Accouting for leases may change soon
An article at CFO updates us on the current progress of an accounting rule that could change the way companies account for leases. Any company that leases plants, property or equipment would be...
View ArticleBank of America has new Chief Accounting Officer
Yesterday, Neil Cotty was named the new Chief Accounting Officer at Bank of America. His previous position was chief financial officer at a global wealth and investment management firm. Read more...
View ArticleTata Motors profits rise after change in accounting rules
According to Bloomberg, Tata Motors, who won Jaguar and Land Rover, saw an increase in profit after the Indian government changed accounting rules. They allowed companies to alter provsions for...
View ArticleCurrent financial crisis not caused by change in accounting rules
According to the AP, The Financial Crisis Advisory Group has stated that changes in accounting rules did not cause the most recent credit crisis. They did state that there are weaknesses in the...
View ArticleNumber of accounting degrees is up
According to an article at The Journal of Accountancy, 66,000 Masters or Bachelors degrees were awarded to accounting graduates in the 2007-2008 school year. This is up 3.5% from the 2006-2007...
View ArticleTenent Healthcare Corp improves returns
According to Fierce Healthcare, Tenent Healthcare Corporation has posted better returns than previously expected for the second quarter. By holding down costs, offsetting growing bad debts, and...
View ArticleCPAs knowledge in IFRS and GAAP
The IFRS blog recently asked if your CPA was bilingual. Although the United States has not yet fully committed to adopting IFRS, many other countries throughout the world have begun to take the steps...
View ArticleTweedie encourages US to join IFRS
At WebCPA, they divulge that Sir David Tweedie has encouraged the United States to come up with an adoption plan for IFRS. Although Tweeide has and FASB Chairman Bob Hertz have worked closely together...
View ArticleHow are you handling the transition to IFRS standards?
The SEC estimates the transition from US GAAP to IFRS will cost each early adopter $32 million over the first three years. Although the convergence for large accelerated manufacturers doesn’t occur...
View ArticleFormer AIG Executive settling accounting charge
Maurice "Hank" Greenberg, Former American International Group Chief Executive, will pay $15 million to settle an accounting charge. According to the article,Greenberg and Smith were responsible for...
View ArticleNew network for accountants
A new social network for accountants has been launched. Hub Street is a social network that brings together accountants, lawyers, and lenders to create connections in the industries. It also has a...
View ArticleFair market value rules may expand
According to Bloomberg, last week, FASB decided to consider expanding fair market value rules. Accountants could end up expanding mark-to-market across all financial assets. Read the full article here.
View ArticleAdopting IFRS slowing
In an article recently at Reuters India, they look at how the current global economy is just one of the latest factors holding up the adoption of IFRS globally. Due to the credit crisis, many...
View ArticleFASB's changes on disclosing private information
According to CFO, there is debate as to how companies are handling lawsuits and their accounting rules and disclosures. Under the new rules of FASB, companies would not have to disclose any...
View ArticleControlling your risk when converting to IFRS
The Journal Of Accountancy recently published a post that looks at how companies can take precautions when it comes to converting from GAAP to IFRS. One of the key areas that will be affected during...
View ArticleJames L. Kroeker becomes SEC's permanent cheif accountant
The Wall Street Journal stated that James L. Kroeker will become the permanent chief accountant for the Securities and Exchange Commission. He has been serving as the chief accountant since January....
View ArticleWhat does Kroeker’s appointment mean for IFRS?
On Tuesday, the Securities and Exchange Commission appointed James L. Kroeker the permanent chief accountant at the agency. Many in the industry thought SEC’s Mary Schapiro would select someone with a...
View ArticleIndiana Government converting to centralized accounting system
According to Fox 28 of South Bend, Indiana, the Hoosier government will be converting to one single accounting system. The complete transition will take place by September 16. This has been in the...
View ArticleName Change for FAS 157
The Wall Street Journal Blog recently wrote about the name change for FAS 157. It will now be known as Topic 820. This rule currently requires companies mark their assets to market every quarter. With...
View ArticleAdopting IFRS Key to global financial success
According to the Associated Press, federal regulators stated Monday that it's critical for the United States along with other countries to adopt one international accounting standard. By all countries...
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