Audit & Accounting

After announcing that it needs to fix three years of financials and that quarterly results won’t meet estimates, car- and equipment-rental company Hertz Global Holdings Inc. tumbled in the stock market.

While firms that are pioneers in adopting technology outpace their peers in other ways, too, accountants don’t necessarily need to be on the cutting edge in all things to grow.

Bloomberg BNA has released “Navigating the New Road to Revenue Recognition,” a detailed overview of the new revenue recognition standard, along with guidance on how companies can prepare for its application.

Thomson Reuters has released a special report on the newly issued accounting standard on revenue recognition from the Financial Accounting Standards Board and the International Accounting Standards Board.

The Public Company Accounting Oversight Board is continuing to find a high degree of problems in audits of broker-dealers, despite some improvements, according to PCAOB member Jeanette Franzel.

Chinese affiliates of the four largest accounting companies and U.S. regulators have been discussing a settlement in a dispute over access to audit documents belonging to the firms’ clients.

Check out the digital edition of the June 2014 issue of Accounting Today.

The Financial Accounting Standards Board and the International Accounting Standards Board officially announced the formation Tuesday of a Joint Transition Resource Group for Revenue Recognition.

Some of the major accounting firms and the American Institute of CPAs are planning to publish materials to help accountants and companies deal with the new revenue recognition standards.

Public companies have begun filing their first set of reports on so-called “conflict minerals” with the Securities and Exchange Commission to meet a deadline Monday, but advocacy groups are finding the reports are not providing much information so far.