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October 2009 |  Article

CPAs must embrace change if they are to succeed in the future, newly elected AICPA Chairman Robert R. Harris said Tuesday during his inaugural speech at the Institute’s fall Council meeting in Las Vegas, where he began a oneyear term. Harris has served the Institute in many capacities, most recently as vice chairman (2008�).

October 2009 |  Article

The Canadian Accounting Standards Board (AcSB) on Wednesday approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release.

September 2009 |  Article

U.S. private companies may have a new choice for accounting and financial reporting—a slimmeddown version of IFRS tailored more to their needs. IFRS for SMEs (small and mediumsize entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the new standard in July after five years of work on the project, defines SMEs as businesses that publish generalpurpose financial statements for external users and do not have public accountability.

September 2009 |  Article

FASB on Wednesday issued Accounting Standards Update (ASU) 200906 to provide additional implementation guidance on accounting for uncertainty in income taxes and to eliminate the disclosures required by FASB Accounting Standards Codification (ASC) Paragraphs 740105015(a) through (b) for nonpublic entities, including passthrough and notforprofit entities. The new guidance involves requirements under what was previously known as FASB Interpretation no.

July 2009 |  Article

U.S. private companies have a new choice for accounting and financial reporting—a slimmeddown version of IFRS tailored more to their needs. IFRS for SMEs (small and mediumsize entities) is a simplification of full IFRS. The International Accounting Standards Board (IASB), which released the standard Thursday after five years of work on the project, defines SMEs as businesses that publish generalpurpose financial statements for external users and do not have public accountability.

January 2009 |  Article

Private companies may have scored a temporary reprieve on the implementation deadline for accounting standard FIN 48 regarding uncertain tax positions, but they nevertheless face an important disclosure requirement under the standard. FASB has twice deferred the effective date for certain private entities of FASB Interpretation no.

January 2009 |  BY William R. Stromsem |  Article

The good news is that on Oct. 15, 2008, FASB deferred the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for all nonpublic companies for one year. The bad news is that the year is up already. Company and outside tax and financial accountants should already be heavily involved in their FIN 48 analysis.

November 2008 |  Article

Over the last year, publications from the AICPA’s Private Companies Practice Section received 10 awards in five national and international communications competitions. The publications honored are ■ Seasonality Success—Award of Excellence in the 2008 Apex Awards for Publication Excellence ■ Small Firm Solutions—Gold award in the 2008 Hermes Creative Awards and an Award of Distinction in the 2008 Communicator Awards ■ “The PCPS Top Talent Study” booklet—Platinum award in the 2007 MarCom Awards ■ Small Firm Advantage Brochures—Two Gold awards for the Small Firm Advantage marketing and recruitment brochures in the 2007 MarCom Awards Silver award for

October 2008 |  Article

FASB issued a revised exposure draft of a Proposed Statement of Financial Accounting Standards, Earnings per Share—an amendment of FASB Statement No. 128. The proposed statement is intended to improve financial reporting by clarifying and simplifying the method of calculating earnings per share. As part of international convergence efforts, the proposal seeks to eliminate major differences between FASB Statement no.

July 2008 |  Article

James K. Smith, CFO of Phonon Corp. in Connecticut, and James Stevenson, CFO of ABS Capital Partners in Maryland, were named to the Private Company Financial Reporting Committee. Smith has expertise as a preparer of financial statements and Stevenson as a reviewer. Sponsored by FASB, with additional administrative support from the AICPA, the PCFRC represents nonpublic business entities and focuses on the costs and benefits of standard setting on technical activities and procedures.