financial statements of companies

• Financial Reporting

The Committee on the Future of California's Professional Accountants has issued a report recommending actions to improve the process, published financial statements and the conduct of audits. The report recommended best practices to improve confidence in the process. The company should identify a chief accounting officer with adequate experience and education to perform the function, and the person also should possess some objective evidence of competence through licensure or certification of accounting competence and continuing education in accounting. To maintain their independence, audit committee members should be selected by a body that is independent of management. Public and private companies should employ a competent independent auditor wh...

• California CPA
• Vol. 74 Nbr. 6, December 2005

• 15 USC 80 - Sec. 80a-29. Reports and financial statements of investment companies and affiliated persons

• U.S. Code - Title 15: Commerce and Trade

• The Private Company Financial Reporting Committee

(PCFRC) began its work as an official part of FASB's standards-setting process in January 2007. The PCFRC's role is to provide systematic input on on proposed and existing standards from a private company perspective. The PCFRC is jointly sponsored by FASB and the AICPA. The PCFR Task Force Report of 2005 reveals that approximately 30% of private companies release no financial statements to external users. US private companies that choose to issue financial statements have three alternatives: 1. apply GAAP in full; 2. report under GAAP, but depart from one or more requirements; or 3. adopt an "other comprehensive basis of accounting." At its first meeting, in May 2007, the PCFRC decided that its approach to considering prospective and ex...

• CPA Journal, The
• Vol. 78 Nbr. 7, July 2008

• Agency Information Collection Activities: Notice; Correction

The Board of Governors of the Federal Reserve System published in the Federal Register of March 16, 2012, a document finalizing proposed revisions to the Consolidated Financial Statements for Bank Holding Companies (BHC). This document corrects typographical errors in the document.

• Federal Register Nbr. 77 FR 20399, April 04, 2012
• Notices
• Federal Reserve System

• The impact of pension accounting on companies' financial statements.

ABSTRACT The Financial Accounting Standards Statement No. 87 "Employers" Accounting For Pension" gives companies chance to choose the expected rate ...

• Journal of Academy of Business and Economics
• Vol. 1 Nbr. 2, February 2003

• Financial Statements

...Some companies issue comprehensive financial statements while oth...

• Encyclopedia of Small Business
• A-I

• Financial-Reporting Effects of Uncertain Tax Positions

Because income taxes are self-assessed in most tax jurisdictions, a company may take a position on its tax return that allows it to claim a tax benefit minimizing its tax liability. In response, FASB issued Interpretation (FIN) 48, Accounting for Uncertainty in Income Taxes. It contains guidance on the recognition and measurement of all tax positions accounted for in accordance with SFAS 109. FIN 48 requires a company to accrue interest and penalties when there is underpayment of taxes. The overall impact of FIN 48 is that, on average, a smaller amount of tax benefit will be recognized in companies' financial statements in the current period. Companies will need to identify significant tax positions and differentiate uncertain positions from unambiguous ones that would not require FIN 4...

• CPA Journal, The
• Vol. 77 Nbr. 3, March 2007

• Source Interlink Companies Restatement of Financial Statements.

Business Editors BONITA SPRINGS, Fla.--(BUSINESS WIRE)--March 3, 2004 Source Interlink Companies (Nasdaq: SORC) announced that it has restated its...

• Business Wire
• March 03, 2004

• International auditing differences.

Comparing the U.S., United Kingdom and Germany The auditing standards and philosophies can vary significantly between different countries and so the financial statements of companies audited by international companies may not contain the necessary information for the US. The US and United Kingdom have similar investor-oriented philosophies but the US auditing standards are influenced by the private sector while the United Kingdom standards are established from company law. German audits determine compliance with laws and contain no investor orientation. Other differences are explored.

• Journal of Accountancy
• Vol. 181 Nbr. 4, April 1996

• What do users of private company financial statements want? Financial statements' primary purpose is to serve the needs of users. But there is a quandary as to who is a 'user' and what users need, particularly for private companies. Financial Executives Research Foundation (FERF) examines these needs, from both the preparer and user perspectives.

Most, if not all, would agree that perhaps the primary objective of financial reporting is serving the needs of users. Broadly speaking, users of fina...

• Financial Executive
• Vol. 22 Nbr. 4, May 2006