Audit & Accounting

Thirty-seven percent of U.S. CFOs and senior controllers believe that a balance sheet should display both the fair value (exit value) and amortized cost of assets, according to a new survey by Grant Thornton, consistent with a forthcoming proposal from the Financial Accounting Standards Board regarding the presentation of financial instruments.

In an effort to draw a wider population of qualified people into the accounting profession, members of the American Institute of CPAs’ governing council unanimously approved revisions to expand its membership categories.

Members of the American Institute of CPAs heard an update from the chairman of the Blue Ribbon Panel, the task force charged with addressing how GAAP accounting standards can best meet the needs of users of private company financial statements, at the AICPA’s Spring Council meeting.

Redefining the landscape is the mantra here at the American Institute of CPA’s Spring Council and president and chief executive Barry Melancon hit that message home during his report to members on Monday.

IMGCAP(1)]Let’s be honest. Between the thousands of quality audits done every day by diligent CPAs and the headline-grabbing debacles like Madoff and Enron, which do you think sticks out more in the public’s mind? We all know the answer to this.

The American Institute of CPA is teaming up with the Society for Human Resource Management to create a national award that recognizes employers who offer financial education programs for their staff.

A professor of accounting at the Carroll School of Management at Boston College is the 2010 recipient of the Distinguished Achievement in Accounting Education Award from the AICPA.

The American Institute of CPAs recognized Birmingham-based Barfield, Murphy, Shank & Smith with a public service award during its 2010 Spring Council on Sunday.

IFAC TO BEEF UP ACCOUNTING EDUCATION STANDARDS

Since the Sarbanes-Oxley Act of 2002 and Auditing Standard No. 5 were issued, momentum continues to shift towards continuous monitoring or automation solutions.