Audit & Accounting

We all face numbers, sometimes on a daily basis.

We're drafting this column in January, when many were surely puzzling over Securities and Exchange Commission Chief Accountant Jim Kroeker's December announcement that the commission would not, after all, decide by year end whether the International Accounting Standards Board and International Financial Reporting Standards would replace the Financial Accounting Standards Board and U.S. GAAP.

The column you regularly publish by Profs. Miller and Bahnson has finally reached the point where it can no longer be ignored. While I cannot be labeled a regular reader, I do gaze at it just to see who or what they have decided to flagellate.

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.