The International Public Sector Accounting Standards Board said it has achieved its goal of substantial convergence with International Financial Reporting Standards dated Dec. 31, 2008, with a series of new or improved standards.

Financial Executives International has written a report listing the top challenges it sees for financial executives next year.

The case of Bernard Madoff’s former auditor, David Friehling, has cast the ethics of the accounting profession into a harsh light and forced his state CPA society to take action.

Earlier this year, I was asked to participate in a sort of town-hall-style forum to discuss a number of profession-centric issues. The session was slotted for one hour and, as is my custom, I hoped to make enough cogent points to not only fill the time slot, but also to keep the attendees interested (read: awake) and in their seats, and not just hanging around long enough to earn CPE - but we hardly had enough time to cover the critical events that surfaced in 2009 and will remain there to greet the profession in 2010.

The Public Company Accounting Oversight Board is facing an uncertain future after several justices on the high court appeared to side with the accounting firm and conservative group that hope to prove the board is unconstitutional.

The International Accounting Standards Board has published a new standard on classifying and measuring financial assets to determine whether an asset should be measured at amortized cost or fair value.

IMGCAP(1)]Opaque financial instruments that banks and insurance companies have created and misrepresented, and that were blamed for the current recession, seem to call for greater transparency. But what exactly is transparency? How is it done? Does it work?