Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board pledged Tuesday to continue their work together, even after completing their major convergence projects for harmonizing standards.

Officials from the Securities and Exchange Commission and the Center for Audit Quality discussed the effort to rein in the use of non-GAAP financial measures during an American Institute of CPAs conference Monday.

The trustees of the Financial Accounting Foundation announced a number of new members of the councils that advise the standard-setters it oversees, FASB and GASB.

The American Institute of CPAs’ Financial Reporting Executive Committee has issued new working drafts on how the new revenue recognition rules will affect certain industries, including airlines and gaming.

The Governmental Accounting Standards Board has issued a proposed Implementation Guide to help users better understand and apply the board’s statements.

Countries and jurisdictions throughout the world mandate that entity financial statements be prepared using International Financial Reporting Standards, and that audits be conducted in accordance with International Standards on Auditing. Although the use of IFRS and ISAs isn’t mandated in countries such as the U.S., in our increasingly global economy, many accounting firms must now be able to address the needs of clients with reach outside the primary country in which they operate.

The AICPA's Financial Reporting Executive Committee submitted comments to the Financial Accounting Standards Board regarding FASB’s targeted improvements to accounting for hedging activities.