Audit & Accounting

The Financial Accounting Standards Board has issued an accounting standards update on derivatives and hedging related to electricity contracts.

The causes behind Greece’s ever-worsening debt crisis have been attributed to different factors, including widespread tax evasion, harsh austerity measures, an underground economy, and predatory investment banks and hedge funds, but according to one expert, the main culprit is bad accounting.

The Financial Accounting Standards Board issued an accounting standards update on Wednesday deferring by one year the effective date of the converged revenue recognition standard that it released last year with the International Accounting Standards Board.

By definition, analytical procedures involve a process of analytically detecting ways to decrease time and increase efficiency.

The American Institute of CPAs has sent a comment letter to the Financial Accounting Standards Board weighing in on proposed changes in accounting standards for not-for-profits and saying they could create divergence from the financial reporting model used by for-profit businesses.

The Institute of Certified Public Accountants in Ireland and the Institute of Chartered Accountants of Bangladesh have signed a memorandum of understanding to provide an online CPA Certificate in IPSAS Financial Reporting in Bangladesh.

The Public Company Accounting Oversight Board is seeing some improvements in audits of internal control over financial reporting, but also some contradictory findings.

The Securities and Exchange Commission has issued an interpretive rule clarifying that whistleblowers are protected by retaliation by employers even if they have not reported their concerns to the SEC first.

Financial Accounting Standards Board chairman Russell Golden explained how FASB is working with both the International Accounting Standards Board and other national standard-setters, including China and Germany, as FASB moves past the convergence process.

The International Accounting Standards Board is asking for feedback on a proposal Monday to postpone the date when entities need to change some aspects of how they account for transactions between investors and associates or joint ventures.