Audit & Accounting

A new guidebook aims to help companies mitigate the risks of spreadsheets being misused for corporate fraud or causing multimillion-dollar reporting errors.

The Financial Accounting Standards Board has officially launched its FASB Accounting Standards Codification, an online interactive research tool that will serve as the single source of authoritative nongovernmental U.S. generally accepted accounting principles.

Deloitte & Touche has conducted a review for the Royal Canadian Mint to try to account for a $15.3 million discrepancy between a rolling inventory and a physical count of gold owned by the mint and its customers, and Goldfinger is apparently not to blame.

The Obama administration has sent legislation to Capitol Hill to create a new Consumer Financial Protection Agency.

The Private Company Financial Reporting Committee met to discuss topics ranging from revenue recognition to FIN 48-d and loan-loss contingencies.

Financial Accounting Standards Board Chairman Robert Herz refuses to accept the inevitability of another financial system collapse.

The Public Company Accounting Oversight Board has voted to delay inspections of foreign accounting firms for up to three years after hearing an outcry over the legality of the inspections from regulators and firms overseas.

The Financial Accounting Standards Board has proposed a new standard for disclosures about the credit quality of financing receivables and the allowance for credit losses.

A study by KPMG found that goodwill impairments more than doubled during 2008 from 2007 levels at a cross-section of U.S.-based public companies.

Now that the largest public companies in the U.S. are scheduled to begin filing their financial statements using Extensible Business Reporting Language data-tagging technology this year, financial regulators are weighing additional areas to leverage the technology, said industry representatives at an XBRL International Conference in Paris.