Audit & Accounting

The Financial Accounting Foundation and the Financial Accounting Standards Board have launched a new section on the FAF Web site that features audio, transcripts and photos from the September’s FASB@40 Conference hosted in New York to commemorate the FASB’s 40th anniversary.

The chairmen of the Financial Accounting Standards Board and the International Accounting Standard Board appeared alongside each other Monday to discuss the status of their efforts to converge accounting standards over the past decade or more and their plans for the future as the convergence effort appears to be running out of steam.

Thomson Reuters has released two new PPC Practice Aid tools for its Thomson Reuters Checkpoint online research service to help practitioners who perform audits of health care entities and broker-dealers.

The Public Company Accounting Oversight Board has added a page to its Web site to provide information to audit firms where quality control problems have been found.

Apple has approved Workbox, a new app designed to allow users to run all bookkeeping functions directly from their iPads.

Cloud accounting and financial software provider FinancialForce.com has launched FinancialForce Revenue Recognition, the latest addition to its suite of cloud applications built on the Salesforce platform.

The Private Company Council has voted to finalize an alternative standard for private companies to use when applying variable interest entity guidance to common control leasing arrangements.

Michel Prada, chairman of the IFRS Foundation Board of Trustees, which oversees the International Accounting Standards Board, took countries like the U.S. and Japan to task for taking what he called an “à la carte” approach to accounting standards by not fully embracing International Financial Reporting Standards.

Accounting firms could find value in managing their clients online funding campaigns, according to Xcentric's vice president of marketing Roy Keely.

For the last several years, accounting firms have been merging with or acquiring their peers -- but the shopping spree is bound to come to an end as future leaders head out to create their own practices once the combined firms complete their integration, according to Boomer Consulting shareholder and COO Sandra Wiley.