http://www.cosointernalcontrols.com/fs/fs-COSO2010.aspx
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced the launch of an online survey to gain input from a broad audience for updating the COSO Internal Control - Integrated Framework (Framework). COSO has undertaken a project to update the Framework initially published in 1992 to address key challenges presented by an increasingly complex business environment and help organizations worldwide better assess, design and manage internal control. The update is expected to provide more comprehensive and relevant conceptual guidance and practical examples, with a target publication date of 2012.
The survey constitutes one form of data gathering and analysis, alongside other mechanisms for input and regular meetings with the project Advisory Council comprised of representatives from industry, academia, government agencies, and not-for-profit organizations. In addition, the updated Framework will be exposed for public comment to capture any additional input from the general public.
COSO welcomes the participation of all who are familiar with the Framework and wish to provide their perspectives on what is still relevant, what is currently missing, and what needs to be refreshed. The survey is available on the COSO website at www.coso.org and will remain open until January 31, 2011. The survey can also be accessed athttp://www.cosointernalcontrols.com/fs/fs-COSO2010.aspx
About COSO
Originally formed in 1985 to sponsor the National Commission of Fraudulent Financial Reporting, COSO is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. COSO’s supporting organizations are The Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), and the Institute of Management Accountants (IMA). www.coso.org
Posted By The IIA (The Institute of Internal Auditors)
Norwalk, CT, December 30, 2010—The Governmental Accounting Standards Board (GASB) today issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The Statement is intended to enhance the usefulness of its Codification by incorporating guidance that previously could only be found in certain Financial Accounting Standards Board (FASB) and American Institute of Certified Public Accountants (AICPA) pronouncements.
The Statement incorporates into the GASB’s authoritative literature the applicable guidance previously presented in the following pronouncements issued before November 30, 1989:
By incorporating and maintaining this guidance in a single source, the Statement reduces the complexity of locating and using authoritative literature needed to prepare state and local government financial reports. It improves financial reporting by eliminating the need for financial statement preparers and auditors to determine which FASB and AICPA pronouncement provisions apply to state and local governments, thereby resulting in a more consistent application of relevant guidance in financial statements of state and local governments. Finally, it contributes to the GASB’s efforts to codify all sources of generally accepted accounting principles for state and local governments so that they can be found within a single source.
“Statement 62 will make it easier for preparers of state and local government financial statements to find relevant authoritative guidance,” said GASB Chairman Robert H. Attmore. “While the guidance it includes has largely been taken ‘as is’ from the original FASB and AICPA pronouncements, it has been modified when appropriate to relate specifically to the governmental environment to increase its usefulness to this audience.”
The requirements of Statement 62 are effective for financial statements for periods beginning after December 15, 2011. Earlier application is encouraged. More information on Statement 62 is available at www.gasb.org.
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.
