News & Publications

    Business Briefs - 2009 


    Final Rules on Identity Theft Red Flags and Notices of Address Discrepancy (October)  In October 2007, the Federal Banking Agencies – the Office of the Comptroller of the Currency (OCC),
    Board of Governors of the Federal Reserve Board (the Board), Federal Deposit Insurance Corporation(FDIC), Office of Thrift Supervision (OTS ), and National Credit Union Administration (NCUA ) – along with the Federal Trade Commission (FTC) jointly issued final rules on identity theft “red flags” and address discrepancies. The final rules implement sections 114 and 315 of the Fair and Accurate Credit Transactions Act of 2003. The Federal Trade Commission is delaying enforcement of the “Red Flags” Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC.
    Integration of ERM Analysis into Corporate Credit Ratings (August)  In May 2008, Standard & Poor’s (S&P) formally announced they would begin to augment their meetings with rated companies in nonfinancial industry sectors to include discussions designed to elicit a better understanding of the status of enterprise risk management (ERM) programs and efforts at these companies. On July 22, 2009, S&P issued a progress report that discloses their findings to date and timeline for inclusion of specific ERM analyses within their corporate credit ratings reports. This brief article summarizes the S&P progress report.
    The Fundamentals of Going Green, Part I (August)  In May 2008, Standard & Poor’s (S&P) formally announced they would begin to augment their meetings with rated companies in nonfinancial industry sectors to include discussions designed to elicit a better understanding of the status of enterprise risk management (ERM) programs and efforts at these companies. On July 22, 2009, S&P issued a progress report that discloses their findings to date and timeline for inclusion of specific ERM analyses within their corporate credit ratings reports. This brief article summarizes the S&P progress report.
    IFRS for Small and Medium-Sized Entities (August) On July 9, 2009, the International Accounting Standards Board (IASB) issued an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The standard is a result of a five-year development process. This brief explains what IFRS and SMEs are, why the standard was issued and future implications.
    Enterprise Risk Management: Meeting Today's Challenges (May) The recent financial crisis is calling into question the robustness of risk oversight processes in all types of organizations, including not-for-profit, for-profit and governmental entities. Expectations for greater board involvement in risk oversight are creating more demands on senior executives to strengthen their risk management practices and their monitoring of the enterprise's top risk exposures. Now, more than ever, CPAs in business and industry are in a position to help review, reconsider, enhance or even create risk management oversight that can steer organizations through this financial crisis and beyond.
    FASB Accounting Standards Codification: What it Means for the CFO, the Organization and Financial Reporting Process (May) On July 1, 2009, the Financial
    Accounting Standards Board (FASB) launches the FASB Accounting Standards Codification ™ (ASC) as authoritative. At that time, it will become the source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the Securities and Exchange Commission (SEC). FASB ASC will supersede all existing, non- SEC accounting and reporting standards for nongovernmental entities. Once launched, all other non-grandfathered, non-SEC accounting literature not included in FASB ASC will become non-authoritative. The FASB ASC will significantly change the structure of accounting standards and you and your business need to be ready when it becomes effective. As part of a larger AICPA initiative to educate CPAs about FASB ASC, the Institute offers this Business Brief to help you prepare for July 1.
     The Basics of Fraud Risk Management (April) Among your many duties as a CPA in business and industry is the day-to-day detection of and protection against fraud in your organization. With the U.S. economy in the midst of a significant crisis, it may be difficult to focus on fraud prevention; however, it is exactly those moments of distraction that allow for an open door to fraud activity. This brief is an excerpt from the Chartered Institute of Management Accountants (CIMA) publication: Fraud Risk Management: A Guide to Good Practice (c) CIMA 2008.
    What is Your Risk IQ? (March) Organizations grow (and unfortunately, also falter) because of the risks executives are willing to take in order to create growth. Organizations can easily fail to grow if risks are constantly over-thought or, conversely, not taken at all. If you and your team are investigating and following through with smart risks, then you're ensuring you won't miss potential growth opportunities. Finding the proper balance between taking the right risks that spawn innovation and growth, and controlling risks that create waste and expense is challenging, and is even more so given the current economic climate. Any risk aversions you may harbor can stifle opportunities. How can you find out if your risk aversion is holding you back? Take this simple quiz, created by leadership coach, Ron Rael, and assess where you stand on the risk spectrum.

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