The Governmental Accounting Standards Board has issued for public comment a proposed concepts statement that would guide GASB when establishing standards regarding the measurement of assets and liabilities for U.S. state and local governments.

The International Accounting Standards Board has issued a revised exposure draft containing proposals for changing the accounting for insurance contracts.

The New York State Society of CPAs has expressed concern that an International Audit and Assurance Standards Board proposal that aims to make auditor reporting more transparent and improve users’ understanding of audited financial statements goes too far in expanding the scope of auditor responsibilities.

The current accounting rules for accounting for loan losses were in part responsible for the failures of community banks in the wake of the financial crisis, according to a new report by the Government Accountability Office.

American Institute of CPAs president and CEO Barry Melancon has written to the leaders of the state CPA societies in response to an announcement from the National Association of State Boards of Accountancy urging private companies not to use the AICPA’s recently unveiled Financial Reporting Framework for Small and Medium-sized Entities.

For anyone evaluating the principles of the new service organization controls (SOC), particularly SOC 2, BrightLine CPAs & Associates principal and SOC reporting practice leader Greg Miller describes the five key principles and how to select the right one.

The Financial Accounting Standards Board voted Wednesday to indefinitely defer certain disclosures about investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities.