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Bob Dohrer Elected Chairperson of IFAC Forum of Firms
Bob Dohrer, National Director of Assurance Services for McGladrey & Pullen, has been elected as the new chairperson of the International Federation of Accountants (IFAC) Forum of Firms.
More Accounting Changes Coming - July Update
Currently, the Financial Accounting Standards Board and the International Accounting Standards Board have at least a dozen joint projects in process. McGladrey & Pullen's National Professional Standards Group has updated its summary discussing six of the projects that will have the biggest impact on virtually all companies, plus the planned changes to the guidance on how to measure fair value.
Suggested guidelines for voluntary reporting
Recently the Governmental Accounting Standards Board issued Suggested Guidelines for Voluntary Reporting - SEA Performance Information to provide state and local governments with suggested guidelines for voluntary reporting of SEA performance information to users.
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Our biweekly newsletter, Insights, communicates recent accounting and auditing developments to our clients and other friends in a timely manner.
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Accounting and Regulatory Implications for Loan Participation and Other Partial Loan Sales
FASB Accounting Standards Codification Topic 860 (formerly FASB Statements No. 140 and 166) has modified the accounting for transfers and servicing of financial assets. Application issues specific to participations and other partial loan sales have come to light in the months that have elapsed since the 2009 issuance of Statement No. 166. McGladrey & Pullen’s National Professional Standards Group has published a summary of those issues and a recommended action plan.
Determination of Reporting Units when Testing Goodwill for Impairment
McGladrey & Pullen’s National Professional Standards Group has published a paper, which is intended to assist in the determination of an entity’s reporting units when testing goodwill for impairment. The paper provides a discussion of terminology, together with in-depth guidance regarding the determination of both operating segments and reporting units.
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