The Financial Accounting Standards Board is proposing to defer some of the changes it required earlier this year in the presentation of other comprehensive income on financial statements after hearing objections from various quarters.

The American Institute of CPAs’ Financial Reporting Executive Committee has published a working draft of a new AICPA Accounting and Valuation Guide, “Testing Goodwill for Impairment.”

The Financial Accounting Standards Board has proposed a set of improvements in financial reporting on consolidations that would affect all companies required to evaluate whether they should consolidate another entity.

The Financial Accounting Foundation plans to host a series of three public roundtables early next year and a live webcast later this month to give constituents an opportunity to provide their feedback on its recent proposal to create a Private Company Standards Improvement Council.

Candidly, it has taken much longer than it should for us to fully comprehend and explain the gaping distinction between financial accounting and financial reporting. Since we figured it out, though, we've looked at things differently, to the point that we now believe a company's own transactions are not valid sources of useful information.

IMGCAP(1)]In mid-2011, the American Institute of CPAs established a Service Organization Controls reporting framework in hopes of providing the public and CPAs with a clearer understanding of the reporting options for service organizations.

More than half of global businesses are unaware of pending lease accounting changes that would virtually eliminate the use of off-balance sheet leases, according to a new survey by Grant Thornton.