Audit

The Financial Accounting Standards Board has issued for public comment three proposals to address the concerns of private companies about accounting for intangible assets acquired in business combinations, goodwill, and certain types of interest rate swaps under U.S. GAAP.

The Financial Accounting Foundation launched an updated website Monday in conjunction with new leaders at the two standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, while also reviving an old dispute with the American Institute for CPAs over financial reporting standards by private companies.

Useful truth in accounting should be magnified, not vilified

Applying FASB's recently proposed standards to a real company

Useful truth in accounting should be magnified, not vilified

Accounting Today is issuing a call for nominations for its annual Top 100 Most Influential People in Accounting list.

Acknowledgements, office relocations and more…

The Financial Accounting Standards Board is expected to issue a document Thursday proposing to improve the financial reporting of insurance contracts, including the measurement of insurance liabilities and the related effect on the statement of comprehensive income.

The Financial Accounting Standards Board has issued a proposal to improve disclosures of uncertainties related to an organization’s ability to continue as a going concern.

Actor Stacy Keach, who narrates the CNBC TV series “American Greed,” praised the efforts of the fraud examiners whose efforts put behind bars many of the perpetrators whose crimes are chronicled on his show.

Thomas Wilson, chief operating officer of the Charlotte, N.C.-based accounting firm, Dixon Hughes Goodman LLP, died on June 19.

International Firm News:

The newly inaugurated chairman of the California Society of CPAs hopes to strengthen the relationship between CalCPA and California accounting firms.

The average salary and total compensation for management accountants reached their highest levels last year, the Institute of Management Accountants reported, after accounting salaries saw a decline in 2011 for the first time in 23 years.

The Institute of Cost Accountants of India has opened an office in Washington, D.C., its ninth overseas center.

The Governmental Accounting Standards Board has issued for public comment a proposed concepts statement that would guide GASB when establishing standards regarding the measurement of assets and liabilities for U.S. state and local governments.

The International Accounting Standards Board has issued a revised exposure draft containing proposals for changing the accounting for insurance contracts.

The Securities and Exchange Commission has charged a China-based company and its CEO with fraudulently misleading investors about its financial condition by touting cash balances that were millions of dollars higher than actual amounts.

The House Financial Services Committee has unanimously passed legislation prohibiting the Public Company Accounting Oversight Board from mandating the automatic rotation of a public company’s independent external auditor.

The European Commission has extended its cooperation agreement with the Public Company Accounting Oversight Board, allowing the PCAOB to continue exchanging confidential information with European audit regulators.