|
 Foreign
Currency Forward Contract Hedges of Exposed Assets/Liabilities
The
proper treatment of foreign currency forward contract hedges
of assets and liabilities denominated in a foreign currency
is not easily discernible from the examples provided in
the relevant statements (SFAS 52, Foreign Currency Translation;
SFAS 133, Accounting for Derivative Instruments and Hedging
Activities; SFAS 138, Accounting for Certain Derivative
Instruments and Certain Hedging Activities—an amendment
of SFAS 133;
Full
Story |
Responsibility for Ethics: Firms or Individuals?
An
NYSSCPA task force is currently discussing how the accounting
profession deals with unacceptable behavior; specifically:
What would the profession’s peer review and ethics
programs look like if we were starting from scratch?
This question is interesting because assigning responsibility
to ensure the profession’s core concepts of integrity,
independence, and competence has been approached in an apples-and-oranges
manner. Full
Story
|
 The
Sarbanes-Oxley ‘Ax’
According
to SEC Chairman William Donaldson, the widespread collapse
of investor confidence and the recognition that something
had gone seriously wrong in corporate America prompted the
Sarbanes-Oxley Act (SOA). Giving the SEC full authority
to punish corporate wrongdoing is nothing new, although
it is easy to forget that the SEC had virtually no power
to seek or impose civil penalties until 1984, some 50 years
after the agency was created. Full
Story |