At a meeting of the International Federation of Accountants’ (IFAC) Board and Council last week in Rome, IFAC President Robert Bunting, a past AICPA chairman, said the global financial crisis has shown the close ties international markets share. He also emphasized the need for a common set of accounting and
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Accounting & reporting
G-20 Addresses Accounting Issues at Financial Summit
Leaders of 20 of the world’s richest nations agreed on common principles to guide financial market reform at the Summit on Financial Markets and the World Economy in Washington on Saturday. An attached plan charged G-20 financial ministers with accomplishing “immediate” high priority tasks designed to strengthen financial market transparency
SEC Road Map for Transition to IFRS Available
UPDATE: SEC Extends Comment Period on IFRS Road Map The SEC on Friday released a long-awaited road map for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS). The Commission set a longer-than-expected 90-day comment period for the proposal, which puts forth milestones
GASB Explains Service Efforts and Accomplishments Reporting Project
GASB released a fact sheet to explain its project to develop service efforts and accomplishments (SEA) reporting by governments. According to the GASB release, Basic Facts about Service Efforts and Accomplishments Reporting, the public reporting of key service performance indicators provides decision-useful information about the government’s actual accomplishments in pursuit
XBRL: Who Are the Early Adopters?
View the PowerPoint presentation narrated by JofA Senior Editor Matthew Lamoreaux. XBRL is evolving everywhere, but unevenly, driven by various stakeholders such as governments, stock exchanges, banks and other industry sectors. While the SEC has been finalizing its proposed rule requiring public companies and mutual funds to file their financial reports
Standard Setters Schedule Round Tables on Global Financial Crisis
FASB and the International Accounting Standards Board (IASB) announced details of three public round-table discussions to identify financial reporting issues highlighted by the global financial crisis. The discussions will be held in London on Nov. 14, in Norwalk, Conn., on Nov. 25 and in Tokyo on Dec. 3. The boards
IPSASB Issues First Conceptual Framework Consultation Paper
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board of the International Federation of Accountants (IFAC), has issued for comment the first in a series of consultation papers focused on developing an international public-sector conceptual framework. The consultation paper, Conceptual Framework for General Purpose Financial Reporting by
IASB Amends Two Financial Instruments Standards
In response to the global financial crisis, the International Accounting Standards Board (IASB) amended two of its standards to more closely align with U.S. GAAP. The amendments to IAS 39, Financial Instruments: Recognition and Measurement, and IFRS 7, Financial Instruments: Disclosures, permit the reclassification of some financial instruments. The amendments
141(R)’s Effect on Goodwill
In reading your article, “A New Day for Business Combinations,” (June 08, page 34) I had some questions regarding [FASB] statement 141(R). A client purchases a company for $20 million. The company has $10 million of tangible assets, mainly cash, receivables and some property. The purchase is highly leveraged and
Highlights
The AICPA’s Professional Ethics Executive Committee (PEEC) issued an exposure draft, Interpretation 101-17, Networks and Network Firms, under Rule 101, Independence, of the AICPA Code of Professional Conduct. Along with new or revised definitions for network, network firm and firm, the ED proposes that when CPA firms form
Shaking Up Financial Statement Presentation
In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part of the memorandum of understanding between the two bodies that set out a road map for convergence between IFRS and U.S. GAAP. The goal is to create
Watching Your Weighted Average
Thank you for your great article, “Currency Translation Adjustments” (July 08, page 42). I used it as a learning opportunity for our International Accounting group. I have one question on a calculation on page 46 in the right-hand column toward the bottom: “To examine a situation where the dollar has
Noncontrolling Interest: Much More Than a Name Change
In December 2007, FASB adopted two new business combination standards: Statement no. 141(R), Business Combinations, and Statement no. 160, Noncontrolling Interests in Consolidated Financial Statements. Both culminated years of work directed at improving reporting for consolidated entities. An article in the June 2008 issue of the JofA (“A New Day
Highlights
The rescue package, the Emergency Economic Stabilization Act of 2008, allows the Treasury Department to buy up problem assets in an effort to improve the balance sheets of financial institutions and keep credit flowing. The final version of the plan passed by Congress and signed by President Bush on Oct.
PCPS Publications Recognized for Excellence
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
Financial Reporting
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
International
The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on its proposed changes to IPSAS 5, Borrowing Costs, set forth in Exposure Draft 35, Borrowing Costs (Revised 200X). Most notably, ED 35 proposes amendments to reflect that
Investments
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
AICPA Files Comment Letter on Review of IASCF Constitution
The AICPA filed a comment letter on the review of the IASC Foundation’s (IASCF) Constitution. While expressing strong support for the objectives of the IASCF and the IASB, the Institute: Urged the IASCF to continue its efforts to secure permanent funding for the IASB’s activities. The Institute said the SEC
IRS Commissioner: Tax Collections Must Be Fair Amid Tough Economic Times
The IRS and tax preparers can reach out to taxpayers hurt by the current economic downturn to help them meet their tax obligations, IRS Commissioner Douglas Shulman told the AICPA National Tax Conference on Oct. 27. (Watch the speech here.) While the Service is mindful that many taxpayers are
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