Accounting Standards

Accounting Standards

The recent “accounting” scandals reinforced the importance of standards in accounting and business. This area of CreditPulse will monitor select changes and modifications of accounting standards and other standards that effect business by governing bodies such as the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA).  Also, we will monitor enforcement of various rules and standards by both the Securities and Exchange Commission (SEC) and the Federal Reserve Board.

Recent Articles

Konami Corporation's delisting from the New York Stock Exchange on April 24th shows the growing maturity of the Japanese financial and capital markets. 

In the past few years, the Japanese government has passed a series of amendments to Japanese securities laws and regulations that have steadily improved the financial reporting and disclosure standards of companies listed on the Tokyo Stock Exchange, part of the Japan Exchange Group.

view

Some big companies are changing the way they account for their pension plans in a way that could pad earnings if interest rates start to rise.  "I don't know that analysts are even going to know that is going on."

More and more companies, particularly those with large employee pensions, have switched to fair value or mark-to-market accounting for calculating actuarial gains and losses rather than amortizing them over a period of years, thus positioning for potentially sizable earnings boosts in coming years, according to an accounting professor at Georgia Tech.

view

Bank of America management, with likely involvement from the U.S. Treasury, ignored the advice of its company treasurer, external auditor and general counsel by not disclosing the pre-merger losses at Merrill Lynch, according to the New York Attorney General.

More and more of the details are emerging about what really happened during the tense moments back in Nov. and Dec. of 2008 at the height of the credit crisis when Bank of America either voluntarily or involuntarily acquired Merrill Lynch.  Read inside for details of what happened.

view

Approximately 1,100 corporate accounting and finance professionals from around the country, and some from around the world, gathered in Tampa, Florida two weeks ago for the Institute of Management Accountants (IMA) 89th Annual Conference & Exhibition.

The impending convergence of U.S. Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS), a process with enormous ramifications for businesses and investors worldwide that has received very little media attention, took center stage throughout the

view

The integration of European capital markets and the rapid growth of China's economy and capital markets have increased the pressure to merge the various accounting standards of the world into one cohesive accounting standard -- a movement known as convergence.

Read below as one of the foremost experts on the impending convergence between U.S. GAAP and International Financial Reporting Standards (IFRS) provides insight on what will likely be the biggest change in accounting standards and reporting since the Securities and Exchange Act of 1934.

view