Audit & Accounting

The Financial Accounting Standards Board has released a new accounting standards update providing “narrow-scope improvements and practical expedients” for the revenue recognition standard that it converged with the International Accounting Standards Board.

The Securities and Exchange Commission has approved rules from the Public Company Accounting Oversight Board to improve audit transparency by disclosing the names of audit engagement partners, along with information about other firms that participate in the audits.

The Financial Accounting Foundation has published updated print editions of the Financial Accounting Standards Board’s FASB Accounting Standards Codification and the Governmental Accounting Standards Board’s Codification of Governmental Accounting and Financial Reporting Standards.

Now that public companies are required to use Extensible Business Reporting Language, or XBRL, in their financial filings with the Securities and Exchange Commission, the SEC is trying to make sure the data is appropriate and not hiding accounting gimmicks.

A new accounting rule that will force banks to set aside provisions for bad loans long before they sour could cannibalize profits and eat into capital at U.S. lenders.

Wesley Bricker, deputy chief accountant with the Securities and Exchange Commission, is echoing concerns from other top SEC officials about the over-reliance on non-GAAP measures in financial reporting.

Highlights of some of our favorite tax-related blogs from the past week.

The Public Company Accounting Oversight Board is considering changes in its approach to audit firm inspections and enforcement, according to PCAOB board member Jeanette Franzel.

U.S.-based accounting and consulting firm association Allinial Global has signed a letter of intent to combine with a U.K.-based accounting and business advisory firms, IAPA International.

Two years ago, the Supreme Court held in Lawson v. FMR that employees of contractors of public companies, including employees of accounting and audit firms, are protected under the whistleblower protection provision of the Sarbanes-Oxley Act.