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1. 11 suggestions for making corporate disclosures more effective   WebExclusive

BY Ken Tysiac
Better search and visualization capabilities, more discussion of company strategy, and ranking of risk factors would make corporate financial reporting more useful to investors, according to a report released Thursday.Prepared with the help of a broad spectrum of experts, the report provides recommendations for improving the effectiveness of corporate disclosures.

2. Still in flux: Future of IFRS in U.S. remains unclear after SEC report   CPEDirect

BY Ken Tysiac
The future of international accounting standards for U.S. public companies remains uncertain after the release in July of a long-anticipated SEC analysis of IFRS. In a 127-page report released on the final day of Chief Accountant James Kroeker’s tenure, the SEC staff said the global financial reporting community considers the standards produced by the International Accounting Standards Board (IASB) to be of high quality despite areas that need further development.

3. Financial reporting  

Accounting standard setters have agreed on a lessee accounting approach, setting the stage for a lease accounting exposure draft in the fourth quarter this year. FASB and the International Accounting Standards Board (IASB) previously agreed that leases should be recorded on the balance sheet, but have been debating the classification and pattern of expenses in the income statement.

4. SEC study probes issue of private extraterritorial securities fraud claims   WebExclusive

BY Ken Tysiac
A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S.

5. IFRS decision a “few” months away, based on SEC staff report timeline   WebExclusive

BY Ken Tysiac
An SEC decision on the use of IFRS by U.S. public companies is still a “few” months away, SEC Chief Accountant James Kroeker indicated Monday. At an IFRS Advisory Council meeting in London, Kroeker declined to get more precise because he wants the SEC staff focused on completing a report on the issue rather than on a deadline.

6. SEC changes performance fee thresholds, net worth calculation   WebExclusive

BY Ken Tysiac
Investors no longer will include the value of their home in the net worth calculation that can determine whether registered investment advisers can charge them performance fees, the SEC announced Wednesday. SEC rules allow registered investment advisers to charge performance fees if the client’s assets managed by the adviser or the client’s net worth meets certain thresholds.

7. IASB’s Hoogervorst predicts SEC will adopt IFRS   WebExclusive

BY Ken Tysiac
International Accounting Standards Board (IASB) Chairman Hans Hoogervorst predicted in a speech in Moscow on Monday that the SEC will adopt IFRS for U.S. issuers. Hoogervorst doesn’t have any privileged insight regarding the SEC’s internal decision-making, according to the speech posted on the IFRS Foundation’s website. But he said that he and FASB Chair Leslie Seidman think continuing the current process of pursuing convergence on individual projects is not an acceptable way forward.

8. U.S. GAAP Financial Reporting Taxonomy available for 2012   WebExclusive

BY Ken Tysiac
The 2012 U.S. GAAP Financial Reporting Taxonomy, which is awaiting final acceptance by the SEC, has been made available, FASB announced today. The taxonomy contains updates for accounting standards and includes other changes to the 2011 taxonomy being used by SEC issuers. The taxonomy is a list of computer-readable tags in XBRL that allows companies to tag the pieces of financial data that are included in financial statements and related disclosures.

9. Guidance provided on electronic health record incentives   WebExclusive

BY Ken Tysiac
The federal government’s promotion of electronic health records has created financial incentives for medical professionals and hospitals that make meaningful use of certified electronic health record (EHR) technology. But medical providers must comply with standards for use of the technology and properly account for the incentive payments in an area where accounting principles are in an infant stage.

10. Comment Periods for Volcker Rule, ABS Conflicts Proposal Extended   WebExclusive

Government officials on Friday approved a 30-day extension of the public comment period for a proposal to implement regulation known as the Volcker Rule. In addition, the SEC issued the same extension for a regulation known as the ABS Conflicts Proposal. Both proposals are part of the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
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