Audit & Accounting

The Securities and Exchange Commission is asking the public for feedback on its plans for incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.

Russell W. Hinton of Atlanta and Peter Hughes of Orange County, Calif., are the 2010 recipients of the American Institute of CPAs’ Outstanding CPA in Government Award.

A group of Democratic senators has written to the chair of the Securities and Exchange Commission urging the SEC to require more complete and accurate corporate accounting disclosures, especially of off-balance sheet transactions.

GASB LOOKS TO IMPROVE PENSION STANDARDS

As part of their ongoing flood of projects, the Financial Accounting Standards Board and the International Accounting Standards Board have also jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

FINANCIAL REFORM ENACTED

The updated work plan recently unveiled by the Financial Accounting Standards Board and the International Accounting Standards Board reflects stakeholder concerns about the time required to review a number of exposure drafts in order to meet the June 2011 target date of completing major convergence projects.

Summer is when we get to catch up on our reading, and this year's list included articles on what, if anything, to do about inventory accounting because of international convergence.

The Institute of Management Accountants Foundation of Applied Research has issued a call for proposals for new management accounting research from the academic community.

Freed from the threat of the Supreme Court putting it out of business, the Public Company Accounting Oversight Board has decided to start flexing its muscles.