Recent Event Highlights: St. Louis Fed Economist Speaks about New Accounting Standards, New Accounting Standards - New Accounting Standards Are Tougher but More Realistic, PricewaterhouseCoopers > Setting the Standard - A spotlight on the FASB and ... - Linex Legal (registration), INX Announces Delay of Fourth Quarter and Year End Results; Comments on Business - MarketWatch (press release), Ahead of the Accounting Curve, Too - CFO.com Magazine, Closing the Repo 105 Loophole - Wall Street Journal, and 181 more...
Created by dipity on Apr 16, 2009
Last updated: 09/02/10 at 09:16 PM
St. Louis Fed Economist Speaks about New Accounting Standards - Introduction
St. Louis Fed Economist Speaks about New Accounting Standards - New Accounting Standards Are Tougher but More Realistic
PricewaterhouseCoopers > Setting the Standard - A spotlight on the FASB and ...Linex Legal (registration)And with the recent statement of the Securities and Exchange Commission (SEC) supporting a single set of global accounting standards, the intensity may have ...
http://news.google.com/news/url?fd=R&sa=T&url=http%3A%2F%2Fca.linexlegal.com%2Fcontent.php%3Fcontent_id%3D408866&usg=AFQjCNElK7Jumpw69JxTUdNg1Jh9_8h84w
INX Announces Delay of Fourth Quarter and Year End Results; Comments on BusinessMarketWatch (press release)00-21 ("EITF 00-21"), Revenue Arrangements with Multiple Deliverables, included in the Accounting Standards Codification under ASC 605-25. ...and more »
http://news.google.com/news/url?fd=R&sa=T&url=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Finx-announces-delay-of-fourth-quarter-and-year-end-results-comments-on-business-2010-03-25%3Freflink%3DMW_news_stmp&usg=AFQjCNHXhoqhxgsEvhYpFRx6x4pvEdX0rw
Ahead of the Accounting Curve, TooCFO.com MagazineTheir call was answered by the Emerging Issues Task Force (EITF), a subset of the Financial Accounting Standards Board that issues rule revisions and ...
http://news.google.com/news/url?fd=R&sa=T&url=http%3A%2F%2Fwww.cfo.com%2Farticle.cfm%2F14485618%2Fc_14485537%3Ff%3Dhome_todayinfinance&usg=AFQjCNHoEWj5fGJop1hflLCK8Bje7yDveQ
ProPublica (blog)Closing the Repo 105 LoopholeWall Street JournalThat is why the Financial Accounting Standards Board needs to close off any possibility banks could one day try again to classify any repurchase-agreement ...How Repo 105 set Wall Street on fireDaily O'Collegianall 13 news articles »
http://news.google.com/news/url?fd=R&sa=T&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052748704896104575139813742667200.html%3Fmod%3DWSJ_Markets_section_Heard&usg=AFQjCNEeQ_2mV8vGmIftv09aG_7FoagLSg
Television Company Belo Corp. (BLC) Presents at Barclays ConferenceCNNMoney.com (press release)... adoption of new accounting standards or changes in existing accounting standards by the Financial Accounting Standards Board or other accounting ...and more »
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Insurers Taking Moves on New Accounting StandardsTrading Markets (press release)Three Mainland China-listed insurers attach more importance to participating insurance this year driven by the new accounting standards. ...
http://news.google.com/news/url?fd=R&sa=T&url=http%3A%2F%2Fwww.tradingmarkets.com%2Fnews%2Fstock-alert%2Flfc_insurers-taking-moves-on-new-accounting-standards-871371.html&usg=AFQjCNGfTLgJfvK-SxEz9QGX73zCsCLo2A
Zurich Financial lifts profit on accounting changeReutersA dynamic hedge required implementation of IFRS accounting standards. He said the advantage of a dynamic hedge was that it allowed the portfolio to be ...and more »
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Doral Financial Announces Results of Preferred Exchange OffersCNNMoney.com (press release)... adequacy and liquidity, and the effect of legal proceedings and new accounting standards on the Company's financial condition and results of operations. ...and more »
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Martinrea International Inc. Releases December 31, 2009 Annual ResultsMarketWatch (press release)... to the closure of the Kitchener Frame facility, which were accrued in accordance with the applicable accounting standards in the fourth quarter of 2008. ...and more »
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Accounting changes may spark CDO unwindsReutersThe Financial Accounting Standards Board said earlier this month that it will amend accounting rules for securitizations, removing a number of exemptions ...
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Accounting, auditing standards setting transferScoop.co.nz (press release)The External Reporting Board will replace the Accounting Standards Review Board next year. “I'm making this early announcement to provide certainty for ...NZICA supports new standards arrangementsScoop.co.nz (press release)all 2 news articles »
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New York PostAccounting standards not up to parGulfNewsWhen the US Financial Accounting Standards Board first drew up the rules under which Lehman Brothers conducted its Repo 105 deals, the Securities and ...Lehman Mess: Bad Intent, or Just Bad GAAP?Compliance Week (subscription)Cooking up a financial messGulfNewsall 19 news articles »
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New York TimesLehman Hid Money With Help of Global RulesNew York TimesUnited States accounting standards apparently did the rest, allowing Lehman to shuffle $50 billion of assets off its balance sheet. ...Lehman ousted whistleblower in 2008 who had raised red flags with Big 4 ...FinFacts IrelandRegulator probes Ernst & Young over LehmanThis is MoneyEvidence of a Financial Coup in AmericaCenter for Research on GlobalizationThe Guardian -Irish Times -Going Concern (blog)all 548 news articles »
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Chairman Schapiro's Opening Statement at Open Meeting on Global Accounting Standards on February 24, 2010.
Dr. Malcolm Knight speaks about the importance of harmonized accounting standards. Capital Ideas is a yearly industry conference that brings together business leaders and securities industry professionals. For more: www.bcsc.bc.ca
www.ntv.co.ke The push is on to compel the government to adopt new standards of financial accounting that are expected to improve the measurement of the performance and financial position of public institutions. The standards referred to as International Public Sector Accounting Standards (IPSAS) are designed to recognize, measure, present, and disclose all transactions regardless of when cash is paid or received. Three countries namely; Switzerland, Israel, and South Africa have already adopted the use of these new accounting standards.
www.ntv.co.ke The Institute of Certified Public Accountants of Kenya (ICPAK) is rooting for the adoption of an accounting standard that will compel public companies to state the impact of their business activities on the environment in their financial statements. The Chairman of ICPAK, Michael Joseph says this will encourage companies to run their businesses in a manner that will promote the sustainable use of natural resources.
On July 1, FASB launched its Accounting Standards Codification as the single source of authoritative US GAAP other than guidance issued by the SEC. The codification simplifies user access to all authoritative US GAAP by reorganizing current US GAAP into one topically organized source. Part 2 provides an overview of the structure of the FASB Accounting Standards Codification. Lynn has 25 years of accounting experience including corporate financial reporting and accounting under both US GAAP and IFRS. She spent 13 years at both AT&T and ADP. At AT&T she was part of the senior leadership team that executed the Lucent IPO, then the largest IPO ever. She was also the NA CFO for Havas, at the time the fifth largest advertising holding company in the world. She was instrumental in Havas conversion to IFRS from French GAAP in 2005, and was also responsible for the SEC filings for Havas as a foreign private issuer. She started her career at Peat Marwick. She is currently is a consultant at Resources Global Professionals. www.resourcesglobal.com where she acts as a technical resource for the Finance & Accounting practice Area. You can follow her on twitter at http where she provides information on accounting developments.
On July 1, FASB launched its Accounting Standards Codification as the single source of authoritative US GAAP other than guidance issued by the SEC. The codification simplifies user access to all authoritative US GAAP by reorganizing current US GAAP into one topically organized source. Part 1 provides an understanding of the background and content, of the FASB Accounting Standards Codification. Lynn has 25 years of accounting experience including corporate financial reporting and accounting under both US GAAP and IFRS. She spent 13 years at both AT&T and ADP. At AT&T she was part of the senior leadership team that executed the Lucent IPO, then the largest IPO ever. She was also the NA CFO for Havas, at the time the fifth largest advertising holding company in the world. She was instrumental in Havas conversion to IFRS from French GAAP in 2005, and was also responsible for the SEC filings for Havas as a foreign private issuer. She started her career at Peat Marwick. She is currently is a consultant at Resources Global Professionals. www.resourcesglobal.com where she acts as a technical resource for the Finance & Accounting practice Area. You can follow her on twitter at http where she provides information on accounting developments.
The International Accounting Standards board issues standards that are a single set of pronouncements used in more than 100 countries by publicly-listed companies. Discover why the US is waiting for a few milestones before looking to converge with international standards with help from a certified public accountant in this free video on international accounting standards. Expert: Miranda Chook Bio: Miranda Chook is a CPA with expertise in international operations. Filmmaker: Bing Hugh
Canada Free PressFacts on Energy: SolarCanada Free Press, Canada[10] According to the General Accounting Office, in fiscal year 2007, solar received 9.2 percent of all federal research subsidies to power generation but produced only 0.016 percent of US electricity. Per kilowatt-hour, this was 1255 times higher than ...
http://canadafreepress.com/index.php/article/11948
Lessors Network (press release). FASB Issues Statements 166 and 167 Pertaining to Securitizations ...Lessors Network (press release), GANote: Here are briefing materials regarding recent FASB changes on fair value accounting and impairments. Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of ...Fed considers changes for off-book vehicles The Daily Deal (subscription)all 17 news articles
http://www.lessors.com/news09/allnews-0612d.html
National Business ReviewIndependent body needed to oversee auditorsNational Business Review, New ZealandNew Zealand needs an independent body overseeing auditors, and could be penalised for the lack of oversight, says accounting specialist Professor David Hay. "There is wide-ranging opinion on whether it is actually necessary to establish an independent ...Institute says audit quality not key to company failures National Business Reviewall 4 news articles
http://www.nbr.co.nz/article/independent-body-needed-oversee-auditors-103639
WebCPACall Me CuriousWebCPA, NY... Ph.D, is the John N. Dalton Professor of Business Emerita at the College of William and Mary. She has served on FASB's Financial Accounting Standards Advisory Council and the Comptroller General's Government Auditing Standards Advisory Council.
http://www.webcpa.com/news/Call-Me-Curious-50741-1.html
Family Security MattersExclusive: Public Parity: Towards Liberty and Justice for AllFamily Security Matters, NJIf these funds were private banks, angry commentators would justifiably clamor to dilute their investors, tighten accounting standards going forward, and trim taxpayers' obligations. But state and local employee benefits are a different world. ...
http://www.familysecuritymatters.org/publications/id.3460/pub_detail.asp
SDNNCarbon accounting: Currency of the future?SDNN, CAStandards such as the GHG protocol have been published by the World Resources Institute (WRI) to help companies understand their environmental impact. This protocol, whose full title is “A Corporate Accounting and Reporting Standard”, ...
http://www.sdnn.com/sandiego/2009-06-09/business-real-estate/carbon-accounting-currency-of-the-future
WebCPAA Mini Shareholder's ReportWebCPA, NYHe blames the Securities and Exchange Commission and the Financial Accounting Standards Board, among others, for the extensive required verbiage in the annual reports. In addition, the CEOs are sometimes verbose in the report. ...
http://www.webcpa.com/news/Mini-Shareholder-Report-50722-1.html
Center for Research on GlobalizationWall Street on the OffensiveCenter for Research on Globalization, CanadaWith the aid of $286000 in campaign donations to the 33 members of a key House subcommittee, the Fair Value Coalition, the lobby group set up by the banks, succeeded in getting the industry rule-making body, the Financial Accounting Standards Board, ...
http://www.globalresearch.ca/index.php?context=va&aid=13898
News 10 NowPublic safety unions protest pension bill vetoNews 10 Now, NY“We've seen accounting standards which are going to change the way that we have to account for pension costs on our books. We've been able to sort of use them effectively off the books. Now, we're going to have to show those costs every year under the ...
http://news10now.com/content/all_news/central_new_york/473846/public-safety-unions-protest-pension-bill-veto/Default.aspx
Sarbanes-Oxley Compliance JournalTestimony Before the Subcommittee on Financial Services and ...Sarbanes-Oxley Compliance Journal, NJIn the area of accounting standards, the SEC staff completed a congressionally-mandated study of fair value accounting. The staff issued guidance to financial institutions so that they can give fuller disclosure to investors, particularly with respect ...
http://www.s-ox.com/dsp_getFeaturesDetails.cfm?CID=2622
Business LineAccounting for rate regulated entitiesBusiness Line, IndiaThese regulatory mechanisms have created significant accounting issues under IFRS, which does not have any elaborate guidance on the subject. The accounting for rate regulated entities is now on the agenda of the International Accounting Standards ...
http://www.thehindubusinessline.com/mentor/2009/06/01/stories/2009060150311100.htm
Center for Union FactsAFL-CIO Used “Creative Accounting” To Hide Financial WoesCenter for Union Facts, DCIn fact, the AFL-CIO's own John Sweeney led a rally in 2002 at the New York Stock Exchange to denounce “corporate pirates” and demand for better accounting standards and transparency. It's doubtful the AFL-CIO will disclose what accounting gimmicks it ...
http://laborpains.org/index.php/2009/05/29/afl-cio-used-creative-accounting-to-hide-financial-woes/
IPE.comWednesday people roundupIPE.com, UKInternational Accounting Standards Committee Foundation - The parent body of the International Accounting Standards Board (IASB) has appointed two US financial analysts to the board. Patrick Finnegan, director of the financial reporting policy group at ...
http://www.ipe.com/news/Wednesday_people_roundup_31837.php
Sarbanes-Oxley Compliance JournalFormer SEC Chief Accountant Lynn E. Turner Joins LECG's Forensic ...Sarbanes-Oxley Compliance Journal, NJHe was also instrumental in the issuance of the SEC Concept on International Accounting, which emphasized the need for high quality financial reporting on a global basis. It also called for a restructured International Accounting Standards Board. ...
http://www.s-ox.com/dsp_getSpotlightDetails.cfm?CID=2611
Sarbanes-Oxley Compliance JournalCPAs Continue to Prepare for IFRS as SEC Reviews RoadmapSarbanes-Oxley Compliance Journal, NJThe US accounting profession recognizes a need to acquire knowledge of international accounting standards even as the Securities and Exchange Commission revisits plans for adoption, according to a recent survey conducted by the American Institute of ...
http://www.s-ox.com/dsp_getNewsDetails.cfm?CID=2603
Business Wire (press release)The Financial Accounting Foundation Appoints David E. Sundstrom to ...Business Wire (press release), CAThe appointment was made by the FAF Board of Trustees, which oversees the activities of the GASB and Financial Accounting Standards Board (FASB). John J. Brennan, FAF Chairman, stated “On behalf of the FAF Board of Trustees, I am pleased to welcome ...
http://www.businesswire.com/news/google/20090521005549/en
Interview with Robert P. Garnett, Board Member & IFRIC Chair, International Accounting Standards Board, UK, November 29, 2008, 1 pm
Interview with Robert P. Garnett, Board Member & IFRIC Chair, International Accounting Standards Board, UK, November 29, 2008, 1 pm
Brief interaction with Sivabalan Sekhar, Ramakrishnan V, Chartered Accountants, Chennai, April 23, 2009, 12.30 pm
VoxyOECD Prescription For ACC Would Be A Step Back For NZVoxy, New Zealand"We know that the financial issues ACC is currently facing are primarily due to the global financial crisis reducing earnings, and changed accounting standards. Where costs have risen this has reflected improved entitlements established by government ...
http://www.voxy.co.nz/national/oecd-prescription-acc-would-be-step-back-nz/5/12131
Queens CourierNEW YORK COMMUNITY BANKQueens Courier, NYThe bank maintains strict underwriting standards, and conservative valuations when making loans, so they rarely have to worry about defaults. This model has helped the bank to weather adverse conditions that have hurt other banks. ...
http://www.queenscourier.com/articles/2009/04/15/queensbusiness_main/top_stories/doc49e663f3888b5430187853.txt
Miami Daily Business ReviewCapital SourcesMiami Daily Business Review, FLUnder heavy pressure from bank lobbying groups, on April 2 the Financial Accounting Standards Board (FASB) liberalized changes in “mark to market” rules, which gives banks greater leeway in determining the value of instruments they hold such as ...
http://www.dailybusinessreview.com/news.html?news_id=54423
CNET NewsNew Net taxes amid taxing times?CNET News, CAThe Streamlined Sales Tax Project, a multistate effort to develop uniform standards for taxation, adopted in 2007 a specific definition of digital products, along with procedures for how they should be taxed. A uniform definition across states would ...
http://news.cnet.com/8301-13578_3-10219578-38.html
Daily GuideAccountants fire up for oil sectorDaily Guide, GhanaHe therefore encouraged members of the association to engage in learning modern international reporting standards on the field. Presently, he said, there are not many certified chartered accountants in the country as a result of the expensive cost of ...
http://dailyguideghana.com/newd/index.php?option=com_content&task=view&id=3091&Itemid=254
Gold SeekNew Bubbles Brewing in Shanghai and Wall StreetGold SeekYet only a few days earlier, Obama exerted maximum pressure on the Financial Accounting Standards Board (FASB) to let Wall Street bankers set their own prices for toxic assets in earnings reports, regardless of market prices. ...
http://news.goldseek.com/GoldSeek/1239775980.php
The Moscow TimesThe 2nd Wave Is ComingThe Moscow Times, RussiaIn the first half of 2008, the level of nonperforming loans under Russian accounting standards was about only 1 percent of banks' lending portfolios. But today, Russian banks are vulnerable to one overarching risk -- the palpable decline of economic ...
http://www.themoscowtimes.com/article/1016/42/376234.htm
Business LineWhat investors should look forBusiness Line, IndiaThe timing of this change in forex accounting norms in India has been clearly triggered by a change in the US accounting rules recently. Just days before this change was introduced in India, the Financial Accounting Standards Board, which lays down the ...
http://www.thehindubusinessline.com/iw/2009/04/12/stories/2009041250420700.htm
Los Angeles TimesTrump sues developer of Baja California condo projectLos Angeles Times, CA"Defendants, as the developers of the project, were entrusted with ensuring that the project would be constructed and developed in accordance with the buyers' purchase contracts and in keeping with the high standards of luxury, quality, reliability and ...
http://www.latimes.com/business/la-fi-trump10-2009apr10,0,7344498.story
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