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Advocacy Corner - Technical Updates in November 2012 edition of Strategic Finance

By Linda Devonish Mills posted Nov 13, 2012 3:01 PM

  
I'm sure that you will agree with me that there are always compelling articles in editions of Strategic Finance that informs you about developments in the management accounting profession.  There are a few columns in the November 2012 edition of Strategic Finance that provides technical updates and their impact on the management accounting profession.

Advocacy Column, p. 22 - I have provided material for this column that appears periodically in Strategic Finance since I have been on staff at IMA beginning May 2006.  Due to my increased focus with IMA's professional advocacy efforts since November 2011, I am in a position to provide a wealth of content since I oversee the activities of all of our technical committees and panel.  The committees and panel are the Financial Reporting Committee, Small Business Financial and Regulatory Affairs Committee, XBRL Committee and COSO Ad Hoc Advisory Panel.  Please read the column to find out about the activities of these groups and letters submitted to U.S. and International standard-setters.

Small Business Column, p. 21  - This is a new column that appears on a quarterly basis in Strategic Finance.  The primary authors of this column are members of a Research/Communications subcommittee of IMA's Small Business Financial and Regulatory Affairs Committee.  The column in the November 2012 edition of Strategic Finance describes the FASB's proposed Private Company Decision - Making Framework impact on IMA's small private business community.  The column mentions that a letter submitted to the FASB by the Small Business Financial and Regulatory Affairs Committee will appear on IMA's website when issued.  The Committee submitted a letter to the FASB on November 9.  A copy of the letter can be found on IMA's website at www.imanet.org/about_ima/advocacy_activity/small_business_financial_and_regulatory_affairs_co.aspx.

First meeting for FAF's Private Company Council
- Earlier this year, the Financial Accounting Foundation (FAF) developed a Private Company Council based on feedback from IMA and other accounting organizations, firms and private companies.  IMA's Financial Reporting Committee and Small Business Financial and Regulatory Affairs Committee issued a letter to the FAF during December 2011 to provide feedback on what should be taken into consideration when developing such a group.  A copy of the letter can be found on IMA's website at www.imanet.org/about_ima/advocacy_activity

A Strategic Finance Bulletin update that appears on p. 26 of the November 2012 edition mentions that the Council will conduct its first meeting at the FAF's headquarters on December 6.  This will be a public meeting that will be webcast live on the FAF's website at www.accountingfoundation.org.

XBRL Column, p. 64 - A XBRL Column appears regularly in Strategic Finance.  The primary author of the column is Kristine Brands, global board member of IMA and member of IMA's XBRL Committee and COSO Ad Hoc Advisory Panel.  The column that appears in the November edition of Strategic Finance should be helpful to preparers of financial statements since it describes tools that can be used when utilizing XBRL to submit reports to the Securities and Exchange Commission (SEC).

Please reach out to me at LMills@imanet.org to provide input on what issues should be addressed in these columns in future issues of Strategic Finance.
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