Audit & Accounting

Finding the best method of measuring assets and liabilities has been both elusive and controversial.

All accountants, and certainly all CPAs, should be keenly interested in and concerned about the activities of the American Institute of CPAs. As the leading professional society for CPAs, it shapes both policy and perceptions for the entire profession, members and non-members alike.

The Public Company Accounting Oversight Board intends to hold seven forums across the country to discuss auditing issues in the small business environment.

The International Federation of Accountants has released a revised edition of its Good Practice Guide, “Establishing and Developing a Professional Accountancy Body,” with new material on governance, the public sector, case studies, and practical illustrations.

The trustees of the IFRS Foundation have appointed Takatsugu Ochi to a five-year term on the International Accounting Standards Board, reflecting an effort to include representation from outside Europe and North America.

A working group has started providing guidance on new international accounting standards for small and midsized companies.

A California technology company has filed suit for the second time against the Financial Accounting Standards Board, alleging antitrust violations and willfully attempting to misappropriate patented technology after it submitted a comment to FASB recommending its technology.

The effects of the financial crisis continue to be felt by small businesses, according to small and midsized accounting practitioners recently polled by the International Federation of Accountants, but they believe this year will be a better one for their firms.

A small Nevada auditing firm whose lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board went all the way to the U.S. Supreme Court last year has finally settled its suit with the PCAOB, as a federal court struck portions of the Sarbanes-Oxley Act.

The American Institute of CPAs has partnered with Bank of America to develop banking and credit services for AICPA members.