Tag Archives: IFRS

Exam Developments Reviewed

State Board Report July 2010 How NASBA, the AICPA and Prometric are working together to build a continually improving examination process was discussed at the Eastern and Western Regional Meetings. Walter Davenport (NC), chairman of NASBA’s CPA Licensing Examination Committee (CLEC) , reported that through NASBA’s proposed Guam Customer Service Center, candidates will be able…

Panelists Ponder Users’ Needs

State Board Report June 2010 Financial report users, preparers, standard setters and others spoke out at the May 14 meeting of the AICPA/FAF/NASBA Blue Ribbon Panel (BRP) on Standard‐ Setting for Private Companies. Financial Accounting Foundation President Terri Polley observed, “I think this group was formed to explore the needs of users – and what…

SEC Work Plan for IFRS Consideration

State Board Report March 2010 The Securities and Exchange Commission received more than 200 comment letters on its November 2008 “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers,” including a letter from NASBA. On February 24, 2010, the SEC released a statement evidencing it…

Joint Panel on Private Company Standards

State Board Report January 2010 NASBA has joined with the Financial Accounting Foundation and the American Institute of CPAs to form a panel addressing how US accounting standards can best meet the needs of users of private company financial statements. Rick Anderson, member of the FAF Board of Trustees and chairman of Moss Adams, LLP,…

NASBA Addresses AICPA SEC Conference

State Board Report January 2010 NASBA Chair Billy Atkinson and President David Costello told the AICPA’s SEC Conference in December that “the 55 State Boards of Accountancy are working with NASBA to strengthen the accounting profession.” They reminded attendees that Boards of Accountancy comprise the largest accountancy regulatory body in the world, regulating over 650,000…

Educators Say IFRS is Being Taught

State Board Report November 2009 Accounting programs are already covering International Financial Reporting Standards, a three‐member panel of educators told NASBA’s Annual Meeting. Brigham Young University Professor Kevin D. Stocks said his school’s board of advisers has already made IFRS part of the curriculum, comparing them to US rules. CUNY Baruch College Dean John A.…

Colorado State Board Accountancy Draft Letter on Board of Examiners 10/7/09

October 7, 2009 In August the Colorado State Board of Accountancy received a “Preview” copy of the document named “Content and Skill Specifications for the Uniform CPA Examination” from the Board of Examiners (BOE) and a cover letter addressed to State Board Executive Directors. As noted in the letter, the Preview includes “guidance on the…

Allen Sees IFRS Changing State Laws

State Board Report October 2009 After listening to several speakers urge the adoption of international “high quality financial standards,” Noel Allen, NASBA legal counsel, took the FIAR podium and stated,” I believe you are on a proper course, but let’s make sure how we get there. …When states adopt standards by reference, each has different…

Costello Decries IFRS Process

State Board Report October 2009 NASBA is not opposed to global standards, but to the process through which they have been developed and presented, NASBA President David A. Costello explained recently to representatives of the Financial Accounting Foundation. He described five concerns about the International Financial Reporting Standards (IFRS): 1‐ The International Accounting Standards Board,…

NASBA Rallies International Regulators

NASHVILLE, Tenn., September 14, 2009 — International regulators representing over 20 jurisdictions assembled in San Francisco on September 10-11, for the Second Annual Forum of International Accountancy Regulators. The Forum — established by the National Association of State Boards of Accountancy (NASBA) in 2008 – is a unique roundtable devoted to the exchange of issues…