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Second FAF Payment Sent to IFRS Foundation

As part of the convergence process between the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”), the Financial Accounting Foundation (“FAF”) has sent the second $1 million payments to the IFRS Foundation. The second installment occurred in June and a final payment is expected later this year. FAF trustees have not recently discussed the third payment and do not plan to anytime soon, and the subject was not mentioned during the public portion of the August 19th quarterly meeting. Due to previous complaints, the lack of discussion is surprising to some. Before being announced, Securities and Exchange. Read More.

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AICPA and NASBA Release New UAA Edition and Model Rules

The Seventh Edition of the Uniform Accountancy Act (“UAA”) and the UAA’s Model Rules were recently issued by the American Institute of Certified Public Accountants (“AICPA”) and National Association of State Boards of Accountancy (“NASBA”). Created by both organizations, the UAA helps deliver an identical approach to the regulation of accounting. Certified Public Accountants (“CPA”) must follow accountancy laws in licensing jurisdictions that oversee the practice of public accounting. The UAA’s Seventh Edition includes: An extended definition of “attest” in UAA Section 3, Definitions. The updated attest meaning states, “any examination, review, or agreed upon procedures engagement to be performed. Read More.

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