Audit & Accounting

Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.

The newest member of the Public Company Accounting Oversight Board, Jeanette Franzel, is only the second female board member in the PCAOB’s nearly 10-year history.

Groupon Inc, the online coupon company that floated just months ago in the strongest IPO in years, has had recurring accounting problems that critics say show a need for more financial sophistication on its board.

New Rules Strengthen Risk Management for Financial Markets

The Public Company Accounting Oversight Board has signed a deal with German authorities that will allow officials to conduct joint inspections of auditing firms in both the U.S. and Germany.

Recent accounting firm activity

Jim Pitrat, the assurance and advisory practice leader at Top 100 Firm SingerLewak LLP, will become managing partner of the Top 100 Firm effective July 1, succeeding current MP David Krajanowski.

The rapid growth of Islamic finance is increasing pressure on the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board, the global body which sets the tone for bookkeeping in conventional finance.

Accounting Today has issued a call for speakers for its 3rd Annual Growth & Profitability Summit, which will be held this year in Boca Raton, Fla., on October 28-30

The April edition of Accounting Today's monthly Accountants Confidence Index reversed a two-month decline, showing positive expectations for the short- and mid-term for the firs time in 2012.