Audit & Accounting

A majority of members of the Blue Ribbon Panel on Standard Setting for Private Companies voted in favor of establishing a separate standard-setting board for private company accounting at a meeting Friday, but will wait until December to issue its final recommendations.

The International Accounting Standards Board has amended its standards on financial instrument disclosures to beef up the disclosure requirements for financial asset transfer transactions such as securitizations, and discourage questionable balance-sheet “window dressing.”

The Public Company Accounting Oversight Board is taking a new approach to getting its inspectors in the door of auditing firms outside the U.S. that claim they can’t be inspected because of legal restrictions from foreign officials.

Accounting Today’s Growth and Profitability Summit is taking place November 17-18, 2010 at the Wynn Resort in Las Vegas.

The Center for Audit Quality is partnering with three other organizations to develop ways to deter and detect financial reporting fraud.

AICPA president and CEO Barry Melancon is calling for the Financial Accounting Foundation to set up a separate standards board for private company accounting.

IMGCAP(1)]Check out the digital edition of the October 11, 2010 issue of Accounting Today.

The American Institute of CPAs has sent the Financial Accounting Standards Board a letter criticizing FASB’s proposal to account for nearly all financial instruments at fair value.

Internal auditors who combine likable personality traits with well-presented arguments do better at influencing managers’ accounting judgments and financial reporting estimates than auditors who are rude and provide information in a jumbled way, according to a new study.

IMGCAP(1)]Check out the digital edition of the October 11, 2010 issue of Accounting Today.