Barry Melancon, president and CEO of the AICPA, spoke recently about the top issues affecting the CPA profession. Following is a Q&A in which Melancon explores tax preparer registration, fair value accounting, regulation, IFRS and other topics.
Continue reading "AICPA President and CEO Addresses Issues Facing Accounting Profession" »NewsAccount, Colorado Society of CPAs, July/August 2009
Although SFAS 159, The Fair Value Option for Financial Assets and Financial Liabilities (as amended), and SFAS 157, Fair Value Measurement, were effective simultaneously, the focus has been on SFAS 157 and other issues, to the exclusion of SFAS 159. This article discusses SFAS 159’s purpose and applications, dissenting opinions on the standard, and the best circumstances for the fair value option.
WebCPA, June 29, 2009
During his National Press Club speech, FASB Chairman Robert Herz offered his personal perspective on the causes of the financial meltdown, lessons learned from the crisis and efforts needed to build a stronger financial system. Specific topics ranged from fair value and accounting standards to credit default swaps, transparency, and foreign criticism of the U.S.’s ability to run sound capital markets and a reliable financial regulatory system.
WebCPA, June 22, 2009
The Financial Instruments Reporting and Convergence Alliance (FIRCA), representing the financial, insurance, banking, real estate and other industries, is focusing on influencing the convergence efforts of the FASB and IASB and their steps to address the financial crisis. This article explains the drive in the U.S. and abroad to revise accounting standards for financial instruments as well as the FIRCA’s key goals.
Accounting Today, June 15, 2009
New standards will impact the accounting for mergers and acquisitions – deal negotiations and deal structure, in addition to accounting implications. This article explains how the new standards’ focus is on the use of fair value accounting, and describes changes in transaction and restructuring costs, earn-outs, in-process R&D, acquisition dates, and adjustments to provisional values.
Accounting Today, June 15, 2009
The implosion of financial markets has some industry pundits trying to reconcile how an economic crisis of such great magnitude could have occurred in such a short period of time. In this article, Wanda Wallace, Ph.D, a former FASB Financial Accounting Standards Advisory Council member, raises thought-provoking insights into the role boards of directors, property contracts, capital, stakeholder and director communications, costs, and fair value may have played in the crisis.
The Center for Audit Quality, June 10, 2009
The current economic environment and recent events in the capital markets have created a variety of financial statement audit implications in areas including, but not limited to, fair value measurements, internal control over financial reporting, accounting for estimates, impairment and disclosures. This Center for Audit Quality Alert details the recently issued PCAOB practice alert on fair value and OTTI.
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Accounting Today, June 1, 2009
Along with a litany of challenges, the economic crisis has raised important questions for the profession: what role did accounting standards play in the crisis and how can they contribute to a recovery. The Financial Crisis Advisory Group, a joint international effort by the Financial Accounting Standards Board and the International Accounting Standards Board, sought answers from experts who shared their insights into issues ranging from hedge accounting and off-balance-sheet items to mark-to-market accounting and responsive standards during emergencies.
Accounting Today, June 1, 2009
This article features a real-life, eye-opening example of the possibly irreparable damage mark-to-market accounting can have on a business. It explains problems that can arise from mark-to-market valuations and specific actions businesses can take to thwart disaster. In the process, the article brings an interesting perspective to one of the industry’s most hotly debated issues.
The CPA Journal, June 2009
Controversy has erupted over the FASB and IASB providing the option of using fair value accounting in reporting financial assets, liabilities and other items. Also, many pundits believe that fair value accounting has contributed to the financial crisis. Featured here is a recommendation that the FASB consider an accounting approach incorporating fair value accounting and historical cost accounting, thereby lessening the inefficiencies of using one accounting method.
Listen to these FREE audio Infocast discussions from a year-long series on helping organizations survive the current economic crisis.
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This Audit Risk Alert focuses on the current economic crisis, legislative and regulatory actions taken to curtail the crises, and accounting and auditing issues arising as a result of these events.
Showcases the profession's leading experts on what's "hot" at the SEC. Live Webcasts in Feb, Jun, Sep, and Dec.
Gain insights into the conceptual and practical reasons for using fair value as the required (or optional) measurement attribute for a number of new and existing accounting standards.
Covers a broad array of "hot topics" that successful organizations employ and also cover subjects that are important to the CFO's personal success.
Live Webcasts: Mar, Jun, Sep, Nov 2009
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