Accounting standards

In response to the disruptions caused by Hurricane Sandy, the Financial Accounting Standards Board is extending the deadline for comment on a staff paper that outlines an approach for deciding whether and when to modify U.S. GAAP for private companies.

The American Institute of CPAs has released an exposure draft of its proposed Financial Reporting Framework for Small- and Medium-Sized Entities for comment.

Highlights from the previous month in Assurance

It's time to jettison the idea that international standards are coming

Is it time to consider a new form of financial reporting?

The staff of the Public Company Accounting Oversight Board has put a set of frequently asked questions relating to issues connected to the implementation of the board’s funding rules as they related to brokers and dealers.

In an exclusive interview with Accounting Today, Leslie Seidman chair of the Financial Accounting Standards Board, detailed the current status and likely future timeline for the four main remaining part of the board’s convergence agenda with the International Accounting Standards Board.

Financial Accounting Standards Board chair Leslie Seidman is planning for a multilateral way of working with the International Accounting Standards Board in the future, even as her term approaches an end next year.

The trustees of the IFRS Foundation have published their own staff’s analysis of the Securities and Exchange Commission’s final staff report on International Financial Reporting Standards in an effort to address some of the findings and prod the U.S. into embracing IFRS.

The Financial Accounting Foundation’s recently created Private Company Council plans to host its initial public meeting on December 6.

President and CEO Ken Bishop shares the latest news from the National Association of State Boards of Accountancy.

The American Institute of CPAs appears to be making progress on a Financial Reporting Framework for Small and Medium-sized Entities that it has been developing in the wake of the Financial Accounting Foundation’s decision to set up a Private Company Council, and plans to expose the framework by the end of the month.

The staff of the Governmental Accounting Standards Board has created a fact sheet to clear up some of the misconceptions about the recent changes in public pension accounting standards.

The American Institute of CPAs has issued Technical Practice Aids with information to help insurance entities with their accounting.

The Center for Audit Quality issued a practice aid Wednesday to encourage audit firms to proactively communicate with audit committees about inspection findings and quality control improvements.

A new nonprofit organization plans to establish industry-specific accounting standards for corporate sustainability reporting.

The Institute of Internal Auditors has announced that a set of revisions will be made to internal auditing standards, taking effect at the beginning of next year.

The Board of Trustees of the Financial Accounting Foundation announced that Robert H. Attmore, chairman of the Governmental Accounting Standards Board, will retire in June 2013.

The International Auditing and Assurance Standards Board has released a revised version of its International Standard on Review Engagements to better meet the needs of small and midsized entities.