The human dimensions of business – areas such as talent development, intellectual property and relationships with suppliers and customers – will be the primary focus of top executives during the next 18 to 24 months. And one of their first challenges will be determining the value of these factors to unlock
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Management accounting
CGMA launch focuses on nonfinancial value, long-term business strategies
A panel of executives meeting in the finance capitals of New York City and London discussed new research Tuesday on the importance of the human dimension and nonfinancial value in long-term business strategies. The event, hosted by the AICPA and the Chartered Institute of Management Accountants (CIMA), was part of
Forum connecting major financial capitals will highlight CGMA launch
An interactive forum featuring business leaders in London and New York connected via satellite will highlight Tuesday’s launch of the new Chartered Global Management Accountant (CGMA) designation. The AICPA and the Chartered Institute of Management Accountants (CIMA) are hosting the panel of business and finance leaders, who will examine the
COSO Chair says updated framework is a ‘refresh’
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an exposure draft seeking comments on an updated internal control framework designed to help organizations perform with efficiency and confidence. COSO Chairman David Landsittel and the JofA discussed the updated framework, which keeps the same definitions, objectives and five
Management of “risk appetite” a necessity, paper says
In order to balance risks and opportunities, organizations must develop, communicate, monitor and update their “risk appetites,” according to a white paper released Friday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Authored by University of Wisconsin-Madison accounting professor Larry Rittenberg and Frank Martens, a director in the
Technical Practice Aids issued on SOC reports
The AICPA issued Technical Practice Aids (TPAs) 9520.12–.26 to provide nonauthoritative guidance regarding Statement on Standards for Attestation Engagements (SSAE) no. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards, AT sec. 801). The TPAs provide guidance for service auditors reporting on controls at a service organization relevant
IT budgets stagnant in 2012, according to survey
Worldwide IT budgets are expected to be flat in 2012, when IT budgets in North America and Europe are expected to decline, according to a global survey of chief information officers (CIOs) by Gartner Inc.’s Executive Programs. Conducted in the fourth quarter of 2011, the survey of 2,335 CIOs, covering
Board of education: Client advisory board implementation action plan
Editor’s note: Also read “Board of education: CPA firms, businesses can profit from clients’ advice,” in the Jan. 2012 issue of the JofA. Here is a step-by-step client advisory board implementation plan developed by the AICPA’s Private Companies Practice Section. More client advisory board tools are available to PCPS members
A new system for recognizing revenue
FASB and the International Accounting Standards Board (IASB) in November released a revised proposal that would create a single revenue recognition standard for both U.S. GAAP and IFRS. The standard is designed to streamline accounting for revenue across industries and correct inconsistencies in existing standards and practices. The new standard
Board of education: CPA firms, businesses can profit from clients’ advice
It’s no secret that CPAs take pride in their standing as trusted advisers to their clients. What’s not so well known is that CPAs can gain—and in many cases, literally profit—from the advice of those same clients. Client advisory boards offer CPA firms and other businesses the opportunity to
Bridging compensation gaps in a merger
Accounting-firm mergers must overcome numerous obstacles. One of the most common—and challenging—involves compensation and benefits for partners and staff. Merging firms usually have differences in compensation levels, compensation methods and benefits packages. It’s crucial for staff and partner retention that the merging firms combine the varying systems into one without
SEC Amendments Change Net Worth Calculation for “Accredited Investors”
The value of a person’s home will not count as an asset when calculating net worth to determine whether that person may invest in certain unregistered securities offerings, according to SEC rules amendments released Wednesday. Final Rule Release No. 33-9287 explains changes made to conform the SEC’s definition of an
PCAOB Reproposes Standard on Communications with Audit Committees
The PCAOB on Tuesday reproposed for comment an audit standard, Communications with Audit Committees, and related amendments to PCAOB standards. Initially, the standard was proposed on March 29, 2010. According to a PCAOB news release, the reproposed standard is designed to align communications requirements with performance demands in other PCAOB
COSO Releases Draft of Updated Internal Control Framework
An exposure draft released Monday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) seeks comments on an updated internal control framework designed to help organizations perform with more agility and confidence. COSO set out to update its nearly 20-year-old framework for new technology demands and capabilities, in
AICPA Letter to PCAOB Raises Concerns About Mandatory Audit Firm Rotation
The AICPA recommended that the PCAOB refrain from imposing mandatory audit firm rotation. AICPA Chairman Greg Anton, and President and CEO Barry Melancon signed a comment letter sent by email Wednesday to the PCAOB stating that mandatory audit firm rotation is costly and has the potential to hinder audit quality
Survey of CPAs Shows Economic Pessimism Still Prevalent, But Shrinking
Pessimism about the U.S. economy among CPA decision makers has shrunk slightly, but remains high, according to the AICPA Economic Outlook Survey for the fourth quarter of 2011. Forty percent of the 916 qualified respondents in the survey said they were somewhat or very pessimistic about the economy. That was
New Auditors’ Reporting Model Proposal Set for Release in Q2
The PCAOB’s proposal for a new auditors’ reporting model should be completed by the second quarter of 2012, PCAOB Chairman James Doty said Monday. Speaking at the AICPA’s National Conference on Current SEC and PCAOB Developments in Washington, Doty gave an update on the PCAOB’s initiative on the form and
PCAOB Boosts Budget 11.4% to Accommodate Increased Inspections
The PCAOB has increased its budget for the 2012 fiscal year by 11.4%, or $23.3 million, over the 2011 budget, according to a news release. The 2012 budget is approximately $227.7 million, compared with $204.4 million for the 2011 fiscal year. The budget is subject to SEC approval. Staffing and
Survey: CFOs Anticipate Hiring in Accounting and Finance
CFOs expected to hire more accountants and other finance professionals early next year. But many were having a hard time finding skilled professionals to fill the positions, according to a survey by staffing services firm Robert Half International. Twenty percent of 1,408 CFOs at U.S. companies said they expected to
Building Blocks of a Successful Financial Close Process
Financial close systems, processes, people and their interconnectivity can be complex, but successful improvements to the process can be achieved by introducing some simple building blocks that are inexpensive to implement. Regardless of company size or complexity, all successful financial close processes require continuous communication, comprehensive documentation and a flexible,
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