Ivy League Schools Outspend Public Universities
In a recent article, FORBES examined the higher education institutions that make up half of the nation’s endowment wealth. Out of the 22 that made the list, eight were Ivy League schools that constitute 21 percent of the endowment assets. Based on this information and factors like federal subsidies for research, FORBES estimated that the list’s top two schools, Harvard and Yale, spent $96,000 per student during the 2011-2012 academic year. Conversely, four-year state schools spend less than $25,000 on each student. The top ten schools on the list are as follows: Harvard University Yale University University of Texas System. Read More.
Auditing Standards Board Issues Standards for Public Comment
During its three-day meeting in Montreal, Quebec, Canada, last month, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“ASB”) moved forward on issuing proposed clarified attestation standards Chapter 8, “Reporting on Controls at a Service Organization,” and Statement on Auditing Standards (SAS), An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements, for public comment. If both become final, then Chapter 8 would replace the current AT Section 801, “Reporting on Controls at a Service Organization”, and the proposed SAS would supersede AT Section 501, “An Examination of an Entity’s. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Attestation, Audit, Auditing Standards Board "ASB", Federal Deposit Insurance Corporation Improvement Act, Financial Statements, Quality Control Standards Task Force, Service Organization Control
Corp Fin’s Higgins Discusses Disclosure Rules Project
Looking to improve company filings and other information important to investors, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance’s Keith Higgins announced that the agency will continue work on its long-term project to simplify disclosure rules by tackling smaller changes first. At a U.S. Chamber of Commerce-hosted (“the Chamber”) event on July 29th, the director of the SEC’s Division of Corporation Finance (“Corp Fin”) remarked that his staff is currently brainstorming smaller changes that are clear and can be completed faster than more complicated items. Made a top priority by SEC Chair Mary Jo White, the disclosure. Read More.
Standard Setters Still at Odds over Lease Project
At their July 23rd joint meeting, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) resumed efforts to converge U.S. GAAP and IFRS. In particular, the top focus was FASB’s Proposed Accounting Standards Update (ASU) No. 2013-270, Leases (Topic 842), and IASB’s Exposure Draft (ED) No. 2013-6, Leases. Conflicted on recognizing the gains for sale-leaseback transactions, the boards continue to have opposing attitudes toward their lease accounting project. During the meeting, FASB agreed to allow sellers of assets to recognize the full gain from the time of the transaction. On the conflicting end, IASB agreed to let. Read More.
GSA Cutting Non-Compliant Vendors from Contract Schedules
With an ever-tightening budget, the General Services Administration (“GSA”) is continuously looking for cost-saving measures. Its latest means of cutting costs involves removing non-compliant vendors from the GSA schedule contracts. The most recent GSA schedule contract to be reviewed was the Information Technology (IT) Schedule, Schedule 70. In 2012, GSA announced that it would begin reviewing its procedures for granting contracts or renewing contracts for schedule holders, as well as begin moving to a demand-based model, where schedules that are oversaturated with vendors would be closed to new companies, or outdated special item numbers (SIN) would be removed. The hope. Read More.
Participants Wanted for SASB’s Consumption Sector Project
Continuing its efforts to create sustainability accounting standards for over 80 industries and ten sectors, the Sustainability Accounting Standards Board (“SASB”) is looking for experts to help its Industry Working Groups (IWGs) for the consumption sector. Seeking individuals knowledgeable in areas like market participants, corporations and industry associations, and other stakeholders, participants will provide feedback on disclosure items regarding material sustainability for the consumption industries. The consumption sector project is divided into two segments. Starting August 6th, the Consumption I IWG features industries producing items such as meat, poultry, agricultural products and beverages. On October 29th, the Consumption II IWG will include industries like. Read More.