Audit & Accounting

The Financial Accounting Standards Board has issued a proposed standard on the fair value measurement of liabilities, seeking to clarify the thorny issue of fair value a bit further.

Accounting firm leaders, standard-setters and industry accountants called for more certainty in the roadmap to International Financial Reporting Standards.

The International Federation of Accountants has released the 2009 Handbook of International Standards on Auditing and Quality Control.

The Public Company Accounting Oversight Board has published a staff audit practice alert explaining the potential auditing and review implications of the Financial Accounting Standards Board’s recently revised standards on fair value accounting.

Less than half the CFOs polled in a recent survey by Grant Thornton were aware of the Financial Accounting Standards Board’s Accounting Standards Codification project, which is set to become the authoritative source of U.S. GAAP on July 1.

Barry Melancon, president and chief executive of the American Institute of CPAs, welcomed more than 350 AICPA Council members to the nation’s capital and told the state delegations to get ready to meet with legislators on pressing issues in the profession.

The International Accounting Standards Board said that the Financial Accounting Standards Board’s recently issued guidance on fair value measurement is consistent with its existing guidance, but it still sees a need to revise its own controversial standards to account for the impairment of illiquid assets.

The International Public Sector Accounting Standards Board is proposing new financial reporting requirements to help public sector entities account for financial instruments, such as derivatives, bonds, and loans, and produce global standards of transparency.

Ernst & Young has selected a new leader in the Americas for its Transaction Advisory Services team, which advises companies on mergers and acquisitions.

Lynn Turner, former chief accountant of the Securities and Exchange Commission, has a new job: senior advisor and managing director of the forensic accounting practice at LECG.