The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the information provided in not-for-profit financial statements and notes to financial statements that could have major implications for nonprofit organizations.

The Financial Accounting Standards Board released two accounting standards updates last week, one of which covers the fees paid for cloud computing while the other applies to defined benefit obligations and plan assets.

The International Ethics Standards Board for Accountants has revised its ethics code to improve the independence provisions for auditors.

SAP released a new SAP Revenue Accounting and Reporting application to address requirements derived from the new revenue accounting standards.

The primary U.S. standard-setters and their parent organization have released a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively.

The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing, as it provides critical information to the auditor and is ultimately beneficial to the public interest.

The Financial Accounting Standards Board appears to be poised to delay the effective date of its new revenue recognition standard by a year, giving U.S. companies more opportunity to adapt to the changes.