting a Polish

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.
Education & Careers

'Financial Fitness' and Accounting Firm Improvement

Jennifer Katrulya, CPA, will kick off her second year of the BMRG Group Advisory Program on July 1 with a revised four-tier program structure.

Educational Institution and Nonprofit Audits Fast Approaching for June 30 Fiscals

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.

AICPA Supports FAF's Creation of Private Company Council

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.


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