Maryland Business Expo, sponsored by the Maryland Association of CPAs (MACPA) takes place June 16-17, 2009.
FEI's Baltimore Chapter, along with the Maryland Chamber of Commerce and various other associations, joins with MACPA as an association sponsor of the conference. I'm especially looking forward to panels featuring former FEI President & CEO Colleen Cunningham, and FEI members Ken Kelly, Bob Laux, Tom Foard, and Bob Tarola. I'm also looking forward to the Social Media panel I'll be speaking on, moderated by MACPA's Electronic Communications Manager, Bill Sheridan, featuring writers/bloggers including CPA Trendlines' Rick Telberg, Re:TheAuditors' Francine McKenna, Alexandra DeFelice - Journal of Accountancy; Bill Kennedy, author of the Energized Accounting Blog, representing AccountingWeb's social media strategy through blogs, twitter and more; and Will Burns of the Maryland Chamber of Commerce. Other professionals who spread the word regarding their work by using social media who you'll hear on that panel or elsewhere in the conference include CyberCPA/Computer CPA Eric E. Cohen, MACPA member James Carroll; AccountingTomorrow's Liz Gold, and Analyst's Accounting Observer Jack Ciesielski, author of the AAOweblog. And of course, our host, MACPA Executive Director Tom Hood!
On Monday, preceding the conference, I'm joining some other folks on CPA Island in Second Life, as we participate in a MACPA presentation being beamed live at the AICPA Tech+ conference, described in the CPA Island blog. (MACPA built CPA Island, an island in the virtual world of Second Life created by Linden Labs, where you can hold meetings, conference, or do other stuff you'd do if you could build your own place on an island and call it your own. See snaphots of CPA Island outdoors, and CPA Island indoors, which I took early this morning.)
There's lots more going on at the Maryland Business Expo June 16-17 at the Baltimore Convention Center - for more info go to http://www.mdbizexpo.com/ or on twitter www.twitter.com/mdbizexpo.
Friday, June 12, 2009
FASB Issues FAS 166, 167 Amending FAS 140, FIN 46R on Securitizations, SPEs
Earlier today, the Financial Accounting Standards Board issued a press release announcing the publication of Statement of Financial Accounting Standards No. 166 (FAS 166), Accounting for Transfers of Financial Assets (an amendment of FAS 140), and FAS 167, Amendments to FIN 46R. (FIN 46R is: Consolidation of Variable Interest Entities.) FASB has also posted a briefing paper giving a brief, plain English explanation of the new standards.
As noted in FASB's press release, the new standards, "will change the way entities account for securitizations and special-purpose entities [SPEs]." In terms of effective date, FASB notes: "Both Statements 166 and 167 will be effective at the start of a company’s first fiscal year beginning after November 15, 2009, or January 1, 2010 for companies reporting earnings on a calendar-year basis."
Although the standards will apply to all types of companies, they are expected to potentially have the greatest impact on financial institutions which enter more frequently into the types of transactions (e.g. securitizations, SPEs and certain other asset transfers) that are within the scope of the standards. Therefore, FASB adds that the new standards "will impact financial institution balance sheets beginning in 2010." FASB also notes that the impact of the impending changes under FAS 166 and FAS 167 were taken into account by regulators in the recent stress tests conducted on the largest banking institutions by bank regualtors. FASB adds that the new standards "were initiated at the request of investors, the SEC, and The President's Working Group on Financial Markets."
As noted in FASB's press release, the new standards, "will change the way entities account for securitizations and special-purpose entities [SPEs]." In terms of effective date, FASB notes: "Both Statements 166 and 167 will be effective at the start of a company’s first fiscal year beginning after November 15, 2009, or January 1, 2010 for companies reporting earnings on a calendar-year basis."
Although the standards will apply to all types of companies, they are expected to potentially have the greatest impact on financial institutions which enter more frequently into the types of transactions (e.g. securitizations, SPEs and certain other asset transfers) that are within the scope of the standards. Therefore, FASB adds that the new standards "will impact financial institution balance sheets beginning in 2010." FASB also notes that the impact of the impending changes under FAS 166 and FAS 167 were taken into account by regulators in the recent stress tests conducted on the largest banking institutions by bank regualtors. FASB adds that the new standards "were initiated at the request of investors, the SEC, and The President's Working Group on Financial Markets."
Monday, June 8, 2009
PCAOB Chair Resigns; New COSO Chair Named
Earlier today, the PCAOB announced that PCAOB Chair Mark Olson has announced his resignation. As noted in PCAOB's press release: "The resignation is effective July 31, 2009. In his letter of resignation, Mr. Olson indicated 'the decision is entirely personal and reflects my desire at this time of life to establish new priorities.' Mr. Olson was named Chairman of the PCAOB by the Securities & Exchange Commission effective July 1, 2006. Prior to joining the PCAOB, he had most recently served on the Board of Governors of the Federal Reserve. Mr. Olson indicated he had no immediate plans for post-PCAOB service other than to resume involvement in efforts to promote financial literacy."
Cynthia Fornelli, Executive Director of the Center for Audit Quality, affiliated with the AICPA, issued the following statement: "In the past three years as chairman of the PCAOB, Mark Olson has demonstrated an ability to work with investors, auditors and others in promoting audits that are informative, fair and independent. He is a public servant of the first order, and we commend him for his dedication to quality audits, which are a critical factor in preserving investor confidence in the strength and stability of our capital markets. In view of the still challenging economic environment, we hope SEC Chairman Mary Schapiro will move with all due haste to appoint Chairman Olson’s permanent successor at the PCAOB.”
In other PCAOB news, we reported (May 26) that the Supreme Court recently agreed to hear an appeal relating to a challenge to the constitutionality of the PCAOB.
COSO Announces New Chairman
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced last week it has named a new chair to fill the vacancy created by the end of Chair Larry Rittenberg's term. As noted in COSO's press release, the new chair is David L. Landsittel, CPA. Landsittel is a former chairman of the AICPA's Auditing Standards Board, and played a leadership role in the development of the Statement on Auditing Standards (SAS) on the external auditor’s responsibility for detecting fraud (SAS 99).
Cynthia Fornelli, Executive Director of the Center for Audit Quality, affiliated with the AICPA, issued the following statement: "In the past three years as chairman of the PCAOB, Mark Olson has demonstrated an ability to work with investors, auditors and others in promoting audits that are informative, fair and independent. He is a public servant of the first order, and we commend him for his dedication to quality audits, which are a critical factor in preserving investor confidence in the strength and stability of our capital markets. In view of the still challenging economic environment, we hope SEC Chairman Mary Schapiro will move with all due haste to appoint Chairman Olson’s permanent successor at the PCAOB.”
In other PCAOB news, we reported (May 26) that the Supreme Court recently agreed to hear an appeal relating to a challenge to the constitutionality of the PCAOB.
COSO Announces New Chairman
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced last week it has named a new chair to fill the vacancy created by the end of Chair Larry Rittenberg's term. As noted in COSO's press release, the new chair is David L. Landsittel, CPA. Landsittel is a former chairman of the AICPA's Auditing Standards Board, and played a leadership role in the development of the Statement on Auditing Standards (SAS) on the external auditor’s responsibility for detecting fraud (SAS 99).
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