Accounting


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FASB and the International Accounting Standards Board (IASB) published a draft version of the first two chapters of an enhanced conceptual framework for improving the foundation and concepts underlying global financial reporting ( www.fasb.org/draft/pv_conceptual_framework.pdf ). The document is the initial result of the boards’ joint effort to replace their respective existing frameworks with a common approach. The draft chapters define the objective of financial reporting and the qualitative characteristics of financial information useful for making decisions. Future chapters will address technical definitions, as well as the measurement, recognition and presentation of information in financial statements. Comments are due November 3, 2006, and will be considered for an exposure draft to be issued in 2007.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.