The Center for Audit Quality (CAQ) issued a report highlighting lessons learned from section 404 audits of internal control over financial reporting. The nonauthoritative report, designed to help audit firms that have not yet conducted an integrated audit, as well as more experienced firms, identifies 21 practical tips for auditors.
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Accounting & reporting
IFAC Launches Sustainability Framework
The Professional Accountants in Business Committee of the International Federation of Accountants has developed a sustainability framework for businesses. The free Web-based framework tool is designed to support professional accountants and their organizations in integrating a sustainable way of thinking and working in all business processes. The framework, which
Treasury Plan Calls for More Disclosure, Cooperation With SEC, Accounting Standard Setters
Treasury Secretary Timothy Geithner’s plan to rescue the nation’s financial system doesn’t appear to signal a major departure from the current accounting regime, observers said. “The [Treasury’s call for more transparency] doesn’t announce anything new,” said Paul B.W. Miller, CPA, Ph.D., a professor of accounting at the University of
SEC Extends Comment Period on IFRS Road Map
The SEC announced Tuesday that it will extend by two months the comment period for its proposed road map for the adoption of IFRS for U.S issuers. The comment period for the proposed road map, which was published Nov. 14, was originally scheduled to close Feb. 19. In a
Updated Airline Industry Guide Available
The AICPA issued the Audit and Accounting Guide Airlines, which provides the latest information on accounting and auditing issues affecting the airline industry. The guide addresses a number of new transactions and issues that have emerged over the years, including frequent flyer programs, electronic ticketing, revenue breakage, power-by-the hour maintenance
IASB Oversight Body Responds to Call for Accountability
The Trustees of the IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), announced constitutional changes that address recommendations made in comment letters from stakeholders, including the AICPA, as well as those made by G-20 leaders at the group’s November summit in Washington, D.C. The constitutional
GAA Wants Debate on Simplifying Financial Reporting
An international group of professional accountancy organizations is calling for a global debate on reducing complexity in financial reporting. The Global Accounting Alliance (GAA), a group that includes the AICPA and nine non-U.S. accountancy bodies, published a report that outlines a need for international discussion of financial reporting complexity and accelerating
Online Exclusive: More From IFAC President Robert Bunting
Editor’s note: These are Web-exclusive interview questions from the JofA‘s February 2009 interview with IFAC President Robert Bunting. To read the print interview, click here. JofA: You’ve served as CEO of Moss Adams LLP and chairman of the AICPA. What do you see as your most significant accomplishment? Bunting:
Converting to IFRS
The SEC’s proposed road map for the potential use of IFRS in financial statements prepared by U.S. issuers could result in the mandatory use of international standards beginning in 2014, 2015 or 2016, depending on a company’s size. Under the plan, the SEC would decide in 2011 whether to proceed
Uniting the Global Profession
Robert Bunting became president of the International Federation of Accountants (IFAC) in November, beginning a two-year term. Prior to this, he was deputy president of IFAC for two years and has been a member of the IFAC Board since 2005. Bunting is a partner in Seattle-based Moss Adams LLP, where
Highlights
The Federal Reserve announced two initiatives totaling $800 billion designed to address the financial crisis. To reduce the cost and increase the availability of credit for home buying amid the economic crisis, the Federal Reserve unveiled a $600 billion program to purchase the direct obligations of Fannie Mae, Freddie Mac
Financial Reporting
In a letter to President Bush, Financial Accounting Foundation Chairman Robert E. Denham expressed concern “about recent efforts in the United States and abroad that contemplate political solutions to perceived flaws in certain accounting standards.” Denham cited political pressures placed on the International Accounting Standards Board (IASB) to urgently review
Using IFRS to Drive Business Development
Inside the growing footprint of IFRS lies something many small and midsize CPA firms may be overlooking—rich opportunities for business development. IFRS-related work in the United States has largely been the domain of major accounting firms thus far. While national firms are filling many of the needs, there’s a large
IFRS: Beyond the Standards
Since the European Union’s 2002 regulation mandating IFRS for EU public companies and the execution of the Norwalk Agreement by FASB and the International Accounting Standards Board (IASB), momentum has been building for global standards convergence. Currently, more than 100 countries have adopted IFRS, and a number of other economically
International
On Nov. 11, just before the release of the SEC’s proposed road map for IFRS adoption, Mexico announced it would adopt IFRS for all listed entities beginning in 2012. Mexico plans to allow early adoption for some entities beginning with 2008 results subject to requirements that will be established by
Kroeker Named Acting Chief Accountant at SEC
James Kroeker has been tapped as the SEC’s acting chief accountant. He will oversee accounting interpretations, international accounting matters and professional practice issues. He replaces Conrad Hewitt, who retired Jan. 5. Kroeker was appointed by outgoing SEC Chairman Christopher Cox. Cox also appointed Shelley Parratt the acting director of the
Deadline Looms for Issuers to Share SOX 404 Costs with SEC
Public companies have until Jan. 31 to take advantage of an opportunity to give input to the SEC on their experience with Sarbanes-Oxley (SOX) section 404 implementation. The SEC has solicited feedback through a voluntary survey as part of its ongoing cost-benefit study of SOX section 404 implementation. “We encourage
IASB, FASB Focus on Impairment, Other Issues Raised by G-20
The International Accounting Standards Board (IASB) announced a series of actions it has taken to address recommendations made by the G-20 leaders last November in Washington. New disclosure requirements related to impairment. The IASB and FASB have proposed changes in disclosure requirements for impairments to arrive at a common outcome,
Private Companies and FIN 48
The good news is that on Oct. 15, 2008, FASB deferred the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for all nonpublic companies for one year. The bad news is that the year is up already. Company and outside tax and financial
SEC Nominee Pledges to Revitalize Enforcement, Has Concerns About IFRS
Mary Schapiro, President-elect Barack Obama’s nominee for SEC chair, testified Thursday before the Senate Banking, Housing, and Urban Affairs Committee that she would aggressively revitalize the SEC’s enforcement efforts. When asked by committee Chairman Sen. Chris Dodd, D-Conn., about whether she would support certain actions that would help detect
Features
SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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Current developments in taxation of individuals: Part 2
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Current developments in taxation of individuals: Part 1
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