SEC APPROVES PCAOB FOREIGN INSPECTION DELAY

International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

In a classic episode of The Bob Newhart Show, Bob and his wife Emily have mapped out a three-month cruise around the globe when Bob begins to have second thoughts: "I'm not saying we're going," he mutters to his now-seething bride. "But then again, I'm not saying we're not going."

Our most recent column ("To the SEC: Forget the timetable and stop the runaway train," March 15-April 18) reported that the Financial Accounting Standards Board and the International Accounting Standards Board are racing to complete a long list of major projects. We warned that this dash will produce less than the best standards, and promised to describe some specifics, leases in particular.

I would beg to differ with your opening supposition this month ("Firms jogging, not sprinting to IFRS," Feb. 15-March 14, 2010), in which you stated that, "U.S. firms and practitioners have accepted the when, not if, scenario, regarding IFRS convergence."

IMGCAP(1)]Since the Sarbanes-Oxley Act of 2002 and Auditing Standard No. 5 were issued, momentum continues to shift towards continuous monitoring or automation solutions.

The Financial Accounting Standards Board and the International Accounting Standards Board have published a report detailing their progress to date on achieving convergence of U.S. GAAP and International Financial Reporting Standards.

The kickoff meeting of the Blue Ribbon Panel on Standard Setting for Private Companies showed there isn’t a lot of agreement among privately held companies and their accountants on exactly what constitutes generally accepted accounting principles.

Check out the digital edition of the April 19-May 9, 2010 issue of Accounting Today by clicking here.

IMGCAP(1)]While Congress and accountants continue to fight the Sarbanes-Oxley 404 requirements for small filers on what seems like an annual basis, those in the private sector continue to deploy SOX-related policies and procedures as best practices. This trend will continue as the cost of compliance becomes more efficient.

A “blue ribbon panel” looking to improve the accounting standards for private companies wants to find out why so many are not strictly complying with GAAP.

The International Federation of Accountants plans to enhance the international education standards for accountants over the next two years to make financial reporting more reliable.

The American Institute of CPAs is encouraging more CPA firms and college professors to teach forensic accountants the skills they need to ferret out financial chicanery.

The Financial Accounting Standards Board and the International Accounting Standards Board plan to reconsider the standards for the types of repurchase transactions that Lehman Brothers used to shift $50 billion temporarily off its balance sheet before issuing its quarterly financial statements.

The Internal Revenue Service has updated its Web site to provide information to small employers regarding the new tax credit for providing health coverage.

The International Accounting Standards Board has published the results of an international research project on how to account for extractive activities in the oil, gas, and mineral industries.

The International Federation of Accountants has released two downloadable handbooks containing its 2010 code of ethics for professional accountants and pronouncements on auditing, review and other assurance services.

The International Ethics Standards Board for Accountants has released a draft plan setting out a proposed strategy for the next three years on ways for accountants to deal with conflicts of interest, suspected fraud and other issues.

Clarity Systems has issued a downloadable guidebook to help companies comply with the SEC’s recent requirements for public companies to begin filing their financial statements in Extensible Business Reporting Language format.

As large businesses continue to shed workers, small businesses are feeling more encouraged to hire, especially with recently passed tax incentives.