Toshiba Corp. lost $2.8 billion in market value after the industrial and electronics group withdrew its earnings forecast pending an internal probe into improper accounting on infrastructure projects.

Securities and Exchange Commission chief accountant James Schnurr is rethinking a proposal he made last December that the SEC allow U.S. companies the option of providing some information, such as revenues, using International Financial Reporting Standards as a supplement to U.S. GAAP without requiring reconciliation.

The Public Company Accounting Oversight Board has issued a communication to audit committees known as an Audit Committee Dialogue, promising it will be the first in a series to provide insights from inspections of public company auditors that may be helpful to audit committee members in their oversight of auditors.

The International Ethics Standards Board for Accountants has re-exposed a proposed standard to guide auditors, other professional accountants in public practice, and professional accountants in business to help them decide how best to act in the public interest when they come across an act or suspected act of non-compliance with laws and regulations.

To many, “sustainability accounting” sounds like an oxymoron.

Thomson Reuters has introduced PPC’s Guide to SSARS Preparation Engagements to explain the new financial statement preparation service introduced by the American Institute of CPAs’ Accounting and Review Services Committee.

The lease accounting industry desperately needs disruption