Audit & Accounting

The International Public Sector Accounting Standards Board is proposing new financial reporting requirements to help public sector entities account for financial instruments, such as derivatives, bonds, and loans, and produce global standards of transparency.

Ernst & Young has selected a new leader in the Americas for its Transaction Advisory Services team, which advises companies on mergers and acquisitions.

Lynn Turner, former chief accountant of the Securities and Exchange Commission, has a new job: senior advisor and managing director of the forensic accounting practice at LECG.

XBRL US has published the 2009 edition of the interactive data tags that the Securities and Exchange Commission will accept for coding financial statements in accordance with U.S. generally accepted accounting principles.

AuditSolutions has changed its name to Lavante and closed on $5 million in venture capital funding.

Even as the Securities and Exchange Commission weighs the comments that were due this week on its proposed roadmap to International Financial Reporting Standards, IFRS could be on a convergence path of its own with Islamic accounting standards.

Goldman Sachs and Citigroup reported better than expected financial results last week, but critics are complaining that the two banks bended accounting rules to boost their earnings.

Bernard Madoff’s accountant, David Friehling, is facing an extra month of uncertainty over his legal status after prosecutors filed a continuance with the court.

The Institute of Chartered Accountants in England and Wales has written to the U.S. Securities and Exchange Commission urging the SEC to adopt International Financial Reporting Standards.

It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times.