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August 27, 2009

News briefs

SEC appoints chief accountant

James Kroeker has been confirmed as the new chief accountant at the US Securities and Exchange Commission (SEC). He has been acting in the position since his predecessor, Conrad Hewitt, retired in January this year.

Kroeker has been instrumental in the regulator’s response to the financial crisis.

He directed an SEC study that recommended improving rather than suspending fair value measurement and has led efforts to address the current turmoil, including steps to improve off-balance sheet accounting standards.

Kroeker joined the SEC as deputy chief accountant in February 2007 from Deloitte US, where he had been a partner in the firm’s accounting services group.

He has also previously served as a practice fellow at the US Financial Accounting Standards Board.

IAASB issues SME audit guide

The International Audit and Assurance  Standards Board has released a guide to help with the audit of SMEs. The publication is in question-and-answer format and is entitled, Applying ISAs Proportionately with the Size and Complexity of an Entity.

The guide explains how the design of International Standards on Auditing (ISAs) enables them to be applied in a manner that is proportionate to the specific characteristics of an entity. Answers relate to audit procedures, work effort, documentation and professional judgment.

International round tables to tackle financial instruments standard

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) will hold round table discussions on their proposals for financial instruments in Asia, Europe and North America.

The IASB and the FASB have been separately considering the appropriate model for classification and measurement of financial instruments with an ultimate goal of achieving a common outcome to improve the accounting for financial instruments.

The round tables will discuss the alternative approaches proposed by the IASB and the FASB.

The discussions will be held in Tokyo, Japan on 3 September; in London, UK on 10 September; and in Norwalk, US on 14 September.

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