Audit & Accounting

The Financial Accounting Standards Board and the International Accounting Standards Board have published new requirements for fair value measurement and disclosure.

The American Institute of CPAs has promoted assistant general counsel Michael J. Buddendeck to the job of general counsel and secretary.

The Financial Accounting Standards Board appears to be once again on the slow path to convergence with International Financial Reporting Standards, but it will probably get there in the end.

The Securities and Exchange Commission provided information Tuesday on filing financial statements in Extensible Business Reporting Language for public companies that will soon be required to file in the XBRL format.

A new survey by Thomson Reuters found a perceived increase of 80 percent in audits of indirect taxes such as value-added taxes.

The Financial Accounting Standards Board is still aiming to preserve its job as the standard-setter for private company accounting, while expanding its outreach and consultation with representatives of privately held businesses.

Financial Accounting Standards Board chair Leslie Seidman gave an overview of the work of the board as it tries to achieve its convergence goals with the International Accounting Standards Board, and said they were taking extra time to get the standards right and trying to simplify them to make them easier for accountants to apply.

The Center for Audit Quality has published the In-Depth Guide to Public Auditing.

The Pan African Federation of Accountants held its first meeting in Dakar, Senegal, this week.

The American Institute of CPAs told a congressional subcommittee that it should urge the U.S. Small Business Administration to increase its small business size standards for small business accounting firms to $25.5 million from the current $8.5 million.