November
2009
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Article
FASB issued an exposure draft of a proposed Accounting Standards Update that would affect all entities that are required to make disclosures about recurring and nonrecurring fair value measurements. The board says the proposal would improve Fair Value Measurements and Disclosures—Overall Subtopic (Subtopic 82010) of the FASB Accounting Standards Codification.
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November
2009
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BY
Alexandra DeFelice
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Article
When reporting financials in XBRL, companies need to take responsibility by documenting the reasons items are tagged the way they are and allocating ample time for management review—even if they outsource the data tagging to a third party, according to panelists at the 2009 XBRL US National Conference that took place in New York this week.
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October
2009
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Article
The SEC on Friday announced that the smallest public companies have six more months to provide audited assessments on the effectiveness of their internal control over financial reporting. Under section 404 of the SarbanesOxley Act, public companies and their independent auditors are each required to report to the public on the effectiveness of a company’s internal controls.
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October
2009
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Article
The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010�, which includes, among other goals, a continued commitment “to promote the establishment of highquality accounting standards by independent standard setters” and support for “a single set of highquality global accounting standards.” The draft Strategic Plan is a statement of the SEC’s mission, vision, values, strategic goals, planned initiatives and performance metrics.
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October
2009
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BY
Matthew G. Lamoreaux
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Article
SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC’s commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. In response to a question following his speech at an AICPAInternational Accounting Standards Committee Foundation conference in New York about when the SEC proposal would be finalized, Kroeker said that “fall ends Dec.
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July
2009
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Article
The SEC on Wednesday proposed amendments to SEC Rule 15c212 that prohibits brokers, dealers, and municipal securities dealers from purchasing or selling municipal securities unless they reasonably believe that the state or local government issuing the securities has agreed to disclose such things as annual financial statements and notices of certain events, such as payment defaults, rating changes and prepayments.
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June
2009
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Article
SEC Chairman Mary Schapiro announced Wednesday that the commission is considering a package of new proxy disclosure rules that would provide more information to investors on public companies’ compensation decisions. “At the SEC, our role has not been to set pay scales or cap compensation,” said Schapiro in a news release.
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June
2009
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Article
The SEC’s Office of the Chief Accountant last week published a Staff Accounting Bulletin (SAB) that updates previous guidance by removing material no longer necessary because of developments in U.S. GAAP regarding business combinations and noncontrolling interests in consolidated financial statements. FASB Statement no. 141(R), Business Combinations, and Statement no.
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April
2009
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BY
Matthew G. Lamoreaux
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Article
The time is now to implement global accounting and auditing standards, said International Federation of Accountants (IFAC) President Robert L. Bunting, CPA, in a speech last week at the World Bank in Washington. In a JofA interview, Bunting, a partner in Seattlebased Moss Adams LLP and a former chairman of the AICPA, further explained what he means by now.
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April
2009
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Article
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic brokerdealers. Until recently, auditors of nonpublic brokerdealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006, extended the exemption to cover financial statements for fiscal years ending before Jan.
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