Audit Committee Insights

November 18, 2009

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FINANCIAL REPORTING ISSUES

AICPA, CAQ: Banking Regulators Should Not Set Standards

Accounting leaders object to a proposal that would remove oversight of the Financial Accounting Standards Board from the SEC.

IASB Reforms Financial Instrument Accounting

THE SHEET NEWS BITES (AUSTRALIA) [LEXISNEXIS]

The International Accounting Standards Board issues a revised standard (IFRS 9) dealing with the classification and measurement of financial assets.

FASB Adds New Fair-Value Disclosures

WEBCPA

The Financial Accounting Standards Board has beefed up the disclosure requirements for some types of fair-value measurements.

IFRS Consolidation Rules Could Slam Mutual Funds

MONEY MANAGEMENT EXECUTIVE [LEXISNEXIS]

A little-known IFRS provision could require mutual funds to consolidate and report the financials of the companies in which they invest.


SURVEYS AND TRENDS

It’s Time to Refresh Your Board

A proposal for three practical steps that boards might consider: Setting term limits, a mandatory retirement age, and creating an effective director-evaluation process.

Interagency Task Force to Target Financial Fraud

USA TODAY [LEXISNEXIS]

An interagency government task force has been created by the Obama administration to combat financial fraud, ranging from mortgage scams to Ponzi schemes.

Fulbright's Litigation Survey: Companies Experience New Litigation, Anticipate More

FULBRIGHT & JAWORSKI

A wave of corporate litigation in the U.S. is expected in 2010, say respondents to Fulbright’s 6th Annual Litigation Trends Survey Report.


SHAREHOLDER ISSUES & NEWS

Shareholders Need a Say on Pay

HARVARD WORKING KNOWLEDGE

Study suggests “say-on-pay’’ produces more communication and awareness between shareholders and boards.

The 2010 Proxy Season: What Lies Ahead?

DIRECTORSHIP

A host of new proxy-rule developments makes for an interesting proxy season.

Strengthening Enterprise Risk Management for Strategic Advantage

COMMITTEE OF SPONSORING ORGANIZATIONS

COSO has issued a new paper that highlights elements of ERM for board and senior management consideration as they re-examine their approaches to risk oversight.

Corruption Threatens Global Economic Recovery, Greatly Challenges Countries in Conflict

TRANSPARENCY INTERNATIONAL

International watchdog agency Transparency International releases its 2009 Corruption Perceptions Index, a measure of public-sector corruption.


COMMENTARY AND PERSPECTIVES

Financial Industry Reforms for Everyone

BOARD MEMBER

Details are provided concerning Sen. Dodd’s reform bill, the “Restoring American Financial Stability Act of 2009.”

Executive Compensation Disclosure: Observations on the 2009 Proxy Season and Expectations for 2010

FEDERAL NEWS SERVICE [LEXISNEXIS]

The SEC’s Deputy Director, Division of Corporation Finance, indicates in a speech that the commission will focus on compensation disclosures in CD&A filings.

Exit, Followed by a Bear

ECONOMIST.COM [LEXISNEXIS]

Now that some economic growth has begun, a debate has ignited over how to reverse the extraordinary monetary and fiscal measures used to halt the crisis.

Avoiding the Agony of a ‘Bogey’: Loss Aversion in Golf – and Business

KNOWLEDGE@WHARTON

Study examines how fear and aversion to risk affects executives and professional golfers alike.

KPMG ANALYSIS

Thought Leadership

IASB and FASB Move Forward on Accounting for Financial Instruments

A review of the project plans issued by the IASB and FASB regarding improved financial-instrument accounting standards.

The Future of Financial Performance Measurement

An examination of the growing array of performance and risk measures that insurance companies employ in today’s economic environment.

New Tax Legislation Extending Loss Carryback May Affect Financial Reporting

Net operating losses from 2008 or 2009 may be carried back for up to five years under new tax legislation.

 

Events

ACI's 2009 Fall Roundtable Series - 28 Cities

Going Forward: Risk, Reform, and Recovery - Implications for Audit Committee Oversight

 

The Roundtables bring together directors and executives around the country to discuss issues such as:

- How boards and audit committees are monitoring the impact of cost reductions at their companies in response to the economic crisis

- The risks posed by these cost reductions

- Leading practices and emerging trends for board oversight of risk

- SEC and congressional initiatives regarding risk

- Key public policy initiatives – such as healthcare, tax, and environmental reforms – that may impact the company’s compliance, risk, and governance processes.

Webcast: Review of FASB’s Emerging Issues Task Force Meeting

Friday, November 20, 2009, 1:30 p.m. - 3:00 p.m. EDT

 

Mark Bielstein, KPMG’s representative on the Financial Accounting Standards Board’s Emerging Issues Task Force (EITF), will lead an in-depth discussion on topics covered in the preceding day’s EITF meeting. One CPE credit will be available to U.S. participants who meet the eligibility requirements.

 

In Case You Missed It

Webcast Replay: Staying Focused on Fraud

 

Listen to a replay of a recent webcast where KPMG Forensic Partner Tim Hedley shares his insights on the business impact of fraud and on ways an organization can work to mitigate fraud risk.

 

More Thought Leadership from ACI

 

About Insights

 

 

 

 

The ACI is interested in readers’ insights, ideas, and feedback: What challenges are your boards / organizations facing? What issues do you see on the horizon? What topics should we examine in greater depth?

 

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