Audit

The Financial Accounting Foundation, overseer of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has pushed back to Jan. 6, 2012, the deadline for submitting applications to participate in private company accounting standards roundtable discussions scheduled for January, February and March.

The Financial Accounting Standards Board has deferred some of the rules it issued earlier this year to make the presentation of other comprehensive income more prominent on financial statements.

IMGCAP(1)]We all face numbers, sometimes on a daily basis.

The Texas Society of CPAs’ Professional Standards Committee has sent a comment letter to the Public Company Accounting Oversight Board taking issue with the PCAOB’s proposed requirement for the lead auditor to sign off on an audit.

The Public Company Accounting Oversight Board released its latest inspection report of Ernst & Young on Thursday and found that some of the deficiencies it uncovered rose to the level of “audit failures.”

Congress has reauthorized the Small Business Innovation Research and Small Business Technology Transfer programs for another six years.

The International Auditing and Assurance Standards Board released a new assurance standard Wednesday on pro forma financial information included in a prospectus.

Accountants and tax practitioners had a busy time this past year keeping up with all the changes in the profession. Here’s our annual list of the top stories in the past year that kept our readers coming to the site for the latest developments:

The Public Company Accounting Oversight Board posted its 2010 inspection report on Deloitte & Touche on Tuesday, highlighting what it called “audit failures.”

The U.S. Public Company Accounting Oversight Board said Tuesday it has entered into a cooperative agreement with the Arab state of Dubai for the oversight of auditors in both countries.

The Public Company Accounting Oversight Board voted Tuesday to re-propose for public comment its proposed standards for how auditors should communicate with audit committees.

The Institute of Internal Auditors has sent a comment letter to the Public Company Accounting Oversight Board taking issue with the PCAOB’s proposal to require mandatory rotation of audit firms for listed companies, echoing concerns from the American Institute of CPAs and the New York State Society of CPAs.

The Committee of Sponsoring Organizations of the Treadway Commission has released for public comment an updated version of its internal control framework in response to changes in the business environment and their associated risks.

Jeffrey Thomson, president and CEO of the Institute of Management Accountants, worked for over two decades in the telecommunications industry and knows a thing or two about competition.

The Financial Accounting Standards Board and the International Accounting Standards Board issued common disclosure requirements Friday to help investors better understand the impact of offsetting, or netting, on a company’s financial position.

Lack of clarity about the requirements for the Small Business Lending Fund that was established last year by the Small Business Jobs Act led to confusion among both lenders and borrowers alike, according to a new government report.

PricewaterhouseCoopers and the Institute of Internal Auditors Research Foundation have released a book to help corporate directors address their fiduciary and other responsibilities.

The Securities and Exchange Commission has released its latest review of Interactive Data Financial Statement submissions and found that filers are making progress.

Business assurance technology provider ACL Services Ltd. is expanding into the electronic work papers market with the acquisition of Workpapers.com.

Olympus has until December 14 to fix its financial statements in the wake of a high-profile accounting scandal if the camera maker wants to retain its listing on the Tokyo Stock Exchange.