Audit & Accounting

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.

European Union Internal Market Commissioner Michel Barnier plans to introduce draft legislation in November to curb the increasing concentration of auditing work among the Big Four firms.

Representatives of the U.S. and Japanese accounting standards boards met in Connecticut this week to talk about their efforts to converge with international standards.

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

James Doty, the newly appointed chairman of the Public Company Accounting Oversight Board, believes auditors need to be doing a better job of detecting suspicious patterns and practices at the companies they audit, and to do a better job of communicating their concerns.

Congressmen Brad Sherman, D-Calif., and Michael Conaway, R-Texas, have formed a Bipartisan Congressional CPA Caucus that they plan to co-chair.

The Financial Accounting Standards Board has issued a discussion paper to solicit input on how to improve, simplify, and converge the financial reporting requirements for hedging activities, as it foresees the possibility of increasing divergence from international standards.

The leaders of four of the largest international accounting and auditing firms told the European Commission on Wednesday that they are ready for more official intervention in the audit market to forestall another financial crisis and they support more competition in the market.

The next decade will be a period of rapid change and continuous transformation for the accounting profession that will lend itself to greater opportunities for growth and productivity, according to a new report.