accounting standard Accounting Standard: Then There Were Two [Accounting Standards] (blog)

Then There Were Two [Accounting Standards]

Fred notes that the SEC has, in fact, permitted foreign companies that list in the States to report their results under international accounting ... informal, public-private initiative out of London, the International Accounting Standards Board ... accounting standard, and they're not doing it through a treaty, or a coordinated set of laws, or even [more...]

Date: 2007-06-25 15:16:54
Blog: Conglomerate Blog: Busi...

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American bankruptcy

American bankruptcy May 29th, 2007 by donsurber USA Today just broke a blockbuster story: “Rules ‘hiding’ trillions in debt ... about $31,000 a year to do so in 75 years. The Financial Accounting Standards Advisory Board, which sets federal accounting standards, is considering requiring the government to adopt accounting rules [more...]

Date: 2007-05-29 14:05:29
Blog: Don Surber ...

Dangerous liasons

I’m gobsmacked. Richard Murphy refers to an International Accounting Standards Board and the Federal Accounting Standards Board that attempts to ... specify only one objective of financial reporting, that of resource allocation decision-usefulness. Fortunately, European standards setters see things differently, seeing stewardship in familiar terms [more...]

Date: 2007-08-01 23:30:00
Blog: AccMan...

SOX Complaince - Regulating Accounting Standards

SOX Complaince - Regulating Accounting Standards August 30th, 2007 | Category: , Small Business, IRS, Cash Flow, Receivables, ... known as GAAP or generally accepted accounting principles, enforced by the Sarbanes-Oxley Act. This act ... Blog Carnivals Organizations rely on top level managers to understand the accounting principles [more...]

Date: 2007-08-30 13:40:12
Blog: Basic Accounting...

Right Wing News: The Real Size Of The Debt

This is exactly what happens when you have no tax increases (good idea) but unrestrained government and benefits growth (bad idea) ... Advisory Board, which sets federal accounting standards, is considering ... -style accounting standards are used, a USA TODAY analysis shows. The loss reflects a continued [more...]

Date: 2007-05-30 04:52:36
Blog: ThatPoliticalBlog ...

China's Uncertain Tax Positions

Donald Compton of Pricewaterhouse Coopers LLP just had published a nice introduction to some of the tax issues likely to confront multinational ... to do to comply with Financial Accounting Standards Board Interpretation No. 48. The introduction ... the process of addressing how Financial Accounting Standards Board Interpretation No. 48 ("FIN 48 [more...]

Date: 2007-08-23 21:03:28
Blog: China Law Blog: a blog ...

June Guest Robert Bloomfield

We're very happy to have Robert Bloomfield guest-blogging with us on Terra Nova this June ... an academic research initiative for the Financial Accounting Standards Board, which sets accounting ... . Robert is a Professor of Accounting at Cornell University’s Johnson Graduate School of Management [more...]

Date: 2007-05-31 06:03:47
Blog: Terra Nova...

ACCOUNTING, TEXAS-STYLE

Retiree health benefits amount to an exceptionally cushy deal for America's public-sector workers ... of Government Accounting Standards Board (GASB) Derivatives and Hedging Task Force. These benefits ... will simply defy a key provision of established government accounting standards. This would be stunning [more...]

Date: 2007-05-29 13:21:55
Blog: NCPA | A Leader In Prom...

Major Accounting Overhaul: Explained

The first thing that must be dealt with is background information. Financial Accounting Standards Board This body is considered an a-political body that sets the US accounting standards but in reality they report to the SEC which adds a political streak to it [more...]

Date: 2007-10-07 22:12:13
Blog: Xtreme CPU - Powered by...

The real risks emerge when Pandora's investment box is opened

Related Does it all add up? Builders Have Further to Fall Markets fear global 'credit crunch' --- By Richard Beales in New York and Gillian Tett in ... internally using "unobservable inputs". The Financial Accounting Standards Board wants fair value ... . US accounting authorities expect companies to report the fair value of their holdings using [more...]

Date: 2007-07-02 20:29:52
Blog: CRIMES AND CORRUPTION O...

VACANCY AT Mobile-8 TELCOM

VACANCY AT Mobile-8 TELCOM Job Career Vacancy opportunity (Informasi Lowongan Lamaran Peluang kerja karir pekerjaan terbaru) ... to day finance and accounting transaction to ensure proper compliance with accounting standards ... (A/R & Inventory) reporting in timely manner. * Manage and supervise team of Finance Staff. * Providing [more...]

Date: 2007-08-30 02:48:14
Blog: JOB CAREER VACANCY (LOW...

Moscow Refinery Finances Skyrocket

The Moscow Oil Refinery, which has operated for years with modest financial results, experienced a 79-fold increase in its net profit in the first half of this year, reaching $43 million. A financial account by Russian accounting standards for the second quarter published yesterday [more...]

Date: 2007-08-15 17:45:00
Blog: Kommersant - Russia's D...

Singapore News : New accounting rules may result in property stock trading volatility

Listed property developers may experience some volatility in the trading of their shares, if a proposed change to real estate financial reporting standard is implemented. The International Accounting Standards Board has been consulting the industry on whether developers should book [more...]

Date: 2007-10-05 20:07:26
Blog: Management Accountant...

International Securities Regulation

I'm in a global mood as I sit here at Dulles waiting for my night flight to Addis Ababa, ... that non-US based companies be allowed to rely on International Financial Reporting Standards (IFRS, promulgated by IASB--the international accounting standards board) without having to include GAAP [more...]

Date: 2007-06-24 00:05:33
Blog: Conglomerate Blog: Busi...

IFRS: an option for US issuers?

For several years now, momentum has been building for a single set of high quality global accounting standards that could be consistently applied by ... Chief Accountant Donald Nicolaisen published an article, or "roadmap," discussing the possible [more...]

Date: 2007-09-10 06:03:05
Blog: Governance Focus...

Accounting, Part 2: Overview of Sub Disciplines

[Editor's Note: This is the second installment of a multi-part series on accounting ... accounting principles (GAAP, pronounced like "gap"). In the U.S., the Financial Accounting Standards Board (FASB) issues various pronouncements that establish, clarify, and amend GAAP; the International [more...]

Date: 2007-10-03 15:07:35
Blog: C.S. Hayden's Blog...

Are You Still Looking? Stop Scrutinizing, Already!

As noted below (in this post), the House has already cut the budget for the Office of Labor and Management Standards, the part of the U.S ... inconsistency of the OLMS's critics.Take the onerous accounting standards now imposed on companies under ... financial statements only once a year, don't have to have their audit certified and are rarely [more...]

Date: 2007-08-29 11:31:24
Blog: ShopFloor.org: Manufact...

How Nasdaq's Private Stock Market Could Ruin American Capitalism

Nasdaq is about to launch a new 'private' stock market which they believe will not be subject to SEC regulations and securities laws ... to prevent Enron-style fraud being perpetrated on investors, the effect has been to create an accounting ... act, which was passed following the Enron scandal and placed enormous new accounting standards [more...]

Date: 2007-08-14 18:23:22
Blog: Rule .303...

Back Biters and Syndicators

Accounting Heidi Moore of Financial News has this report on how the SEC has put its own abacus to work in making sure various investment banks are ... Accounting Standards Board. Company Writedown Citigroup $5.9 billion Merrill Lynch $5.5 billion ... sheets. The SEC is looking into the accounting and securities valuation practices at Wall [more...]

Date: 2007-10-08 15:02:10
Blog: MarketBeat Blog - WSJ.c...

Pentagon, Homeland Security Fail Audits

From USA Today: Financial records at the Pentagon and Homeland Security Department are so disorganized and inconsistent that they cannot be audited fully, making them subject to waste, fraud and abuse. That’s the conclusion of an Associated ... has met even basic accounting standards, the AP concludes. “It means we really can’t put any [more...]

Date: 2007-09-14 23:55:15
Blog: BlueHerald 2.0 - News Y...

Why Small Investors Deserve XBRL-Enabled Statements

Written by Bob Schneider Posted on August 23, 2007 Last weekend I watched L’Eclisse, a movie by the brilliant and revolutionary ( ... . The information supply chain of the small investors Antonioni portrays is composed of tips, rumor ... wheel. Revenues and cash flow, much less a new accounting standard for pensions, are not part [more...]

Date: 2007-08-23 22:45:38
Blog: Hitachi XBRL ...

Homeland Security and Defense departments could be making everything up

A few federal agencies are not being audited as they should be in order to wipe out fraud, waste and mismanagement: ... accounting requirements, leaving them vulnerable to waste, fraud and abuse. An Associated Press review ... accounting standards. Each year, those agencies are required to release results of outside audits [more...]

Date: 2007-09-15 19:31:17
Blog: The Blue State...

United Kingdom: Financial Reporting - A Briefing For Finance Directors, May 2007 - Smith & Williamson

Among accounting standard setters, convergence continues to be the key word ... IFRS into the UK accounting framework without over-burdening preparers of accounts. In the first Financial Reporting newsletter of 2007, we address new and revised standards, both at an international [more...]

Date: 2007-07-18 16:46:25
Blog: Welcome to Mondaq -08 O...

Schumer: Foreclosures up 80% in NYC

THE ASSOCIATED PRESS Sunday, August 26th 2007, 2:18 PM State and federal lawmakers are calling for a crackdown on unscrupulous mortgage firms, ... with misleading loan offers, Schumer told a news conference on Sunday. "Banks should not be offering ... said some lenders apparently are using accounting standards that lock borrowers into agreements [more...]

Date: 2007-08-27 13:10:19
Blog: CRIMES AND CORRUPTION O...

How regulators fed the credit mess

I have written plenty over the years about how financial firms have been allowed to essentially make up their numbers ... illusions. Officially blessed fudging Kudos to the Financial Accounting Standards Board (FASB ... ‘fair values’ of assets and liabilities, under a pronouncement called FASB Statement No. 157, which [more...]

Date: 2007-08-27 13:46:52
Blog: Family And Twist...

Regulators to blame in credit crisis?

Date: 2007-08-28 05:47:05
Blog: Family And Twist...

"Sweeping Away GAAP"

By Marie Leone: Financial Accounting Standards Board chairman Robert Herz said on Friday morning at an industry conference that he expects that U.S ... efforts to move American companies off U.S. GAAP and on to a single global standard. "I don't believe in a two-GAAP system," he said. Read complete article Sweeping Away GAAP Source: CFO.com, 28 [more...]

Date: 2007-09-28 18:55:43
Blog: Accountants Round Up...

Finally, Some Government Democrats Want To Cut

Finally, Some Government Democrats Want To Cut Filed under: Politics — Gaius at 6:04 am on Tuesday, July 17, 2007 The good news: ... of the Sarbanes-Oxley Act of 2002, lawmakers have been relatively nonchalant about union reporting. Unlike ... audited by the government, and don't have to follow standard accounting methods. OLMS, the Labor [more...]

Date: 2007-07-17 12:04:04
Blog: Blue Crab Boulevard...

Is economic growth the panacea to our ills?

An analogy to start with. You are in Nai earning Ksh110k per month and are able to save/invest 10k of that ... a pool of qualified experienced engineers, project managers, public finance accountants, you create ... standards of living. Yet what are we doing with increased tax revenues? Increasing salaries for public [more...]

Date: 2007-08-28 16:03:07
Blog: Kenya Capital Investmen...

Valuing intangibles - NY Times

Sunday's New York Times had a story article on something that a regular reading of this blog would already understand: ... the disclosure of intangible assets acquired in a business combination (see FASB’s Statements of Financial ... Board (IASB) and the Financial Accounting Standards Board (FASB) -- the two organizations [more...]

Date: 2007-09-10 13:18:13
Blog: The Intangible Economy...

Trader Psychology - A Nervous Breakdown?

One of the biggest problem with trading is how do you deal with that initial trade entry for either going long or short. As soon as you enter in the order, you may be down anywhere from 2 to 6 PIPs in the red, and its even worse with a standard account. Now what happens once you see price going the opposite direction [more...]

Date: 2007-10-08 15:42:08
Blog: Forex TSD| Metatrader I...

SEC Seeks Facts on GM Forex Accounting

The matter concerns the auto maker's foreign exchange and commodities accounting under Financial Accounting Standards Board hedging strictures. [more...]

Date: 2007-05-21 04:59:16
Blog: CFO.com - News and Insi...

AP: Defense Dept., Homeland Security fail financial audits

From the AP - Ten years after Congress ordered federal agencies to have outside auditors review their books, ... accounting requirements, leaving them vulnerable to waste, fraud and abuse. An Associated Press ... “comply substantially” with generally accepted accounting standards. Each year, those agencies [more...]

Date: 2007-09-15 04:48:00
Blog: Lake Minnetonka Liberty...

Beer, Shotguns, and Digital Cash

I am always interested in areas where constraints lead to innovative designs, for example Out of Africa, ... man. A general shortage of banks, communication lines and reliable accounting standards in poor ... purchases. Merchants periodically present their cards at wired Net 1 terminals, where information [more...]

Date: 2007-08-23 15:16:53
Blog: 1 Raindrop...

Big Labor Payback: Democrats’ Idea of Fiscal Responsibility

Big Labor Payback: Democrats’ Idea of Fiscal Responsibility Filed under: General, National Politics — Ben @ 8: ... by corporations, including the burdens of the Sarbanes-Oxley Act of 2002, lawmakers have been relatively ... standard accounting methods. Read John Fund’s Opinion Journal column in its entirety to learn [more...]

Date: 2007-07-17 14:58:21
Blog: Mount Virtus...

Less Regulation Through More Central Planning?

New Yorkers refuse to believe that they are losing their place as the center of the financial world ... have to bear far too much in the way of hardship and costs due to Sarbanes-Oxley, post-9/11 ... " the investor, and the stringent and uncooperative system of accounting standards which are rules-based [more...]

Date: 2007-07-06 10:07:26
Blog: Mises Economics Blog: A...

Federal Agencies Flunk Their Audits

SFGate By MARTHA MENDOZA, AP National Writer Friday, September 14, 2007 (09-14) 13:45 PDT (AP) ... accounting requirements, leaving them vulnerable to waste, fraud and abuse. An Associated Press review ... "comply substantially" with generally accepted accounting standards. Each year, those agencies [more...]

Date: 2007-09-15 19:18:37
Blog: CRIMES AND CORRUPTION O...

PrioritiesNH reports, Bogus $20 million is "tip of the iceberg"

Campaign pressures Presidential candidates to reduce wasteful Pentagon spending CONCORD, ... , when a South Carolina defense contractor pled guilty to wire fraud and money laundering. The company ... has not complied with accounting standards put in place 17 years ago. The result is that Defense [more...]

Date: 2007-08-18 11:10:48
Blog: NH INSIDER- Your Source...

Belabor the Point

Belabor the Point John Fund in the Wall Street Journal: (emphasis added) ... on copious reporting by corporations, including the burdens of the Sarbanes-Oxley Act of 2002 ... , and don't have to follow standard accounting methods. OLMS, the Labor office that watches over union [more...]

Date: 2007-07-18 06:04:00
Blog: The New Editor ...

"I'm an Auditor, Darn It, Not an Investigator, Right?"

By AccountingWEB: Recent professional guidance, such as SAS 99, Consideration of Fraud in a Financial Statement Audit, and Public Company Accounting Oversight Board (PCAOB) Auditing Standard 2, has brought more attention to the auditor's responsibility to uncover the warning signs of fraud, but there is still [more...]

Date: 2007-09-24 15:37:23
Blog: Accountants Round Up...

Financial Troubles at TMB

The Nation reports: The Finance Ministry will instruct the Bank of Thailand to scrutinise TMB Bank's operations to find out why its financial status ... provision taken to comply with International Accounting Standard 39 and a slight narrowing of its net [more...]

Date: 2007-06-14 17:54:11
Blog: Bangkok Pundit...

Determining Inventory Cost

U.S. GAAP (ARB 43, SFAS 151) and International Accounting Standards (IAS 2) outline similar procedures for allocating costs to inventory ... in inventory are capitalized as balance sheet inventory until sold, thus matching the related expenses [more...]

Date: 2007-09-14 13:41:18
Blog: Financial Education - E...

Report from the Edwards Event in Detroit

Well, it's two weeks late (hardly BREAKING anymore), but here's my full write-up of the Edwards fundraising event I attended on 14 June. [ ... the insurance industry by setting national accounting standards requiring insurers to spend at least 85 percent [more...]

Date: 2007-06-29 16:35:56
Blog: Michigan Liberal: Mich...

Blair ID claims 'fact-free'

Tony Blair has written to everyone who has signed an anti-ID cards petition on the notorious Number 10 website, ... figure. Mr Blair is repeating an arbitrary piece of creative accounting as if it were meaningful ... , Evening Standard, 20/6/05: http://www.spy.org.uk/spyblog/2005/06/evening_standard_andrew_gillig.html [more...]

Date: 2007-02-19 00:00:01
Blog: NO2ID:stop ID cards and...

STANDARD DEVIANTS SCHOOL - ACCOUNTING, PROGRAM 4 - INCOME STATEMENTS (CLASSROOM EDITION)

SWEATSHIRT WOMAN RED ” WORLD’S BEST ACCOUNTING CLERK “This is a enthusiastic sweatshirt. Great gift ... . The past crapper care with the auditing of some playing and the latter crapper appendage taxes [more...]

Date: 2007-10-08 08:00:24
Blog: Accounting Guide at Ac...

Russia's Mechel posts 226% rise in US GAAP net income in 1Q07

11-07-2007 18:07 MOSCOW, July 11 (RIA Novosti) - Mechel , one of Russia's leading mining and metals companies, said Wednesday its net income, calculated to US GAAP accounting standards, increased 226%, year-on-year, in the first quarter of 2007, to $205 [more...]

Date: 2007-07-11 14:07:57
Blog: RIA Novosti - Russia...

GAAP is Dead: Long Live the New IFRS!

Filed under: International markets, Earnings reports, Analyst reports, Other issues, Market matters, Economic data, ... and has negotiated with the Financial Accounting Standards Board (FASB), which regulates GAAP, to resolve [more...]

Date: 2007-06-21 13:15:00
Blog: BloggingStocks...

SMBs May Ease Into Looser SOX

sec_logo.jpg Come June, the SEC expects to pass some new guidance on how public companies — particularly small ones — can better prepare themselves for a SOX sting. In the meantime, the Public Company Accounting Oversight Board plans to issue simpler standards for third-party audits of company coffers. [more...]

Date: 2007-05-04 09:58:28
Blog: Content Management (CMS...

SEC's Cox: Universal accounting standards by 2009

Filed under: International markets, Good news, Law, Internet, Columns SEC Chairman Christopher Cox said on Sunday that, by 2009, ... , and now companies can choose to report results to American investors under IFRS international [more...]

Date: 2007-04-30 20:40:00
Blog: BloggingStocks...

Get Your Degree

Many people have discovered how easy it is to enroll in online college courses. One of the most noted online colleges is the University of Phoenix ... and get on to a better job and even a better standard of living. Earn a College Degree in accounting, business, criminal justice and many more career fields. A study has shown that persons with a [more...]

Date: 2007-09-03 22:47:17
Blog: The Pond...