FEI Statement on Tax Extenders; Survey on International Tax Reform

Mon, 14 May 2012 13:18:38 GMT

FEI's Committee on Taxation recently filed a Statement for the hearing record of an April 26 hearing on certain tax extenders. Separately, FEI COT, in conjunction with the Financial Executives Research Foundation, is conducting a survey on International Tax Reform.

FASB To Meet With Small Co, Private Co Advisory Committees

Wed, 09 May 2012 08:07:41 GMT

FASB is slated to meet with its small company and private company advisory committees later this week.

PCAOB Seeks SAG Nom's; Will Discuss Going Concern, Related Parties, More at May 17 Mtg

Wed, 09 May 2012 07:57:20 GMT

The PCAOB recently announced it is seeking nominations for new members for its Standing Advisory Group. Separately, the next meeting of the SAG is set for May 17.

SEC Unveils New Homepage for Website

Tue, 08 May 2012 17:17:50 GMT

On May 8, 2012 the SEC unveiled a freshly designed homepage for its website.

FASB Returns To Revisit Going Concern

Thu, 03 May 2012 13:44:41 GMT

At its board meeting yesterday, FASB decided to revisit its prior decisions on whether to define in the accounting literature (GAAP) how to assess and report on a 'going concern' decision, and will move forward on this project.

FASB Defines Nonpublic Entity

Thu, 03 May 2012 12:59:04 GMT

During its past two board meetings, the FASB has reached tentative decisions on a definition of 'nonpublic entity.' This definition will be key to determining the scope of companies, commonly referred to as 'private companies,' that will be able to avail themselves of specific changes/exceptions to GAAP offered to private co's going forward and relates as well to the upcoming decision of the FAF (which oversees FASB) on how best to set standards for private companies, e.g. whether and how to implement its proposed Private Co Standards Improvement Council, a decision that is expected to be deliberated if not decided at the FAF's May meeting.

Social Technology: The Next Frontier

Wed, 02 May 2012 12:52:29 GMT

The cover story to this month's issue of Financial Executive magazine is a must read for the social media illuminati: Social Technology: The Next Frontier. Other articles in this month's edition range from the benefits of continuous monitoring, to global tax management, valuing contingent consideration, cyberrisk, and more.

A Creative Irritant: The Relationship Between the SEC and Accounting Standard Setters: SECHS Webcast

Tue, 01 May 2012 12:49:47 GMT

On June 7, the SEC Historical Society (SECHS) is sponsoring what looks to be a really great webcast, featuring two former FASB Chairmen, Denny Beresford and Ed Jenkins, and a former SEC Chief Accountant, A. Clarence Sampson, moderated by retired PwC partner George Fritz, speaking on: "A Creative Irritant: The Relationship between the SEC and Accounting Standard Setters."

FAF Posts Summaries of Comment Letters, Roundtables on Private Co Standard-Setting

Thu, 26 Apr 2012 13:37:38 GMT

Earlier this week, the Financial Accounting Foundation posted summaries of the comment letters received, and summaries of public roundtables held on, the FAF's Plan to Establish a Private Company Standards Improvements Council. (PCSIC; the 'FAF Plan')

Public Debate, Transparency Keystones of the Standard-Setting Process: FAF's Polley

Thu, 26 Apr 2012 13:19:37 GMT

Public debate and transparency are keystones of the standard-setting process," the Financial Accounting Foundation President and CEO Terri Polley recently told a group attending FAF's first annual Capital Markets Dinner.

IASB, FASB Publish Progress Report on Convergence

Thu, 26 Apr 2012 13:05:33 GMT

Earlier this week, the IASB and FASB posted an Progress Report on Convergence. This posting follows our earlier report on the reference to convergence in the G20 Finance Ministers report last week.

SEC Corp Fin Posts Updated Financial Reporting Manual

Thu, 26 Apr 2012 12:29:03 GMT

On April 13, 2012 the SEC's Division of Corporation Finance posted online an updated version of its Financial Reporting Manual.

SEC Posts JOBS Act FAQs; Seeks Comment in Advance of Rulemaking

Thu, 26 Apr 2012 12:19:36 GMT

The U.S. Securities and Exchange Commission has posted on its website a number of items relating to the recently enacted Jumpstart Our Businesses Startup (JOBS) Act, including Frequently Asked Questions

G20 Finance Ministers Urge FASB, IASB Converge Key Standards by Mid-2013 At the Latest

Fri, 20 Apr 2012 19:12:34 GMT

In the Final Communique issued today at the close of the G20 Finance Ministers and Central Bank Governors meeting which took place at the IMF in Washington, DC, the group called upon the IASB and FASB to complete their major convergence standards by the boards' stated goal of mid-2013 'at the latest' - to achieve a single set of high quality accounting standards.

Western Union! Update on China's Policy for Cross-Border Payments

Fri, 20 Apr 2012 16:08:44 GMT

China recently approved changes to its policy for accepting a much greater volume of cross-border payments in its home currency (vs. U.S. dollars). Learn more about this and other economic developments in doing business with China, in an April 24 webcast featuring Alfred Nader of Western Union.

FAF Releases 2011 Annual Report, 2012 Budget

Mon, 16 Apr 2012 15:10:30 GMT

Earlier today, the FAF released its 2011 annual report and 2012 budget.

FASB's Opts Not to Add Qualitative Disclosures on Going Concern - For Now - As Board Prepares ED on Disclosure of Liquidity, Interest Rate Risk

Mon, 16 Apr 2012 14:42:53 GMT

In its upcoming ED on disclosure of liquidity and interest rate risk, FASB decided to focus on quantitative rather than qualitative disclosures at this time.

Fact or Fairytale?

Mon, 16 Apr 2012 14:16:26 GMT

Fact or Fairytale? You decide - after hearing from and discussing with peers what leading experts have to say about the 2012 political and economic scene and more at FEI's 2012 Summit Leadership Conference, May 20-22 at Disney's Contemporary Resort in Orlando, FL.

Comments Coming into COSO on Internal Control ED

Fri, 30 Mar 2012 12:21:55 GMT

Looking for some good lunchtime (or weekend) reading? In advance of COSO's 3/31 comment deadline on its Exposure Draft updating the 1992 COSO Internal Control - Integrated Framework, 57 comment letters have been filed so far.

Congressional Hearing This Week on Accounting, Auditing Features FASB, SEC, PCAOB, More

Mon, 26 Mar 2012 16:55:50 GMT

A Congressional hearing set for this Wednesday, March 28, examining pending proposals and emerging issues in accounting and financial reporting, is expected to address, among other things, the PCAOBs' current consideration of whether to propose a requirement for mandatory audit firm rotation.

COSO: FEI Archived Webcast Posted; 3/31 Deadline on COSO ED

Mon, 26 Mar 2012 12:54:49 GMT

As a reminder, 3/31/12 is the comment deadline on COSO's Exposure Draft updating its Internal Control-Integrated Framework. If you missed FEI's webcast on the COSO ED last week, or if you'd like to listen to it again, links to the archived webcast have been posted by FEI.

FASB Adds Project on Repos

Fri, 23 Mar 2012 16:55:35 GMT

The FASB announced earlier this week it is adding a project on repos to its agenda.

Heard Round the PCAOB Roundtable

Fri, 23 Mar 2012 16:51:01 GMT

Yesterday, the PCAOB closed two days of hearings on its Concept Release on auditor independence, which posed for public comment the concept of potentially mandating rotation of audit firms as one possible way to enhance auditor independence, objectivity and skepticism.

FAF, FASB Major Developments for Private Companies Coming this Spring

Wed, 21 Mar 2012 09:48:19 GMT

Major developments in the ongoing work of the Financial Accounting Standards Board and its parent body, the Financial Accounting Foundation, in their work toward improving accounting standard-setting for private companies, are expected to spring forward this spring, based on remarks of the FASB Chairman at two events earlier this month.

Highlights of FAF's Private Co Roundable 3/1, Boston MA

Wed, 21 Mar 2012 09:41:56 GMT

Alex Corl, CFO of The Lee Company and a member of FEI’s Committee on Private Company Standards (CPC-S), has shared with the FEI blog the following highlights from his observations of the FAF’s fourth and final public
roundtable on its proposed Plan to Establish a Private Company Standards Improvement Council (PCSIC) (the
FAF Plan). The observations below represent his personal observations as shared in a conversation with the FEI blog.

XBRL in Focus

Tue, 20 Mar 2012 11:41:35 GMT

The FASB recently announced it will hold a webcast on April 3, 2012 entitled FASB in FOCUS: Using XBRL Tables. The webcast will provide an overview of the U.S. GAAP Financial Reporting Taxonomy (UGT), including speakers from FASB's XBRL/taxonomy development team, and a speaker from the SEC's Office of Interactive Data. [My two cents (see disclaimer posted on the right side of this blog): presumably there will be an update on the status of the 2012 US GAAP taxonomy, released for public comment in fall, 2011, awaiting final approval by the SEC.)

FASB Responds to FAF Post-Implementation Review of FIN 48

Tue, 20 Mar 2012 09:52:24 GMT

In a press release issued earlier today, the FASB summarized its response to the findings of the FAF's Post-Implementation Review (PIR) of FIN 48 (Accounting for Uncertainty in Income Taxes).

FEI webcast on COSO 1pm Today; Comment deadline on COSO ED 3/31

Mon, 19 Mar 2012 10:52:00 GMT

FEI members and nonmembers can still register for FEI's webcast on COSO taking place from 1-2:30 pm EST today, during which PwC Partner Stephen Soske, FEI President and CEO Marie N. Hollein, and FEI working group on COSO chairman Ray Purcell (Director of Financial Control, Pfizer) will discuss COSO's Exposure Draft updating COSO's 1992 Internal Control-Integrated Framework. The comment deadline on COSO's ED is the end of this month.

COSO's Internal Control Framework Is Changing! Comment Deadline 3/31; Learn More on FEI Webcast 3/19

Wed, 14 Mar 2012 19:42:14 GMT

Are you ready to file your comment letter on COSO's Exposure Draft released in December 2011, updating COSO's 1992 Internal Control-Integrated Framework? Tune into FEI's webcast on the COSO ED on March 19 to learn more.

JOBS Act Passed by House Includes Changes to SEC Regs Applicable to Small Bus; Action Moves to Senate

Fri, 09 Mar 2012 17:00:44 GMT

The Jumpstart Our Business Startups Act (JOBS Act) passed by the House yesterday, includes several provisions to relax certain SEC requirements for smaller companies, including under Sarbanes-Oxley Section 404(b), to help faciliate capital formation.

Tax Reform Must Deal Fairly With Privately Held and Family Owned Co's, FEI Member Mark Smetana Tells Congress

Wed, 07 Mar 2012 17:58:07 GMT

At a hearing held earlier today (Wed. March 7) by the House Ways and Means Committee on The Treatment of Closely Held Busineses in the Context of Tax Reform, FEI member Mark Smetana, CFO of Eby-Brown Company, testified that tax reform must deal fairly with privately held and family owned companies.

Proposed Legislation on Emerging Growth Co's: A Dangerous and Risky Experiment, Turner Tells Senate

Wed, 07 Mar 2012 17:36:59 GMT

In written testimony prepared for a hearing of the Senate Banking Committee conducted yesterday (Tues. March 6), former SEC Chief Accountant Lynn E. Turner said legislative proposals currently before the Committee, aimed at aiding emerging growth companies pose "a dangerous and risky experiment with the U.S. capital markets."

House Ways and Means Hearing II on Tax, Accounting and Tax Reform: Small and Closely Held Businesses

Mon, 05 Mar 2012 16:20:41 GMT

Congressman Dave Camp (R-MI), Chairman of the House Committee on Ways and Means, has announced that the second in a set of two hearings examining tax, accounting and tax reform will take place this week. The hearing, set for Wed. March 7 at 10am EST, will focus on small and closely-held businesses.

PCAOB Proposes Standards On Related Parties, Significant Unusual Transactions; Broker-Dealers

Mon, 05 Mar 2012 13:05:08 GMT

On February 28, the PCAOB board voted to release for public comment proposed standards in two areas.

FASB Chairman To Present 2012 Outlook; Will Take Questions Prior to, During Live Webcast March 12

Mon, 05 Mar 2012 12:52:39 GMT

FASB Chairman Leslie F. Seidman will present her 2012 Chairman's Outlook on the FASB in a live, interactive webcast on March 12, 2012.

Theory Meets Practice, New Group Launched By FEI, Hosts March 29 Webcast on Disclosure Overload, Complexity

Thu, 01 Mar 2012 17:59:16 GMT

FEI has launched a new group under the 'Community of Interest' umbrella, which will provide opportunities for academics and practitioners to network and participate virtually - and potentially in-person as well, in programs of mutual interest. The new group, called 'Theory Meets Practice,' will convene its first program - a webcast on March 29, featuring KPMG's Terri Iannaconi sharing the results of a FERF report on "Disclosure Overload and Complexity: Hidden in Plain Sight."

Board Oversight and Professional Judgment: COSO's Newest Thought Paper

Thu, 01 Mar 2012 17:10:56 GMT

COSO published a new 'thought paper' on March 1, 2012 on board oversight and professional judgment. Separately, as a reminder, the comment deadline on COSO's proposed update to its 1992 Internal Control-Integrated Framework, is March 31.

FEI Announces Top 12 Advocacy Issues for 2012

Tue, 28 Feb 2012 10:11:14 GMT

Yesterday, FEI released its Top 12 Advocacy Issues for 2012.

Highlights From SEC Speaks

Tue, 28 Feb 2012 09:35:19 GMT

Following are some highlights from the 2012 SEC Speaks conference, held last week by PLI.

SEC Speaks... and Tweets!

Fri, 24 Feb 2012 16:21:24 GMT

We have been tweeting some highlights from today's/tomorrow's PLI SEC Speaks conference, on our twitter account, www.twitter.com/feiblog (@feiblog).

FEI Summary of House Ways and Means Committee Hearing on Tax, Accounting and Tax Reform

Fri, 24 Feb 2012 16:04:04 GMT

FEI's Government Affairs office has prepared a summary of the House Ways and Means Committee's Feb. 8, 2012 hearing on: The Interaction of Tax and Financial Accounting on Tax Reform.

IASB, FASB Gear Up for SEC IFRS Decision

Wed, 22 Feb 2012 16:55:03 GMT

Following on yesterday's post - Will SEC Speak On IFRS This Week? - which noted remarks by SEC Chief Accountant Jim Kroeker in and around an IFRS Advisory Council meeting in London earlier this week, ascribing an 'optimistic' attitude about SEC's impending decision on IFRS (as cited by Reuters' Huw Jones), and a sense that the U.S. 'nears an accounting shift' ( according to WSJ's Michael Rapoport), there are some other significant developments announced during the past few months, and the past month in particular, that indicate the IASB and FASB are gearing up to position themselves, and assist in positioning a favorable decision (favorable to each of the respective standard-setters) by the SEC, on the question of whether, when and how to permit or require the 'use of IFRS' by U.S. public companies

Tax Reform Plan Released by White House, Treasury; Key Points For Financial Exec's

Wed, 22 Feb 2012 15:57:29 GMT

The President's Framework for Business Tax Reform, (the 'Framework') released earlier today by the White House and the U.S. Treasury Department, focuses on five elements. Key points are summarized below.

Will SEC Speak On IFRS This Week?

Tue, 21 Feb 2012 17:15:50 GMT

All eyes and ears may be on PLI’s SEC Speaks conference later this week, watching for follow-on remarks by SEC Chief Accountant Jim Kroeker, SEC Chairman Mary L. Schapiro, or other SEC officials in response to this week’s reports that the SEC may be moving closer to reaching a decision on the use of IFRS by U.S. companies.

CAQ’s Film Noir Sequel Aims To Demystify Audits

Fri, 17 Feb 2012 16:46:53 GMT

The Center for Audit Quality (CAQ), an affiliate of the AICPA, has released the second in a series of video vignettes in the form of film noir-style cartoons, aimed at demystifying the system of investor protection, including the financial statement audit.

FASB’s New Post-Imp. Review: Bus Comb (141R), Segments (131), Gov’t Deposits and Investments (GASB 3)

Fri, 17 Feb 2012 12:48:14 GMT

Earlier this week, the Financial Accounting Foundation (which oversees the FASB and GASB) announced the next in a series of Post-Implementation Reviews (PIR) of FASB standards will focus on the standards originally issued as FAS 141R (Business Combinations), FAS 131 (Segments) and GASB Statement No. 3 (Government Deposits and Investments, including repos/reverse repos).

Being XBRL

Fri, 17 Feb 2012 12:37:14 GMT

Like the room on the 7 ½ floor in Being John Malkovich, or Platform 9 ¾ in the Harry Potter movies, eXtensible Business Reporting Language (XBRL) – a system of electronically tagged data - has been viewed as a portal into the world of financial reporting. Public companies are required to file certain information with the U.S. Securities and Exchange Commission (SEC) using XBRL. What are some recent developments with XBRL and the world of technology vis-a-vis financial reporting?

ASBJ, FASB Meet; FEI Japan Event Features Bolash, Danaher, Taub

Fri, 10 Feb 2012 12:49:41 GMT

The Accounting Standards Board of Japan held the twelfth in a series of biannual meetings with the FASB earlier this week. Separately, as previously announced, FEI launches a new international chapter, FEI Japan, on February 22; featured speakers at the inaugural program include E&Y's Christopher Bolash, Financial Reporting Advisors (and former SEC Deputy Chief Accountant) Scott Taub, and General Electric Company's Mitch Danaher.

JCT Releases Backgrounder in Advance of House Ways and Means Hearing on Interaction of Tax, GAAP on Tax Reform

Tue, 07 Feb 2012 22:24:15 GMT

In advance of Wednesday's (Feb. 8) Congressional hearing on the interaction of tax law and financial accounting standards, in particular as may relate to behaviors (corporate actions) arising from either or both, and specifically in the context of the potential resulting impact on tax reform, the Joint Committee on Taxation released a related background paper earlier today (Tues. Feb. 7). As we reported last week, the hearing taking place on Wednesday is being conducted by the House Ways and Means Committee, and is the first of two hearings on this topic planned by the committee.

Jeanette Franzel Named To PCAOB Board

Fri, 03 Feb 2012 15:18:11 GMT

Earlier today, SEC Chairman Mary L. Schapiro announced the appointment of Jeanette M. Franzel to the PCAOB board.

House Ways and Means Sets Hearings on Tax and GAAP

Fri, 03 Feb 2012 15:10:03 GMT

The House Ways and Means Committee will conduct a hearing next week on the interaction of tax policy and GAAP.

PCAOB Announces March Panel on Auditor Independence - Audit Firm Rotation

Thu, 02 Feb 2012 14:40:40 GMT

Earlier today, the PCAOB announced it will convene a panel to provide additional feedback on potential rule proposals that may stem from its Concept Release relating to auditor independence, including audit firm rotation.

Join FEI's New Committee on Governance, Risk and Compliance

Thu, 02 Feb 2012 14:21:16 GMT

FEI's new Committee on Governance, Risk and Compliance is currently in formation, here is some information about the committee, which is open to FEI members and those interested in, and qualifying for, FEI membership, including the Executive and Associate categories of membership.

Don't Miss Today's KPMG-FEI Webcast: Disclosure Overload: Hidden in Plain Sight

Wed, 01 Feb 2012 10:06:18 GMT

Don't miss today's KPMG-FEI webcast: Disclosure Overload: Hidden in Plain Sight.

IASB's Finnegan Notes Role of Convergence with U.S. GAAP 'Waning' as IASB Sets Future Agenda; Recommends Project on OCI

Wed, 01 Feb 2012 09:58:21 GMT

In a newsletter published this week, IASB board member Pat Finnegan notes that the role of convergence with U.S. GAAP as a force in setting the IASB's future agenda, at this point in time and given progress to date, is 'waning.' He encouarges further input, particularly from investors, on the IASB's call for public comments/public consultation on its future agenda-setting, and based on comments received so far, he recommends that the IASB take on a project to better define the use and purpose of Other Comprehensive Income.

SEC Advisory Comm. May Send IPO Recommendations to SEC Today

Wed, 01 Feb 2012 09:28:23 GMT

A number of recommendations for improving the market for IPOs are slated for consideration by the SEC Advisory Committee on Small and Emerging Companies at its meeting later today.

FEI, Other Organizations Release Statements on State of the Union

Fri, 27 Jan 2012 12:49:40 GMT

FEI and a number of other organizations issued Statements in response to U.S. President Barack Obama's Jan. 24, 2012 State of the Union address.

COSO Publishes Thought Paper on Risk Appetite and ERM

Thu, 26 Jan 2012 17:11:30 GMT

COSO recently published a thought paper on the subject of risk appetite in connection with Enterprise Risk Management (ERM).

FEI CPC-S Comments on FAF Private Co. Proposal; Over 6,600 Letters Filed On FAF Plan

Thu, 19 Jan 2012 13:43:48 GMT

FEI's Committee on Private Company Standards (CPC-S) filed its comment letter last week on the Financial Accounting Foundation's proposal to improve accounting standard-setting for private companies, formally entitled the FAF's Plan to Establish the Private Company Standards Improvements Council (the 'FAF Plan'). The FEI CPC-S letter generally agrees with the FAF's proposed PCSIC, but notes some concerns and suggests some improvements. A total of 6,600 comment letters have been filed to date on the FAF Plan, with over 6,300 of them arising from or bearing resemblance to an AICPA letter-writing campaign, which voices opposition to the FAF Plan.

FEI Summit Leadership Conf. May 20-22 'Fact vs. Fairytale' Features Keynote By Mary Matalin, Donna Brazile

Thu, 19 Jan 2012 13:11:50 GMT

FEI's Summit Leadership Conference, taking place May 20-22, 2012 at Disney's Contemporary Resort in Orlando, features keynote speakers Donna Brazile and Mary Matalin.

Post-Implementation Review of FASB Standard (FIN 48, Uncertainty in Income Taxes) Finds Benefits Exceeded Costs; Recommends Improvements In FASB Process

Fri, 13 Jan 2012 16:40:33 GMT

The FAF released its first post-implementation review report on a FASB standard yesterday.

SEC Approves PCAOB Budget, Annual Support Fee

Thu, 12 Jan 2012 09:24:08 GMT

At an open commission meeting yesterday, the SEC approved the budget, and related annual support fee paid by public companies, for the PCAOB.

FASB Will Not Move 'Going Concern' To U.S. GAAP (from Auditing Lit.); Will Focus On Risk, Liquidity Disclosures

Wed, 11 Jan 2012 16:54:14 GMT

At today’s FASB board meeting, the board decided not to move the formal requirement to make the determination as to whether or not a company is a ‘going concern’ from auditors (i.e. from auditing rules issued by the AICPA and PCAOB) to management (i.e. by putting the going concern determination into U.S. GAAP), but instead will continue to focus on improving risk and liquidity disclosures.

FASB To Discuss Meaning Of "Substantial Doubt" (re: Going Concern)

Tue, 10 Jan 2012 16:31:41 GMT

The FASB will discuss the meaning of 'substantial doubt' (as relates to an entity remaining a 'going concern' at its board meeting tomorrow.

SEC Issues Guidance On Disclosure Of European Sovereign Debt Exposure

Tue, 10 Jan 2012 16:29:17 GMT

The SEC's Division of Corporation Finance recently issued guidance on disclosure of European Sovereign Debt Exposure.

Just For Fun (I Gotta Feeling ... Withum Rocks!)

Tue, 10 Jan 2012 16:27:11 GMT

Accounting firm WithumSmith+Brown, PC is the talk of the blogosphere and beyond this week, with the launch of its second annual music video.

While You Were Out ...

Thu, 05 Jan 2012 16:35:51 GMT

As we enter 2012 in earnest, we wanted to provide our readers with some links to rulemaking related actions taken by the FASB, IASB, SEC and PCAOB in December, 2011 in case you missed them in the run-up to and during the holiday season.

Newt Becker, Founder of Becker CPA Review, Dies

Thu, 05 Jan 2012 16:35:24 GMT

Accounting blogs have been abuzz the past couple days about the passing of Newt Becker, founder of the Becker CPA Review, on which a large portion of CPA's relied to help them pass the CPA exam.

In Memory of Larry Ribstein

Tue, 03 Jan 2012 17:08:55 GMT

Legal scholar Larry Ribstein, well-known for his wide-ranging contributions to legal theory and debate (including re: Sarbanes-Oxley Section 404, which brought his work to my attention), passed away just before Christmas.

FEI Top Challenges For CFOs In 2012

Mon, 02 Jan 2012 13:00:59 GMT

FEI has released the list chosen by its President and CEO, Marie N. Hollein, of the top challenges facing financial executives in 2012.

Happy Holidays From FEI!

Fri, 23 Dec 2011 12:28:42 GMT

Happy Holidays From FEI!

FEI Japan To Hold First Event Feb. 22

Fri, 23 Dec 2011 11:34:16 GMT

FEI is pleased to announce the launch of a new international chapter, FEI Japan! The inaugural, invitation-only event, will be held on Feb. 22, 2012.

Year-End Pressures Got You Down?

Thu, 22 Dec 2011 12:01:39 GMT

Year-end pressures got you down? Year-end close, and meeting your CPE requirements?

Leap Day Special: PCAOB Repropose Standard on Communications With Audit Committees

Tue, 20 Dec 2011 11:48:53 GMT

The PCAOB voted today to repropose its standard on Communications with Audit Committees.

Analyze This: COSO Releases Exposure Draft of Updated Internal Control-Integrated Framework; Comments Due March 31

Mon, 19 Dec 2011 13:22:23 GMT

Earlier today, COSO released an Exposure Draft of an updated Internal Control-Integrated Framework.

FASB, IASB Issue Common Disclosure Requirements For Offsetting (Netting); IASB Clarifies Offsetting Requirments

Fri, 16 Dec 2011 14:20:06 GMT

FASB and the IASB have released common disclosure requirements for offsetting (netting). Separately, the IASB released clarifications of its offsetting (netting) requirements.

PCAOB To Meet Dec. 20, Will Consider Reproposing Standard On Communications With Audit Committees

Fri, 16 Dec 2011 13:58:39 GMT

The PCAOB will meet on December 20 to consider reproposing an earlier proposed auditing standard entitled Communications With Audit Committees.

Goelzer Tapped For SEC Alumni Award, World Awaits Naming Of His Successor on PCAOB Board; Today Is Comment Deadline On Auditor Independence/Auditor Rotation Concept Release

Wed, 14 Dec 2011 15:44:59 GMT

Dan Goelzer, currently a board member of the PCAOB and formerly a General Counsel and Executive Assitant to several Chairman at the SEC, has been tapped to receive a top award from the Association of SEC Alumni. Separately, today is the comment deadline on a significant PCAOB Concept Release.

Chuck Noski Named FASAC Chairman; MF Global Among Topics Discussed By Group

Tue, 13 Dec 2011 12:02:12 GMT

The FAF named Chuck Noski Chairman of FASAC, effective 1/1/12, succeeding Dennis Chookaszian. Among the topics discussed at last week's FASAC meeting was the recent collapse of MF Global.

FASB Chairman Covers IFRS, Private Cos In Keynote Address; FAF Invites Panelists For Roundtables On Private Co Standard-Setting

Mon, 12 Dec 2011 10:22:16 GMT

In her keynote address at an AICPA conference in Washington, DC last week, FASB Chairman Leslie Seidman focused on two predominant themes: the current and future role of IFRS in the U.S. (i.e. current convergence efforts, and the SEC's upcoming decision on the use of IFRS in the U.S.), and on private company standard-setting.

IFRS Foundation Names Michel Prada Chairman

Mon, 12 Dec 2011 09:50:11 GMT

The IFRS Foundation, which oversees and fundraises for the IASB, announced today the appointment of Michel Prada as Chairman of the IFRSF Board of Trustees, effective Jan. 1, 2012.

IASB's Hoogervorst: SEC's IFRS Decision Cannot Be 'Convergence By Another Name'; More Formal Role For FASB, Other National Standard-Setters Is Needed

Wed, 07 Dec 2011 14:41:43 GMT

IASB Chairman Hans Hoogervorst, in a speech at an AICPA onference in Washington DC earlier this week, shared his views on the SEC's upcoming decision regarding the incorporation of IFRS into the U.S. financial reporting system, and on the future role of FASB.

SEC Staff Report Completing IFRS Work Plan - To Inform Commission's Decision on IFRS - Will Take A Few More Months

Wed, 07 Dec 2011 14:13:16 GMT

The SEC's Chief Accountant, speaking at an AICPA conference earlier this week, said that the SEC staff report on IFRS, (the final report under its Work Plan examining issues relating to global accounting standards, particularly the potential incorporation of IFRS into the U.S. financial reporting system) will take 'a few additional months' to complete.

Welcome: The FERF Research Blog!

Wed, 07 Dec 2011 13:55:42 GMT

The FEI Financial Reporting Blog is excited to share with you news of the launch of the a second blog at FEI, the FERF Research Blog!

Y4K Care About FAF Private Companies Proposal? FASB Announces Webcast

Thu, 01 Dec 2011 16:59:02 GMT

Y4K? – or - Why do over 4,000 people care about the proposal issued in October of this year by FASB’s parent organization, the Financial Accounting Foundation (FAF), on how to improve the accounting rule-making (aka, standard-setting) process for private companies? And, what's on the agenda for FASB's upcoming webcast: Update for Nonpublic companies?

FASB Adds Project: May Reduce Fair Value Disclosures By Private Co's

Wed, 23 Nov 2011 09:25:49 GMT

FASB added a project to its agenda to consider whether to reduce the current requirements for Level 3 fair value disclosures by nonpublic companies.

PCAOB Meets Next Week On Budget, Strat Plan; Standard-Setting Agenda Presented to SAG

Wed, 23 Nov 2011 09:25:24 GMT

The PCAOB will meet next week on its 2012 Budget and Strategic Plan.

UPDATED: COSO's Internal Control Exposure Draft Expected In December

Mon, 21 Nov 2011 11:44:25 GMT

COSO's Exposure Draft of its updated Internal Control-Internal Framework, is expected to be released for public comment in December. (NOTE: This post has been updated, original post anticipated release of the COSO ED by the end of November).

Economic, Business Confidence Plummets Among U.S., Europe CFOs: FEI-Baruch CFO Outlook Survey

Mon, 21 Nov 2011 11:40:58 GMT

Business and global economic confidence among Chief Financial Officers continues to dive to some of its lowest levels in over a year, according to the most recent survey "CFO Outlook Survey" conducted by Financial Executives International (FEI) and Baruch College’s Zicklin School of Business.

SEC Staff Issue Reports Comparing U.S. GAAP and IFRS, Analyzing IFRS in Practice

Thu, 17 Nov 2011 16:29:34 GMT

This afternoon, the SEC staff published the two reports on IFRS.

FASB, FAF, IFRSF Announce New Appointments, Reappointments

Thu, 17 Nov 2011 13:05:05 GMT

A number of new board appointments and reappointments have been announced for FASB, the FAF and the IFRS Foundation.

FASB Releases Revenue Recognition Exposure Draft; Comments Due March 13, 2012

Thu, 17 Nov 2011 13:00:54 GMT

FASB has released its revised Exposure Draft on Revenue Recognition.

SEC's Kroeker Questions IFRS 'Option' as an Option; Staff Reports on IFRS Coming

Tue, 15 Nov 2011 15:58:29 GMT

At FEI's CFRI conference, SEC Chief Accountant Jim Kroeker gave a glimpse into the current status of the SEC's consideration of matters relating to the incorporation of IFRS into the U.S. financial reporting system.

FAF Letter Supports Incorporation of IFRS Into U.S. GAAP -With Goal of 'Common Set' of Standards for Foreseeable Future; Suggests Refinements To SEC Staff's 'Condorsement' Approach

Tue, 15 Nov 2011 15:08:26 GMT

In a comment letter filed with the SEC earlier today, FASB's overseer, the Financial Accounting Foundation, noted it has 'refined' its view on the path forward regarding reaching the goal of a set of global accounting standards, and suggested some refinements to the SEC staff's suggestion for an approach to the potential incorporation of IFRS into U.S. GAAP called 'condorsement'

Anti-Fraud Collaboration Rolls Out Tools To Increase Awareness, Enhance Communication

Mon, 14 Nov 2011 16:55:20 GMT

A collaborative anti-fraud effort, launched a year ago by four organizations representing key members of the financial reporting 'supply chain,' has released the first in a set of 'tools' and programs designed to improve the deterrence and detection of financial reporting fraud.

FEI Forms GRC Committee: Announced at CFRI Conference

Mon, 14 Nov 2011 15:44:03 GMT

In her opening remarks at FEI's 30th Annual Current Financial Reporting Issues Conference (CFRI) earlier today, FEI President and CEO Marie N. Hollein announced that FEI is forming a new committee, the Committee on Governance, Risk & Compliance (CGRC).

Highlights From SEC Roundtable On Measurement Uncertainty: 'Fair Value' Neither 'Fair,' Nor 'Value'; Separate 'Anchors' From 'Speculation'

Fri, 11 Nov 2011 17:18:20 GMT

At the SEC's November 8 Roundtable on Measurement Uncertainty, the first in a series of roundtables on emerging issues making up SEC's Financial Reporting Series, representatives of the SEC, FASB and PCAOB heard a range of views from investors, preparers, analysts, auditors and others

FASB Chairman Backs SEC's 'Condorsement' Plan

Fri, 04 Nov 2011 15:23:34 GMT

In remarks at the National Association of State Boards of Accountancy's annual meeting last week, FASB Chairman Leslie Seidman backed the ‘condorsement’ approach recommended in a staff paper published earlier this year by the U.S. Securities and Exchange Commission.

Entire FASB Board Views Private Co Standard-Setting a Priority, Seidman Tells NASBA

Fri, 04 Nov 2011 15:18:51 GMT

All seven members of the FASB board believe it is a priority to address concerns about private company standard-setting, FASB Chairman Leslie Seidman said in remarks before NASBA last week.

SEC Announces Panelists For Nov. 8 Roundtable On Measurement Uncertainty: First Program in SEC's Financial Reporting Series

Fri, 04 Nov 2011 14:32:45 GMT

The SEC has announced the panel and agenda for its Nov. 8 roundtable on measurement uncertainty, the first program in its new Financial Reporting Series.

Treasury, Risk Management Honored at Alexander Hamilton Awards

Fri, 04 Nov 2011 14:19:30 GMT

Outstanding practices in treasury and risk management were honored at last week’s Alexander Hamilton Awards (AHA), sponsored by Treasury & Risk, the publisher of the magazine of the same name, and provider of various online news services and programs for the corporate finance and treasury community.

The FEI Blog Has Moved!

Thu, 03 Nov 2011 11:47:58 GMT

The FEI Financial Reporting Blog has moved!

SEC Ready For Full-Court Press With Senate Confirm Of Aguilar, Gallagher

Mon, 24 Oct 2011 13:05:37 GMT

The U.S. Securities and Exchange Commission will be back up to its full panoply of five Commissioners, with the Senate's reappointment of Commissioner Luis Aguilar to a second term, and the appointment of Dan Gallagher as a new Commissioner.

Investment Companies, Investment Properties, Subject of FASB Proposals

Mon, 24 Oct 2011 12:38:06 GMT

The FASB released two proposals (more formally, Exposure Drafts of proposed Accounting Standards Updates) on Friday, relating to investment companies and investment properties, respectively.

FASB Proposes Deferring OCI Reclassification Adjustments

Mon, 24 Oct 2011 12:27:31 GMT

The Financial Accounting Standards Board voted on Friday to propose a deferral of certain requirements in ASU 2011-5, Comprehensive Income, issued earlier this year.

SEC FRS Kicks Off With Nov. 8 Roundtable On Measurement Uncertainty; FASB To Meet On Future Scope of Risks and Uncertainties, Going Concern Project

Fri, 21 Oct 2011 13:35:38 GMT

Earlier today, the SEC announced it will hold the inaugural program in its Financial Reporting Series (FRS) on November 8; the focus of the initial roundtable will be Measurement Uncertainty.

Get The Latest FASB, SEC, IASB Updates At FEI CFRI; Consider Hall of Fame; IFRS Boot Camp

Fri, 14 Oct 2011 14:20:02 GMT

If you’re a regular reader of this blog, or you otherwise are tasked with following developments at, and/or implementing changes in accounting and financial reporting rules emanating from the FASB, SEC or IASB, you won’t want to miss this year’s FEI Current Financial Reporting Issues conference. Set to take place November 14-15 at the Marriott Marquis Times Square hotel in New York City, this is the 30^th year of FEI’s CFRI conference. Included among the speakers will be FASB Chairman Leslie Seidman, IASB Vice Chairman Ian Mackintosh, and SEC Chief Accountant Jim Kroeker.

FASB Releases Proposed ‘Technical Corrections’ To Codification

Fri, 14 Oct 2011 13:55:49 GMT

Earlier today, the FASB released a 214-page set of proposed technical corrections to the Accounting Standards Codification.

FASB To Meet Next Week On Deferring Certain Aspects of ASU 2011-05: Comprehensive Income

Fri, 14 Oct 2011 13:51:29 GMT

The FASB board is set to meet Friday, October 21, to discuss “whether to defer the effective date of the presentation requirements for classification adjustments in Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income.”

PCAOB Proposes Disclosure of Engagement Partner, Other Firms In Audit

Tue, 11 Oct 2011 14:00:13 GMT

The PCAOB voted to release proposed amendments today that would require disclosure of the audit engagement partner, and certain other disclosures.

PCAOB May Propose Engagement Partner ‘Disclosure’ Tuesday

Mon, 10 Oct 2011 15:13:12 GMT

The Public Company Accounting Oversight Board is scheduled to vote tomorrow on whether to propose that audit firms should (1) disclose the name of the audit engagement partner in the audit report, (2) disclose the names of each audit engagement partner for each engagement reported in the audit firm’s Annual Report Form filed with the PCAOB, and (3) disclose the names of “other accounting firms and certain other participants that took part in the audit.”

Economists Martin Feldstein, Robert Rubin: Highlights From The World Business Forum

Fri, 07 Oct 2011 16:39:44 GMT

Economists Martin Feldstein and Robert Rubin gave their prognosis of the U.S. and global economy, speaking on a panel October 6 at the World Business Forum 2011. The panel was moderated by Alan S. Murray of the Wall Street Journal. Over 4,000 were in attendance at the program.

Bruno Ferrari, Secretary of the Economy, Mexico, Speaks at World Business Forum

Fri, 07 Oct 2011 16:38:48 GMT

On October 6, 2011 Bruno Ferrari, Secretary of the Economy, Mexico, was interviewed by Daniel Doctoroff, President of Bloomberg LP, at the World Business Forum 2011 in New York City.

Seth Godin, Gary Hamel On Management: World Business Forum

Fri, 07 Oct 2011 16:26:14 GMT

Seth Godin and Gary Hamel spoke on Management at the World Business Forum 2011 in New York City on Oct. 6, 2011.

IASB’s Hoogervorst Makes Case For IFRS Adoption in US; Goldschmid Warns of ‘The Dark Side’ if SEC Says No

Wed, 05 Oct 2011 22:12:26 GMT

With a decision looming by the U.S. Securities and Exchange Commission on whether to permit or require U.S. public companies to file with the SEC using International Financial Reporting Standards, the Chairman of the International Accounting Standards Board, Hans Hoogervorst, called upon the SEC to reach a positive decision in support of IFRS.

PCAOB Update

Wed, 05 Oct 2011 22:10:11 GMT

Following is an update on various PCAOB documents out for public comment, a recent staff audit alert issued, and links to commentary relating to the current vacancy on the PCAOB board.

The Meaning Of ‘Impracticable,’ ‘Undue Cost or Effort,’ in Accounting Standards; IASB Draft Q&A

Tue, 04 Oct 2011 16:10:12 GMT

Among five draft Q&As relating to International Financial Reporting Standards for Small and Medium Sized Entities (IFRS for SMEs) released for public comment by the IASB last week, the one that piqued my interest in particular was: Interpretation of ‘Undue Cost or Effort’ and ‘Impracticable.’

FAF Proposes Private Co Standards Improvement Council To Modify GAAP For Private Co’s – PCSIC’s Recommendations Would Be Subject To Public Comment, FASB Ratification

Tue, 04 Oct 2011 14:33:40 GMT

Earlier today, the Financial Accounting Foundation, which oversees the FASB, released its Plan to Establish the Private Company Standards Improvement Council (the ‘Plan’). The PCSIC would review existing U.S. GAAP to recommend modifications and exceptions for private companies; those recommendations would be subject to FASB ratification and public comment (a model similar to that employed by the FASB’s Emerging Issues Task Force. A similar model was suggested in a comment letter to the FAF filed by FEI’s Committee on Private Company Standards earlier this year, noted below). The FAF seeks public comments on its Plan released today; the comment deadline is January 14, 2012.

Sarbanes-Oxley Section 404: Will We See More?

Wed, 21 Sep 2011 16:27:14 GMT

SEC staff testified at a Congressional hearing earlier today on matters relating to small business capital formation, including crowdfunding and proposals being circulated in Congress to increase the exemptions to Sarbanes-Oxley Section 404's internal control reporting requirements. Separately, the SEC Inspector General released a report yesterday examining how potential conflicts of interest were handled with respect to a former SEC General Counsel's participation in matters relating to the liquidation of Bernard L. Madoff Investment Securities and the calculation of payments to investors.

Schapiro, Pitt, Others Testify on Congressional Proposals on SEC Modernization, Accountability

Fri, 16 Sep 2011 15:54:41 GMT

SEC Chairman Mary L. Shapiro, former SEC Chairman Harvey L. Pitt, and other former high ranking officials of the SEC testified at a Congressional hearing yesterday on "Fixing the Watchdog: Legislative Proposals to Improve and Enhance the Securities and Exchange Commission."

SEC Considers Exempting Crowdfunding From Reg. Req'mts; Forms Advisory Committee on Small & Emerging Co's.

Fri, 16 Sep 2011 15:43:49 GMT

At a Congressional hearing yesterday, the SEC's Director of the Division of Corporation Finance testified that the SEC staff is currently considering potentially increasing the minimum size of offerings that would be exempted from SEC registration requirements, including (but not limited to) small business or startup fundings conducted online and/or through social media referred to via as 'crowdfunding.'

NEW! FEI Blog Part Of FEI's New Website!

Wed, 07 Sep 2011 13:38:16 GMT

Earlier today, Financial Executives International launched a new and improved version of its website, www.financialexecutives.org. The FEI Financial Reporting Blog will now be housed among its brother and sister posts on FEI's website, providing you one-stop shopping for the latest info on FEI's outstanding conferences, webcasts, advocacy and accounting policy committee activities, career development, and more! For direct access to the blog, you can continue to visit www.financialexecutives.org/blog. Those of you who utilize our RSS feed, please note the feed will change, you will need to pick up the feed that appears on our new website next to the FEI Financial Reporting Blog. Our twitter site, www.twitter.com/feiblog has not changed.

FAF Proposal On Private Co Standard-Setting Coming In Matter Of Weeks: FAF's Polley

Tue, 06 Sep 2011 15:40:07 GMT

In the Sept., 2011 "From the President's Desk" letter issued earlier today, Financial Accounting Foundation President & CEO Terri Polley said that after receiving an enormous amount of written and in-person feedback on the topic of how best to set accounting standards for private (nonpublic) companies, the FAF plans to release a proposal on this matter for public comment "in the coming weeks."

SEC Seeks Comment On Plan For Retrospective Review of Existing Reg's

Tue, 06 Sep 2011 12:11:10 GMT

The SEC published today a request for comment on its plan for conducting its retrospective review of its existing regulations, to be conducted in accordance with a Presidential order issued on July 11 of this year. See SEC's press release and request for information. Comments are due by October 6.

FASB Project Aims For Less Disclosures, With More Utility

Tue, 06 Sep 2011 11:53:29 GMT

The Financial Accounting Standards Board is bringing its consideration of its Disclosure Framework project, first launched in 2009, to the forefront, bringing the results of staff research and a proposed decision framework for the board's first formal consideration last week.

Important Message From FEI Re: Power Outage and Changes to Blog

Tue, 30 Aug 2011 11:06:36 GMT

Due to Hurricane Irene, FEI Headquarters, located in Morristown, NJ has suffered a major power outage. As soon as power is restored, FEI will be back online. Thank you for your patience

CFOs Invited To New FEI Programs; Sept. 1 Conf. Call

Fri, 26 Aug 2011 14:28:44 GMT

FEI is sponsoring new programs for Chief Financial Officers. The first program will be a conference call for CFOs to share experiences, challenges, and best practices on: The Role of the CFO, Thurs., September 1 from 1:00 – 2:00 PM EDT.

Got Social Media? Take the FERF-GT Survey!

Fri, 26 Aug 2011 14:15:28 GMT

FEI's research affiliate, the Financial Executives Research Foundation (FERF), in partnership with Grant Thornton, is launching the Social Media and Its Associated Risks Survey to look at how social media is changing the face of business in the U.S. and around the world.

Disclosure Management: SAP and FEI Offer Half-Day Seminar

Fri, 26 Aug 2011 14:07:17 GMT

SAP and FEI are cosponsoring a half-day program on Building the Case for Disclosure Management - Automating the Last Mile of Finance. Featured speakers include: Jon Church, Managing Director, cundus Inc., George Neal, Sr. Director, Center of Excellence, SAP America, Muthu Ranganathan, Director, SAP America, and Mike Willis, Partner, PwC.Here's a brief program description:

Will Auditors Be Required to Report Close Calls? Tune Into PCAOB's 9/15 Roundtable; Comment On Concept Release

Thu, 25 Aug 2011 14:02:34 GMT

Will auditors of public companies be required to report "difficult" or "contentious" issues, and "close calls," including material matters that were corrected or resolved to the auditor's satisfaction before the end of the reporting period? The auditor could be required to do just that, and more, if ideas put forth in the PCAOB's Concept Release on the Auditor's Reporting Model, published earlier this year, were to advance to proposed and final rulemaking.

PCAOB Issues Concept Release On Auditor Independence, Including Audit Firm Rotation; Comments Due Dec. 14

Tue, 16 Aug 2011 11:36:45 GMT

Earlier today, the PCAOB voted to issue a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms. Comments are due Dec. 14, 2011. The action was expected, as noted here

COSO Exposure Draft, Updating Internal Control Framework, Expected October/November

Fri, 12 Aug 2011 12:32:53 GMT

In an online interview published by the AICPA's Journal of Accountancy, AT&T Director Bill Schneider, a member of the COSO Advisory Task Force, provides a briefing on the objectives of COSO's current project to update its landmark 1992 Internal Control-Integrated Framework, and states that an Exposure Draft of the update is expected to be released for public comment in October or November. (See 2:40 on the AICPA JofA video, Modernizing the Internal Control-Integrated Framework, for the discussion of expected timing of the ED.)

CFOs from the U.S., France and Italy on the Economy, Hiring, More

Fri, 12 Aug 2011 11:57:04 GMT

CFOs from the U.S., France and Italy provided their views on the global economy, their plans for hiring in the next six months, the U.S. debt situation, health care costs, and more, in the latest FEI-Baruch CFO Outlook Survey, published yesterday. Highlights:

SEC's New Whistleblower Program Open For Business; Takes Effect Today

Fri, 12 Aug 2011 11:15:45 GMT

The SEC's new whistleblower program, created under rulemaking implementing the Dodd-Frank Act, is effective today.

FASB Approves Simplification of Goodwill Impairment Testing

Thu, 11 Aug 2011 12:19:48 GMT

At its board meeting yesterday, FASB approved an amendment to its standards which will simplify testing for goodwill impairment. According to FASB's press release, the Accounting Standards Update, expected to be issued in September, will be effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, and early adoption will be permitted.

PCAOB To Vote Next Week Whether To Issue Concept Release On Auditor Independence, Audit Firm Rotation.

Thu, 11 Aug 2011 11:46:40 GMT

The PCAOB will vote next week on whether to issue a Concept Release for public comment on Auditor Independence and Audit Firm Rotation. (For background, see our earlier post, PCAOB To Consider Mandatory Audit Firm Rotation.) The vote is set to take place at an open meeting Tues. Aug. 16 at 9:30 a.m.; the meeting will be webcast.

Big GAAP/Little GAAP: A 'Big Deal'

Fri, 05 Aug 2011 15:11:00 GMT

The FAF's consideration of whether and how to establish differential accounting standards for public

FASB Invites Private Cos. to Public Roundtable

Fri, 05 Aug 2011 07:41:00 GMT

FASB issued a call yesterday for representatives from private companies to speak at public roundtabl

FEI Private Co. Town Hall Sept. 26; Washington Policy Conf. Sept. 26-27

Fri, 05 Aug 2011 07:33:00 GMT

On Monday, September 26, 2011, FEI's Private Company Roundtable will host an in-person Town Hall mee

Disclosure Framework, Improving, Integrating Certain FASB, SEC Disclosure Requirements, On Deck for FASB Ed Session This Week

Mon, 01 Aug 2011 10:57:00 GMT

Hey There Bob Pozen!

Fri, 29 Jul 2011 14:59:00 GMT

Just in time to celebrate the third anniversary of the Pozen Committee report (Final Report of the SEC Advisory Committee on Improvements to Financial Reporting aks CIFiR or the Pozen Committee in honor of its chairman, Bob Pozen) –- and, in advance of Mr. Pozen’s August 8 birthday, the FEI Financial Reporting Blog is pleased to present a lost tape of a ‘music video’ called Hey There Bob Pozen.

SEC's New Tips System Gets Good Marks From Markopolos

Thu, 28 Jul 2011 13:52:00 GMT

In an exclusive report published by Reuters yesterday, Madoff whistleblower Harry Markopolos indicates he is pleased with the improvements the SEC has made in following up on tips of alleged securities fraud. The SEC was criticized for its handling of the Madoff ponzi scheme, in reports written up by the SEC's own Inspector General, David Kotz, and at related Congressional hearings. Since that time, the SEC has undertaken numerous post-Madoff reforms.

Got Music? More Harmony In Accounting On Its Way...

Thu, 28 Jul 2011 12:56:00 GMT

There's harmony in accounting*, and then there's harmony in accounting**... for all of you aficionados of music, financial reporting, regulatory reporting, or combinations thereof, watch for the FEI Blog's 2011 music video, set to launch in the FEI Blog tomorrow, July 29!

Butler, Lewent, Rickard To Be Inducted Into FEI Hall of Fame

Thu, 28 Jul 2011 12:49:00 GMT

Former FASAC Chairman, and former Celgene SVP & CFO, Robert C. Butler, former Merck EVP & CFO Judy C. Lewent, and former CVS/Caremark EVP, CFO and CAO David B. Rickard have been selected for induction into the FEI Hall of Fame.

FASB Approves New Standard On Multiemployer Pension Plans

Wed, 27 Jul 2011 13:46:00 GMT

At its board meeting earlier today, the Financial Accounting Standards Board approved issuing a new

IASB 'Request For Views' Seeks Comment On Strategy, Work Program

Wed, 27 Jul 2011 13:44:00 GMT

Yesterday, the International Accounting Standards Board published a Request for Views: Agenda Consultation 2011, to seek broad public input on the strategic direction and overall balance of its future work program.

FASB, IASB To Re-Expose Leasing ED

Mon, 25 Jul 2011 14:44:00 GMT

At their joint board meeting last week, the FASB and IASB announced they have decided to formally reexpose their proposal for a common leasing standard.

Obama, House and Senate Leaders Work To Avert U.S. Debt Crisis; David Walker Unveils Proposals To ‘Restore Fiscal Sanity’

Wed, 20 Jul 2011 14:48:00 GMT

Christina Crooks, Manager, Government Affairs and Alexandra Sipes, Legislative Aide, in FEI’s Washington, DC office, reporting on the looming U.S. debt crisis, note that following the re-entry of Senator Tom Coburn (R-OK) into the “Gang of Six” on July 19, the ‘G6’ announced their deficit-reduction proposal to a group of 50 senators from both parties.

IRS Issues FAQs on Uncertain Tax Positions

Wed, 20 Jul 2011 13:12:00 GMT

Yesterday, the Internal Revenue Service released additional guidance relating to the IRS' new reporting requirements for Uncertain Tax Positions (UTP). The guidance was issued in the form of Frequently Asked Questions on Schedule UTP.

Obama Nominates Cordray To Head CFPB; Vows to Fight Efforts To Repeal Fin'l Reg Reform; FSOC Finalizes Criteria for Systemically Important FMUs

Mon, 18 Jul 2011 14:40:00 GMT

At a press conference earlier today, President Barack Obama announced his nomination of Richard Cordray, former Ohio Attorney General, and currently the Enforcement chief for the Consumer Financial Protection Bureau, to serve as the first Director of the CFPB.

Summer Blockbusters!

Fri, 15 Jul 2011 16:00:00 GMT

Amidst the summer blockbuster season, with fare like the final Harry Potter movie which opened today, setting a record in midnight opening ticket sales, and other top box office hits, the FEI Financial Reporting Blog has announced the upcoming release of its second 'music video' about accounting.

PCAOB Proposes Two Standards For (1) Broker-Dealers and (2) All Issuers

Fri, 15 Jul 2011 13:35:00 GMT

Earlier this week, the Public Company Accounting Oversight Board proposed two auditing standards, one relating to broker-dealer audits, and another which relates to all auditing supplemental information accompanying financial statements of all issuers (not just broker-dealers).

XBRL: Smaller Co's Phase In, Liability Exemptions Phase Out

Thu, 14 Jul 2011 14:54:00 GMT

The SEC's three-year phase-in -- from the largest to the smallest companies --to furnish financial statements, footnotes, and certain other information to the SEC using interactive data tags called eXtensible Business Reporting Language or XBRL, recently reached the third and final year of the phase-in, with the smallest companies (those with less than $700 million market cap) joining the ranks of their larger co brethren, effective with fiscal periods ending on or after June 15, 2011.

Investors, Small Cos, and Regulators Sound Off At SEC IFRS Roundtable

Mon, 11 Jul 2011 16:26:00 GMT

Following on our post last week with some highlights from the investors panel at the SEC's July 7 IFRS Roundtable (Carve-Ins, Not Carve-Outs, Can Help IFRS Adoption, Investors Panel Tells SEC), FEI posted a more detailed summary today containing highlights from all three panels at the roundtable.

SEC Updates C&DI's On Exec Comp, More

Mon, 11 Jul 2011 16:07:00 GMT

On Friday, July 8 the SEC's Division of Corporation Finance posted a number of new Compliance and Disclosure Interpretations (C&DI's) relating to Executive Compensation and other matters.

FAF Conclusions On Private Co Standards Expected This Fall; Outreach Continues; Over 1,100 Comment Letters Filed; FASB Staff Findings Issued

Mon, 11 Jul 2011 16:06:00 GMT

A mid-year update posted by the Financial Accounting Foundation - overseer of FASB and GASB - concerning the FAF's consideration of a recommendation made by a Blue Ribbon Panel that a separate board be formed under the FAF to focus on private company standard-setting, notes that further outreach to preparers, users of private company financial statements and others will continue to take place, under the continued leadership of a Working Group of the FAF Trustees focusing on this issue.

IASB Funding, Due Process, Agenda and More in IFRSF Annual Report

Fri, 08 Jul 2011 14:34:00 GMT

The IASB's (technically, its parent organization, the IFRS Foundation's) funding and financial position, 2010 report of its Due Process Oversight Committee, a list of countries that permit or require IFRS (or, like the U.S., are in the process of reaching that decision), and an update on projects on the IASB's technical agenda are among the highlights that can be found in the IFRS Foundation's Annual Report, published today.

Carve-Ins, Not Carve-Outs, Can Help IFRS Adoption, Investor Panel Tells SEC

Thu, 07 Jul 2011 16:52:00 GMT

A panel of investors, speaking at an SEC roundtable on International Financial Reporting Standards e

FEI Elects 2011-2012 Officers; George Boyadjis Becomes Chairman

Thu, 07 Jul 2011 12:57:00 GMT

Earlier today, FEI announced its 2011-12 slate of officers, whose terms begin immediately.

New IASB Chairman, Hans Hoogervorst, Optimistic SEC Will Move To Incorporate IFRS Shortly

Wed, 06 Jul 2011 16:26:00 GMT

Hans Hoogervorst, the International Accounting Standards Board's new chairman, said last week he is'optimistic the SEC will move to fully incorporate IFRS shortly.' Hoogervorst became Chairman of the IASB on July 1, succeeding Sir David Tweedie, whose term ended June 30.

Private Companies Can Provide Input, Receive Info From Web Portal Offered By FASB

Wed, 29 Jun 2011 18:19:00 GMT

Earlier today, the FASB announced the launch of a 'web portal' in which private company stakeholders can learn how to provide input to the FASB on matters relating to private company standard-setting, and obtain updates on related developments.

PwC Recommends FAF Form Advisory Committee On Reducing Complexity

Wed, 29 Jun 2011 18:03:00 GMT

In a June 28, 2011 Point of view article entitled, “Reducing Complexity,” audit firm PwC called for the formation of an advisory committee by the Financial Accounting Foundation, to advise the FASB on reducing complexity in accounting standards.

FASB Parent - FAF - Seeks Trustees; IASB Parent - IFRSF - Seeks IFRS Advisory Council Members

Tue, 28 Jun 2011 12:06:00 GMT

On Friday, June 24, the Financial Accounting Foundation (which oversees the FASB and GASB) published a call for nominations to fill vacancies on the FAF board of Trustees. On the same day, the International Financial Reporting Standards Foundation (which oversees the IASB) announced a call for nominations to fill vacancies on the IFRS Advisory Council.

IASB Issues Additional Guidance For Private Co’s On IFRS for SMEs

Thu, 23 Jun 2011 17:33:00 GMT

Earlier today, the IASB published additional guidance relating to IFRS for Small and Medium-Sized Entities, in the form of the first set of final Q&As developed by the IFRS for SMEs Implementation Group. The IASB's action is detailed below, as well as an update on FAF/FASB consideration of private company standard setting.

PCAOB Concept Release Issued Today Calls For 'AD&A,' Assurance On Additional Info, More

Tue, 21 Jun 2011 12:21:00 GMT

Earlier today, the PCAOB voted to issue a Concept Release on the Auditor's Reporting Model.

FASB, IASB Amend Standards For Presentation Of Comprehensive Income, OCI

Mon, 20 Jun 2011 11:26:00 GMT

On June 16, 2011 the Financial Accounting Standards Board and the International Accounting Standards Board issued amended standards for the presentation of comprehensive income and other comprehensive income (OCI). In the U.S., the amendment was issued as Accounting Standards Update (ASU) No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. The IASB effected the change by amending IAS 1, Presentation of Financial Statements.

FASB, IASB To Re-Expose Rev Rec For 120-Day Comment Period

Wed, 15 Jun 2011 14:39:00 GMT

Earlier today, FASB and the IASB announced they will re-expose an Exposure Draft of their proposed Revenue Recognition (‘Rev Rec’) standard. The re-exposure document will reflect changes agreed to by the boards based on their discussion of comment letters received on the original Exposure Draft.

Dodd-Frank's Impact on U.S. Competitiveness Focus Of June 16 Hearing

Wed, 15 Jun 2011 14:21:00 GMT

The House Financial Services Committee is holding a hearing tomorrow on the impact of the Dodd-Frank Act on jobs and U.S. competitiveness.

XBRL US GAAP Taxonomy: FASB, SEC Staff On June 22 FASB Webcast

Mon, 13 Jun 2011 11:11:00 GMT

The Financial Accounting Standards Board will host a webcast on June 22 from 1:00 -2:00 pm EDT on: How to Use the XBRL 2011 US GAAP Financial Reporting Taxonomy.

Private Co. Accounting Standard-Setting Subject Of June 17 FASB Webcast

Mon, 13 Jun 2011 10:58:00 GMT

Private companies won't want to miss FASB's Update for Nonpublic Entities, featuring FASB board and staff members, in a live webcast this Friday June 17 from 1-2:40 pm EDT.

SEC "Financial Reporting Series" To Focus On Early Identification of Risks to the Financial Reporting System

Fri, 10 Jun 2011 15:26:00 GMT

In remarks at USC's 30th Annual SEC and Financial Reporting Institute, SEC Chief Accountant Jim Kroeker announced that the SEC will launch a series of roundtables "to facilitate a balanced discussion of existing pressures or emerging issues in financial reporting." The roundtables, entitled the "Financial Reporting Series," are expected to be held three times per year.

Auditor Relationship, Audit Fees, and Risk Management: FEI-FERF Report

Thu, 09 Jun 2011 14:36:00 GMT

Earlier today, results of the latest FEI Audit Fee Survey, conducted by FEI's research affiliate, the Financial Executives Research Foundation (FERF), were released.

PCAOB To Consider Mandatory Audit Firm Rotation

Wed, 08 Jun 2011 11:25:00 GMT

In a keynote speech last week entitled Rethinking the Relevance, Credibility and Transparency of Audits, Public Company Accounting Oversight Board Chairman Jim Doty called for a reexamination of whether there should be a move to mandatory audit firm rotation.

Don't Want To Miss A Thing

Fri, 03 Jun 2011 16:02:00 GMT

With everyone present and accounted for following the failed 'end of the world' (NYT) two weeks ago (BTW, where are the millions of dollars in Rapture contributions(Yahoo) ?) the need to meet mandatory CPE requirements (AICPA) and stay current on the latest SEC and FASB developments continues (not to mention the PCAOB and IASB)

Beswick's 'Condorsement' and Herz' 'Improve and Adopt'

Tue, 31 May 2011 17:29:00 GMT

'Condorsement,' a term coined by SEC Deputy Chief Accountant Paul Beswick in his

SEC Adopts Whistleblower Rule By 3-2 Vote, Encouraging - But Not Requiring - Internal Reporting First

Thu, 26 May 2011 14:22:00 GMT

The SEC's whistleblower rule (final ru

Diversity In Focus In SEC Commissioner Aguilar's Remarks, FEI Initiatives

Wed, 18 May 2011 14:07:00 GMT

SEC Commissioner Luis Aguilar, in a series of recent speeches and statements, has been speaking o

Post-Implementation Review; New Standards, Too: Subject of FASB, IASB Webcasts

Wed, 18 May 2011 12:13:00 GMT

Webcasts are set to take place later this week and next week covering (1) FASB’s post-implementation

FASB, IASB Publish Converged Fair Value Measurement Standards

Thu, 12 May 2011 12:51:00 GMT

Earlier today, FASB and the IASB published converged standards on fair value measurement and disclos

No Silver Bullet for Audit Profession, Says PCAOB's Doty

Fri, 06 May 2011 16:41:00 GMT

In remarks at Baruch

Economic Optimism Dips Slightly in U.S., Europe: FEI-Baruch CFO Outlook Survey

Thu, 05 May 2011 16:00:00 GMT

The recently released survey results of the quarterly CFO Outlook Survey, conducted by FEI and Baruc

PCFRC To Meet With FASB This Week

Wed, 04 May 2011 13:42:00 GMT

The Private Company Financial Reporting Committee (PCFRC), formed

FASB Issues Accounting Standards Update On Repos

Mon, 02 May 2011 14:20:00 GMT

On Friday, the Financial Accounting Standards Board released an Accounting Standards Update on repos

BASB, DASB, KASB and More Comment On Offsetting; Roundtables This Week

Fri, 29 Apr 2011 14:12:00 GMT

Among the recently announced, FEI is cur

SEC Releases Special Study on Sarbox 404(b) For Smaller Public Co's

Fri, 22 Apr 2011 14:56:00 GMT

Earlier today, the SEC released a

PCTF – Modeled After EITF – Suggested By FEI to FAF For Private Co's.

Fri, 22 Apr 2011 14:53:00 GMT

In a

Piecing Together FASB/IASB's Leasing Project

Mon, 11 Apr 2011 13:26:00 GMT

Updating info in our

FEI Kicks Off 80th Anniversary Year With 80/80/80 Campaign

Mon, 04 Apr 2011 12:35:00 GMT

Financial Executives Inte

SEC Proposes Requiring Listing Standards For Comp Committees, Comp Consultants

Thu, 31 Mar 2011 12:26:00 GMT

The composition of comp committees and matters relating to comp consultants are addressed in propose

SEC, Banking Agencies Propose Rules on Risk Retention for Securitizations

Thu, 31 Mar 2011 12:06:00 GMT

At an open commission meeting yesterday, the SEC commissioners voted unanimously to release proposed

COSO Contemplates Expansion of 5 Component Internal Control Framework Into 20+ Principles; Potential Impact On Sarbox 404 Assertions

Fri, 25 Mar 2011 21:22:00 GMT

In an update provided at the March 24, 2010 remar

FASB To Broadcast Ed Sessions

Tue, 08 Mar 2011 17:19:00 GMT

FEI FRB RSS

FEI Statement on Tax Extenders; Survey on International Tax Reform

FASB To Meet With Small Co, Private Co Advisory Committees

PCAOB Seeks SAG Nom's; Will Discuss Going Concern, Related Parties, More at May 17 Mtg

SEC Unveils New Homepage for Website

FASB Returns To Revisit Going Concern

FASB Defines Nonpublic Entity

Social Technology: The Next Frontier

A Creative Irritant: The Relationship Between the SEC and Accounting Standard Setters: SECHS Webcast

FAF Posts Summaries of Comment Letters, Roundtables on Private Co Standard-Setting

Public Debate, Transparency Keystones of the Standard-Setting Process: FAF's Polley

IASB, FASB Publish Progress Report on Convergence

SEC Corp Fin Posts Updated Financial Reporting Manual

SEC Posts JOBS Act FAQs; Seeks Comment in Advance of Rulemaking

G20 Finance Ministers Urge FASB, IASB Converge Key Standards by Mid-2013 At the Latest

Western Union! Update on China's Policy for Cross-Border Payments

FAF Releases 2011 Annual Report, 2012 Budget

FASB's Opts Not to Add Qualitative Disclosures on Going Concern - For Now - As Board Prepares ED on Disclosure of Liquidity, Interest Rate Risk

Fact or Fairytale?

Comments Coming into COSO on Internal Control ED

Congressional Hearing This Week on Accounting, Auditing Features FASB, SEC, PCAOB, More

COSO: FEI Archived Webcast Posted; 3/31 Deadline on COSO ED

FASB Adds Project on Repos

Heard Round the PCAOB Roundtable

FAF, FASB Major Developments for Private Companies Coming this Spring

Highlights of FAF's Private Co Roundable 3/1, Boston MA

XBRL in Focus

FASB Responds to FAF Post-Implementation Review of FIN 48

FEI webcast on COSO 1pm Today; Comment deadline on COSO ED 3/31

COSO's Internal Control Framework Is Changing! Comment Deadline 3/31; Learn More on FEI Webcast 3/19

JOBS Act Passed by House Includes Changes to SEC Regs Applicable to Small Bus; Action Moves to Senate

Tax Reform Must Deal Fairly With Privately Held and Family Owned Co's, FEI Member Mark Smetana Tells Congress

Proposed Legislation on Emerging Growth Co's: A Dangerous and Risky Experiment, Turner Tells Senate

House Ways and Means Hearing II on Tax, Accounting and Tax Reform: Small and Closely Held Businesses

PCAOB Proposes Standards On Related Parties, Significant Unusual Transactions; Broker-Dealers

FASB Chairman To Present 2012 Outlook; Will Take Questions Prior to, During Live Webcast March 12

Theory Meets Practice, New Group Launched By FEI, Hosts March 29 Webcast on Disclosure Overload, Complexity

Board Oversight and Professional Judgment: COSO's Newest Thought Paper

FEI Announces Top 12 Advocacy Issues for 2012

Highlights From SEC Speaks

SEC Speaks... and Tweets!

FEI Summary of House Ways and Means Committee Hearing on Tax, Accounting and Tax Reform

IASB, FASB Gear Up for SEC IFRS Decision

Tax Reform Plan Released by White House, Treasury; Key Points For Financial Exec's

Will SEC Speak On IFRS This Week?

CAQ’s Film Noir Sequel Aims To Demystify Audits

FASB’s New Post-Imp. Review: Bus Comb (141R), Segments (131), Gov’t Deposits and Investments (GASB 3)

Being XBRL

ASBJ, FASB Meet; FEI Japan Event Features Bolash, Danaher, Taub

JCT Releases Backgrounder in Advance of House Ways and Means Hearing on Interaction of Tax, GAAP on Tax Reform

Jeanette Franzel Named To PCAOB Board

House Ways and Means Sets Hearings on Tax and GAAP

PCAOB Announces March Panel on Auditor Independence - Audit Firm Rotation

Join FEI's New Committee on Governance, Risk and Compliance

Don't Miss Today's KPMG-FEI Webcast: Disclosure Overload: Hidden in Plain Sight

IASB's Finnegan Notes Role of Convergence with U.S. GAAP 'Waning' as IASB Sets Future Agenda; Recommends Project on OCI

SEC Advisory Comm. May Send IPO Recommendations to SEC Today

FEI, Other Organizations Release Statements on State of the Union

COSO Publishes Thought Paper on Risk Appetite and ERM

FEI CPC-S Comments on FAF Private Co. Proposal; Over 6,600 Letters Filed On FAF Plan

FEI Summit Leadership Conf. May 20-22 'Fact vs. Fairytale' Features Keynote By Mary Matalin, Donna Brazile

Post-Implementation Review of FASB Standard (FIN 48, Uncertainty in Income Taxes) Finds Benefits Exceeded Costs; Recommends Improvements In FASB Process

SEC Approves PCAOB Budget, Annual Support Fee

FASB Will Not Move 'Going Concern' To U.S. GAAP (from Auditing Lit.); Will Focus On Risk, Liquidity Disclosures

FASB To Discuss Meaning Of "Substantial Doubt" (re: Going Concern)

SEC Issues Guidance On Disclosure Of European Sovereign Debt Exposure

Just For Fun (I Gotta Feeling ... Withum Rocks!)

While You Were Out ...

Newt Becker, Founder of Becker CPA Review, Dies

In Memory of Larry Ribstein

FEI Top Challenges For CFOs In 2012

Happy Holidays From FEI!

FEI Japan To Hold First Event Feb. 22

Year-End Pressures Got You Down?

Leap Day Special: PCAOB Repropose Standard on Communications With Audit Committees

Analyze This: COSO Releases Exposure Draft of Updated Internal Control-Integrated Framework; Comments Due March 31

FASB, IASB Issue Common Disclosure Requirements For Offsetting (Netting); IASB Clarifies Offsetting Requirments

PCAOB To Meet Dec. 20, Will Consider Reproposing Standard On Communications With Audit Committees

Goelzer Tapped For SEC Alumni Award, World Awaits Naming Of His Successor on PCAOB Board; Today Is Comment Deadline On Auditor Independence/Auditor Rotation Concept Release

Chuck Noski Named FASAC Chairman; MF Global Among Topics Discussed By Group