Audit & Accounting

A SLOW START

The American Institute of CPAs and the Chartered Institute of Management Accountants formally launched their Chartered Global Management Accountant designation on Tuesday with a joint event in New York and London.

The Blue Ribbon Panel on Private Company Financial Reporting has recognized that there are many issues in the way private companies and small businesses use GAAP.

Auditor reports are oftentimes misinterpreted, misread or not read at all, according to a new study that calls for significant changes in the reports.

Baker Tilly International said Friday that revenues of its global accounting firm network grew 5 percent to $3.2 billion for the year ending June 30, 2011.

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they would work together on seeking to reduce the differences in their classification and measurement models for financial instruments.

The Financial Accounting Standards Board has proposed an updated standard on impairment testing of intangible assets with indefinite lives, such as trademarks, licenses and distribution lives.

The National Association of State Boards of Accountancy and the American Institute of CPAs have both given their final approval to a revised set of standards for providers of continuing professional education programs for accountants.

International Accounting Standards Board chairman Hans Hoogervorst told attendees at an accounting conference in Moscow on Monday that he believes the U.S. will ultimately decide to support International Financial Reporting Standards.