Forty percent of U.S. CFOs and senior comptrollers polled by Grant Thornton said they do not believe U.S. companies should be required to use International Financial Reporting Standards.

Despite growth in its Asia-Pacific region, as well as in its consulting unit, wobbly economic conditions both domestic and abroad resulted in Deloitte Touche Tohmatsu reporting a 4.9 percent decline in fiscal 2009 global revenues in U.S. dollars, to $26.1 billion, and just 1 percent growth in local currency terms.

The Private Company Financial Reporting Committee met to discuss the impact of recent changes in accounting standards on private companies, including some confusion in the Financial Accounting Standards Board’s new Codification updates.

Worried that corporate auditors are being duped by widespread related-party transaction frauds, officials at the Public Company Accounting Oversight Board are considering new standards establishing stiffer and more specific requirements for accountants who encounter these arrangements.

The California Society of CPAs is offering a special CPA Activate Pass to help inactive CPAs regain active status.

The Financial Accounting Standards Board has established a Not-for-Profit Advisory Committee to offer input to the board on guidance, current and future technical projects, and longer-term issues affecting nonprofits.

President Barack Obama has announced a set of initiatives aimed at kick-starting the market for small-business loans.

Accounting firms are managing overall to maintain their rates, client services and staff even as the economy continues to challenge them and their clients, according to a new survey.

International Accounting Standards Board chairman Sir David Tweedie said he won’t wait for the board’s U.S. counterpart to finalize its own revisions to fair value accounting for financial instruments.

As the SEC resurrects its focus on the roadmap to adopt International Financial Reporting Standards, the 30-plus year debate over a GAAP for private companies has progressed somewhat but remains on the back burner amidst legislative and standard-setters’ priorities for global convergence

The House Financial Services Committee has approved legislation that would require regulation of the over-the-counter derivatives market.

A trade group representing insurance and reinsurance companies has taken exception to a proposed standard on fair value accounting and said it will make financial statements harder to understand.

Current Grant Thornton CEO Ed Nusbaum and incoming CEO Stephen Chipman talked about the Supreme Court’s upcoming hearing of a challenge to the constitutionality of the Public Company Accounting Oversight Board.

Accounting firm Crowe Horwath has created a Web-based system to help state and local agencies that receive federal funding from the economic stimulus package comply with the complex reporting requirements.

The Securities and Exchange Commission has released a draft of a five-year strategic plan that calls for “a single set of high-quality global accounting standards.”

Seventy percent of CFOs and other finance professionals support approval of the Securities and Exchange Commission’s roadmap for adopting International Financial Reporting Standards, according to a new survey by Deloitte.

The Association of Chartered Certified Accountants recommends in a new report that environmental regulators should work with international accounting standard-setters to develop a universally applicable climate change reporting standard for organizations of all sizes.

The Financial Accounting Standards Board has expanded the use of interactive data-tagging technology in its official FASB Accounting Standards Codification.

The Securities and Exchange Commission has again delayed the deadline for small public companies to begin providing an audited assessment of internal controls over financial reporting, but said this will be the last time.

Stephen Chipman, incoming chief executive of Grant Thornton LLP and Ed Nusbaum, incoming chief executive of Grant Thornton International, talk to Accounting Today Editor-in-Chief Bill Carlino about why a recent college grad should choose their firm. We also learn that, yes, Nusbaum has his own iPod.