Center for Financial and Accounting Literacy

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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 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?

* Temporarily removed for updating


Coming Attractions 


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, such as those discussed on the Analytics page.



New Releases for Investors and  Directors...

March 2, 2010. The SEC's Division of Corporation Finance updated its Financial Reporting Manual, a helpful source of general information for investors and directors.

January 18, 2010.The IASC Foundation announced the release of free training materials on IFRS for SMEs.

October 29, 2009. Internal Revenue Service (IRS) Commissioner Douglas Shulman make a speech about the role boards of directors should play in overseeing business tax risks and tax strategies.

October 21, 2009. The U.S. Securities and Exchange Commission introduced a website packed with practical tools and advice for investors.

July 1, 2009. The AICPA released an updated version of its plain-English guide to auditor independence. Though aimed at auditors, audit committees and investors might find it helpful, too.

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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