Accounting & Business Advisory Blog

In 2010, the Securities and Exchange Commission (SEC) continued to address the causes of the 2008-2009 financial crisis and devoted much of its attention to:

• Auditor Reporting on Internal Control Over Financial Reporting
• Proposed Short -Term Borrowings Disclosures
• Deciding Whether to Incorporate IFRS into U.S. Financial Reporting
• Liquidity and Capital Resources in MD&A
• Non-GAAP Measures
• Loss Contingency Disclosures
• Potential Long-Lived Asset and Goodwill Impairment

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Accounting for leases has been fairly well settled for the last 35 years. In August 2010, the Financial Accounting Standards Board issued a proposal that would dramatically change the accounting for operating leases, which is a significant source of financing for some business organizations.

The existing guidelines are probably the best example of the “bright-line,” rules-based way generally accepted accounting principles (“GAAP”) in the US have been set in the past. It took many revisions and...

International Financial Reporting Standards (IFRS) exist as an alternative to U.S. generally accepted accounting principles (GAAP) as issued by the Financial Accounting Standards Board (FASB).  Designed to replace the “rules based” GAAP with a more principles based approach, FASB has been working with the international standard setters to conform and converge GAAP to IFRS.

The SEC has recently signaled their support for a switch to IFRS by 2015, so long as progress continues to be made in a...

On December 16, 2009, the Securities and Exchange Commission ("SEC") issued final regulations related to annual disclosure of executive compensation matters and corporate governance. These regulations, which are effective for proxy statements and annual reports filed after February 28, 2010, contain some significant changes from the proposals in this area that the SEC issued in July 2009. The final regulations focused on several areas, and this Tax Alert will briefly summarize the provisions of...