The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

The Financial Accounting Standards Board has decided to delay the implementation of a new standard on loss contingencies after receiving comments from organizations concerned that it would lead to increased litigation.

Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.

Forty percent of CEOs surveyed by Grant Thornton agree with the Securities and Exchange Commission's decision to allow foreign firms listed on U.S. exchanges to file financial statements in accordance with International Financial Reporting Standards, without reconciling them to U.S. generally accepted accounting principles.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs about the financial industry bailout package, Federal Reserve Chairman Ben Bernanke defended fair value accounting, but recommended that banks should be able to sell their assets at the "hold-to-maturity" value to the federal government.

Below is a reproduction of the main portion of the opening page of a Web site that I visit quite often.