Regulatory actions and programs

Once again, we're writing about convergence. But this time it's not about whether IFRS should replace GAAP or whether the IASB should replace FASB. Rather, we're writing an open letter to Mary Schapiro and the other SEC commissioners, as well as Chief Accountant Jim Kroeker, about the passel of standards on the front burner at the two boards.

Norwalk, Conn.-The Financial Accounting StandardsBoard and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards.

OBAMA PROPOSES SMALL-BIZ TAX CUT

The recession has affected many companies harder than they anticipated. Most organizations experienced some kind of impact from the financial upheaval, according to a survey by Burlingame, Calif.-based Accountants International of 3,500 accounting, finance and human resource executives nationwide.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published an exposure draft on the concept of reporting entities, including how they control other entities.

The majority of executives in a new survey see a need for greater clarity about the Securities and Exchange Commission’s plans for International Financial Reporting Standards, according to a new survey by KPMG.

A series of freshly reconstituted “risk assessment” audit standards supported by the accounting industry have come under fire from the U.S. Government Accountability Office.

Dixon Hughes PLLC has teamed up with IASeminars to provide CPAs and other financial professionals with training in International Financial Reporting Standards.

The Securities and Exchange Commission has approved a rule amendment from the Public Company Accounting Oversight Board giving the board the ability to postpone inspections of non-U.S. auditing firms for up to three years.

The Senate has temporarily extended two provisions included in the Recovery Act that increase government guarantees and eliminate fees on small business loans.

Sen. John Thune, R-S.D., has introduced an amendment to a tax extenders bill that would create and expand small business tax incentives.

The wrangling over the fate of the Consumer Financial Protection Agency took another turn with the revelation that it may end up within the Federal Reserve.

The Securities and Exchange Commission voted last week to adopt a new rule to place certain restrictions on short-selling when a stock is experiencing downward price pressure.

The Internal Revenue Service and the Securities and Exchange Commission plan to collaborate more closely to monitor and regulate the municipal bond market and industry.

The Senate’s latest stimulus effort, a “jobs bill” named the Hiring Incentives to Restore Employment Act, passed this week with a 70 to 28 margin.

The Financial Accounting Standards Board discussed the standards for accounting for financial liabilities at a meeting Wednesday and how to address changes in an entity’s own credit risk of financial liabilities measured at fair value.

The Senate Finance Committee held a hearing to discuss trade and tax issues relating to small business job creation.

The Securities and Exchange Commission finally made its long-awaited decision on the IFRS roadmap, or did it?

The Securities and Exchange Commission voted unanimously to issue a statement affirming support for a single set of high-quality globally accepted accounting standards and ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.