Audit & Accounting

Hans Hoogervorst, who took over as chairman of the International Accounting Standards Board this month, said he anticipates the U.S. will ultimately adopt International Financial Reporting Standards.

SEC RELEASES WORK PLAN ON IFRS TRANSITION

The financial crisis may be in the rear-view mirror, but as companies start to look ahead to how they can achieve growth and profits, they will be asking more questions concerning risk.

This column was almost ready to submit when the Financial Accounting Standards Board and the International Accounting Standards Board announced that they changed some tentative decisions concerning lease accounting. Before the announcement, we identified six unproductive positions. That list has now been reduced to four-and-a-half, leaving most of our criticisms unchanged, but at least now we have a glimmer of hope that they will produce a better standard.

The pace of change in the accounting profession is not just constant - it takes place at breakneck speed.

AT LAST, SORT OF

Sixty-one of the top 100 recipients of federal small business contracts for fiscal year 2010 were large companies, according to a new report.

The Financial Accounting Standards Board has launched a new Web portal for nonpublic entities as the board tries to retain its role as the standard-setter for private company accounting.

The American Institute of CPAs has issued new attest guidance that enables CPAs to report on the controls at a service organization, particularly ones that provide outsourced services to other companies via technologies like cloud computing.

Accounting Today is expanding its Facebook community with a new contest that gives readers a chance to win a free iPad.