The Securities and Exchange Commission has put companies on notice that
greater fair value disclosures will be needed this year.
The body dispatched letters to CFOs offering a helping hand as to how they
should apply new fair-value accounting rules, but also warned that they would
need to work harder to show how they reached their values.
Companies will now have to do more need to explain how they arrive at their
assumptions when valuing assets and liabilities which rely on mark-to-model
calculations where there is no actual trading market for these holdings.
The SEC expects the fuller disclosures to start being filed by May when the
quarterly filings are due.
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks