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.

The Financial Accounting Standards Board has issued an accounting standards update on simplifying the presentation of debt issuance costs.

Billy M. Atkinson, the chairman of the Private Company Council that helps set accounting standards for privately held companies, said Wednesday that he will not seek a second term as head of the group after his current term expires at the end of this year.

The Public Company Accounting Oversight Board has sanctioned five current and former partners and employees of the auditing firms L.L. Bradford & Company, LLC in Las Vegas and Samyn & Martin in Kansas City, Mo., for violating PCAOB requirements for auditor independence, audit partner rotation, and audit planning and performance.

Toshiba Corp. fell the most in more than a year after the company said it would appoint a committee to investigate possible problems with its accounting.

The Financial Accounting Standards Board is planning to propose two new projects as part of its initiative to simplify accounting standards, along with two new projects for FASB’s Emerging Issues Task Force.

The Financial Accounting Standards Board has voted to propose to defer the effective date of the new revenue recognition standard by one year after hearing feedback from constituents.