FICPA: Regulatory News

SEC 5-year Plan Backs Global Standards

WASHINGTON, D.C.-The Securities and Exchange Commission has released a draft of a five-year strategic plan that calls for a single set of high-quality global accounting standards. While the SEC has not yet decided on the fate of the proposed roadmap for adopting International Financial Reporting Standards, SEC Chair Mary Schapiro and Chief Accountant James Kroeker have both said that the commission will be turning its attention to the roadmap this fall.

Full Agenda at Council

Las Vegas-In contrast to the glitzy bonhomie that has become the signature of this town, the American Institute of CPAs' Fall Meeting of Council was nearly all business as attendees were given progress reports on a dizzying number of pending issues, such as International Financial Reporting Standards, sweeping financial regulatory reform and the rising importance of sustainability.

When Is a Lease a Lease?

The answer will prove pivotal to companies' balance sheets when a new lease accounting standard comes out. A revamped lease accounting standard in the works will likely put hundreds of billions of dollars in assets and obligations onto some companies' balance sheets. That has had companies that will be most affected by the changes � such as airlines, retailers, and railroads � dreading any progress the rule-makers might make in creating a new standard. And executives of those companies have been pushing for the United States and international accounting boards not to apply the new rule to all leases.