Audit

McGladrey & Pullen mourned the death of retired partner Ray Krause, who spent about four decades with the firm.

.A new set of standards will allow accountants to explain exactly why their independence may have been impaired when performing compilation services for clients.

PricewaterhouseCoopers has surveyed a group of investors and analysts to gauge their attitudes toward the different approaches taken by the accounting standards boards to account for financial instruments, including loans.

Fitch Ratings has issued a report on the Financial Accounting Standards Board’s recently unveiled proposal requiring most financial instruments, including loans, to be measured on the balance sheet at fair value.

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With myriad issues ranging from green accounting,differential standards, technology advancements tax preparer registration, IFRSadoption and regulatory reform, the role of the CPA will be even more criticalgoing forward, according to American Institute of CPAs chairman Robert Harris.

CPA2Biz, the marketing arm of the American Institute ofCPAs, has added Web-based audit confirmation services provider CapitalConfirmation Inc. to its growing list of Trusted Business Advisor Solutions,which also includes Bill.com, Copanion, Intacct, Paychex, and XCM Solutions.

The Group of North American Insurance Enterprises, an association representing the CFOs of major life insurance companies in Bermuda, Canada, and the United States, has joined with four other insurance industry trade associations based in North and South America, to urge the International Accounting Standards Board to reconsider its decision to apply a single measurement model to both life and non-life insurance contracts.

The Financial Accounting Standards Board and the International Accounting Standards Board said they intend to prioritize the major convergence projects ahead of them as they try to reach the goal of melding U.S. and international accounting standards, with some projects pushed back further next year.

The American Institute of Certified Public Accountants has told the Internal Revenue Service it should withdraw its proposed rule that would require companies with more than $10 million in total assets to disclose uncertain tax positions on a new schedule.

Goodwill impairments at U.S.-based companies fell dramatically last year, according to a new study.

The Public Company Accounting Oversight Board has released updated staff guidance to help accounting firms outside the U.S. to register with the board even if their countries do not allow the PCAOB to inspect them or answer some of the questions on a PCAOB application form.

The Federal Trade Commission has further delayed enforcement of the so-called “Red Flags” Rule for identity theft prevention until Dec. 31, while Congress considers legislation that would affect the scope of entities covered by the rule.

The California Society of CPAs has honored seven CPAs with its Women to Watch Awards at its recent Women's Leadership Forum here.

The International Accounting Standards Board has proposed changes in the standards for presenting items under other comprehensive income.

President Barack hosted a group of award-winning small business owners from around the country in the White House Rose Garden and used the occasion to prod Congress to pass the administration’s Small Business Jobs Package.

Barry Melancon has been president and CEO of the American Institute of CPAs since 1995. Under his leadership, the AICPA has spearheaded a number of initiatives to benefit the profession and the general public, including private company reporting standards and 360 Degrees of Financial Literacy. He is a member of the AICPA’s delegation to the International Federation of Accountants, chairman of XBRL-US, vice chairman of the Center for Audit Quality, and a founding board member of the Global Accounting Alliance. He serves on the board of the U. S. Chamber Center for Capital Markets Competitiveness.