October 2008

October 13, 2008

Modernizing Business Reporting

The AICPA’s Assurance Services Executive Committee issued a white paper to address how transparency in financial reporting will be improved through the use of eXtensible Business Reporting Language (XBRL) and enhanced business reporting (EBR) that takes into account nonfinancial factors that affect a company’s value. The paper, The Shifting Paradigm in

October 13, 2008

SEC, ASIC, Australian Government Enter Recognition Arrangement

SEC Chairman Christopher Cox, the Australian Minister for Superannuation and Corporate Law, and the Australian Securities and Investments Commission (ASIC) chairman entered into a mutual recognition arrangement among the SEC, the Australian government and ASIC. Through the arrangement, the SEC and the Australian authorities agreed to consider providing exemptions to

October 13, 2008

SEC Unveils Successor to EDGAR Database

The SEC unveiled the successor to the agency’s 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds, according to an SEC news release. The new system is called IDEA, short for Interactive Data Electronic Applications. Based on

October 13, 2008

FASB Members Favor Convergence with IAS 1, IAS 10

FASB members favor shifting to international rules for an auditor’s evaluation of an entity’s ability to function as a going concern. The rules under U.S. GAAP would converge with the International Accounting Standards Board’s International Accounting Standard (IAS) 1, Presentation of Financial Statements, and IAS 10, Events after the Balance

October 13, 2008

AICPA Issues Gaming Guide for Comment

The AICPA’s Accounting Standards Executive Committee issued an exposure draft of a proposed Audit and Accounting Guide, Gaming. The proposed guide addresses new accounting issues that have emerged over the years. It also includes guidance dedicated specifically to governmental gaming entities. Comments are due Dec. 9. The ED is available

October 13, 2008

Service Launches LILO, SILO Settlement Initiative

The IRS followed up its recent court victories against LILOs (lease in, lease out) and SILOs (sale in, lease out) with an offer to settle the estimated hundreds of the listed-transaction tax shelters still on companies’ books. The offer, sent initially on Aug. 6 to 45 large corporations known to

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.