Audit & Accounting

The Institute of Management Accountants has thrown its support behind the Financial Accounting Foundation’s plan to establish a Private Company Council to improve the process of setting accounting standards for private companies.

The Professional Accountants in Business Committee of the International Federation of Accountants has proposed guidance to help accountants improve their business reporting processes.

Financial Accounting Foundation president and CEO Terri Polley explained to Accounting Today some of the thinking behind the new Private Company Council that the FAF Board of Trustees voted to create on Wednesday.

The American Institute of CPAs has agreed to lend its support to the new Private Company Council established by the Financial Accounting Foundation after opposing an earlier version proposed by the FAF last year.

The Public Company Accounting Oversight Board has revoked the registation of an upstate New York firm for relying on outside firms in China and Taiwan to audit three companies in those countries while exercising little supervision.

The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.

The New York State Society of CPAs said the Internal Revenue Service should provide safe harbor guidelines for transferring property from one irrevocable trust to another, a process known as a trust decanting.

The Pan African Federation of Accountants has approved a resolution to adopt international accounting and auditing standards.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.