Audit & Accounting

The Financial Accounting Standards Board and XBRL US have completed their work in revising the XBRL U.S. GAAP Taxonomy to reflect the FASB Accounting Standards Codification that was released on July 1.

IMGCAP(1)] The National Association of State Boards of Accountancy called for independent funding of global accounting standard-setters.

Accounting firm Plante & Moran has introduced a “Liquidity Stress Test” tool that manufacturing businesses can use to assess their working capital needs.

Grant Thornton has introduced a service designed to speed companies through the bankruptcy and workout process.

International Accounting Standards Board chairman Sir David Tweedie said that other countries are running out of patience waiting for the Securities and Exchange Commission to decide on whether to approve a roadmap for transitioning to International Financial Reporting Standards and that the U.S. would need to commit by 2011.

Eli Mason, whose career in public accounting spanned more than seven decades as a practitioner, and a proponent of the profession, has died after a long illness.

General Electric has agreed to pay $50 million to settle Securities and Exchange Commission charges that the company reported false and misleading results in its financial statements.

IMGCAP(1)]In Fall 2008, I read about AICPA Board Chair Ernie Almonte’s vision for the Leadership Academy with great interest. Fast forward eight months, where I had the opportunity to travel to Chicago and attend the Academy. After three inspiring days of networking and roundtable discussions, it was no surprise to hear Almonte express to the participants of the inaugural Academy that it was the culmination of “a dream come true.”

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, reassured attendees at the American Accounting Association’s Annual Meeting that he had no intention of legislating accounting standards.

BDO Seidman said the firm’s national director of accounting, Ben Neuhausen, has passed away after a prolonged illness.