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Highlights of Recent Special Reports
The Center for Financial and Accounting Literacy reports on current issues, trends and events that are likely to affect audit committees of corporate boards of directors, investors and other users of financial statements. The following reports provide answers to frequently asked questions (FAQs) and links to helpful resources.
Changes in SEC's proxy rules: Will they help or hurt? PCAOB's auditor reporting requirements Will surprise audits block future Ponzi schemes? The New Regulatory Era: How will it affect you? Investor confidence in audits: What more can be done? Accounting Standards Codification: Will it improve reporting?
Thought Leadership
The Center also maintains summaries and analyses of important emerging developments in accounting, financial reporting, and corporate governance. Below are the topics included in this series, along with brief explanations of the contents.
Lessons Learned from the Financial Crisis of 2009
Congress is considering a number of regulatory and policy changes in response to lessons learned from the financial crisis of 2009. The Center salutes those who took time out to testify at Congressional hearings on the subject. For highlights of the lessons learned and changes under consideration, read our summary and analysis.
Quality-of-Accounting Scorecards
Are US accounting standards getting better or worse? Are they more user-friendly for investors? Do they lead to better decisions? The Center monitors key benchmarks, including progress toward noteworthy reports and recommendations.
Mark-to-Market Accounting. Investors were caught by surprise in late 2008 and early 2009 when a credit tightening escalated to a crisis of confidence in the stock markets, resulting in big investment losses and market volatility. Some said accounting standards were partly to blame, especially the use of mark-to-market accounting. Congress asked the US Securities and Exchange Commission (SEC) to investigate the role of accounting in the financial crisis, and the SEC suggested a number of accounting-related reforms. Check the scorecard.
More Resources for Investors and Directors July 1, 2009. The AICPA released an updated version of its plain-English guide to auditor independence. Though aimed at auditors, audit committees might find it helpful, too. April 21, 2009. The PCAOB issued a Practice Alert on Fair Value Measurements and Impairments. April 16, 2009. The CFA Institute's Centre for Financial Market Integrity has released a report that describes the current status of shareowner rights by country. You can obtain a free copy of "Shareowner Rights across the Markets: A Manual for Investors" from the CFA's website. March 24, 2009. The National Association of Corporate Directors (NACD) launched "America's Challenge for Corporate Directors: Renew Commitment to Corporate Governance and Oversight Excellence," a nationwide campaign challenging every corporate board and individual director to restore public and investor confidence in publicly traded companies by strengthening corporate governance and oversight of America's corporations. Read the NACD's press release February 10, 2009. The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) released a document entitled Evaluating and Improving Governance in Organizations. Read the IFAC's Paper on Governance
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