Audit & Accounting

Accounting and financial reporting standards for state and local governments that address nonexchange transactions achieved their purpose, according to a new report.

The Financial Accounting Foundation's board of trustees has decided to overhaul some of the procedures for the Private Company Council, which provides input to the Financial Accounting Standards Board on issues relating to privately held companies.

Securities and Exchange Commission chief accountant James Schnurr indicated Tuesday that he plans to recommend to SEC chair Mary Jo White that U.S. companies be allowed to use International Financial Reporting Standards to provide supplemental information, in addition to filing their financials in accordance with U.S. GAAP.

Companies are taking steps on their own to make their financial reports and disclosures more understandable, according to a new report.

Public company audits are improving, according to Securities and Exchange Commission Chief Accountant James Schnurr -- and they need to keep on doing so.

PricewaterhouseCoopers has been working on ways to soup up its audit practice by leveraging data analytics technology.

My last column addressed the importance of controls when trying to get a client. But it is also important to retain the client. A good system that is not monitored is a sure way to not only lose the client, but be kept awake at night.

Financial Accounting Standards Board chairman Russell Golden and technical director Susan Cosper discussed FASB’s upcoming leasing, classification, impairment and hedge accounting standards during a conference in New York, along with the board’s plans for future standards.

Ernst & Young LLP was found liable by a jury for its failure to vet financial audits backed by con man Bernie Madoff’s accountant in the first trial of an auditor over losses tied to the biggest Ponzi scheme in U.S. history.

The Financial Accounting Standards Board has issued a proposed accounting standards update to increase transparency about government assistance to businesses.