Accounting rulemakers are providing a little more detail about how they plan to respond to the global financial meltdown. The Financial Accounting Standards Board and the International Accounting Standards Board plan to host roundtables in Europe, Asia, and North America to air views on what kinds of reporting issues are of greatest significance as markets […]
Tammy Whitehouse
Posted inAccounting & Auditing
PCAOB Unveils Seven Risk Standards for Auditors
After years of planning and mulling how to do it, U.S. audit regulators are proposing seven new standards and an armload of related rule changes to tell auditors how to assess risk of misstatement in financial statements and what to do about it when they spot it. If approved, the weighty package would more than […]
Posted inAccounting & Auditing
New SEC Accounting Rule Softens Blow for Banking Sector
The Securities and Exchange Commission has tossed another bone to the banking sector, giving its blessing to an accounting maneuver that will soften the blow to third-quarter reports. Herz SEC Chief Accountant Conrad Hewitt told the Financial Accounting Standards Board to get to work providing permanent guidance on how to assess the fair value of […]
Posted inAccounting & Auditing
SEC’s Fair Value Roundtable; IASB/FASB Advisory Group
If you have strong views about mark-to-market accounting, then mark your calendar for Oct. 29, when the Securities and Exchange Commission will be all ears. The SEC has scheduled a public roundtable to discuss mark-to-market, or fair value, accounting in the current market turmoil. Banks hate it because it requires them to show losses on […]
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FASB, IASB Seek Feedback on Financial Statement Overhaul
The International Accounting Standards Board and the Financial Accounting Standards Board have published a joint discussion paper offering their early ideas on how they’d like to redevelop the entire format of financial statement presentation. The two boards took up a project to overhaul financial statements as users have complained that existing requirements allow too many […]
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FASB Plans Another FIN 48 Deferral for Private Companies
Private companies may win another one-year deferral from the Financial Accounting Standards Board on a requirement to disclose more information about uncertain tax positions. In its weekly meeting today, FASB voted reluctantly to propose a one-year deferral on the effective date of Financial Interpretation No. 48 Accounting for Uncertainty in Income Taxes for all non-public […]
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FASB Stands Firm on Market Pricing; Bankers Appeal
The Financial Accounting Standards Board has finalized its crisis guidance on how to apply fair value measurement rules in the current, seized market environment, and the banking sector is already up in arms. The American Bankers Association fired off another letter to Christopher Cox, chairman of the Securities and Exchange Commission, asking the SEC to […]
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Non-profits Face Form 990 Changes, Challenges
Board members at non-profit groups are under the gun this year to adopt modern governance principles, including disclosure of possible conflicts of interest or risks of fraud within their organization. The impetus is Form 990, the annual tax return the Internal Revenue Service requires of non-profits. The IRS redesigned Form 990 for 2009 in a […]
Posted inAccounting & Auditing
Audit Recommendations Final; PCAOB Turns to SAG
The Treasury Advisory Committee on the Auditing Profession has published its final report on how to rescue and sustain the auditing profession, and the Public Company Accounting Oversight Board has already stocked its agenda with a few of those recommendations. The PCAOB is assembling its Standing Advisory Group on Oct. 22 to discuss the feasibility […]
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SEC Asks for Comment on Mark-to-Market Study
The Securities and Exchange Commission is looking for public input on the “issues, point-of-view, research, and opinions” that should be taken into account as it studies mark-to-market accounting under a Congressional mandate. The SEC issued an invitation to comment through the first 30 days of its 90-day analysis, required as part of the Emergency Economic […]
