The SEC, in a report mandated by Congress, supports the continued use of fair value accounting standards while also making eight recommendations to improve application of the standards. The suggested changes include reconsidering accounting for impairments of financial instruments and developing more guidance for determining the fair value of investments
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FASB Issues Proposals to Improve Reporting for Financial Instruments
FASB issued two proposals intended to address concerns arising from the financial crisis relating to accounting for financial instruments. The comment period for proposed FASB Staff Position EITF 99-20-a, Amendments to the Impairment and Interest Income Measurement Guidance of EITF Issue No. 99-20, ends today. It is available at www.fasb.org/fasb_staff_positions/prop_fsp_eitf99-20-a.pdf.
PBGC Reports Nearly $3 Billion Reduction in Deficits
The Pension Benefit Guaranty Corporation (PBGC) reported a nearly $3 billion reduction in its combined deficits for the fiscal year ending Sept. 30, 2008. In the Annual Management Report submitted to Congress, the PBGC’s insurance program for single-employer pension plans reported a $10.7 billion deficit, down from $13.1 billion the
Conversations From the IFRS Round Table
The SEC’s proposal to require U.S. public companies to file financial reports using IFRS is being felt on college campuses. Student interest in international standards is growing. Professors are grappling with resource and training issues. While incorporating IFRS into the accounting curriculum can be daunting, some professors say it will
SEC Votes to Finalize XBRL Filing Rules
The SEC voted Wednesday to adopt new rules that would require public companies to provide an XBRL version of their SEC filings. Under the new rules, the 500 largest U.S. public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL beginning
Prince Charles to Host Accounting for Sustainability Forum
Accounting and business leaders from around the world will meet Wednesday, Dec. 17, in London for a forum on accounting for sustainability hosted by Prince Charles. The forum will include remarks from Prince Charles, HSBC Holdings Plc. Chairman Stephen Green and BP Plc. CEO Tony Hayward. The AICPA will also
Deadline for Transition to BSA Electronic Filing Approaching
The Financial Crimes Enforcement Network (FinCEN) said Magnetic Media filers must transition to BSA Electronic Filing (E-Filing) by Dec. 31. The Web-based BSA E-Filing system is user-ID and password-protected and does not require storage media such as tapes and disks to submit Bank Secrecy Act (BSA) reports. The system supports the
IRS Offers Online Course on New 990
Training and information resources on the Service’s “Stay Exempt” Web site for exempt organizations (www.stayexempt.org) now include a four-part “mini-course” on filing the revised Form 990, Return of Organization Exempt From Income Tax. The audio and slide-show presentation is more than two hours long, broken up into five sessions.
AICPA and InvestmentNews Offer Online Discussion Forum for Financial Advisers
The AICPA and InvestmentNews have launched “Ask the CPA,” an online discussion forum on advising clients in times of economic crisis. InvestmentNews readers may post their questions at www.investmentnews.com/community. CPAs holding the Institute’s personal financial specialist (CPA/PFS) credential will respond. The forum will run through December 31, 2008. “This is an
Cox Signals No Major Shake-Up for Fair Value
SEC Chairman Christopher Cox, speaking this week at an AICPA conference, said investors have told the SEC that fair value measurement has increased transparency in financial reporting. But Cox signaled that the SEC would call for some additional guidance on fair value measurements. View highlights from Cox’s speech. Cox devoted a
Upcoming Infocast to Focus on Partnership Tax Developments
The AICPA will present a live, interactive partnership tax update Friday, Dec. 12, that covers recent changes CPAs will need to be aware of to stay on top of partnership and LLC client needs. The program, scheduled for 1 to 3 p.m. ET, will focus on recent regulatory, judicial and
More Guidance Expected on Fair Value
FASB Chairman Bob Herz says he’s interested in exploring additional disclosure rules that would make valuation techniques more transparent to users of financial statements. Herz and the FASB Board are awaiting the findings of the SEC’s congressionally-mandated fair value accounting study—due Jan. 2—which is expected to call for additional fair
SBA Offers Tutorial on Exploring International Markets
The Small Business Administration created an online course to help small businesses explore exporting opportunities in international markets. Global Enterprise: A Primer on Exporting is a free, self-paced course that provides practical guidance on exploring international markets. The course illustrates how to identify international markets, develop an export strategy, make
Infocasts to Focus on S Corp Tax Development
The AICPA will present a live, interactive S corporation tax update today covering recent changes CPAs will need to be able to communicate to 2008 S corporation clients and to prepare their returns. The program, scheduled for 1 p.m. to 3 p.m. ET, will focus on recent regulatory, administrative, judicial and
Technology Survey Drawing to a Close
Today is the final day to participate in the AICPA’s Top Technology Initiatives survey. The survey period has been extended from the scheduled Nov. 26 deadline to 6 p.m. ET on Friday, Dec 5. In celebration of the 20th anniversary of the survey, voting for the first time is
FASB Delays Codification Launch to July
FASB has delayed the official launch of its FASB Accounting Standards Codification until July 1. FASB had expected to approve and make the codification authoritative in April. Prior to the July launch, FASB expects to address issues raised during a yearlong verification period that began on Jan. 15, 2008.
AICPA Issues Exposure Draft of Proposed SSARS
The AICPA’s Accounting and Review Services Committee issued an exposure draft of a proposed Statement on Standards for Accounting and Review Services (SSARS), Applicability of Statements on Standards for Accounting and Review Services. The exposure draft proposes to amend AR section 100. Under the proposal, SSARSs would not apply when
U.S. CPAs Show Growing Acceptance of Change From U.S. to International Accounting Standards
The U.S. accounting profession increasingly believes that international accounting standards will be implemented in the U.S. and is beginning to prepare for a change in standards, according to a recent survey conducted by the AICPA. As the Securities and Exchange Commission moves toward adoption of international accounting standards in place
Treasury’s Capital Purchase Program Raises Accounting Issues
With $250 billion dollars in play, questions have arisen regarding the accounting treatment for the Treasury Department’s injection of capital into banks through its Capital Purchase Program (CPP), which is part of the Treasury’s effort to ease the financial crisis. The capital injections through the Troubled Assets Relief Program
Component Materiality for Group Audits: Probabilistic Model
To determine maximum aggregate component materiality levels, we first use the cumulative binomial distribution to derive the maximum number of components that can be allowed to simultaneously contain undetected misstatements that are material at the component level. The maximum allowable number of misstated components takes into account the number of
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