Financial reporting

The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

The American Institute of CPAs has written a letter to the leaders of the House Ways and Means Committee and the Senate Finance Committee asking them to amend the Tax Code to allow estates and nongrantor trusts to fully deduct the cost of complying with the fiduciary duties of administering estates and trusts.

Kenneth Leventhal, CPA, founder of one of the largest CPA firms in the country, Leventhal & Co., and a noted philanthropist, died on May 8 at the age of 91.

Top 100 Firm Eide Bailly announced that nine staff members have been accepted into the partnership: Travis Burgess and Jodi Daugherty, in Boise, Idaho; Judy Vorndran and TJ Bert, in Golden, Colo.; Todd Harker, in Vail, Colo.; Sean Hales, in Phoenix; and Jenni Huotari, Chris Lee and Shelley Earsley, in Fargo.

The May edition of Accounting Today's monthly Accountants Confidence Index continues the expectation of expansion that started in April.

Check out the digital edition of the May 2012 issue of Accounting Today.

Recent developments at accounting firms across the U.S. and around the world.

This time, we've decided to touch briefly on 19 current issues, doing a "Lightning Round," instead of covering only one in depth.

With the G-20 finance ministers having given accounting standard setters a new deadline of mid-2013 to get their convergence work done, the Securities and Exchange Commission is under fresh pressure to reach a decision on incorporating International Financial Reporting Standards into the U.S. financial reporting system.

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, plans to release the updated version of its Internal Control–Integrated Framework in the first quarter of 2013, instead of the fall of 2012.

The finance and accounting outsourcing market is expected to rebound this year, with 10 to 15 percent growth, following a slowdown last year.

A roundup of news from the world of auditing, attest and assurance.

Florida-based Top 100 Firm Berkowitz Pollack Dick & Brant has rebranded itself Berkowitz Pollack Brant Advisors and Consultants.

Hans Hoogervorst, chairman of the International Accounting Standards Board, said Wednesday that he believes Extensible Business Reporting Language, or XBRL, has “the potential to improve the effectiveness of financial reporting.”

Lawson Carmichael has joined the American Institute of CPAs as senior vice president for strategy, people and innovation.

Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.

Recent accounting firm activity

Jim Pitrat, the assurance and advisory practice leader at Top 100 Firm SingerLewak LLP, will become managing partner of the Top 100 Firm effective July 1, succeeding current MP David Krajanowski.

The rapid growth of Islamic finance is increasing pressure on the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board, the global body which sets the tone for bookkeeping in conventional finance.

Accounting Today has issued a call for speakers for its 3rd Annual Growth & Profitability Summit, which will be held this year in Boca Raton, Fla., on October 28-30