The Financial Accounting Standards Board has approved an updated accounting standard to simplify how an entity should test goodwill for impairment.

IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.

The New York State Society of CPAs sees comparability and quality as two of the main obstacles to the adoption of International Financial Reporting Standards in the U.S.

The Financial Accounting Standards Board intends to host a pair of public roundtable meetings in the fall to discuss issues related to private company accounting and reporting standards.

The International Accounting Standards Board has proposed delaying by two years the mandatory effective date for its IFRS 9 standards for financial instruments, postponing them from Jan. 1, 2013 to Jan. 1, 2015.

The National Association of State Boards of Accountancy and the American Institute of CPAs have launched a new Web site, CPAmobility.org, that provides up-to-date information on the status of CPA mobility laws across the country.

IMGCAP(1)]The use of third-party practice aids and audit programs has become widespread as an economical and effective means of keeping audit materials up to date and comprehensive. However, some auditors have become too checklist oriented, driven in part by these standardized audit materials. Use of these types of materials creates risks that auditors may get lost in the completion of the checklist and lose sight of what they should be doing, which is assessing and responding to audit risk.