Audit

The American Institute of CPAs is facing opposition from the National Association of State Boards of Accountancy and PricewaterhouseCoopers on its proposal to create a non-GAAP financial reporting framework for small and midsize businesses.

Caterpillar Inc., the largest maker of construction and mining equipment, said it is considering “all options” to recover losses from false accounting at a Chinese business that led to a $580 million writedown.

The International Accounting Standards Board has released some of the findings from a survey it recently conducted on financial disclosures in which it asked accountants and financial statement users what factors are contributing to disclosure overload.

Japanese accountants are registering to take the U.S. CPA Exam as a way to increase their international employment options, according to a new survey.

Four accounting, auditing and financial organizations have teamed up to launch a new anti-fraud Web site with tools to help deter and detect financial reporting fraud.

The International Auditing and Assurance Standards Board has released for public comment a new consultation paper aimed at improving the quality of audits.

The Governmental Accounting Standards Board has released new standards aimed at improving the accounting and reporting of combinations and disposals of government operations for U.S. state and local governments.

Mary Jo White, the former U.S. Attorney in Manhattan, is under consideration to become the next chairman of the Securities and Exchange Commission, three people with knowledge of the matter said.

The U.S. Small Business Administration has approved over $561 million in disaster assistance loans for residents and businesses in New York affected by Hurricane Sandy and over $238 million for residents and businesses in New Jersey, and said it is eager to do more.

The Financial Accounting Foundation has completed a post-implementation review of an accounting standard dating back to 1996 that aimed to improve the way public companies report financial information about their business segments, and found that it generally achieved that purpose, although some companies are being less than forthcoming about all of their business segments.

While still predicting contraction in both the short- and the mid-term, the January edition of Accounting Today’s monthly Accountants Confidence Index rose somewhat from the previous month’s reading.

The Financial Accounting Standards Board has issued for public comment a proposal to improve financial reporting about repurchase agreements such as the type used by Lehman Brothers.

Deloitte has set up its own firm in China to replace the joint venture it formerly operated there.

When the boss at your first job out of college challenges you to run a marathon, what’s the recommended response?

The International Public Sector Accounting Standards Board has issued the first four chapters of its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities.

International Accounting Standards Board chairman Hans Hoogervorst said the U.S. Financial Accounting Standards Board is not likely to face obstacles in joining the new multinational Accounting Standards Advisory Forum that is being set up to provide input to the IASB on setting future accounting standards, even though the Securities and Exchange Commission has not formally committed to supporting International Financial Reporting Standards.

Significantly more internal auditors received salary increases last year, compared to the past several years, according to a new study by the Institute of Internal Auditors.

The American Institute of CPAs has released a new audit guide to help auditors with assessing the fair value of financial instruments.

The Big Four accounting firms saw solid revenue growth last year following strong performance in 2010 and 2011 after a severe revenue decline in 2009, according to a newly published analysis.

Private company stakeholders have never been in a better position to have their concerns addressed in the standard-setting process, according to Billy Atkinson, the chair of the new Private Company Council: “We have the wind in our sails.”