Audit & Accounting

Many of us on the Blue Ribbon Panel on Standard-Setting for Private Companies believed we were on the verge of an historic change that would have relieved millions of privatecompanies of accounting standards geared more to the needs of public companies and their financial statement users. That's why there is so much disappointment over the fact that the recent proposal by the Financial Accounting Foundation rejected the cornerstone of the panel's recommendations - to create a new standard-setting board that would have the authority to establish modifications in Generally Accepted Accounting Principles that reflect differences for private companies.

The Securities and Exchange Commission has released its latest review of interactive data financial statement submissions and found that filers are making progress.

Fort Worth, Texas-based accounting firm Sanford, Baumeister & Frazier was recently awarded the inaugural Best Workplaces for Women award in the small business category by the Fort Worth Chamber of Commerce’s Women Influencing Business group.

Pace University’s Lubin School of Business and the Association of International Bank Auditors have teamed up to offer a Certified Compliance and Regulatory Professional (CCRP) certificate program for professionals working in the global financial services industry.

Better controls are needed to ensure tax preparers filing electronically are complying with new preparer regulations, according to a report released Thursday by the Treasury Inspector General for Tax Administration.

As the effects of the financial crisis and an uncertain economy continue to create volatility in the markets, the International Auditing and Assurance Standards Board has reiterated its position that auditors and those charged with corporate governance that management's use of the going concern assumption is a matter to be considered on every audit engagement.

IMGCAP(1)][IMGCAP(2)]Valuation, by its very nature, is an exercise in judgment.

In an effort to raise the troubling level of math proficiency among elementary school children, regional CPA and business advisory firm Parente Beard created "Making the Holidays Count," an instructional book that shows how important numbers are in many of the holiday activities such as baking and gift wrapping.

The Financial Accounting Foundation, overseer of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has pushed back to Jan. 6, 2012, the deadline for submitting applications to participate in private company accounting standards roundtable discussions scheduled for January, February and March.

The Financial Accounting Standards Board has deferred some of the rules it issued earlier this year to make the presentation of other comprehensive income more prominent on financial statements.