Before the SEC published its roadmap for the switch to International Financial Reporting Standards, we asked a large group of industry leaders if they thought the accounting profession was ready for the shift - and if not, what it needs to do to get ready.

The Securities and Exchange Commission has proposed setting a roadmap for transitioning from U.S. GAAP to International Financial Reporting Standards by 2014.The SEC plans to issue a concept release setting several milestones for the transition, with the option for some large companies to make the transition earlier if they are leaders in their industries.

The Financial Accounting Standards Board once again finds itself on the horns of a dilemma.At issue are proposed amendments to Financial Accounting Standard 5, on disclosure of loss contingencies. If adopted as presented in an exposure draft issued earlier this year, the amended standard would require companies to disclose the extent of their exposure to loss in lawsuits and environmental matters, including not only the amount of litigation claims, but also of predicted court costs and possible punitive damages.

The Securities and Exchange Commission has issued an addendum to an earlier letter it has sent to the CFOs of some public companies asking them to provide additional information about their fair value measurements, including credit risks and broker quotes.

The Securities and Exchange Commission issued a statement clarifying the accounting treatment for money market mutual funds amid the growing turmoil in the financial markets.

The Securities and Exchange Commission charged American Italian Pasta Co. and its former senior executives with participating in a fraudulent accounting scheme to artificially increase the company's stock price, and the company agreed to pay $7.5 million to settle the charges.

Tax preparers in Oregon may set a standard for future regulation of tax preparers nationwide, according to a new report from the Government Accountability Office.