Audit & Accounting

The Financial Accounting Standards Board has taken a step back on previous plans to require companies to report all of their financial instruments at fair value.

The European Commission said it would recognize the equivalence of the audit oversight systems of the United States and nine other countries, laying the foundation for greater international cooperation on the supervision of auditors and auditing firms.

The Financial Accounting Foundation has released the 2011 U.S. GAAP Financial Reporting Taxonomy, pending final acceptance by the Securities and Exchange Commission.

The International Auditing and Assurance Standards Board has released a set of proposals to address the growing need for robust international standards for services that can be used by entities that are either not required or do not elect to be audited.

The Institute of Internal Auditors has published new professional guidance on how to assess the adequacy of risk management and measure the effectiveness and efficiency of a company’s internal audit function.

The AICPA has posted a sample client letter that accountants and tax practitioners can download, personalize and use to inform their clients about how the legislation extending the Bush-era tax cuts could affect them.

The Public Company Accounting Oversight Board has inked a cooperative agreement with the Professional Oversight Board in the United Kingdom to facilitate cooperation in the oversight of auditors and public accounting firms that practice in the two regulators’ respective jurisdictions.

The Securities and Exchange Commission has appointed James R. Doty as chairman of the Public Company Accounting Oversight Board, and Jay D. Hanson and Lewis H. Ferguson as members.

JANUARY

The American Institute of CPAs, the National Association of State Boards of Accountancy, and Prometric launched the new Uniform CPA Examination on Wednesday, which now includes questions on International Financial Reporting Standards and other significant changes.