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
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TOPICS / ACCOUNTING & REPORTING
SEC regulatory compliance & reporting
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
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
SEC Finalizes Summary Prospectus Requirements for Mutual Funds
The SEC finalized a rule requiring mutual funds to provide investors with a concise summary of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus. The SEC also approved a new rule that permits sending a
SEC Releases Fair Value Findings
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
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
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
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
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
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
XBRL Around the World
EXECUTIVE SUMMARY While the United States and Asia focus on XBRL for use in capital markets, Europe has developed an eye-opening array of governmentwide and cross-border applications that can share consistently structured XBRL data for both public and private companies. In Asia, as in the U.S., XBRL is being used
Financial Reporting
The CIFiR report provides practical proposals to improve financial reporting in five main areas: (1) increasing the usefulness of information in SEC filings; (2) enhancing the accounting standards-setting process; (3) improving the substantive design of new standards; (4) delineating authoritative interpretive guidance; and (5) clarifying guidance on financial restatements and
Government
n FASAB has issued Technical Release 8, Clarification of Standard Relating to Inter-Entity Costs, and Technical Release 9, Implementation Guide for Statement of FASAB 29: Heritage Assets and Stewardship Land. TR8 provides guidance to federal entities on three aspects of full costing specified in SFFAS 4: (1) guidance on costs that
Opportunity Detected
EXECUTIVE SUMMARY The crux of the SEC’s interpretive guidance for management is a top-down, risk-based approach that puts risk first and foremost. Four key areas of opportunity can be used to reduce an organization’s overall SOX 404 compliance effort— risk assessment, entity-level controls, control selection and testing
Compliance
A study by Lord & Benoit, a firm specializing in SOX compliance, identified what it described as the 10 leading material weaknesses among 148 companies with revenue of less than $100 million. Companies with effective internal controls were excluded from the study. Nearly two-thirds of the companies with material weaknesses
Financial Reporting
“The next steps that the Commission is announcing today will keep us on course with the Roadmap announced in 2005,” SEC Chairman Christopher Cox said in a press release. Pending public comments on the proposal, “we remain on track to eliminate reconciliation by 2009.” In a staff position document, FASB
ROI on XBRL
EXECUTIVE SUMMARY The reality of XBRL has grown exponentially over the past two years, in large part due to the SEC’s focus and encouragement. With the time, money and effort that Chairman Cox and the SEC have dedicated to this initiative, it appears highly likely that
Two Years and Counting
EXECUTIVE SUMMARY This article examines the first two years of section 404 reporting data to determine whether section 404 has accomplished its intended purpose and what small companies can learn from the experience of large companies that have implemented section 404 requirements. The number of companies reporting material weaknesses in
Financial Reporting
At an open meeting in April, the SEC endorsed the recommendations of the agency’s professional staff to eliminate waste and duplication in Sarbanes-Oxley section 404 compliance, a move intended to benefit smaller public companies. The SEC’s direction to its staff will focus on aligning the PCAOB’s new auditing standard (AS-5)
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 1
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