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Major Changes in Key GAAP Standards on the Horizon

Get ready to tackle some major revisions in accounting standards. After years of consideration, the Financial Accounting Standards Board is finalizing its approaches on three major issues: revenue recognition, leases and financial instruments. Each of these accounting areas affects virtually all companies in the United States no matter what their size or whether they are public or nonpublic. And that means virtually all CPA firms are affected too. via blog.aicpa.org

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Accountants Will Save the World

"Last June, I raised a few eyebrows when I told attendees at the United Nations Conference on Sustainable Development in Rio (aka Rio+20) that "accountants would save the world." But I meant it. To get all businesses involved in solving the world's toughest problems, we must change the accounting rules. Why accounting? During my time as CEO of TNT N.V. we created a partnership with the UN World Food Program (WFP) — at that time the world's first between a for-profit and the UN agency. A transport company like TNT is a typical beneficiary of globalization. At the same time we live in a world where every six seconds a child dies from hunger despite there being enough food in the world to prevent it. So TNT brought its logistics skills and committed its people's time to help the WFP reach the victims of droughts, famine, and natural disaster..."

Post is based partly on a speech Peter Bakker gave at The Prince's Accounting for Sustainability Forum on December 13, 2012. The video can be accessed here.

Source: HBR Blog 

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