Financial Reporting

A&A

IFRS Roundtable on adoption of IFRS: Investor viewpoint

The Securities and Exchange Commission (SEC), which is responsible for accounting standards in the U.S. and for the protection of investors, has said it will decide by the end of this year whether to adopt International Financial Reporting Standards (IFRS) for U.S. public companies.
A&A

GASB to propose changes to accounting for state pensions

The Government Accounting Standards Board (GASB) will propose changes later this month to the method used by most U.S. state and local governments when they report unfunded pension liabilities on their balance sheets. The proposed changes could result in an increase in the amount of liabilities governments will report.
A&A

Condorsement and the future role of FASB

Looking ahead to the time when IASB and FASB have nearly completed their high priority convergence projects, Paul Beswick, deputy chief accountant at the SEC, introduced the concept of condorsement as a potential approach for global standard setting process.
A&A

Slippage in IFRS adoption timeline and hints of change add to uncertainty for U.S. companies

The FASB and the IASB late last month announced a delay for completion of the remaining priority convergence projects from June 2011 until late 2011.
A&A

Challenges, best practices for the first XBRL filing

Thousands of small public companies will submit eXtensible Business Reporting Language (XBRL) financial reports, for the first time, with their regular June 15, 2011 filings with the SEC.
A&A

FASB and IASB publish progress report on conversion

The IASB and the FASB have published a progress report on their joint work to improve IFRSs and U.S. generally accepted accounting principles and to bring about their convergence.
A&A

SEC announces IFRS roundtable

The Securities and Exchange Commission has announced that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.
A&A

Jaw-dropping budgeting errors make headlines in Maine and Ohio

Some recent budgeting mistakes have plenty of taxpayers scratching their heads as the issue shines a spotlight on the need for efficient accounting systems.
A&A

Understanding, preparing for IFRS now eases transition anxieties

While a migration to IFRS from U.S. GAAP represents a significant departure from a long-established standard, companies that take the following steps now will face a smoother transition.
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.
A&A

AICPA calls on Congress to repeal 1099 reporting requirements

The American Institute of Certified Public Accountants (AICPA) called on Congress this week to repeal what it considers burdensome information reporting requirements placed on businesses and rental property owners by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010.
A&A

IASB, FASB to focus on convergence between IFRS and US GAAP

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board recently announced their intention to prioritize convergence projects to permit a sharper focus on issues and projects they believe will bring about improvement and convergence between IFRSs and U.S. GAAP.
A&A

IPSASB publishes amendments proposals for annual improvements

The International Public Sector Accounting Standards Board has recently released for comment exposure draft 44, “Improvements to International Public Sector Accounting Standards.”
A&A

GASB proposes to amend financial reporting entity requirements

The proposed statement is intended to improve guidance for including, presenting, and disclosing information about component units and equity interest transactions of a financial reporting entity.
A&A

How the rise of SaaS relates to SOX, SAS 70, and your legal contracts

The growing popularity of Software-as-a-Service (SaaS) is having a significant impact on data security and regulations compliance.
A&A

Cutting costs with the Cloud

At a time when the global economy is full of uncertainty and no one knows how long U.S. recession conditions will persist, businesses are watching the bottom line closely.
A&A

The growing convergence of finance and tax

Facing closer SEC scrutiny of financial reporting of income taxes and related internal controls, along with talent shortages, tax and financial executives need solutions that can help them work together to get the job done.
Technology

Why your client's sales amounts in QuickBooks are probably wrong

Ideally, all revenue should affect both an Item and an Income account in QuickBooks. When this doesn't happen, it is important for you to quickly locate the offending transactions and make any necessary adjustments.
Technology

Financial statements in QuickBooks: Done right and in less time

Learn how to use the Intuit Statement Writer and the new and improved features in QuickBooks 2010 that allow you to present financial statements in compliance with GAAP.
A&A

FEI files amicus curiae brief with Supreme Court in support of petition for review of Textron case

Financial Executives International (FEI) has filed an amicus curiae "friend of the court" brief with the Supreme Court of the United States in support of a petition for review of the U.S. vs. Textron case.

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