The International Accounting Standards Board has issued the final element of its own long-awaited financial instruments accounting standard after failing to reach a consensus with the U.S. Financial Accounting Standards Board on key elements related to credit losses and loan impairments.

PricewaterhouseCoopers has released a new paper on how companies can get ready for the newly converged revenue recognition accounting standard.

Lawmakers who are part of a group of current and former CPAs and accountants in Congress are expressing concern about the possibility of the Securities and Exchange Commission allowing U.S. companies a choice of using either U.S. GAAP or International Financial Reporting Standards.

The Financial Accounting Standards Board voted Wednesday to finalize an accounting and financial reporting standard aimed at increasing transparency and consistency of financial reporting about consolidation.

Wholesale adoption in the U.S. of International Financial Reporting Standards seems unlikely to occur in the near future as the Financial Accounting Standards Board and the International Accounting Standards Board continue to move away from full convergence of their standards, according to a Fitch Ratings report.

The International Federation of Accountants and the Chartered Institute of Public Finance and Accountancy have developed a new International Framework for Good Governance in the Public Sector to encourage more effective public sector governance.

The American Institute of CPAs’ Auditing Standards Board has issued two new auditing interpretations in response to the Governmental Accounting Standards Board’s new pension reporting standards.