May 2013
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.
more
Posted:
5/24/2013 7:32:37 AM by
Ms. Edith Orenstein | with
0 comments
Industry groups have sent a letter to Treasury Secretary Lew regarding Chinese workpapers while Congress offers question on FSOC.
more
Posted:
5/22/2013 3:03:25 PM by
Mr. Christopher Westfall | with
0 comments
Revenue recognition will be hitting the industry soon and a new COSO framework is already here. Get the info you need to be ready.
more
Posted:
5/22/2013 2:24:05 PM by
Mr. Christopher Westfall | with
0 comments
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.
more
Posted:
5/17/2013 2:23:01 PM by
Ms. Edith Orenstein | with
0 comments
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.
more
Posted:
5/16/2013 1:19:10 PM by
Ms. Edith Orenstein | with
1 comments
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.
more
Posted:
5/14/2013 1:04:21 PM by
Ms. Edith Orenstein | with
0 comments
Are you ready for the FASB's upcoming final standard on Revenue Recognition,set to be released by FASB 2nd quarter, 2013?
more
Posted:
5/9/2013 10:47:12 AM by
Ms. Edith Orenstein | with
0 comments
FASB's Private Co Council voted earlier this week to expose certain alternative treatments for private co's be offered within U.S. GAAP.
more
Posted:
5/9/2013 10:23:37 AM by
Ms. Edith Orenstein | with
0 comments
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.
more
Posted:
5/9/2013 9:50:32 AM by
Ms. Edith Orenstein | with
0 comments
Earlier today, the PCAOB voted to repropose its proposed auditing standard on related parties and significant unsusual transactions,
more
Posted:
5/7/2013 2:05:39 PM by
Ms. Edith Orenstein | with
0 comments
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.
more
Posted:
5/6/2013 1:44:46 PM by
Ms. Edith Orenstein | with
0 comments
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.
more
Posted:
5/4/2013 12:09:47 AM by
Ms. Edith Orenstein | with
0 comments
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.
more
Posted:
5/3/2013 9:25:00 PM by
Ms. Edith Orenstein | with
0 comments
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.
more
Posted:
5/1/2013 1:56:12 AM by
Ms. Edith Orenstein | with
0 comments