Audit

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.”

Audit committees are confronting another challenging year, with continued economic uncertainty, globalization, digitization, and increased government regulation and enforcement reshaping the business and risk environment, according to a report from KPMG.

The Securities and Exchange Commission has charged two auditors at KPMG for playing a role in a failed audit of a Nebraska bank that hid millions of dollars in loan losses from investors during the financial crisis and eventually filed for bankruptcy.

The need to cut the federal budget deficit should be the government’s top economic priority, according to a survey of CPAs.

The Governmental Accounting Standards Board has approved a new standard intended to improve accounting and financial reporting for state and local governments’ combinations and disposals of government operations.

The Financial Accounting Standards Board has issued a proposed clarification to a fair value disclosure exemption affecting private companies and nonpublic not-for-profit organizations.

Office relocation, fiscal cliff tax briefing and Hurricane Sandy relief efforts…

The American Institute of CPAs has issued amendments to its auditing standards for when to reference the audit of a component auditor in the auditor’s report on the group financial statements.

Regional Leader BeachFleischman PC and Phoenix-based CPA firm Taylor, Duffy & Associates PC have merged, effective January 1.

Highlights of the previous month in audit and attest