FASB

FASB ADDS FAIR-VALUE FIX TO
2008 AGENDA
The Financial Accounting Standards Board is working on guidance to ease accountants' confusion over how to measure fair value in illiquid markets. FASB said that the new guidelines will discuss how to determine whether an asset or liability's market is active or inactive and whether a transaction should be considered distressed. [Read More]

UPDATE ON MARKET-TO-FIRE-SALE ACCOUNTING - FASB IMPAIRMENT GUIDENCE REVISED IN FSP NO. EITF 99-20-1

 The FASB amended the guidance for assessing impairments of financial assets in EITF Issue No. 99-20. But the final document included a formal dissent from two of the five members of the standard-setting body, who complained that the accounting change may do more to undermine investor confidence in the health of financial companies instead of shoring it up. [Read More]
SEC

SEC APPROVES STOCK EXCHANGE REVISED LISTING REQUIREMENTS

 

As discussed in the article entitled "Nasdaq Clarifies Definition of a Controlled Company in Release No. 34-59424" in the February 24, 2009, issue of Accounting & Compliance Alert, the SEC recently approved a Nasdaq proposal to amend its definition of a controlled company. [Read More]

SEC CHIEF PLEDGES EFFORT TO BOLSTER ENFORCEMENT

The new chairman of the Securities and Exchange Commission pledged a crackdown on fraud and announced changes aimed at speeding up inquiries and reaching tougher settlements.
[Read More]

INTERACTIVE DATA TO IMPROVE FINANCIAL REPORTING
We are adopting rules requiring companies to provide financial statement information in a form that is intended to improve its usefulness to investors. In this format, financial statement information could be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial off-the-shelf software, and used within investment models in other software formats.[Read More]
AICPA

INTERIM FINANCIAL INFORMATION GUIDANCE ISSUED
In 2007, a joint ARSC/ASB Task Force was established with the charge of considering and developing guidance with respect to the performance of review engagements on interim financial information for nonissuers. [Read More]

AICPA ISSUED AUDIT RISK ALERTS ON RECESSION

The American Institute of CPAs has issued a series of audit risk alerts designed to raise auditor awareness of the economic downturn's business implications as auditors plan 1991.
[Read More]

 
PCAOB

PCAOB REGISTRATION OF AUDITORS OF NON-PUBLIC BROKER DEALERS FREQUENTLY ASKED QUESTIONS

 The answers to these frequently asked questions represent the views of the staffs of the Division of Trading and Markets and the Office of the Chief Accountant (“the staff”) of the U.S. Securities and Exchange Commission (the “Commission”). [Read More]
IASB EDITORIAL CORRECTION TO THE PRESS RELEASE ON IFRIC 18 TRANSFERS OF ASSETS FROM CUSTOMERS

The International Financial Reporting Interpretations Committee (IFRIC) issued an Interpretation that provides additional guidence the accounting for transfers of assets from customers.
[Read More]