INDUSTRY NEWS
Product and service updates from leading vendors
and suppliers to the accounting profession.

November 5, 2009
IASB Publishes Proposals on the Impairment of Financial Assets
The proposals form the second part of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard, to be known as IFRS 9 Financial Instruments. 

IAASB Staff Practice Alert Helps Auditors Plan More Effective Use of External Confirmations
To raise awareness of potential issues and to help auditors use external confirmation procedures more effectively, the staff of the International Auditing and Assurance Standards Board (IAASB) has released a new audit practice alert (PDF).

Eighty-eight Percent of Senior Financial Executives Believe Positions of CEO and Chairman of the Board Should Be Separate 
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, the vast majority (88%) believe that the positions of CEO and chairman of the board should be separate and more than half (52%) report that they would like to be CEO of a company one day.

Financial News: IASB Calls for 'Rainy Day' Buffers
The International Accounting Standards Board has pushed ahead with proposals requiring institutions to put aside capital as a cushion for expected future losses, publishing draft rules that would overhaul existing rules on how banks write down assets.

November 4, 2009
IASB Simplifies Requirements for Disclosure of Related Party Transactions
The International Accounting Standards Board (IASB) issued today a revised version of IAS 24 Related Party Disclosures that simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party.

Ready or Not?
Robert Half International survey suggests professionals overestimate how prepared they are for a job search.

U.S. Chamber: Proxy Access Would Undermine Economic Growth; Should Be Determined by the States
Urges House Financial Services Committee to reject Waters Amendment.

November 3, 2009
IFAC Releases New Tool That Gauges ISA Adoption
Adoption of international standards on auditing (ISAs) is well underway, according to the newly released online chart from the International Federation of Accountants (IFAC).

Letter Encourages Congress to Retain SEC Oversight of FASB
A group of key stakeholders in U.S. capital market regulations sent a joint letter to the leaders of the House Financial Services Committee to discourage possible proposals that would realign the oversight of FASB within the structure of systemic risk regulation.

IRS Seeks Applications for TE/GE Advisory Committee
The IRS is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT).

U.S. Small Business May Get Permanent Sarbox Relief
The SEC is now requiring small companies to report on the effectiveness of their internal controls as of June 15, 2010. But Republicans, hoping to thwart this requirement, introduced an amendment to a House Financial Services Committee draft bill to do just that.

CFO & Controllers Accounts Payable Management Journal
Get your complimentary copy by e-mailing Mary Schaeffer at marys@ap-now.com and add AICPA in the subject line.

November 2, 2009
Video: Impact of IFRS Adoption in Global Capital Markets
Paul A. Volcker, chairman of the president’s Economic Recovery Advisory Board, discusses the impact of adopting IFRS in global capital markets. 

CAQ, CII and U.S. Chamber of Commerce Send Joint Letter to Congress in Support of Accounting Standard-Setting Independence
Read joint letter from Center for Audit Quality and Center for Capital Markets.

Thomson Tax & Accounting Kicks Off 29th Annual Users' Conference for Accountants and Tax Professionals
Profession's longest-running conference attracts more than 800 key influencers.