The Securities and Exchange Commission is asking the public for feedback on its plans for incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.

Russell W. Hinton of Atlanta and Peter Hughes of Orange County, Calif., are the 2010 recipients of the American Institute of CPAs’ Outstanding CPA in Government Award.

A group of Democratic senators has written to the chair of the Securities and Exchange Commission urging the SEC to require more complete and accurate corporate accounting disclosures, especially of off-balance sheet transactions.

GASB LOOKS TO IMPROVE PENSION STANDARDS

As part of their ongoing flood of projects, the Financial Accounting Standards Board and the International Accounting Standards Board have also jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

FINANCIAL REFORM ENACTED

The updated work plan recently unveiled by the Financial Accounting Standards Board and the International Accounting Standards Board reflects stakeholder concerns about the time required to review a number of exposure drafts in order to meet the June 2011 target date of completing major convergence projects.

The Institute of Management Accountants Foundation of Applied Research has issued a call for proposals for new management accounting research from the academic community.

Freed from the threat of the Supreme Court putting it out of business, the Public Company Accounting Oversight Board has decided to start flexing its muscles.

IMGCAP(1)]Check out the digital edition of the August 16-Sept. 12 issue of Accounting Today.

Audit firms that engage in shady accounting practices or financial fraud face a growing risk of being turned in – by their own staff accountants and by the internal auditors of their public company clients.

The Financial Accounting Foundation, the organization that oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has joined Twitter to expand its communications outreach.

The Public Company Accounting Oversight Board plans to impose more sanctions on accounting firms and managers that don’t adequately supervise their staff.

The acting chairman of the Public Company Accounting Oversight Board, Daniel L. Goelzer, plans to ask Congress to consider a change to the Sarbanes-Oxley Act to allow the PCAOB’s disciplinary hearings of accountants and accounting firms, along with the related proceedings, to be made public.

The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards and the oversight of the International Accounting Standards Board, has announced the membership of the newly created SME Implementation Group.

KPMG LLP has introduced the Financial Reporting Network, a source of online information and insight for corporate decision-makers on trends related to financial reporting.

Is the Prince of Wales proclaiming sustainability reporting throughout the accounting realm?

Regulatory risk ranks as the top threat to business performance, according to a new report by Ernst & Young.

The Prince’s Accounting for Sustainability Project has teamed up with the Global Reporting Initiative to form the International Integrated Reporting Committee, with the goal of creating a globally accepted framework for sustainability accounting.

House Democrats blasted Republicans for blocking a bill with tax breaks for small businesses and the removal of a controversial 1099 information reporting requirement after the bill failed to garner the two-thirds margin needed for passage.