The Financial Accounting Standards Board has added guidance on business combinations to its online codification research tool, which is intended to simplify research of and compliance with U.S. Generally Accepted Accounting Principles. The codification is intended to serve as a single source for all authoritative GAAP. FASB developed the tool over a period of several […]
Tammy Whitehouse
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Surveys Suggest Big Concern, Slow Progress on ERM
Risk management is a top priority for chief financial officers and audit committee members, according to recent surveys at accounting firm Crowe Chizek. More than 65 percent of CFOs and more than 70 percent of audit committee members say managing enterprise risk is the biggest challenge their organizations face in the coming 12 months, according […]
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KPMG Gets Annual Inspection From PCAOB
KPMG has become the latest major audit firm to take heat from the Public Company Accounting Oversight Board over a handful of audit missteps. In its annual inspection, the PCAOB visited KPMG’s national office and 24 of its 90 U.S. field offices to pore over audit files looking for errors. Inspectors picked apart 10 audits […]
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GAO, PBGC Spar Over Pension Fund Oversight
Government agencies are stuck in a disagreement over how much oversight is necessary to protect $68 billion in invested assets and fix a $14 billion deficit. The Government Accountability Office says the board of the Pension Benefit Guaranty Corp. isn’t adequately overseeing implementation of the investment policy for the PBGC’s $68 billion in invested funds, […]
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PCAOB Offers Forums for Smaller Public Companies
For directors and finance staff of smaller public companies, the Public Company Accounting Oversight Board is planning a new forum agenda to cover the latest developments in audit regulation. As part of the series of forums on auditing in small-business settings, the PCAOB will provide staff updates on current accounting and auditing issues, auditing standard-setting […]
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Survey: CFOs Not Eager to Switch to IFRS
CFOs would appear a bit cool to the idea of adopting International Financial Reporting Standards, but believe they can do so quickly if allowed or required to do so, according to a recent economic outlook survey. A recent poll by Financial Executives International and Baruch College of more than 200 corporate CFOs found that less […]
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ARS; Business Merger Guidance; ERM
The market for auction rate securities has been seized up for months, but ARS holders continue to paint very different pictures about the value and long-term prospects for their securities, according to an analysis of 600 public company filings. Joseph Floyd, head of financial consulting for the Huron Group, recently pored over the auction-rate disclosures […]
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Convergence May Cloud Options Treatment
In the grand scheme of migrating from U.S. accounting rules to International Financial Reporting Standards, stock options might seem like an area where the accounting won’t change all that much. Under U.S. GAAP, companies look to Financial Accounting Standard No. 123R, Share Based Payment, for guidance. IFRS covers the topic under IFRS 2, Share Based […]
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Experts: Take Advantage of IFRS Training
U.S. capital markets are beginning to mobilize for a massive back-to-school exercise—accounting school, that is. Preparers, finance staff, auditors, and even investors have a lot to learn about International Financial Reporting Standards if the United States is to adopt them over the next several years as widely anticipated. The Securities and Exchange Commission is expected […]
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KPMG Gets Inspected; PCAOB News; More
KPMG has become the latest major audit firm to take heat from the Public Company Accounting Oversight Board over a handful of audit missteps. In its annual inspection, the PCAOB visited KPMG’s national office and 24 of its 90 U.S. field offices to pore over audit files looking for errors. Inspectors picked apart 10 audits […]
