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financial statements


GASB to Look at Disclosures on Going Concern and Debt for Governments

Board members also voted to remove a project on economic condition reporting from its current technical agenda.

More Transparency in Government Finances Focus of House Bill

A bipartisan bill introduced in the House of Representatives on Tuesday would bring more transparency and accountability to US government financial statements by making the Federal Accounting Standards Advisory Board more independent.

Differences between IFRS and CGAAP Values Widespread and Significant

A new report by the Certified General Accountants Association of Canada (CGA-Canada) reveals that the adoption of International Financial Reporting Standards (IFRS) has had a noticeable impact on the financial statements of Canadian-listed companies.

FASB OK'd Exposure Draft on Development Stage Entities

The FASB voted on September 11 to approve issuing an exposure draft containing proposals for improving financial reporting about public and private development stage entities.

FASB Sets Deadline for Disclosure Field Study Registration

The Financial Accounting Standards Board (FASB) on Thursday set September 30 as the registration deadline for participation in a field study on disclosures in notes to financial statements.

Registration Open for September 5 Webcast: Overview of GASB Proposals for Financial Statement Users

Registration is now open for the upcoming Governmental Accounting Standards Board (GASB) webcast IN FOCUS: Overview of GASB Proposals for Financial Statement Users. This live webcast, offered free of charge, will take place on September 5.

IAASB Proposes Standards to Fundamentally Transform the Auditor's Report

On July 25, 2013, the International Auditing and Assurance Standards Board (IAASB) released proposals to enhance the future auditor's report.

Survey: Almost Half of CPAs Know about AICPA FRF for SMEs

Nearly half of CPAs say they are familiar with the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) released by the AICPA on June 10, according to a recent special report by Thomson Reuters.

AICPA and XBRL US Offer Online XBRL Certificate Program

In an effort to address the increased demand for comprehensive and intensive training on XBRL, the AICPA and XBRL US Inc., the not-for-profit consortium for business reporting standards, launched the XBRL US GAAP Certificate Program.

FASB Issues Standard Update on Investment Company Status

The FASB has developed a new guideline for determining whether a public or private company is an investment company, for which fair value of investments is the most relevant measurement for the company's financial statement users.

ASU No. 2013-07 Establishes Liquidation Accounting Principle in US GAAP

The FASB amended US GAAP to explain how businesses and other organizations should prepare financial statements when they're ceasing operations and selling assets to settle debts with creditors.

New CAQ Guide Explains How Public Companies Manage Financial Reporting Risks

On March 21, 2013, the Center for Audit Quality (CAQ) released the "Guide to Internal Control Over Financial Reporting (ICFR)," a new publication for investors and the general public.

FASB to Review Business Segment Reporting Issues Based on FAF Review

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.

AICPA Amends Guidance on Component Auditors

The AICPA has released SAS No. 127, Omnibus Statement on Auditing Standards–2013, which amends two sections of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification.

FASB and CAQ Issue Forum Observations Summary

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.

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.

Accounting Tool Keeps Billions in Profits Overseas

New research found that an obscure accounting tool gives US companies the option of omitting from their financial statements, except in footnotes, that any taxes at all are owed to the IRS on profits made by their foreign subsidiaries.

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.

New Book Demystifies the 'Language' of Accounting

"Accounting Is Not a Foreign Language: Translating the Basics of Accounting," written by Jeanine Pfeiffer, is a new book designed for non-accountants who have careers in the accounting profession.

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.


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