Audit

Jim Kroeker has been overseeing accounting interpretations, professional practice issues, and international accounting matters at the Securities and Exchange Commission during a time of rapid economic change.

The Financial Accounting Standards Board and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards during a joint meeting this week.

Rep. John Hall, D-N.Y., has proposed a new bill that would allow the Small Business Administration to offer its own loans to small businesses and increase tax deductions for small businesses.

The trustees of the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, have announced a series of changes to their constitution, including an emphasis on adoption of International Financial Reporting Standards over convergence.

SEC APPROVES ENGAGEMENT REVIEW STANDARD

More than half the respondents in a recent survey said they are confident their board would be prepared to disclose how it oversees risk in order to address the SEC’s new disclosure requirements.

At least a dozen major nations – including several of the USA’s top international trading partners – are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

President Barack Obama has called for expanding the size of loans made through the Small Business Administration’s SBA Express program from $350,000 to $1 million.

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The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in the new data-tagging format mandated by the SEC.

The National Notary Association has published a much-anticipated revision of its Model Notary Act with fraud deterrence, identity theft, and electronic document protection rules, to improve the standards of care for notaries.

Fraudulent acts by employees and outsiders have risen since the beginning of the recession, and internal auditors predict the trend will continue through the rest of the year, according to a new poll of nearly 300 chief audit executives by the Institute of Internal Auditors.

The Public Company Accounting Oversight Board has launched a redesigned and expanded Web site.

The International Public Sector Accounting Standards Board has published a new standard that covers the accounting for and disclosure of intangible assets: IPSAS 31, “Intangible Assets.”

Ernst & Young has released a new report focusing on carbon emissions management, encouraging companies to address climate change issues in their business strategies.

The Securities and Exchange Commission voted to issue interpretive guidance on how public companies should disclose any business and legal developments related to climate change.

In his State of the Union address, President Barack Obama proposed using money repaid by financial institutions to the Troubled Asset Relief Program to help small businesses.

The International Public Sector Accounting Standards Board has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments in the public sector.

Internal auditors will soon be playing a larger role in ensuring the security of credit card information.

The Financial Accounting Standards Board and the International Accounting Standards Board tentatively decided to define fair value as an exit price during a three-day joint meeting this week.