Private Company Accounting

A&A

Nearly half of executives anticipate SEC decision on IFRS in 2011

Most executives responsible for corporate financial reporting said their firms will be ready, but likely will not move to IFRS until mandated, even if an "early adoption" option is allowed, according to an IFRS convergence survey.
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A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.
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A&A

AICPA supports separate standards board for private companies

In a statement issued in advance of a meeting of the Blue Ribbon Panel on private company standards setting, panel member Barry Melancon said he expected the panel to recommend a new model of financial reporting that will generate different standards for private companies.
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A&A

Herz to retire as chairman of FASB

Robert Herz, chairman of the Financial Accounting Standards Board (FASB), will retire as of October 1, two years before his current term expires.
2990
A&A

Blue Ribbon Panel leans toward separate GAAP for private companies

At its most recent meeting the Financial Accounting Foundation's (FAF) Blue Ribbon Panel chairman asked the panel to define the problem that private companies faced with U.S. GAAP and to narrow the field for proposed alternative models.
5881
A&A

Opinion: SEC IFRS support not all it's cracked up to be

The SEC has announced its support for a single set of high-quality, globally accepted accounting standards as well as for the ongoing convergence of GAAP and IFRS. What does this mean for U.S. accountants? Nothing.
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Community News

Rick Anderson named to head “Blue-Ribbon Panel" on accounting standards for private companies

Rick Anderson, chairman and CEO of Moss Adams LLP, has been named chairman of a “blue-ribbon panel” established to analyze U.S. accounting standards and how they can best meet the needs of users of private company financial statements.
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Blue ribbon panel to address private company accounting standards

The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) have announced the establishment of a “blue-ribbon panel” to address how U.S. accounting standards can best meet the needs of users of private company financial statements.
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Community News

Treasury committee declines to recommend liability protections for large firms

The U.S. Department of the Treasury established the Advisory Committee on the Auditing Profession to develop recommendations to ensure the "sustainability of a strong and vibrant public company auditing profession." The Committee's blue-ribbon membership was drawn from a wide range of professions and experiences.
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What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
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editor@accountingweb.com
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