Audit & Accounting

A working group has started providing guidance on new international accounting standards for small and midsized companies.

A California technology company has filed suit for the second time against the Financial Accounting Standards Board, alleging antitrust violations and willfully attempting to misappropriate patented technology after it submitted a comment to FASB recommending its technology.

The effects of the financial crisis continue to be felt by small businesses, according to small and midsized accounting practitioners recently polled by the International Federation of Accountants, but they believe this year will be a better one for their firms.

A small Nevada auditing firm whose lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board went all the way to the U.S. Supreme Court last year has finally settled its suit with the PCAOB, as a federal court struck portions of the Sarbanes-Oxley Act.

The American Institute of CPAs has partnered with Bank of America to develop banking and credit services for AICPA members.

Robert Herz, the former chairman of the Financial Accounting Standards Board, who retired unexpectedly last fall, has found a new job: senior advisor at WebFilings, a company that provides technology for SEC financial filings.

The Public Company Accounting Oversight Board has named Helen A. Munter as the new director of its Division of Registration and Inspections.

The New York State Society of CPAs is getting behind the efforts of the International Auditing and Assurance Standards Board to clarify the guidance for auditing the valuations of complex or illiquid financial instruments, such as derivatives.

Check out the digital edition of the February issue of Accounting Today.

The Governmental Accounting Standards Board has proposed guidance on how to apply the accounting standards when a hedging derivative is terminated for a government entity.