Research and Development (R & D): Does This Indicate a Crack in the Foundation of IFRS Convergence?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

When the IASB and FASB began the convergence process in 2002, they considered R & D as a high-priority project, where differences between US GAAP and IFRS were seen as particularly straightforward. However, as this article notes, still no consensus has been reached because IASB’s R&D treatment  appears to defeat comparability in the eyes of… Read more »

Convergence Delayed

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, IFRS, Intermediate Accounting, International Accounting.

The head of the Financial Accounting Standards Board, which sets U.S. accounting rules, said June 1, 2010, that he does not expect FASB to meet a June 30, 2011 deadline for convergence with international accounting rules, as requested by the G20 group of industrial and emerging countries. According to FASB chairman, Robert Herz, changes that… Read more »

A New Twist for Job Seekers

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Unemployed Individuals can increase their attractiveness to prospective employers by knowing about  certain tax breaks that employers can secure by hiring them. One group , National Tax Credit Group, LLC, is promoting this advantage by creating a “Tax Credit Card” which they issue to prospective employees after screening them for hiring credit eligibility. This article… Read more »

A Virtual Marketplace for Accountants

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Launched in late April 2010, CPAbidding.com provides a new way for individuals and businesses to find and retain CPA-related services. This new Web site is free to use and helps connect individuals and businesses with CPAs. The goal of the service is to provide a more efficient and less expensive option for finding and hiring… Read more »

If You Are Planning to Work for Grant Thornton in Hawaii, Think Again.

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Accounting firm Grant Thornton is leaving the Hawaiian market this summer after more than 50 years, and selling its practice to two of the firm’s audit partners from the Honolulu office.  Several  established Big Four firms have preceded Grant Thornton in this exodus, including PricewaterhouseCoopers, who left in 2006 after 55 years. Questions: 1. What… Read more »

The Costs and Benefits of Simultaneous Audits for Multinational Companies

Posted by & filed under Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

Simultaneous audits mean two separate exams, conducted by different governments, in which those governments share with each other some of the taxpayer’s information.  Even though you may not have heard of them, they have existed since the 1970s, but are becoming more common today as government tax agencies race to match the level of global… Read more »

What’s the Diagnosis – Accounting Fatigue Syndrome (AFS)?

Posted by & filed under Accounting Principles, All Articles, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, IFRS, Intermediate Accounting, International Accounting.

At a recent conference in Orlando, financial executives discussed one of the top reasons for employee fatigue – a continuous stream of regulatory and accounting standard-setting guidance that has been issued in recent years and the promise of more to come over the foreseeable future. Questions: 1. Although the article provides little detail, what accounting… Read more »

The Effects of Converting to IFRS

Posted by & filed under Accounting Principles, Financial Accounting, Financial Reporting and Analysis, IFRS, Intermediate Accounting, International Accounting.

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 »

Walking a Tight Wire in the Kraft – Cadbury Merger?

Posted by & filed under Advanced Accounting, All Articles, International Accounting.

Kraft Foods, Inc. Chief Executive Officer, Irene Rosenfeld, is walking a tight wire in negotiations to buy Cadbury Plc. She is trying to please Cadbury investors, but is receiving criticism by Kraft investors, like Warren Buffet, who says the takeover is diminishing its merit by paying too much stock for the deal. The current cash-stock… Read more »

Politics in Accounting, Really?

Posted by & filed under All Articles, IFRS, International Accounting.

A member of the International Accounting Standards Board, James Leisenring, told attendees at the Standard & Poor’s Accounting Hot Topics conference in New York on December 10, 2009, about possible abuses and accounting arbitrage that may result from IASB’s recently issued standard for recognizing and measuring financial instruments. In his remarks, he acknowledged that political… Read more »