The Governmental Accounting Standards Board has issued two exposure drafts proposing improvements to financial reporting of pensions by state and local governments.

The International Accounting Education Standards Board has proposed a set of clarified standards and revisions governing the practical experience requirements for aspiring professional accountants.

JULY

The Securities and Exchange Commission held a roundtable discussion Thursday on International Financial Reporting Standards and how they ultimately might be incorporated into the U.S. financial reporting system.

IMGCAP(1)]Why aren’t businesses hiring?

Check out the digital edition of the July 2011 issue of Accounting Today.

Officials from the Securities and Exchange Commission and the Public Company Accounting Oversight Board are heading to China later this month to meet with officials there to try to resolve the growing problems with audits of U.S.-listed Chinese companies.

Hans Hoogervorst, who took over as chairman of the International Accounting Standards Board this month, said he anticipates the U.S. will ultimately adopt International Financial Reporting Standards.

This column was almost ready to submit when the Financial Accounting Standards Board and the International Accounting Standards Board announced that they changed some tentative decisions concerning lease accounting. Before the announcement, we identified six unproductive positions. That list has now been reduced to four-and-a-half, leaving most of our criticisms unchanged, but at least now we have a glimmer of hope that they will produce a better standard.

The pace of change in the accounting profession is not just constant - it takes place at breakneck speed.

AT LAST, SORT OF

While Congress debates the debt ceiling and spending cuts, government contractors and entities - and the accounting firms that serve them - are functioning under an increasing regulatory environment that's testing some of their business fundamentals.

Sixty-one of the top 100 recipients of federal small business contracts for fiscal year 2010 were large companies, according to a new report.

The Financial Accounting Standards Board has launched a new Web portal for nonpublic entities as the board tries to retain its role as the standard-setter for private company accounting.

The American Institute of CPAs has issued new attest guidance that enables CPAs to report on the controls at a service organization, particularly ones that provide outsourced services to other companies via technologies like cloud computing.

Accounting Today is expanding its Facebook community with a new contest that gives readers a chance to win a free iPad.

Accounting Today is issuing a call for nominations for its annual Top 100 Most Influential People in Accounting list.

The Private Company Financial Reporting Committee received an update on the Financial Accounting Standards Board’s efforts to bring U.S. GAAP into line with International Financial Reporting Standards, especially in how that effort would relate to private companies.

The National Society of Accountants has created a new social network for tax preparers.

The Securities and Exchange Commission has charged two former executives from a defunct California water treatment company with accounting fraud.