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We are continually monitoring the accounting literature and analyzing new pronouncements. Our range of publications will keep you abreast of the important accounting issues.

Who should set financial reporting standards for private companies?

This paper explores the issue of private company financial reporting from the perspective of financial statement preparers of both public and private companies. Results from a survey of more than 300 financial executives show how similarly public and private company CFOs view the nature and objectives of financial reporting. The results also indicate that preparers' views differ in several ways from those put forth in the recently revised Conceptual Framework.

The Audit Committee & External Auditor Relationship

Trent Gazzaway, National Managing Partner, Audit Services, recently appeared on a segment of Boardmember.com’s This Week in the Boardroom entitled, “The Audit Committee & External Auditor Relationship.” View both episodes of this two-part series here.

Principles-based revenue recognition

Revenue recognition is a major component of the joint Financial Accounting Standards Board/International Accounting Standards Board project which aims to converge U.S. GAAP and IFRS. In June 2010, the two Boards issued an Exposure Draft, Revenue from Contracts with Customers, that proposed major changes to how revenue is recognized in the financial statements.In this paper, Grant Thornton discusses the Exposure Draft with respect to the asset/liability approach to revenue recognition and its implications on accounting for executory contracts.

Private company financial reporting

This white paper presents the case for re-examining the idea of establishing a separate set of accounting standards for public and private companies. The rationale includes: 1) the issuance of IFRS for small to medium-sized entities; 2) efforts underway in other countries to address private company generally accepted accounting principles; 3) recent survey results demonstrating a preference for differential accounting standards for private companies; and 4) increasingly complex accounting standards driven by the investment community but largely at odds with the needs of private companies.

Now what? Considering IFRS for U.S. issuers

Will — and if so, when will — the United States adopt International Financial Reporting Standards (IFRS), the accounting standards used in approximately 125 countries worldwide? Learn the implications of the SEC IFRS work plan for private and public companies, delve deeper into the current state of IFRS in the U.S. and learn how to get ready in this white paper from Grant Thornton’s IFRS Consulting Group.

What makes an outstanding CFO?

Grant Thornton UK has collaborated with the Directorbank Group to create What makes an outstanding Finance Director?, the result of research conducted with nearly 350 directors, chairmen, CEOs and executive directors. While the report was written for a European audience – using the more generic term “finance director” in reference to the CFO position -- the concepts are equally relevant in the U.S. An interesting and thought provoking read for CEOs, board members and aspiring CFOs, the report reveals the attributes of today's outstanding finance directors, and also examines the signs and symptoms of ineffective finance directors.