Below please find daily updates pertaining to the latest in financial, business, and tax news:

FICPA: AICPA News

Private Company Financial Reporting Panelists Named

The AICPA, the Financial Accounting Foundation (FAF) and the National Association of State Boards of Accountancy (NASBA) on Friday announced the members of the new blue-ribbon panel on U.S. accounting standards for private companies.

AICPA Issues Statement On SEC Commitment To Move U.S. Toward International Financial Reporting Standards With New "Work Plan"

Washington, D.C. (February 24, 2010) -- The American Institute of Certified Public Accountants President and CEO Barry Melancon issued the following statement on the Securities and Exchange Commission’s endorsement today of a plan to work toward incorporation of International Financial Reporting Standards (IFRS) in the U.S. financial reporting system:

Proposed Statement On Auditing Standards, Consideration Of Omitted Procedures After The Report Release Date

This memorandum provides background to the proposed Statement on Auditing Standards (SAS) Consideration of Omitted Procedures After the Report Release Date. This proposed SAS would supersede SAS No. 46, Consideration of Omitted Procedures After the Report Date (AICPA, Professional Standards, vol. 1, AU sec. 390). The accompanying proposed SAS represents the redrafting of SAS No. 46 to apply the Auditing Standards Board’s (ASB’s) clarity drafting conventions, as discussed in the following sections.