Accounting standards

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

Congress should consider making all taxpayers reporting rental real estate activity subject to the same information reporting requirements as other taxpayers with a trade or business, according to the Government Accountability Office.

The Center for Audit Quality has joined with the Council of Institutional Investors and the CFA Institute to come out in opposition of suspending mark-to-market or fair value accounting.

The Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

The Financial Accounting Standards Board has decided to delay the implementation of a new standard on loss contingencies after receiving comments from organizations concerned that it would lead to increased litigation.

Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.

Forty percent of CEOs surveyed by Grant Thornton agree with the Securities and Exchange Commission's decision to allow foreign firms listed on U.S. exchanges to file financial statements in accordance with International Financial Reporting Standards, without reconciling them to U.S. generally accepted accounting principles.

The New York State Society of CPAs plans to hold a conference next month on international accounting standards.

Testifying before the Senate Committee on Banking, Housing and Urban Affairs about the financial industry bailout package, Federal Reserve Chairman Ben Bernanke defended fair value accounting, but recommended that banks should be able to sell their assets at the "hold-to-maturity" value to the federal government.

Below is a reproduction of the main portion of the opening page of a Web site that I visit quite often.

The Treasury Department has expanded its financial bailout program to $700 billion in an effort to relieve banks and other financial institutions of their troubled mortgage assets.

The American Bar Association is urging the Financial Accounting Standards Board to delay implementing a proposed standard for loss contingencies arising from business combinations, warning of harmful, unintended consequences.

The Private Company Financial Reporting Committee held a meeting to discuss whether International Financial Reporting Standards should apply to private companies in the U.S., along with other matters.

Before the SEC published its roadmap for the switch to International Financial Reporting Standards, we asked a large group of industry leaders if they thought the accounting profession was ready for the shift - and if not, what it needs to do to get ready.

The Securities and Exchange Commission has proposed setting a roadmap for transitioning from U.S. GAAP to International Financial Reporting Standards by 2014.The SEC plans to issue a concept release setting several milestones for the transition, with the option for some large companies to make the transition earlier if they are leaders in their industries.

The Financial Accounting Standards Board once again finds itself on the horns of a dilemma.At issue are proposed amendments to Financial Accounting Standard 5, on disclosure of loss contingencies. If adopted as presented in an exposure draft issued earlier this year, the amended standard would require companies to disclose the extent of their exposure to loss in lawsuits and environmental matters, including not only the amount of litigation claims, but also of predicted court costs and possible punitive damages.

The Securities and Exchange Commission has issued an addendum to an earlier letter it has sent to the CFOs of some public companies asking them to provide additional information about their fair value measurements, including credit risks and broker quotes.

The Securities and Exchange Commission issued a statement clarifying the accounting treatment for money market mutual funds amid the growing turmoil in the financial markets.