Regulatory actions and programs

The Securities and Exchange Commission plans to conduct a seminar next month to help companies and preparers comply with rules that require financial reports to be filed using Extensible Business Reporting Language, or XBRL.

The Securities and Exchange Commission has received just over 200 comment letters since it posted its proposed roadmap for transitioning to International Financial Reporting Standards on its Web site in 2008, and it’s now receiving some extra suggestions as it prepares to publicly deliberate Wednesday on the roadmap.

The International Federation of Accountants has revised its report on a recently published survey, modifying some of the top priorities it heard from its membership on the work it should pursue.

The Securities and Exchange Commission plans to meet this Wednesday to consider a statement on International Financial Reporting Standards.

The Public Company Accounting Oversight Board has published a set of questions and answers from its staff to explain the documentation requirements behind the recently issued Engagement Quality Review standard.

The International Public Sector Accounting Standards Board has proposed a set of standards for service concession arrangements that governments establish with private businesses.

The American Institute of CPAs has dispatched a letter to the leaders of the Senate Banking Committee asking them not to allow a systemic risk regulator to alter accounting standards in the financial regulatory reform legislation they are drafting.

Jim Kroeker has been overseeing accounting interpretations, professional practice issues, and international accounting matters at the Securities and Exchange Commission during a time of rapid economic change.

The Financial Accounting Standards Board and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards during a joint meeting this week.

Rep. John Hall, D-N.Y., has proposed a new bill that would allow the Small Business Administration to offer its own loans to small businesses and increase tax deductions for small businesses.

XBRL International has released a discussion document to solicit input on how to develop Extensible Business Reporting Language with new capabilities in the future.

AICPA OFFERS FAIR VALUE INVESTMENT GUIDANCE

With nearly 120 countries having already adopted or agreed to adopt International Financial Reporting Standards, U.S. firms and practitioners have accepted the when-not-if scenario regarding IFRS convergence - but most report making preparations to the principles-based guidelines at a measured pace.

While reading a recent article, Paul B. was struck by an uncanny similarity between the push to change the profession's educational requirements that started more than 20 years ago and current efforts by the large auditing firms and the American Institute of CPAs to promote International Financial Reporting Standards "convergence." (In this context, "convergence" means, "Dump the Financial Accounting Standards Board and put the International Accounting Standards Board in charge.")

The American Institute of CPAs has published a book on how the top 100 international public companies use International Financial Reporting Standards as U.S. accounting standards converge slowly toward IFRS.

At least a dozen major nations – including several of the USA’s top international trading partners – are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

President Barack Obama has called for expanding the size of loans made through the Small Business Administration’s SBA Express program from $350,000 to $1 million.

The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in the new data-tagging format mandated by the SEC.

The National Notary Association has published a much-anticipated revision of its Model Notary Act with fraud deterrence, identity theft, and electronic document protection rules, to improve the standards of care for notaries.

The International Public Sector Accounting Standards Board has published a new standard that covers the accounting for and disclosure of intangible assets: IPSAS 31, “Intangible Assets.”