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.

The trustees of the IFRS Foundation, which oversees the International Accounting Standards Board, have reduced the board’s number of members as part of a constitutional review.

Automobile manufacturer Tesla Motors is dropping the use of some non-GAAP financial measures in its earnings releases after receiving several letters from the Securities and Exchange Commission criticizing the practice.

The Public Company Accounting Oversight Board has struck an agreement with Italy’s audit oversight regulator, Commissione Nazionale per le Società e la Borsa.