FASB ISSUES MULTI-EMPLOYER PENSION PLAN STANDARD

The American Institute of CPAs has thrown down the proverbial gauntlet to the Financial Accounting Foundation, passing a resolution giving its board the option to create a separate body to develop accounting standards for private companies.

Accounting firms that have been able to report increased revenues during the economic downturn often have niche services, strategic promotion of these services, and a hard push behind their best people and expertise to thank for that growth.

SPLITTING THE DIFFERENCE

The head of a British accounting group is warning the U.S. Securities and Exchange Commission and the Financial Accounting Standards Board against pursuing a so-called “condorsement” approach to International Financial Reporting Standards.

The Securities and Exchange Commission intends to hold its annual Government-Business Forum on Small Business Capital Formation on November 17 at its headquarters in Washington, D.C.

Accounting Today handed out the awards for the Best Accounting Firms to Work For 2011 at the Accounting Today Growth & Profitability Summit in Las Vegas.

U.S. and Hong Kong accounting organizations have inked a five-year mutual recognition agreement that would allow reciprocity between U.S. and Hong Kong CPAs.

More than half of global businesses are unaware of pending lease accounting changes that would virtually eliminate the use of off-balance sheet leases, according to a new survey by Grant Thornton.

Financial Accounting Standards Board chair Leslie Seidman gave a cautious thumbs-up to the so-called “condorsement” approach to incorporation of International Financial Reporting Standards in the U.S., while defending FASB’s authority over private company accounting standards.

The National Association of State Boards of Accountancy has launched a new Web site, CPAverify.org, that provides a central database of state licensee information about CPAs practicing across the U.S.

The Internal Revenue Service is facing challenges keeping ahead of financial services companies that create sophisticated financial derivatives and offer them as a way to evade tax liabilities.

New information made public by the U.S. Federal Election Commission reveals that members of the accounting profession are opening their checkbooks early and often in an effort to help candidates in the 2012 Presidential elections.

Unlike Texas Governor Rick Perry, I personally do not spend time mulling over the immigration status of Mitt Romney's lawn care crew.

The Securities and Exchange Commission plans to hold its inaugural roundtable in the Financial Reporting Series on “Measurement Uncertainty in Financial Reporting.”

The Financial Accounting Standards Board has released two proposed accounting standards updates to clarify the criteria for investment company accounting and develop guidance for investment property accounting.

Unlike Texas Governor Rick Perry, I personally do spend time mulling over the immigration status of Mitt Romney's lawn care crew.

CPA2Biz, the American Institute of CPAs’ business unit, will be introducing e-reader publications, a mobile site and mobile apps.

The American Institute of CPAs said the Canadian Institute of Chartered Accountants and CMA Canada are in talks about creating a unique CPA designation in Canada and combining it with their CA and CMA designations.

The American Institute of CPAs passed a resolution Tuesday at its Fall Meeting of Council that would give its board of directors the ability to consider the option of creating a separate committee or board to develop accounting standards for private companies.