Process you/ your company follows to monitor the new accounting standards?
Sunil Thukral (Technical Accounting/Reporting, Consultant)
| Jan 18, 2012Also please discuss what are your thoughts on the best practices of monitoring and communicating the impact?
When I have brought this question for discussion with other fellow professionals, I always get mixed reviews as to how companies monitor the new accounting developments (e.g. FASB,SEC, AICPA, etc.) that will impact the future of financial reporting.
Please share with the group as to how you/ your company currently monitors the new accounting developments from the standard setters. Also please share any other best practices that you might have seen in the industry followed by your fellow professionals.
Answers
Company: TTX
I subscribe to email notice form the FASB and IASB of all actions, which include agendas for meetings to discuss matters under development, and all releases including discussion drafts, proposed standards, and final standards. My browser "favorites" include all the bodies for fast access, and I have the FASB and the FASB Codification as separate favorites. I also subscribe to RSS feed notifications for all SEC accouncements. On my personal computer, I use Netvibes as my home page which allows collections of RSS feed sources by topic on separate tabs. These announcements collect feeds of "accounting principles", "datgabase technology" "cost accounting management", and other topic of interest to me to the extent RSS feeds are available. At work, I do a quarterly "search" of my favorite websites to ensure no developments were missed. I write a quarterly "updates" memorandum My webistes include the International Federation of Accountants [IFAC]. My website favorites also include specialized site with the Big 4 accounting firms as well as Grant Thorton. I subscribe to their publications by email also.