Audit & Accounting

The Governmental Accounting Standards Board has updated its standards for the reporting of certain financial instruments and external investment pools by government entities.

The Private Company Financial Reporting Committee met last week to discuss some of the standards that the Financial Accounting Standards Board has been proposing and postponing.

The Supreme Court ruled against the Public Company Accounting Oversight Board in a 5-4 decision, finding that the way board members are removed by the SEC is unconstitutional.

The International Federation of Accountants has written an open letter to the G-20 nations in advance of this weekend’s summit in Toronto calling on governments to fix public sector accounting.

The Institute of Internal Auditors has released new guidance to help internal auditors assess the risks related to spreadsheets, databases and information systems in their organizations.

The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

Public companies paid an average of $4.8 million in total audit fees in fiscal year 2009, according to a survey by Financial Executives International, with the average public company’s audit fees decreasing 2.4 percent from the prior year.

An appeals court has overturned a $521.7 million jury verdict against BDO Seidman in a case brought by Portugal’s Banco Espirito Santo International.

Accounting Today has finalized the agenda for its upcoming Growth & Profitability Summit.