Accounting

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SEC, Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers: Exploring a Possible Method of Incorporation (May 2011) resource White Papers OCEG Reviewed
Submitted by ocegstaff on May, 27 2011

A Staff Paper from the Office of the Chief Accountant at the SEC (May 26, 2011).

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AICPA, Recently Issued Technical Questions and Answers resource Organizations & Associations OCEG Reviewed

The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA.

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PCAOB Drafts Bill to Make Disciplinary Proceedings Public (September 2010) resource Articles OCEG Reviewed

Introduction: The Public Company Accounting Oversight Board has written to Congress with a draft bill that would amend the Sarbanes-Oxley Act to allow it to make its disciplinary hearings of accounting firms and auditors public.

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CICA's IFRS Transition Resources resource Organizations & Associations

About CICA: The Canadian Institute of Chartered Accountants (CICA) conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government.

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SEC, Spotlight On: Fair Value Accounting Standards resource Agency Web Sites OCEG Reviewed
The Emergency Economic Stabilization Act of Act 2008, enacted and signed by the President on October 3, 2008, among other things requires the Commission to conduct a study of "mark-to-market" accounting applicable to financial institutions, including depositary institutions, and submit a report to Congress with the findings and determinations within 90 days. (Section 133)
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SEC, Proposed Rule - Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers (2008) resource National Regulations OCEG Reviewed
Summary: The Securities and Exchange Commission (“Commission”) is proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board by U.S. issuers for purposes of their filings with the Commission. This Roadmap sets forth several milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers in 2014 if the Commission believes it to be in the public interest and for the protection of investors.
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FASB and IASB Issue Discussion Paper on Financial Statement Presentation (2008) resource Articles OCEG Reviewed
Submitted by OCEG Staff on Nov, 10 2008
In a first step toward the creation of a new standard, the FASB and IASB have issued a Discussion Paper on financial statement presentation. The new standard would require an entity to present a single set of financial statements that more clearly and cohesively depicts its financial picture. The boards believe that a single financial statement presentation model would enhance the usefulness of financial information by increasing financial statement comparability and consistency within and across entities.
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FASB Summary of Statement No. 157, Fair Value Measurements resource Agency Guidances OCEG Reviewed
This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. This Statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this Statement does not require any new fair value measurements. However, for some entities, the application of this Statement will change current practice.
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Can Companies Excel at Fair Value? (2008) resource Articles OCEG Reviewed
Submitted by OCEG Staff on Nov, 10 2008
When FAS 157 took effect last November, many finance departments and business units faced a new accounting requirement but lacked any new technology with which to address it. To determine the fair value of a wide range of balance-sheet items, they turned to that old standby, the spreadsheet, to piece together models that they hoped would make sense to shareholders and auditors.
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China's New Accounting Standards: A comparison with current PRC GAAP and IFRS (Deloitte, 2006) resource White Papers OCEG Reviewed

The development of new Chinese accounting standards is an important step for the development of the Chinese economy and its place in the world’s increasingly integrated capital markets.

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