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Accounting for and disclosure of subsequent events
The Financial Accounting Standards Board has issued FASB Statement No. 165, Subsequent Events. This Statement establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued.
Preparing for the receipt of American Recovery and Reinvestment Act awards
It’s not just major corporations that will benefit from the American Recovery and Reinvestment Act. A large number of governmental and not-for-profit organizations also will find that they, too, have access to a large portion of the more than $780 billion marked for economic recovery. The federal government has concluded that the single audit process will be a major component of its plan for determining accountability and evaluating the expenditure of federal awards by governmental and not-for-profit organizations.
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McGladrey & Pullen comments on SEC roadmap for the potential use of IFRS
McGladrey & Pullen, LLP has issued a letter of comment regarding the SEC’s Proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers and the related proposed rule providing certain issuers with the option to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) beginning with SEC filings in 2010.
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