Audit & Accounting

The Financial Accounting Standards Board voted Monday to endorse two accounting standards proposed by the Private Company Council pertaining to accounting for goodwill subsequent to a business combination and for certain types of interest rate swaps in an effort to modify the existing accounting standards for private companies.

The board of trustees of the Financial Accounting Foundation appointed 10 new members Monday to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

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The Public Company Accounting Oversight Board made public on Friday some previously confidential parts of its 2009 inspection report on Deloitte & Touche LLP after the firm failed to completely address several quality control issues that the PCAOB had identified within a year.

A post-implementation review of a 1992 accounting standard addressing the accounting for income taxes found that the standard generally achieved its intended purpose, but may not have reduced the complexity of accounting for income taxes.

The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

The Public Company Accounting Oversight Board posted settled disciplinary orders Friday involving three auditing firms and three people associated with them, charging them with violating the federal securities laws in addition to PCAOB auditing standards and rules in the audits of 10 public companies.

ACL has released upgrades to its cloud-based risk management, audit management, and compliance offering ACL GRC and its flagship data analytics software ACL Analytics.

The Institute of Management Accountants has become a member of the International Federation of Accountants, reflecting the growing importance of management accountants in the global economy.

A group of corporate governance and policy organizations is urging audit committees at public companies to strengthen their public disclosures so they can convey key elements of their critical work to investors and stakeholders more effectively.