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Guest Post: JOBS Act Practices are No Audit Quality Pardon

Wed, 12 Jun 2013 07:40:22 GMT

The Securities and Exchange Commission may end up reaping what the JOBS Act has sowed.

Seidman Signs Off With Rev Rec Review

Wed, 05 Jun 2013 14:23:37 GMT

The outgoing FASB chairman says that revenue recognition project proves that the rulmaker is open and listening.

FAS 157 Fair Value Measurement – Next Up for Post-Implementation Review

Thu, 30 May 2013 12:55:09 GMT

FAS 157 will be up for post-implementation review and there are several questions that need to be answered.

Watch Your P’s and Q’s… and Your MD&A’s

Tue, 28 May 2013 11:25:35 GMT

In a new SEC accounting fraud push, words matter.

With a Little Help From My Friends

Fri, 24 May 2013 07:32:37 GMT

I wanted to share with our blog readers that I will be away for a month, and I'd like to introduce Christopher Westfall, Managing Editor of Financial Executive Magazine, who will be adding Managing Editor of the FEI Financial Reporting Blog duties during my absence. You will also enjoy some posts by some Guest Bloggers during my absence, as well as posts by Chris.

US Access to Chinese Workpapers Subject of Letter to Lew; Treasury Secretary Testifies on FSOC

Wed, 22 May 2013 15:03:25 GMT

Industry groups have sent a letter to Treasury Secretary Lew regarding Chinese workpapers while Congress offers question on FSOC.

Know COSO, Get Ready for Rev Rec

Wed, 22 May 2013 14:24:05 GMT

Revenue recognition will be hitting the industry soon and a new COSO framework is already here. Get the info you need to be ready.

House Passes H.R. 1062, SEC Regulatory Accountability Act, Requiring More Cost-Benefit Analysis; Rep. Waters Argues Adds More Roadblocks to SEC

Fri, 17 May 2013 14:23:01 GMT

The U.S. House of Representatives just voted in favor of passing H.R. 1062, the SEC Regulatory Accountability Act. The vote was largely along party lines, and the Administration has voiced its opposition to the bill. The future of the bill will now turn to the Senate.

Leases ED Unleashed by FASB, IASB; Would Put All Leases On-Balance Sheet

Thu, 16 May 2013 13:19:10 GMT

Earlier today, the FASB and IASB released Exposure Drafts of proposed changes to the accounting for Leases. The ED's - in response to calls from investors and regulators for a major overhaul of standards involving off-balance sheet transactions - such as the leasing standards (for the IASB, IFRS 17, and for the FASB, Accounting Standards Codification Topic No. 840, aka the standard formerly known as FAS 13) - represent a major overhaul of accounting for leases by the lessee, mainly by requiring all lease obligations to be placed on-balance sheet. Under current accounting standards, certain leases treated as 'operating leases' remain off-balance sheet, while 'capitalized leases' or 'capital leases' are booked on-balance sheet as assets and liabilities.

COSO 2013 Internal Control Framework Released- Supercedes 92 Framework in 2014, Used for Sarbanes-Oxley Assertions

Tue, 14 May 2013 13:04:21 GMT

Earlier today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its 2013 Internal Control-Integrated Framework. The 2013 framework will supercede COSO's 1992 internal control framework in 2014, and COSO provides transition guidance for disclosures when public assertions are made (e.g., for purposes of Sarbanes-Oxley Section 404) referencing COSO during the interim period.

Are You Ready for Rev Rec?

Thu, 09 May 2013 10:47:12 GMT

Are you ready for the FASB's upcoming final standard on Revenue Recognition,set to be released by FASB 2nd quarter, 2013?

PCC Votes to Propose, Expose Alternatives for Private Cos in Certain U.S. GAAP

Thu, 09 May 2013 10:23:37 GMT

FASB's Private Co Council voted earlier this week to expose certain alternative treatments for private co's be offered within U.S. GAAP.

FASB Wants YOU - To Respond to FASAC Survey, FAS 109 Post-Implementation Review

Thu, 09 May 2013 09:50:32 GMT

The FASB is seeking responses to its annual "FASAC Survey," its survey of standard-setting priorities, released last night. Separately, the FAF, which oversees the FASB, is still seeking responses to its survey, part of its Post-Implementation Review project on the standard originally issued as FAS 109, Accounting for Income Taxes.

PCAOB Reproposes Standard On Related Parties, Significant Unusual Transactions

Tue, 07 May 2013 14:05:39 GMT

Earlier today, the PCAOB voted to repropose its proposed auditing standard on related parties and significant unsusual transactions,

FERF-a-licious!

Mon, 06 May 2013 13:44:46 GMT

A slew of new reports were released recently by the research affiliate of Financial Executives International, the Financial Executives Research Foundation, prior to FEI's annual Summit Leadership Conference which wraps up today at Caesars Palace in Las Vegas.

PCAOB Policy Statement on Cooperation

Sat, 04 May 2013 00:09:47 GMT

On April 24, 2013 the PCAOB issued a Policy Statement outlining how it intended to consider providing credit to audit firms and associated individuals who provided 'extraordinary' cooperation in investigations.

PCAOB : No More Business as Usual? Hanson Has Some Important Things To Say

Fri, 03 May 2013 21:25:00 GMT

The Public Company Accounting Oversight Board , which recently celebrated its 10th anniversary, is taking this opportunity to challenge its own approaches to 'business as usual' when it comes to its mandate -as set forth under the Sarbanes-Oxley Act of 2002 - of overseeing the audit profession and the quality of public company audits.

COSOs Coming! Sign Up for One of FEIs COSO Conferences and Celebrate May Day, Dont Say Mayday!

Wed, 01 May 2013 01:56:12 GMT

As we told you in March, COSO's 2013 Internal Control-Integrated Framework, set to supercede COSO's landmark 1992 IC-IF as of 12/15/14, is set to set sail in just a couple of weeks, on May 14, 2013.

FASB Unveils Fab New Website, Marks Beginning of 40th Anniv. Year

Mon, 29 Apr 2013 10:40:50 GMT

Earlier today, FASB unveiled its new website, kicking of a series of festivities marking its fortieth anniversary year. New logos for the FASB, its sister board, the GASB, and the parent organization, the FAF, were formed, with colors and a style emphasizing the interconnectedness between the three; the full site for the FASB was the first to launch, and separate, newly designed sites replacing the FAF and GASB sites will be next to launch.

That Sassy SASB, and the IIRC

Fri, 26 Apr 2013 18:20:15 GMT

Those of you who squinted at the title of this post, wondering if it's about the usual suspects - the FASB and IASB - or if its time you got a pair of reading glasses, need wonder no more, for 'tis indeed about the Sustainabilitity Accounting Standards Board ("modelled after the FASB,," according to SASB's website) and the International Integrated Reporting Council (of which SASB is a member), which recently released for public comment a Consultation Paper (similar to an "Exposure Draft" in the U.S.) on its Integrated Reporting Framework. The 90-day comment period on the IIRC draft framework ends July 15, 2013.

Russell G. Golden Appointed FASB Chairman, Succeeding Seidman; FEI Issues Statement

Tue, 23 Apr 2013 14:17:50 GMT

Russell G. Golden, a former senior staff member and current board member of the Financial Accounting Standards Board, has been appointed incoming chairman of the FASB, succeeding current Chairman Leslie Seidman, when her term as chairman expires on June 30.

FASB Private Co Framework Guide a Must-Read - June 21 Comment Deadline on Re-Exposed ITC

Wed, 17 Apr 2013 06:12:13 GMT

FASB's proposed guidance for evaluating when the FASB board should offer alternative recognition and measurement, disclosure, display, transition, and effective dates for private vs. public companies, was re-released for public comment yesterday. The proposed guidance, in the form of an Invitation to Comment on a Discussion Paper, was deliberated and released jointly by the FASB and the FAF's new Private Company Council, formed in 2012 to advise FASB on Private Co matters.

SEC Chairman Mary Jo White Sworn In, Leads First Open Meeting; Identity Theft Red Flags Rule Adopted

Wed, 10 Apr 2013 10:34:00 GMT

The U.S. Securities and Exchange's (SEC) new Chairman Mary Jo White was sworn in this morning and immediately went to work chairing her first Open Commission meeting.

Senate Confirms Mary Jo White As SEC Chairman

Mon, 08 Apr 2013 14:30:06 GMT

Moments ago, Bloomberg Government's "Congress Tracker" reported that Mary Jo White was confirmed by the full Senate as SEC Chairman.

Whatever Happened to Honest Joe? Ledger Lines of the CAQ Lays It Out For You, Making the Fraud Triangle Come Alive

Fri, 05 Apr 2013 16:23:59 GMT

The Center for Audit Quality has released another in its series of "film noir" style videos aimed at explaining to "everyman" and "everywoman" ingredients of financial reporting fraud and how the key players in the "system of investor protection: external auditors, CFOs, management, audit committee members, internal auditors, and others, aim to deter and detect financial reporting fraud. The latest video makes the traditional elements of the "fraud triangle" - pressure or incentive, rationalization, and opportunity - come alive for a character named "Joe" who is tempted to become dishonest and we see where that leads him.

Due Diligence, Leasing, Global Growth Among Topics in This Mo's Financial Executive Magazine

Fri, 05 Apr 2013 16:08:44 GMT

Due diliegence, FASB's project on leasing, a cover story on "Where in the World is Growth," and an interview of the IASB's new Board Member Gary Kabureck, and many more interest articles appear in this month's edition of Financial Executive magazine.

PCAOB Updates Standard-Setting Agenda... SAG Meeting Must Not Be Far Behind

Fri, 05 Apr 2013 16:00:25 GMT

Earlier today, the PCAOB posted an updated Standard-Setting Agenda, which to me is a sign that the next PCAOB Standing Advisory Group meeting must not be very far behind...

SEC Releases Guidance on Company Announcements via Corp Officer, Company Social Media Accounts

Wed, 03 Apr 2013 09:30:23 GMT

Yesterday, the U.S. Securities and Exchange Commission issued guidance on the use of social media channels (including but not limited to individual and corporate twitter, facebook, blogs, websites, and social media channels generally) to distribute information about the company without running afoul of Reg FD.

IFRS Foundation Accounting Standards Advisory Forum Meets Next Week [UPDATED], as FASB-IASB Convergence Efforts Roll On

Tue, 02 Apr 2013 22:22:48 GMT

The IFRS Foundation's Accounting Standards's Advisory Forum, consisting of National Standard Setters from around the world, initially chaired by the IASB, gathered to advise the IFRS Foundation, has published the agenda for its inaugural meeting set to take place next week in London. Meanwhile FASB and the IASB continue working toward completion of their four major remaining convergence projects.

Att'n Special Ops! FASB Releases Proposal Amending Discontinued Ops

Tue, 02 Apr 2013 11:57:16 GMT

Earlier today, the Financial Accounting Standards Board released a proposed Accounting Standards Update that would amend reporting for Discontinued Operations

Case Study Released by Anti-Fraud Collaboration Aims to Reduce Financial Reporting Fraud Through Active Discussion Among Stakeholders, Students

Fri, 29 Mar 2013 14:48:37 GMT

A case study released earlier this week by a group formed in 2010 to encourage the deterrence and detection of financial reporting fraud is designed to actively engage members of the financial reporting supply chain in an active discussion about financial reporting fraud, via reference to a fictitious company which experienced red flags of financial reporting fraud that have occurred at various real companies.

It's a FAQ! FASB Wants YOU to Comment on Credit Loss Proposal; Extends Comment Deadline To May 31

Fri, 29 Mar 2013 11:45:41 GMT

Yesterday the FASB voted to extend the comment deadline on its proposal on Financial Instruments—Credit Losses (Subtopic 825-15) to May 31, 2013.

Revenue Recognition: Effective Date, Early Application Clarified by FASB, IASB

Wed, 27 Mar 2013 10:20:07 GMT

In the past week, more major decisions have been reached and clarifications made at the FASB and IASB on their joint revenue recognition project with respect to the effective date and early application.

PCAOB Proposes Framework For Reorganizing Auditing Standards

Wed, 27 Mar 2013 08:29:28 GMT

The PCAOB voted yesterday to release the first of a pair of proposed rules on reorganizing its auditing standards framework.

COSO's Updated Internal Control Framework To Be Released in May; Get Ready to Roll Your SOX Up

Wed, 20 Mar 2013 15:30:14 GMT

Earlier today, the Committee of Sponsoring Organizations of the Treadway Commission, commonly known as COSO, announced the expected release date of the 2013 updated version of its its landmark 1992 Internal Control-Integrated Framework, along with transition guidance for the interim period until the 2013 framework supercedes the 1992 framework.

FEI's Top 13 Advocacy Issues for 2013

Mon, 11 Mar 2013 11:52:00 GMT

Earlier today, Financial Executives International announced its Top 13 Advocacy Issues for 2013. FEI's Government Affairs staff, together with FEI's Advocacy and Accounting Policy Committees, seeks to advance the interests of FEI’s members with Congress, the Obama administration and key industry regulators. Read more in FEI's press release.

FASB Announces New Members of EITF, ITAC, NAC - 2 FEI Members Named

Mon, 11 Mar 2013 11:35:04 GMT

Earlier today, the Financial Accounting Standards Board announced its new appointments to three of its key task forces and advisory committees: FASB's Emerging Issues Task Force (EITF), Investors Technical Advisory Committee (ITAC), and Not-for-Profit Advisory Committee (NAC).

Could IFRS Monitoring Board Membership Criteria Impact Potential U.S. Decision on IFRS?

Wed, 06 Mar 2013 16:40:09 GMT

Will the membership criteria recently finalized by the Monitoring Board of the IFRS Foundation impact the nature and timing of the SEC's ultimate decision on the incorporation of IFRS into the U.S. financial reporting system?

Mary Jo White Nomination Hearing Set By Senate Banking for March 12

Wed, 06 Mar 2013 15:11:07 GMT

The Senate Banking, Housing and Urban Affairs Committee has set a nomination hearing for President Obama's nomination of Mary Jo White as SEC Chairman for 10am on March 12. Also set for consideration at that nomination hearing is Richard Cordray, the President's nominee to continue to head the Consumer Financial Protection Bureau.

Siegel Reappointed to FASB Board; Agenda-Setting Returns to Full FASB (GASB) Board

Wed, 27 Feb 2013 16:16:28 GMT

Yesterday, the FAF announced the reappointment of Marc A. Siegel to the FASB board. Separately, the FAF announced that the FASB and GASB rules of procedure would return to require the full boards to reach agenda-setting decisions, returning that power to the boards as had traditionally been the case, except for recent years in which that power had shifted to solely the hands of the Chairman of each board.

Kabureck Appointed to IASB; Joins Other N. American Members Finnegan, McConnell and Tokar

Wed, 27 Feb 2013 14:07:08 GMT

On Feb. 21, 2013 the IFRS Foundation announced that Gary R. Kabureck, Chief Accounting Officer and a Corporate Vice President of Xerox Corporation, has been appointed a member of the IASB. Kabureck, whose term begins in April, joins the other 3 North American members serving on the IASB.

SEC Staff Paper on Disclosure Due Out In Next Couple Months, Disclosure Roundtable Coming Late Spring, Early Summer

Sun, 24 Feb 2013 21:39:16 GMT

During a lively panel on Day 2 of PLI’s “SEC Speaks” conference, SEC Chief Accountant Paul Beswick announced that a Staff Paper on Disclosures is expected in the “next couple of months” and a related Disclosure Roundtable is expected to be held in the “late spring or early summer.”

Audit Committee Members: What's Your Community?

Tue, 19 Feb 2013 11:48:09 GMT

What community(ies) do you belong to? Which ones define you? Align you? Refine you? Opine you? If you are a member of an Audit Committee in particular...we invite you to read on....

FASB's Financial Instruments Valentine 4U!

Thu, 14 Feb 2013 17:18:35 GMT

Earlier today, FASB released its Valentine's Day gift for you: the reproposed version of its Proposed Accounting Standards Update on Financial Instruments: Recognition and Measurment of Financial Assets and Financial Liabilities. There is a 90-day comment period on the document, ending May 15.

SEC Approves $245.6 Million PCAOB Budget as Sequestration Question Hangs in Air; Senate Banking Cmte. Marks Valentine's Day with-An Oversight Hearing!

Wed, 13 Feb 2013 21:29:02 GMT

On Wed. Feb. 13, the SEC approved the PCAOB's Budget of $245.6 million, representing an 8% increase over last year, and a related accounting support fee of $234 million, $207 of which would come from public company issuers, and the remainder of which from broker-dealers. However, the question of whether the PCAOB's - and the SEC's and other agencies - budgets would be subject to Congressional sequestration due to remaining federal deficit issues still hangs in the air.

FERF Wants to Know!

Wed, 13 Feb 2013 15:26:43 GMT

When you think of FERF (FEI's research affiliate, the Financial Executives Research Foundation), you usually think in terms of answers to your questions. But why does FERF have such an excellent reputation for practical research - for bridging the gap between academic research, and research of real-life relevance to, and readily accessible by, the busy financial executive?

XBRL Implementation Guide for Subsequent Events, Definition Components & Structure Style Guide, Issued by FASB

Wed, 13 Feb 2013 14:01:30 GMT

Earlier this week, FASB issued a number of documents relating to XBRL reporting.

FASB, PCC Vote to Re-expose Private Co Decision-Making Framework; Add New Projects to PCC Agenda [UPDATED Feb. 14]

Wed, 13 Feb 2013 13:38:13 GMT

At yesterday's meeting of FASB and the Private Company Council formed by the Financial Accounting Foundation to advise the board on private company matters, FASB and the PCC jointly decided to re-expose FASB's proposed Private Company Decision-Making Framework (previously released as a staff proposal in the form of an Invitation for Comment) for additional public input. Separately, three new projects were added to the PCC's existing agenda.

What's On Your Balance Sheet?

Mon, 04 Feb 2013 12:10:14 GMT

FASB has issued a number of significant new and proposed Accounting Standards Updates (aka, "ASU's) in the past couple of weeks which to some companies, depending on the types of transactions they enter into, can play a major role in addressing the question: "What's on Your Balance Sheet?"

FSB Calls On IASB, FASB to Clarify Convergence Plan by EOY

Wed, 30 Jan 2013 18:29:30 GMT

The Financial Stability Board (FSB), among numerous issues addressed at its January 28 meeting in Zurich, called upon the IASB and FASB to "set out by the end of 2013 their plans for achieving convergence on high-quality standards."

IASB Holds Disclosure Forum, Releases Survey Results

Wed, 30 Jan 2013 17:59:40 GMT

Earlier this week, the International Accounting Standards Board (IASB) held its Disclosure Forum on improving and simplifying disclosures, also referred to by some of its constituents as its forum on 'disclosure overload.' Additionally, in advance of the Disclosure Forum, the IASB released the results of its Disclosure Survey.

Mary Jo White Nom. to Head SEC; Cordray Nom. to Continue To Lead CFPB

Thu, 24 Jan 2013 17:36:19 GMT

As expected, President Obama announced earlier today (Thursday, January 24) that he was nominating Mary Jo White to serve as Chairman of the SEC, and Richard Cordray to continue to lead the CFPB for a second term. Both nominations are subject to Senate confirmation.

Auditors, Directors and Finance Execs Innovate, Collaborate on New Anti-Fraud Website

Thu, 24 Jan 2013 16:30:25 GMT

A group of organizations representing internal auditors, external (independent) auditors, senior financial executives, and corporate directors, formed two years ago to jointly work on programs to promote the deterrence and detection of financial reporting fraud, launched a joint website earlier today to help make finding its resources easier for members of their organizations and the public.

Obama to Announce Mary Jo White as His Nominee for Chair of SEC

Thu, 24 Jan 2013 13:58:42 GMT

President Barack Obama is expected to announce his nomination of former Prosecutor Mary Jo White as his pick to become the Chairman of the U.S. Securities and Exchange Commission, according to numerous news reports citing statements by a White House spokesperson earlier today.

FASB Marks Its Fortieth Anniversary This Year

Thu, 24 Jan 2013 13:48:29 GMT

FASB is celebrating its 40th anniversary this year.

IASB, FASB Chairs Address Possible IFRS Option in U.S.

Fri, 11 Jan 2013 22:48:59 GMT

According to a report in today’s BNA Daily Report for Executives, the respective Chairmen of the International Accounting Standards Board and the Financial Accounting Standards Board discussed at a conference yesterday the potential pros and cons of what would happen if - as posited by IASB Chairman Hans Hoogervorst - the U.S. Securities and Exchange Commission were to potentially permit the optional use of International Financial Reporting Standards – vs. potentially requiring the use of IFRS - by U.S. issuers.

ABA Releases FAQ on FASB's Expected Credit Loss Proposal

Fri, 11 Jan 2013 16:02:38 GMT

The American Bankers’ Association recently released a Frequently Asked Questions document (ABA’s “FAQ on FASB”) on the Financial Accounting Standards Board’s Dec. 20, 2012 Proposed Accounting Standards Update: Financial Instruments-Credit Losses.

IASB Seeks Preparer, User Input on Survey in Advance of Disclosure Overload Forum

Thu, 10 Jan 2013 10:29:42 GMT

In advance of its previously announced Discussion Forum on Disclosure Overload to be held later this month in London, the International Accounting Standards Board is seeking preparer and user input on what some have termed to be the "disclosure problem."

SEC Appoints Aronow GC; Announces Enf Dir Khuzami To Leave

Thu, 10 Jan 2013 10:16:48 GMT

Earlier this week, the SEC announced the appointment of a new General Counsel, and announced that Enforcement Director Robert Khuzami intends to leave the Commission.

FEI's Analysis of Fiscal Cliff Legislation (H.R. 8 - the American Taxpayer Relief Act of 2012)

Thu, 03 Jan 2013 17:20:59 GMT

The American Taxpayer Relief Act of 2012 (H.R. 8), was signed into law by President Barack Obama on January 2nd, following the Senate's version of a Rockin' New Year's Eve by voting on their version of the bill that evening, and the House vote on New Year's Day, all aimed at averting the dreaded fiscal cliff.

COSO Seeks New Chairman Effective June 2013

Thu, 03 Jan 2013 13:58:01 GMT

COSO - the Committee of Sponsoring Organizations of the Treadway Commission - best-known for its 1992 Internal Control-Integrated Framework, currently being updated, which is the most widely used internal control guidance in the U.S. (and also used by, or referenced in the development of, separate guidance in other countries, and referenced in certain AICPA literature as well as SEC and PCAOB rulemaking implementing Sarbanes-Oxley Section 404), is currently seeking applications for a new Chairman. The new Chairman will serve a three year term beginning June 1, 2013, filling the vacancy that will be created when current Chairman David Landsittel steps down from the position after having served a three year term plus an extension to help guide toward completion of the current update of the Internal Control-Integrated Framework.

FAF Views IFRS Foundation ASAF as "Constructive Opportunity"; Recommends Broader Participation

Wed, 02 Jan 2013 12:55:46 GMT

In a letter sent by FAF Chairman Jeff Diermeier to IFRS Foundation Chairman Michael Prada on Dec. 27, 2012 in response to the IFRSF's proposed Accounting Standards Advisory Forum, Diermeier commended the ASAF as a 'constructive opportunity." He also recommended the IFRS Foundation broaden the proposed ASAF in terms of national standard setter membership qualifications, and participation by members of the IASB board.

What Are Finance Exec's Top Challenges for 2013?

Wed, 02 Jan 2013 11:56:20 GMT

Well, the world didn't end after all on Dec. 21, 2012 as predicted by the Mayans. So, what are the Top Challenges Financial Executives will be facing in 2013? See what FEI's CEO, Marie Hollein, predicts the top challenges will be for finance exec's in 2013.

FASB's Proposal on Expected Credit Losses Released Dec 20, 2012; Comments Due April 30, 2013

Wed, 02 Jan 2013 11:47:27 GMT

Just in time for holiday reading, and not taking any chances that the world may end on Dec. 21, on Thursday, December 20 the FASB released its proposed accounting standard on expected credit losses.

AS16, Communication w/ Audit Committees, Joins PCAOB's Playbook of Final Stds; FEI Forms Audit Committee Community of Interest

Fri, 21 Dec 2012 14:54:03 GMT

Yesterday (12/20/12) the SEC approved PCAOB's Auditing Standard No. 16, Communication with Audit Committees. Previously approved by the PCAOB board, AS 16 now joins the PCAOB's official playbook of auditing standards as a final standard.

SEC Appoints Paul A. Beswick Chief Accountant

Fri, 21 Dec 2012 13:18:43 GMT

On Dec. 21, 2012 the SEC named Paul A. Beswick Chief Accountant.

FASB, CAQ Issue Summary of Disclosure Forums

Wed, 12 Dec 2012 13:56:41 GMT

Earlier today, the Financial Accounting Standards Board and the Center for Audit Quality announced they have issued a summary of observations from two forums jointly held by FASB and the CAQ on disclosure effectiveness. The forums were held at the business schools of Columbia University during October, 2012.

ICAEW Issues Controversial Report on The Future of IFRS

Wed, 12 Dec 2012 13:31:50 GMT

As introduced by the Institute of Chartered Accountants of England and Wales' CEO Michael Izza in his CEO Blog earlier today, the ICAEW released a report earlier today entitled The Future of IFRS - which has caused some controversy.

Private Co Council Advising FASB Identifies Uncertain Tax Positions, VIEs, Swaps and Intangibles (Other Than Goodwill) Acquired in Bus Comb Among Top 4 Areas To Study To Improve Private Co Accounting

Mon, 10 Dec 2012 21:09:25 GMT

At its inaugural meeting last week, the Private Company Council (PCC) formed this year by the Financial Accounting Foundation to advise the FASB on ways to improve accounting for private companies by making it more users of , and more cost-beneficial for both users and preparers of, private company financial reporting, came up with recommendations for four areas on which the FASB staff should conduct further study for potential improvements to this segment of constituents, based on constituent feedback to the earlier Blue Ribbon Panel on Standard Setting for Private Companies, and the PCC's views. The four areas identified for further study include uncertain tax positions, variable interest entities or VIEs, and two additional topics.

PCAOB Releases Report; Concerned about Increase in Rate of Deficiencies Between 2010-2011 Found in Inspections of Audits of Internal Control over Financial Reporting Under AS5

Mon, 10 Dec 2012 13:01:40 GMT

Earlier today, the PCAOB released a '4010' report summarizing observations from its inspections of audits performed by the 8 largest public accounting firms of their clients' internal control over financial reporting (ICFR) in 2010. (Note: 'ICFR' is also sometimes referred to - e.g. in COSO's Exposure Drafts - as Internal Control over External Financial Reporting, or 'ICEFR') The PCAOB's '4010' reports summarize inspection findings at a high level and do not identify particular firms, companies or audits. Of particular concern, noted one board member, was the increase in the rate of inspection deficiencies found between 2010 (the year of the report, covering 2009 audits) and 2011 inspections (not yet finalized).

FEI, Others File Comments With COSO on Internal Control ED's; Could Impact Assertions Under Sarbanes-Oxley

Thu, 06 Dec 2012 16:29:56 GMT

A total of 22 comment letters have been posted by COSO so far - and no doubt more are in the process of being posted (and some may still be on their way to being filed, just one day after COSO's comment deadline closed on December 4) on the three Exposure Drafts released by COSO for public comment in September, 2012 updating COSO's landmark 1992 Internal Control-Integrated Framework (IC-IF).

COSO's IC-IF is widely used (and cited in SEC and PCAOB rulemaking related thereto) for purposes of assertions over the effectiveness of internal control over external financial reporting (ICEFR) under Sarbanes-Oxley Section 404 for public companies, and cited in AICPA literature for certain private company engagements as well. The comment letter filed by FEI's Working Group on COSO, filed yesterday, is among the letters that have been posted so far by COSO.

SEC To Hold Roundtable on Disclosures; FEI Comments on FASB's ITC on Disclosure Framework

Wed, 05 Dec 2012 13:34:12 GMT

The SEC plans to convene a roundtable on the subject of disclosures that should appear in the audited financial statements vs. elsewhere in the financial reporting package, according to remarks of Acting Chief Accountant Paul Beswick at a conference earlier this week. In a related matter, FEI's Committee on Corporate Reporting filed its comment letter on the FASB's Invitiation to Comment: Disclosure Framework.

CFO Outlook Dims; The Role of IT Strategy in Business

Wed, 05 Dec 2012 12:15:17 GMT

According to the latest quarterly CFO outlook survey released by FEI and Baruch College, CFO's, particularly in the U.S., are expressing a decline in economic optimism. Read more about this in a post in our sister blog, the Financial Executives Research Foundation (FERF) blog, by Tom Thompson. Separately, read Tom's post on "What Role Do Today's IT Strategies Play in Your Business" and the importance of obtaining your feedback in this year's 14th annual Technology Issues for Financial Executives Survey.

PCAOB Releases Staff Audit Practice Alert 10 on Skepticism

Tue, 04 Dec 2012 15:31:53 GMT

Earlier today, the PCAOB released Staff Audit Practice Alert No. 10 on Skepticism.

WORD (What's the Word at the AICPA SEC - PCAOB Conference?)

Tue, 04 Dec 2012 14:07:42 GMT

Some of the most significant word's you'll hear all year, following FEI's Current Financial Reporting Issues Conference in November, are voiced at the AICPA's SEC and PCAOB Conference, taking place this week in Washington, DC.

Incoming SEC Chairman Elisse Walter: Not Only a Lawyer - But A Math Major, And Daughter of a CPA!

Mon, 26 Nov 2012 18:53:40 GMT

Following the announcement by the SEC this morning that Chairman Mary L. Schapiro was leaving the Commission on Dec. 14, 2012, a Statement was released by President Barack Obama this afternoon thanking Chairman Schapiro for her service, and designating Commissioner Elisse Walter as the new Chairman taking on that title upon Schapiro's departure.

The Times They Are a Changing

Mon, 26 Nov 2012 11:43:18 GMT

As just posted re: SEC Chairman Mary Schapiro's announcement that she is stepping down at the end of December, and as attendees at FEI's Current Financial Reporting Conference heard a couple of weeks ago, and followers of this blog know, there's a lot of change afoot in the world of financial reporting.And for those of you who thought there's no such thing as a free lunch, there's still time to tune into our webcast at 12 noon ET today on COSO's Exposure Drafts issued this fall (comment deadline: Dec. 8) which will result in a major update to COSO's 1992 Internal Control-Integrated Framework relevant to Sarbox 404 internal control assessments and assessments of internal control under AICPA standards for certain private co engagements.

SEC Chairman Mary Schapiro to Leave Commission Dec. 14

Mon, 26 Nov 2012 11:42:18 GMT

The SEC announced earlier today that SEC Chairman Mary Schapiro will leave the SEC on December 14, 2012.

Mary Tokar Named To IASB Board; Term Begins Jan. 2013

Mon, 26 Nov 2012 11:00:26 GMT

The IFRS Foundation, which oversees the International Accounting Board recently named Mary Tokar of the U.S. as a member of the International Accounting Standards Board.

Obama Issues Thanksgiving Pardon

Fri, 23 Nov 2012 16:02:51 GMT

Just in time for Thanksgiving, President Barack Obama issued a pardon, for Cobbler, naming him this year's National Thanksgiving Turkey

Dont-Miss Webcasts on COSO's ED's; What CFOs Want From IT

Fri, 23 Nov 2012 15:46:58 GMT

Don't miss these FEI webcasts on Mon. Nov. 26 and Tues. Nov. 27, respectively on COSO's Exposure Drafts updating the COSO internal control framework (comment deadline to COSO: December 4) and our CFO Community of Interest webcast on Tuesday: What CFO's Want From IT (Part II).

PCAOB To Vote Next Wk on 2013 Budget, Strat Plan; FASB To Hold Ed Session on Disclosure Framework

Fri, 23 Nov 2012 13:15:14 GMT

The PCAOB is slated to vote next week on its proposed 2013 budget and strategic plan.

COSO's ED's: Will They Knock Your SOX Off? Or Make Life a Breeze? FEI Webcast Nov. 26

Mon, 19 Nov 2012 11:17:40 GMT

How will COSO's Exposure Drafts, currently out for public comment until December 4, impact you? Tune into FEI's webcast Nov. 26 at Noon (ET) to learn more.

What Keeps FASB, IASB Leaders Up At Night?

Tue, 13 Nov 2012 00:43:47 GMT

Did you ever wonder what keeps FASB and IASB leaders up at night? Is it convergence? Is it the constant oversight of regulatory bodies like the SEC, IOSCO or the IFRS Foundation's Monitoring Board; elected officials in Congress or Parliament, pressures of balancing cost vs. benefit, theory vs. practice, the list could go on and on...?

IASB Disclosure Overload Forum, To Be Held Jan. 2013 "Will Build on Work of Others" Says Hoogervorst

Mon, 12 Nov 2012 09:00:46 GMT

Earlier today, the IASB announced it will hold a public forum on Disclosure Overload as pertains to its own standards (International Financial Reporting Standards or IFRS) on Jan. 28, 2013.

COSO Extends Comment Deadline on Internal Control ED's; Save Date for FEI Webcast

Fri, 09 Nov 2012 14:09:37 GMT

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has extended the comment deadline on its three Exposure Drafts relating to the update of its 1992 Internal Control-Integrated Framework, including as related to Internal Control over External Financial Reporting, a key element of Sarbanes-Oxley Section 404 reporting.

FASB: Coming and Going

Fri, 09 Nov 2012 13:49:21 GMT

At Wednesday's FASB Board meeting, decisions were reached in which the FASB board authorized the staff to prepare a ballot draft of a Proposed Accounting Standards Update on its project relating to repo's and reverse repo's. Separately, the board reached some significant decisions on its Going Concern project.

PCAOB's Doty Speaks on Six Major Initiatives

Fri, 09 Nov 2012 13:12:02 GMT

In remarks at a PLI conference in New York yesteterday, described in an email circulated by the PCAOB as a "special address," PCAOB Board Chairman Jim Doty outlined the PCAOB's six major regulatory initiatives (not including initiatives relating to foreign inspections).

JOBS Act Implem. in Focus at Next Wk's SEC Small Bus Forum

Fri, 09 Nov 2012 12:37:42 GMT

The status of implementation of SEC rulemaking under the Jumpstart Our Businesses Startup (JOBS) Act will be a primary topic of discussion at the upcoming SEC Forum on Government-Business Capital Formation.

FASB, SEC, IRS Extend Certain Deadlines Due to Hurricane Sandy

Wed, 07 Nov 2012 16:38:27 GMT

Some standard-setting agencies and regulators have extended certain comment deadlines and filing deadlines in light of power-outages and other setbacks faced by registrants and other filers due to Hurricane Sandy and its after-effects.

PCAOB SAG Meets Next Wk on Auditor's Reporting Model, Fraud

Wed, 07 Nov 2012 16:36:08 GMT

The Public Company Accounting Oversight Board recently announced that its Standing Advisory Group will meet Nov. 15-16. Among topics to be discussed are the auditor's reporting model, and fraud.

Skepticism and the Financial Executive

Wed, 07 Nov 2012 16:15:00 GMT

FEI member Gary Kabureck, chief accounting officer of Xerox Corp. and vice chairman of FEI's Committee on Corporate Reporting, joined FEI President and CEO Marie N. Hollein in a webcast produced by the National Association of Corporate Directors entitled: Skepticism and the Financial Executive.

Skeptical About the Expectation Gap?

Tue, 23 Oct 2012 13:43:18 GMT

The third installment in the NACD's webinar series on Skepticism was released yesterday. Each installment focuses on skepticism from the point of view of one member of the financial reporting supply chain. Yesterday's installment, featuring experienced audit committee chair Michele Hooper interviews Cindy Fornelli, executive director of the Center for Audit Quality, and Greg Weaver, chairman and CEO of Deloitte & Touche LLP, is on the topic of "Skepticism and the External Auditor."

Private Co Council Advising FASB Will Hold First Mtg Dec. 6: Agenda Includes Critical Issues Facing Preparers, Users, Auditors of Private Co Fin. Stmts

Tue, 23 Oct 2012 13:24:51 GMT

The Financial Accounting Foundation recently announced the inaugural meeting of the Private Co Council (PCC), formed to advise the FASB on private co accounting and reporting issues, will be on Dec. 6, 2012.

IFRS Foundation Chairman, Referencing IFRSF Staff Report, Concludes There Are "No Insurmountable Obstacles For Adoption of IFRS in US"

Tue, 23 Oct 2012 11:29:02 GMT

IFRS Foundation Chairman Michel Prada, referencing an IFRS Foundation staff report analyizing the SEC staff report on IFRS, academic studies, and information on the adoption of IFRS in other countries, acknowledged that although there are challenges, there are "no insurmountable obstacles for adoption of IFRS in the U.S."

PRIVATE CO's: Don't Miss FASB's Live Webcast 1:30pm TODAY on Private Co Framework

Thu, 18 Oct 2012 11:11:01 GMT

Private companies - and public companies may be very interested too - don't miss FASB's LIVE webcast to be held from 1:30 pm ET - 2:45 pm today on FASB's Discussion Paper/Invitiation to Comment on the staff's proposed Decision Making Framework.

Jeff Diermeier Elected FAF Chairman; Ann Marie Petach Appointed to Board of Trustees

Thu, 18 Oct 2012 10:30:00 GMT

Yesterday, the FAF announced the appointment of two positions to the FAF.

Bridging the Expectation Gap

Wed, 10 Oct 2012 16:59:50 GMT

The ‘Expectation Gap’ - a divergence in perception among auditors, investors, management and the public as to what the auditors and management’s role and responsibilities are for catching fraud - has been with us as long as, well, as long as Simon and Garfunkel have been with us, if not longer.

SEC Seeks PAFs - A Great Opportunity!

Wed, 10 Oct 2012 10:32:28 GMT

If you understand the alphabet soup above, and terms like GAAP, ASC, IFRS, SAB, OCA and the like, and you’d like to dip your toe (and more!) in the waters of working for the U.S. Securities and Exchange Commission, now is the time to consider applying for a position as a Professional Accounting Fellow in the SEC’s Office of the Chief Accountant.

CFO's: Involved, Evolving!

Fri, 05 Oct 2012 16:22:17 GMT

Whether you are a CFO, have set your sights set on becoming one, or work with CFOs in another capacity, you have likely seen CFO’s become more involved in a variety of key roles within companies.

Financial Reporting Heaven

Fri, 05 Oct 2012 13:12:12 GMT

What conference can you go to – specifically geared for financial executives – to get an update from the Chairman of the FASB, the vice-chairman of the IASB, the Acting Chief Accountant of the SEC, and a Board Member from the PCAOB? Plus: keynote remarks from business leaders and economists, a week after the Presidential election?

Skepticism: No Doubt About It. NACD Produced Webinars for Anti-Fraud Collaboration Launched

Mon, 01 Oct 2012 12:46:29 GMT

Earlier today, the National Association of Corporate Directors announced the release of a series of webinars on the subject of skepticism. The webinar series on skepticism was produced by the NACD on behalf of, and featuring speakers from, the “Anti-Fraud Collaboration,” a four-member organization group formed at the initiative of the Center for Audit Quality in 2010.

FAF Launches Search for Seidman's Successor; FASB Chair's Term Ends in June

Mon, 24 Sep 2012 10:31:58 GMT

Financial Accounting Foundation (FAF), which oversees the FASB, has launched a search for a successor chair to current FASB Chairman Leslie Seidman, whose term wraps up at the end of June, 2013.

SEC To Hold Small Bus ('Govt-Bus') Forum in November; JOBS Act, Other Issues To Be Addressed

Mon, 24 Sep 2012 09:07:18 GMT

On Sept. 20, 2012 the U.S. Securities and Exchange Commission announced that its annual Government - Business Forum will take place on November 15, 2012. Issues relating to JOBS Act rulemaking, and other rulemaking initiatives separate from the JOBS Act relating to small business and capital formation will be addressed at the forum.

Reactions to Formation of FAF Private Co Council

Thu, 20 Sep 2012 16:47:21 GMT

Barry Melancon, President and CEO of the AICPA, and Marie N. Hollein, President and CEO of Financial Executives International, released statements in support of the Financial Accounting Foundation's (FAF's) formation of a Private Company Council (PCC); names of the inaugural members of the PCC were announced by the FAF yesterday.

FAF Private Co Council To Be Chaired by Billy Atkinson; FEI's George Beckwith Among Members

Wed, 19 Sep 2012 16:54:57 GMT

This afternoon, the Financial Accounting Foundation, which oversees the FASB, announced the appointment of Billy Atkinson, former Chairman of NASBA, to chair the FAF's new Private Co Council (PCC). The PCC will advise the FASB on whether and when to modify or make exceptions to U.S. GAAP for private (vs. public) companies.

COSO Issues ICEFR ED; Pay Att'n Plenty: Comments Due Nov. 20

Tue, 18 Sep 2012 14:58:18 GMT

Earlier today, COSO released for public comment its Exposure Draft on Internal Control over External Financial Reporting (ICEFR). COSO seeks comment on this draft, and on two related documents made available for concurrent review/reference. COSO's internal control framework is referenced in SEC and PCAOB rules implementing Sarbanes-Oxley Section 404 on internal control reporting. For that reason, and because the COSO framework is applicable to public and private companies that are required to, or voluntarily report on internal controls, entities will want to focus on the EDs during the next couple of months, as the comment deadline is November 20.

FASB Further Develops Current Expected Credit Loss Model

Fri, 14 Sep 2012 10:56:19 GMT

The FASB is moving forward in developing a Curent Expected Credit Loss (CECL) model, which incorporates a move away from the current ("incurred") loss model, toward an "expected" loss model. The move to an expected loss model, recommended by various organizations following the financial crisis of the late 2000's, represents what some may view as a sea-change from current GAAP. Additionally, the CECL model differs from IASB's 3-bucket approach to accounting for expected losses in place at the time FASB developed its alternative CECL model.

Remembering Our Real Heroes

Tue, 11 Sep 2012 13:13:01 GMT

Yesterday, I wrote about the release of AccountingToday's Top 100 list. Today, I'd like to write about the importance of remembering 9-11-2001, and who our real heroes are.

Most Influential in Accounting - Who's on This Year's List?

Mon, 10 Sep 2012 11:50:48 GMT

FEI President and CEO Marie N. Hollein was named to AccountingToday's List of the Top 100 most influential people in accounting. The list, released on Sept. 7, includes such notables as the President of the United States and the Republican contender for President, as well as the IRS Commissioner, due to looming tax and budget issues, as well as a host of regulators and others.

SEC Financial Literacy Study: The Beauty of Simplicity

Fri, 07 Sep 2012 12:57:08 GMT

Last week, the SEC released its staff study of financial literacy among investors. The study was called for under the Dodd-Frank Act. What are the findings and possible implications of the study?

XBRL Update: FASB Proposes 2013 U.S. GAAP Taxonomy For Public Comment; SEC's Proposed XBRL Form SD

Fri, 31 Aug 2012 13:19:19 GMT

Yesterday (August 30), the FASB released the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public comment. The taxonomy is used for XBRL reporting, including as pertain to SEC requirements or other uses of XBRL reporting.

SEC Proposes to Remove Ban on General Solicitation, Advertising For Private Offerings; 30 Day Comment Period

Wed, 29 Aug 2012 15:01:16 GMT

The SEC voted earlier today to release for public comment a proposal to lift the ban on general solictation and advertising for private offerings.

FASB Issues Technical Amendments, Sets Webcast on Private Co Framework

Tue, 28 Aug 2012 16:44:56 GMT

FASB recently released some conforming technical updates. In other FASB news, the board will hold a webcast on September 14 on its Invitation to Comment on a Private Company framework.

SEC Roundtable on Technology, Trading to Focus on Error Prevention, Response

Tue, 28 Aug 2012 16:26:20 GMT

The SEC's upcoming roundtable on technology and trading will focus on error prevention and error response, as detailed in an SEC Notice released on Friday. In other SEC news, the Commission is scheduled to take up tomorrow an item rescheduled from last week, on whether to propose a rule for public comment on relaxation of certain prohibitions on general solicitation and advertising.

SECs FAQs News

Tue, 28 Aug 2012 15:56:52 GMT

The SEC recently released a new set of FAQs relating to research analyts and underwriters. The FAQs in turn are driven by provisions in the JOBS Act.

SEC Narrowly Passes Conflict Minerals, Resource Extraction Rules

Wed, 22 Aug 2012 13:28:55 GMT

In separate votes earlier this morning, the SEC narrowly passed final rules on disclosure and reporting obligations relating to (1) the use of conflict minerals and (2) payments made by resource extraction issuers to governments. Both rulemaking actions were required by the Dodd-Frank Act.

No Doubt: SEC Moves Reg D Item to Next Week -Will Consider Proposal for Public Comment on JOBS Act Relaxation of General Solicitation and Advertising Rules

Tue, 21 Aug 2012 14:22:42 GMT

Leaving no doubt, SEC Spokesman John Nester clarified earlier this week that the SEC will consider at tomorrow's open Commission meeting - - whether to release for public comment a rule proposal - vs. whether to issue an interim final rule - regarding the JOBS Act provisions calling on the SEC to relax its rules for general solicitation and advertising. Some investor advocates had previously questioned whether - and advocated against - the SEC would move directly to an interim final rule rather than seeking public comment. This afternoon, the SEC issued an updated Sunshine Act notice that the Reg D related item will be moved to an open commission meeting next week.

SEC Pays First Whistleblower Award

Tue, 21 Aug 2012 13:40:49 GMT

Earlier today, the SEC announced it has paid its first whistleblower award.

PCAOB Invites Nominations for Investor Advisory Group

Tue, 21 Aug 2012 12:35:19 GMT

Earlier today, the PCAOB announced it is seeking nominations for its Investor Advisory Group for the 2012-14 term.

FASB Proposal Aims to Simplify Reclassed AOCI

Mon, 20 Aug 2012 15:52:46 GMT

A proposal released by FASB last week aims to simplify presentation of reclassifications of Accumulated Other Comprehensive Income, to improve those particular requirements included in a new accounting standard issued by FASB last year.

SEC Comm. on Small, Emerging Cos Sets Sept. Meeting

Thu, 16 Aug 2012 16:27:04 GMT

Earlier today, the SEC announced the next meeting of its Advisory Committee on Small and Emerging Companies will take place in September.

PCAOB's Next Small Bus Forum in Sept.

Thu, 16 Aug 2012 16:00:00 GMT

The PCAOB is currently slated to hold five more Forums on Auditing in the Small Business Environment in 2012.

PCAOB Unanimously Adopts AS16, Communication With Audit Committees; SEC Approval Next Step

Wed, 15 Aug 2012 12:39:46 GMT

In a unanimous vote earlier today, the PCAOB's five board members adopted Auditing Standard No. 16 (AS16), Communication with Audit Committees.

Roll Over, Disclosure

Tue, 14 Aug 2012 15:29:10 GMT

The Financial Accounting Standards Board announced today that it will hold an educational webcast on Wed. Sept. 5, 2012 from 1-2pm EDT entitled IN FOCUS: The FASB Disclosure Framework Project. The webcast, featuring FASB board member Marc Siegel, FASB staff members Ron Lott and Nicholas Cappiello, moderated by John C. Pappas of the FAF press office, will provide an overview of FASB’s Invitation to Comment [ITC]: Disclosure Framework. As we previously reported, the ITC was released by FASB on July 12, with a comment deadline of Nov. 16.

PCAOB To Consider Final Standard on Communication With Audit Committees Next Week

Fri, 10 Aug 2012 14:06:45 GMT

The PCAOB has announced it will meet next week to decide whether to adopt as a final standard, its reproposed standard on Communication with Audit Committees.

Herz Inducted into Accounting Hall of Fame; SEC's Croteau Tells AAA Attendess That Investors are the Name of the Game

Thu, 09 Aug 2012 19:47:50 GMT

Among the highlights of the American Accounting Association's Annual Meeting and conference, former FASB Chairman Bob Herz was inducted into the Accounting Hall of Fame, and in separate remarks SEC Deputy Chief Accoutant Brian Croteau effectively told attendees that for all intents and purposes (my words, not his exact words) that in financial reporting, investors are the name of the game.

What Catanach, Albrecht, Holtzman and I Had to Say at AAA

Thu, 09 Aug 2012 18:26:33 GMT

I had the distinct pleasure of serving on a panel of Bloggers in one of the closing Concurrent sessions at the American Accounting Association's annual meeting/conference. The panel was organized by, and moderated by, Prof. David Albrecht, author of The Summa.

A Conference That's Rated AAA

Mon, 06 Aug 2012 01:26:40 GMT

The American Accounting Association’s (AAA’s) annual meeting and conference, the place to be for over 2,000 accounting professors and top-notch speakers from regulatory agencies and within the academy, officially begins today (following preconference workshops held over the weekend).

Pathways Commission Report Released

Mon, 06 Aug 2012 01:16:04 GMT

Last week, the Pathways Commission, formed jointly by the AICPA and the American Accounting
Association (AAA), released its report, “The Pathways Commission: Charting a National Strategy for the Next Generation of Accountants.”

PCAOB Issues Informational Release Aimed at Audit Committees

Wed, 01 Aug 2012 13:32:16 GMT

Earlier today, the PCAOB issued an informational release aimed at audit committees.

FASB's Invitation to Comment on Private Co Framework

Wed, 01 Aug 2012 09:55:01 GMT

Earlier this week, FASB released an Invitation to Comment on a private company decision making framework.

Happy Fourth Birthday To SEC's Pozen Committee Report

Wed, 01 Aug 2012 09:44:57 GMT

With all the important birthdays being celebrated this week, we don't want to forget the fourth birthday of the SEC's Pozen Committee Report - aka the final report of the SEC's Committee on Improvements to Financial Reporting (CIFiR) - aka the Pozen Committee for its Chairman, Robert (Bob) Pozen.

FASB Issues ASU 2012-02 on Indefinite-Lived Intangibles

Wed, 01 Aug 2012 09:30:26 GMT

Earlier this week, FASB issued ASU 2012-02 to simplify impairment testing for indefinite-lived intagibles.

Sarbanes, Oxley to Appear on SECHS Webcast 3pm ET Today, 10th Anniversary of Sarbanes-Oxley Act

Mon, 30 Jul 2012 12:04:55 GMT

Who better to listen to in a "conversation" about the ten years following passage of the Sarbanes-Oxley Act, than the Senator and Representative, respectively, whose names grace the Act: former Sen. Paul G. Sarbanes (D-MD) and former Rep. Michael Oxley (R-OH).

Jeff Henley, Chairman of Oracle, Headlines Inaugural FEI CFO Community of Interest Webcast Aug. 7

Mon, 30 Jul 2012 09:42:13 GMT

Jeff Henley, Chairman and former CFO of Oracle, will headline the inaugural webcast of FEI's CFO Community of Interest on Aug. 7, 2012.

Sarbanes-Oxley Hearing Panelists Announced (UPDATED)

Mon, 23 Jul 2012 22:25:29 GMT

The panel of witnesses appearing at this week's Congressional hearing on the 10th anniversary of the Sarbanes-Oxley Act was announced earlier today.

House Financial Svs Comm.-Cap Mkts Subcomm. Hosts 7/26 Hearing on '10th Anniv. of Sarbanes-Oxley Act'

Thu, 19 Jul 2012 19:12:26 GMT

The House Financial Services Committee, Capital Markets Subcommittee, has announced it will convene a hearing on July 26 at 9:30 am to mark the 10th anniversary of the Sarbanes-Oxley Act.

SEC's IFRS Report: Reactions Vary

Mon, 16 Jul 2012 22:42:52 GMT

A variety of reactions, some falling into expected territory, have arisen following Friday afternoon's release of the SEC staff's final report on IFRS.

Marsha Hunt Elected FEI Chairman

Mon, 16 Jul 2012 22:28:46 GMT

Marsha Hunt, CPA, Vice President and Corporate Controller of Cummins Inc. was elected National Board Chair of FEI, the association of senior financial executives, effective with the start of FEI's fiscal year, July 1, 2012.

BREAKING: SEC Releases Final Staff Report on IFRS

Fri, 13 Jul 2012 16:40:07 GMT

Late this afternoon, the SEC released its final staff report on IFRS.

FASB Releases Invitation to Comment on Disclosure Framework

Fri, 13 Jul 2012 16:00:00 GMT

Yesterday, FASB released an Invitation to Comment on the Disclosure Framework.

IFRS Monitoring Board Meets Tomorrow-Will SEC Staff Report Follow? IASB Goes Global-and Mobile!

Wed, 11 Jul 2012 15:08:13 GMT

The IASB has announced it now offers the ability for its webcasts to be viewed using mobile devices such as iPads and smartphones. Equally if not potentially more significant, the IFRS Foundation Board of Trustees (which oversees the IASB) is slated to meet tomorrow in Washington, DC with its Monitoring Board, composed largely of international regulators that belong to IOSCO, including the SEC. Will release of the SEC staff report on IFRS follow?

Private Co Framework Subject of Another FASB Ed Session - Is Board Delib Next?

Wed, 11 Jul 2012 14:21:20 GMT

The Private Company Decision Making Framework - including a definition of a private company for purposes of that framework - is slated to be discussed at a second FASB Educational Session ("Ed session") this Friday. Although no formal decisions are made at Ed sessions, they often are followed within a matter of weeks by formal discussion and decision-making at a FASB board meeting. This framework is key to the work of the FAF's new Private Company Council, in formation.

FASB's Overseer - the FAF - ISO Nominees for FAF Board

Wed, 11 Jul 2012 13:59:36 GMT

FASB's overseer - the Financial Accounting Foundation - is in search of nominees to join its Board of Trustees.

Going Concern Standard - SAS 126 - released by AICPA, Supercedes SAS 59

Tue, 10 Jul 2012 23:45:11 GMT

The AICPA recently released a new auditing standard, SAS 126, on Going Concern, replacing the earlier standard SAS 59 on this topic. The new standard was released as part of the AICPA's clarity project.

FASB Says Adios To Loss Contingencies Project

Tue, 10 Jul 2012 16:22:57 GMT

At its board meeting yesterday, the FASB board voted to drop its loss contingencies project.

FASB To Meet Monday on Loss Contingencies

Fri, 06 Jul 2012 16:37:38 GMT

FASB is slated to meet on Monday July 9 to decide whether to continue its project on loss contingencies.

Fraud, Freud and Superheroes

Fri, 06 Jul 2012 15:56:08 GMT

What do fraud, freud and superheroes have to do with each other?

FASB Releases Proposal on Liquidation Basis of Accounting

Thu, 05 Jul 2012 16:07:30 GMT

Earlier this week, FASB released a proposal on the Liquidation Basis of Accounting. The comment deadline is Oct. 1, 2012.

FAF Receives Over 100 Nominations for Private Co Council to Advise FASB

Thu, 05 Jul 2012 15:40:17 GMT

The Financial Accounting Foundation, which oversees the Financial Accounting Standards Board has received over 100 nominations for its new Private Company Council (PCC), established to advise FASB.

SEC Announces Open Mtg Aug. 22 on Conflict Minerals, Reg D and Rule 144A; Subject to Change

Tue, 03 Jul 2012 16:12:24 GMT

The SEC has announced it will hold an open meeting on August 22 to consider certain rulemaking related items.

SEC Rule Req's Exchanges To Tighten Comp Cmte Stds; Amends Proxy Rules for Discl. of Conflicts

Tue, 03 Jul 2012 15:32:55 GMT

A final rule adopted by the SEC on June 20, and published in the Federal Register last week, requires the national stock exchanges to tighten compensation committee standards. In addition, the rule amends the SEC's proxy standards for comp committees with respect to disclosures of conflicts of interest.

Sarbanes-Oxley - A Decade Later: News and Views

Mon, 02 Jul 2012 17:08:33 GMT

As we enter July, 2012 - with the approach of the 10-year anniversary of the Sarbanes-Oxley Act of 2002, many people involved with financial reporting, regulation and legislation, are beginning to reminisce, or more precisely, discuss news and views, as to the contribution (costs and benefits) of the landmark Sarbanes-Oxley Act (aka Sarbox or SOX) to the reliabiilty of financial reporting, as well as many other aspects of corporate governance.

Sam E. Antar, Jonathan Marks, Address Anti-Fraud Collaboration

Mon, 02 Jul 2012 17:02:18 GMT

The Anti-Fraud Collaboration formed in 2010 by the Center for Audit Quality, Financial Executives International, The Institute of Internal Auditors, and the National Association of Corporate Directors, witnessed a highly energetic presentation last Friday (June 29) by Sam E. Antar, self-confessed convicted con and former CFO of the most famous electronics chain in the NYC area in the 1980s, Crazy Eddie (founded by his cousin, Eddie Antar), and Jonathan Marks, one of the most well-known anti-fraud experts, of CroweHorwath.

Exposure, Disclosure: FASB Releases ED on Liquidity Risk, Interest Risk

Thu, 28 Jun 2012 23:01:30 GMT

On June 28, 2012 FASB released an Exposure Draft of a proposed standard on disclosures about liquidity risk and interest rate risk.

96 Hours to Join FEI for ONLY $96!

Tue, 26 Jun 2012 16:29:36 GMT

For 96 hours ONLY, beginning tonight at 6:00 p.m. ET (ending June 30 at 6:00 p.m. ET), qualifying NEW members who are blog subscribers can join FEI for just $96. That’s right, just $96.

PCAOB Announces Panelists For Next Auditor Rotation Roundtable; Extends Time to Apply for SAG

Tue, 26 Jun 2012 15:21:10 GMT

The PCAOB recently announced the names of panelists appearing at its June 28 public roundtable on auditor independence (including potentially, audit firm rotation), and announced it has extended the deadline to apply to be nominated to the PCAOB's Standing Advisory Group.

Sarbanes-Oxley Plus Ten: Continued Small Increase in Audit Fees, Hours - FEI Survey

Tue, 26 Jun 2012 15:20:32 GMT

Ten years after the Sarbanes-Oxley Act, companies on average saw a modest increase in their audit fees and hours spent by their auditors in 2011, according to the results of FEI's latest audit fee survey, released earlier today.

Ihlandfeldt, Storr, Wayman and Wulff Named to 2012 FEI Hall of Fame

Tue, 26 Jun 2012 14:49:58 GMT

Yesterday, FEI announced that William J. Ihlanfeldt, Hans G. Storr, Robert P. Wayman and John K. Wulff have been named to the 2012 class of the FEI Hall of Fame. The four will be formally indcuted at the FEI Hall of Fame Gala on Nov. 12, 2012 in NYC.

SEC Chief Accountant, Jim Kroeker To Leave in July

Wed, 20 Jun 2012 22:37:01 GMT

This afternoon (June 20, 2012) the SEC announced that Chief Accountant Jim Kroeker was resigning his position at the agency, effective in July, to return to the private sector.

June 30 Deadline Fast Approaches For FAF's Private Co Council

Mon, 18 Jun 2012 16:31:07 GMT

The June 30 deadline for nominations to the new Private Company Council (PCC) approved by the FAF to advise FASB on exceptions and modifications to U.S. GAAP for private companies is fast approaching.

FASB, IASB Avoid a Duel By Agreeing on Dual-Model for Lease Expensing

Thu, 14 Jun 2012 16:48:36 GMT

Yesterday, the FASB and IASB reached agreement on a ‘dual-model’ approach for treatment of leasing expense, permitting in certain instances meeting certain critieria, straight-line expensing, but in what is expected by some to be a larger portion of instances not meeting those criteria, the Exposure Draft’s model of amortization and interest expense, which has been described by some as resulting in more ‘front-loading’ on the expense side of the lessee’s accounting for the lease transaction.

JPMorgan Chase CEO Testifies To Senate Banking Committee

Thu, 14 Jun 2012 12:58:04 GMT

Jamie Dimon, CEO of JPMorgan Chase & Co. appeared before the Senate Banking Committee yesterday to address the $2 billion in losses that his bank has recently suffered, and to answer various questions related to the regulation of the financial markets.

Derivatives Regulation 'Road-Map' Released For Comment by SEC

Mon, 11 Jun 2012 16:41:39 GMT

Earlier today, the U.S. Securities and Exchange Commission released a 69-page Policy Statement (also referenced by SEC Chairman Mary Schapiro as a 'Roadmap') on the Commission's plans for its phase in of derivatives regulation.

Helloooo, OCBOA!

Fri, 08 Jun 2012 16:55:19 GMT

The AICPA has announced a project to develop a Financial Reporting Framework in OCBOA for private co's, at the same time that the FAF launches its Private Company Council.

Bernanke Testifies to JEC on Economic Outlook, Senate Repubs Vote Down Pay Equity Bill

Fri, 08 Jun 2012 16:18:22 GMT

Fed Chairman Ben Bernanke testified to the Congressional Joint Economic Committee yesterday, and in other economic news, Senate Republicans voted down the Pay Equity Bill, and FERF has released the results of its 2012 Financial Executives Compensation survey, sponsored this year by Grant Thornton.

Find Out How a Fraudster 'Got Away With It'

Fri, 01 Jun 2012 14:51:42 GMT

One of the best ways to learn about how to deter and detect fraud is to hear how a fraudster ”got away with it,” while at the same time hearing about the tools and techniques used by an anti-fraud expert. FEI members can attend such a program, Interview with a Fraudster, on June 29, 2012 in New York City.

FAF (Oversees FASB) Seeks Private Co Council Nominations By June 30

Fri, 01 Jun 2012 14:34:51 GMT

Earlier today, the Financial Accounting Foundation (FAF, which oversees the FASB) issued a call for nominations for its new Private Conpany Council (PCC).

Will IFRS Bloom in June?

Fri, 01 Jun 2012 14:12:18 GMT

We recently reported that the SEC staff's final report on IFRS is due in 'a matter of weeks,' and while 4 or more weeks make a month(s), I personally expect to see some action in June. (This would be a good time to remind you of the disclaimer posted on the right side of this blog).

SEC Approves New Circuit Breaker Rules

Fri, 01 Jun 2012 12:26:48 GMT

The SEC has approved new circuit breaker rules to interrupt market activity when there is extraordinary volatility in individual securities and the broader U.S. stock market.

FAF Publishes Report on Establishment of Private Co Council

Wed, 30 May 2012 15:29:00 GMT

Earlier today, the FAF published its final report on establishment of the Private Company Council.

SEC's Walter, Echoing Kroeker, Says Final Report on IFRS Work Plan Due 'In a Matter of Weeks'

Wed, 30 May 2012 15:24:17 GMT

SEC Commissioner Elisse Walter gave an indication of next steps in the SEC's IFRS work plan at an FAF dinner last week.

FEI Wraps Successful Summit; Launches Series of Washington Policy Updates

Fri, 25 May 2012 09:15:34 GMT

FEI wrapped its succesful Leadership Summit conference earlier this week. If you missed it, read the highlights, and mark your calendar for next year's Summit. In other event-related news, FEI recently launched a series of Washington Policy Updates, bringing the best information on what's happening in the nation's capital to you, beginning with our June 12 Washington Policy Update for the Heartland, taking place in Chicago on June 12.

FAF Votes To Create Private Company Council

Wed, 23 May 2012 13:16:32 GMT

Earlier today, the FAF (overseer of the FASB) voted to establish the Private Company Council, to focus as the primary advisory body to the FASB on private company standard-setting.

Segment Reporting Post-Implementation Review Launched by FASB

Fri, 18 May 2012 12:38:33 GMT

The FAF announced today it will conduct a survey as part of its post-implementation review of FASB's standard on Segment Reporting, FAS 131 (Codification Topic 280).

FAF, FASB Prepare for Further Action on Private Companies

Fri, 18 May 2012 12:09:39 GMT

As the Financial Accounting Foundation (FAF - the overseer of the FASB) prepares to meet next week to discuss next steps on its proposal for private company standard-setting, here is a summary of recent developments relating to FAF and FASB regarding private companies.

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)