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

The Financial Accounting Standards Board has approved an updated accounting standard to simplify how an entity should test goodwill for impairment.

The International Federation of Accountants’ Professional Accountants in Business Committee has published a new paper on the changing expectations of employers for professional accountants in the business world.

The Securities and Exchange Commission has released an updated manual for companies filing financial reports in the SEC’s Edgar online system.

IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.

Officials from the U.S. Public Company Accounting Oversight Board have met with Chinese officials to try to resolve the impasse over inspections of accounting firms in China that audit Chinese companies whose stocks trade on U.S. exchanges.

The U.S. CPA Exam was successfully administered at five international test sites: Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates.

The New York State Society of CPAs sees comparability and quality as two of the main obstacles to the adoption of International Financial Reporting Standards in the U.S.

The Financial Accounting Standards Board intends to host a pair of public roundtable meetings in the fall to discuss issues related to private company accounting and reporting standards.

The International Accounting Standards Board has proposed delaying by two years the mandatory effective date for its IFRS 9 standards for financial instruments, postponing them from Jan. 1, 2013 to Jan. 1, 2015.

IMGCAP(1)]Remember the fall of Enron? What about Tyco International, Adelphia and WorldCom?

A new report from Ernst & Young finds that many companies can improve their Sarbanes-Oxley compliance.

About a year and a half ago, our editorial team was involved in the annual ritual of envisioning new products that our sales team could potentially take to market and, hopefully, attract several interested sponsors.

The Public Company Accounting Oversight Board has disciplined a pair of Ernst & Young auditors after they allegedly provided misleading documents and information to PCAOB inspectors and altered and backdated working papers.

There has been a growing demand over the past 10 years for information on corporate behavior, which could include environmental impact, employee health and safety initiatives, community development, supply chain practices, and a host of other topics. A lot of these issues are addressed through sustainability reporting.

A BUSY SUMMER

The Securities and Exchange Commission has written to Groupon asking the company behind the popular group discount site to clarify the accounting measures it used in its filing for an initial public offering.

PwC has released the second edition of “A Guide to Forensic Accounting Investigation,” providing a step-by-step approach to fraud prevention, investigation and deterrence.

The National Association of State Boards of Accountancy and the American Institute of CPAs have launched a new Web site, CPAmobility.org, that provides up-to-date information on the status of CPA mobility laws across the country.

The Senate Subcommittee on Contracting Oversight held a hearing to examine the diversion of federal contracts for small businesses to large companies.