Candidly, it has taken much longer than it should for us to fully comprehend and explain the gaping distinction between financial accounting and financial reporting. Since we figured it out, though, we've looked at things differently, to the point that we now believe a company's own transactions are not valid sources of useful information.

IMGCAP(1)]In mid-2011, the American Institute of CPAs established a Service Organization Controls reporting framework in hopes of providing the public and CPAs with a clearer understanding of the reporting options for service organizations.

More than half of global businesses are unaware of pending lease accounting changes that would virtually eliminate the use of off-balance sheet leases, according to a new survey by Grant Thornton.

The Financial Accounting Standards Board has released two proposed accounting standards updates to clarify the criteria for investment company accounting and develop guidance for investment property accounting.

The American Institute of CPAs has launched a new letter-writing campaign aimed at pressuring the Financial Accounting Foundation to set up a separate standard-setting board for private company accounting.

Chief financial officers and investors have increased their support for global accounting standards since the start of the economic crisis in 2008, according to an international survey published Thursday by the global Association of Chartered Certified Accountants.

The Public Company Accounting Oversight Board announced Thursday that it had permanently barred a Denver-based audit partner and permanently revoked the registration of a registered public accounting firm because the audit partner had participated in audits while subject to a previous bar.