Audit & Accounting

After rebounding in October, the accounting profession’s expectations for economic growth remained healthy this month, according to the November edition of Accounting Today’s monthly Accountants Confidence Index.

Not only are the requirements of the Affordable Care Act difficult and complicated for businesses to understand, but in many cases those aspects that businesses and their advisors think they understand are already slated to change in the future, according to one expert.

The Public Company Accounting Oversight Board approved a 2014 fiscal-year budget of approximately $258.4 million, a 5 percent increase over this past year, and a 2013-2017 strategic plan that includes a greater focus on accounting firms’ burgeoning consulting practices.

The Governmental Accounting Standards Board has issued a fix to correct a problem that emerged with the transition to new pension accounting standards.

The Financial Accounting Standards Board voted Monday to endorse two accounting standards proposed by the Private Company Council pertaining to accounting for goodwill subsequent to a business combination and for certain types of interest rate swaps in an effort to modify the existing accounting standards for private companies.

The board of trustees of the Financial Accounting Foundation appointed 10 new members Monday to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

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The Public Company Accounting Oversight Board made public on Friday some previously confidential parts of its 2009 inspection report on Deloitte & Touche LLP after the firm failed to completely address several quality control issues that the PCAOB had identified within a year.

A post-implementation review of a 1992 accounting standard addressing the accounting for income taxes found that the standard generally achieved its intended purpose, but may not have reduced the complexity of accounting for income taxes.

The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.