The Financial Accounting Standards Board issued for public comment Wednesday a proposed accounting standards update that would defer the effective date of its new revenue recognition standard by one year.

Members of the International Forum of Independent Audit Regulators agreed in principle on the text of a multilateral arrangement for exchanging information about audit firms during a meeting in Taipei.

The International Accounting Standards Board voted Tuesday to propose a one-year deferral of the revenue recognition standard that the IASB converged last year with the U.S. Financial Accounting Standards Board.

The Financial Accounting Standards Board has proposed three accounting standards updates related to employee benefit plans and another update for electricity contracts.

The recent IFAC Global SMP Survey from the International Federation of Accountants showed that attracting new clients is a top concern for accountants in small and medium practices, with 58 percent of respondents rating it as a high or very high challenge.

The Governmental Accounting Standards Board has voted to begin research on improving the disclosures by state and local governments about going concern and debt.

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.