Audit & Accounting

The Financial Accounting Standards Board has proposed an updated standard on impairment testing of intangible assets with indefinite lives, such as trademarks, licenses and distribution lives.

The National Association of State Boards of Accountancy and the American Institute of CPAs have both given their final approval to a revised set of standards for providers of continuing professional education programs for accountants.

International Accounting Standards Board chairman Hans Hoogervorst told attendees at an accounting conference in Moscow on Monday that he believes the U.S. will ultimately decide to support International Financial Reporting Standards.

The American Institute of CPAs has begun offering a revenue-sharing arrangement to state CPA societies if they help market the new Chartered Global Management Accountant designation to their members.

European Commission plans to bring the European Union into line with the possibly less stringent Sarbanes-Oxley measures to ban audit firms from offering tax and other non-audit services to audit clients are facing controversy as the issue moves to the European Parliament.

The Public Company Accounting Oversight Board is continuing to prod officials in Washington for the power to make public its disciplinary proceedings against auditing firms and auditors.

The Tax & Accounting business of Thomson Reuters plans to offer a new audit and engagement management application that, starting later this year, will provide advanced trial balance and engagement management functionality for larger firms with sophisticated audit practices.

Firm News - January 20

Olympus has cleared the Japanese affiliates of KPMG and Ernst & Young in a report by an outside panel on the camera and medical device maker’s investigation into its cover-up of $1.7 billion in losses.

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