Audit & Accounting

The Securities and Exchange Commission has received just over 200 comment letters since it posted its proposed roadmap for transitioning to International Financial Reporting Standards on its Web site in 2008, and it’s now receiving some extra suggestions as it prepares to publicly deliberate Wednesday on the roadmap.

The Securities and Exchange Commission plans to meet this Wednesday to consider a statement on International Financial Reporting Standards.

The Public Company Accounting Oversight Board has published a set of questions and answers from its staff to explain the documentation requirements behind the recently issued Engagement Quality Review standard.

The International Public Sector Accounting Standards Board has proposed a set of standards for service concession arrangements that governments establish with private businesses.

Jim Kroeker has been overseeing accounting interpretations, professional practice issues, and international accounting matters at the Securities and Exchange Commission during a time of rapid economic change.

The Financial Accounting Standards Board and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards during a joint meeting this week.

Rep. John Hall, D-N.Y., has proposed a new bill that would allow the Small Business Administration to offer its own loans to small businesses and increase tax deductions for small businesses.

The trustees of the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, have announced a series of changes to their constitution, including an emphasis on adoption of International Financial Reporting Standards over convergence.

SEC APPROVES ENGAGEMENT REVIEW STANDARD

More than half the respondents in a recent survey said they are confident their board would be prepared to disclose how it oversees risk in order to address the SEC’s new disclosure requirements.