Audit & Accounting

An update on the board’s proposed ASU for NFPs

The Financial Accounting Standards Board has voted to proceed with issuing a long-awaited standard in June on credit losses on loans and other financial instruments, a key component of its financial instruments convergence project with the International Accounting Standards Board, and to defer the effective date for one year.

The Vatican’s Holy See has suspended its contract with PricewaterhouseCoopers but stressed that the suspension is not due to problems with PwC’s work.

To improve accountability around the world, representatives of the U.S. Government Accountability Office’s Center for Audit Excellence and the U.S. Agency for International Development signed a memorandum of understanding on Monday to set up a framework for collaboration on training and technical assistance efforts.

Drew Bernstein of Marcum Bernstein & Pinchuk discusses the challenges and benefits of auditing companies in China in this video.

The Public Company Accounting Oversight Board has published an alert describing concerns from the PCAOB staff about auditors improperly altering audit documentation in connection with a PCAOB inspection or investigation.

The Financial Accounting Standards Board has issued an accounting standards update amending its revenue recognition standard to provide further guidance on performance obligations and licensing.

Harriet Tubman, the leader of the Underground Railroad that brought slaves to freedom before the Emancipation Proclamation, will be the new face on the $20 bill, the Treasury Department announced Wednesday.

The Securities and Exchange Commission announced penalties in two financial fraud cases Tuesday against companies and their former executives accused of various accounting failures that left investors without accurate depictions of company finances.

The Public Company Accounting Oversight Board released two preliminary reports Tuesday offering previews of its 2015 inspections of firms that audit publicly traded companies and broker-dealers.