On Wednesday, May 26, 2010, the FASB released an exposure draft for the purposes of improving accounting for financial instruments. The new rules, projected to take effect in 2013, incorporate both amortized cost and fair value information about financial instruments held for collection or payment of cash flows. Questions: 1. According to the article, how… Read more »
Posts Tagged: Supplemental Financial Reporting
Bond Rating Under Fire
E-mails and other documents were presented as evidence at a hearing examining the causes of the financial crisis on Capitol Hill on April 23, 2010. This hearing is part of an 18-month investigation by the Senate Permanent Subcommittee on Investigations, led by Senator Carl Levin. Subcommittee assertions are that the rating agencies were well aware… Read more »
The Effects of Converting to IFRS
The Effects of Converting to IFRS The primary question raised in this article is: “What effects would switching to IFRS have for companies, if forced to switch by the SEC?” Based on a panel of four executives from four major companies, most agreed that there will be almost no material effects in areas that investors… Read more »
New Year Resolutions for Audit Committees?
The Sarbanes-Oxley Act of 2002 increased audit committees’ responsibilities and authority, and raised the bar on the independence of members. As a result, the SEC and the stock exchanges also proposed new regulations and rules to strengthen audit committees. A recent report by the KPMG Audit Committee Institute presents New Year’s guidance for audit committees… Read more »