Adopting IFRS Key to global financial success

According to the Associated Press, federal regulators stated Monday that it's critical for the United States along with other countries to adopt one international accounting standard. By all countries having the same policies, we would better avoid another economic crisis. Both those on Wall Street and in the Accounting industry agree with this statement. US companies have the option to begin adopting the new accounting standards next year. Read the full article here.

Name Change for FAS 157

The Wall Street Journal Blog recently wrote about the name change for FAS 157. It will now be known as Topic 820. This rule currently requires companies mark their assets to market every quarter. With the old rule, the assets were held at cost. Read more about the name and rule change here.

Indiana Government converting to centralized accounting system

According to Fox 28 of South Bend, Indiana, the Hoosier government will be converting to one single accounting system. The complete transition will take place by September 16. This has been in the works for years, and over 3,000 state employees have been trained on the new system. Read the full article here.