Financial reporting

A dose of this week’s office moves, tools, industry reports and charity updates.

The Financial Accounting Standards Board has released a proposal for comment to improve reporting on expected credit losses on loans and other financial assets held as investments by banks, financial institutions and other public and private organizations.

A new company aims to match up accounting contractors with potential employers.

Wednesday was a red-letter day for many accounting departments, as December 19 was the busiest day for submitting expense reports.

Top 100 Firm Sikich LLP added the public accounting and consulting firm, Hill & White LLC. The merger went into effect on December 1.

The International Accounting Standards Board has settled on its future agenda and priorities following a public consultation.

Wave Accounting has adjusted its name and website in an attempt to convey it is more than just a free, cloud-based accounting product maker and to showcase the full suite of its back-office tools.

The International Federation of Accountants has released a document highlighting the best practices for business accountants to follow in terms of effective governance, risk management and internal control.

Organizations are struggling to understand the implications of environmental and social factors in their finances, operations and strategy, according to a new report from the Prince of Wales’s Accounting for Sustainability Project.

Recent network memberships, awards, new apps, Web sites and more

KPMG International announced annual combined revenues of $23.03 billion for the fiscal year ended Sept. 30, 2012, a 4.4 percent increase in local currency terms over the previous year, and a 1.4 percent increase in U.S. dollar terms.

Montreal-based Richter, formerly RSM Richter Chamberland, merged with Toronto-based SBLR LLP Chartered Accountants.

The Financial Accounting Standards Board and the Center for Audit Quality issued a summary Wednesday of observations from two forums on disclosure effectiveness.

President Barack Obama reduced his demand for tax increases to $1.4 trillion from $1.6 trillion as he and House Speaker John Boehner traded another round of offers and inched toward a budget agreement.

A new report from the Institute of Chartered Accountants in England and Wales urges the International Accounting Standards Board to “end the era of convergence,” and give all listed companies around the world the option of applying International Financial Reporting Standards.

Pannell Kerr Forster of Texas PC will now provide consulting services to businesses looking to file economic loss claims as part of a class action suit, such as the Deepwater Horizon oil spill.

The Private Company Council held its inaugural meeting on Thursday to discuss how accounting standards should be adjusted for privately held companies.

CONNECTICUT

Seattle-based Top 15 Firm Moss Adams LLP has announced that it will merge with Silicon Valley-based Top 100 Firm Mohler, Nixon & Williams, boosting their combined presence in Northern California. The deal has been approved by partners at both firms, and is due to go into effect on Jan. 1, 2013.

John Karaffa had the right stats to found ProSport CPA five years ago, an accounting firm that serves professional athletes, as both an athlete and one that played abroad, like many of his clients.