Auditor rotation may not be the answer, but at least it's got people asking the question.

Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.

The Governmental Accounting Standards Board has issued two new accounting statements, one covering items previously reported as assets and liabilities, which clarified the appropriate reporting of deferred outflows and inflows of resources, and another statement containing technical corrections to resolve conflicting guidance.

The Financial Accounting Standards Board is making progress on its disclosure framework project, which aims to establish an overarching framework to help the board establish requirements for disclosures in notes to financial statements.

The New York State Society of CPAs has told the Financial Accounting Standards Board and the International Accounting Standards Board that they need to make changes in their latest set of proposals for changing revenue recognition standards.

A House subcommittee held hearings Wednesday in which they questioned the Public Company Accounting Oversight Board’s recent proposal for mandatory audit firm rotation, along with the PCAOB’s push to make disciplinary proceedings against auditors public.

The Financial Accounting Standards Board has added a new item to its agenda to revise the accounting standards for repurchase agreements in response to the problems that led to the collapse of MF Global.