Audit & Accounting

The Financial Accounting Standards Board released two accounting standards updates last week, one of which covers the fees paid for cloud computing while the other applies to defined benefit obligations and plan assets.

The Maryland Association of CPAs scored some wins for its members in the Maryland State House this session after lobbying lawmakers earlier this year.

The Center for Audit Quality and the Auditing Section of the American Accounting Association are providing access to audit firm employees for four academic research projects.

The Public Company Accounting Oversight Board has entered into a cooperative arrangement with the Auditors’ Public Oversight Authority of the Ministry for the National Economy of Hungary to oversee audit firms subject to both regulators’ jurisdictions.

Ernst & Young LLP agreed to pay $10 million to settle New York’s lawsuit accusing it of helping Lehman Brothers Holdings Inc. hide financial problems in the years leading to its 2008 collapse.

The Association of Chartered Certified Accountants and the Institute of Management Accountants have published a report examining the future function of the CFO in the finance department of tomorrow.

The International Ethics Standards Board for Accountants has revised its ethics code to improve the independence provisions for auditors.

SAP released a new SAP Revenue Accounting and Reporting application to address requirements derived from the new revenue accounting standards.

Profitability, hiring and revenue expectations among business leaders in mature economies soared in the first quarter of this year, according to a survey by Grant Thornton.

Last year saw a rise in accounting-driven federal class action lawsuits, according to a new report from Big Four firm PwC.