Audit & Accounting

The Securities and Exchange Commission and the Public Company Accounting Oversight Board are expanding their efforts to deter accounting fraud, reaching out to academics, practitioners and others to find ways to better detect accounting fraud.

The International Accounting Standards Board has introduced a new hedge accounting model as a major step forward in the financial instruments project on which it has been collaborating with the Financial Accounting Standards Board.

Paychex Inc. has officially introduced Paychex Accounting Online – a secure cloud accounting offering aimed at small businesses and powered by strategic partner Kashoo.

Xero has added new features to its cloud accounting software designed to make managing finances and related financial documents in the cloud easier for accounting professionals and small businesses.

The Financial Accounting Foundation and the Financial Accounting Standards Board have launched a new section on the FAF Web site that features audio, transcripts and photos from the September’s FASB@40 Conference hosted in New York to commemorate the FASB’s 40th anniversary.

The chairmen of the Financial Accounting Standards Board and the International Accounting Standard Board appeared alongside each other Monday to discuss the status of their efforts to converge accounting standards over the past decade or more and their plans for the future as the convergence effort appears to be running out of steam.

Thomson Reuters has released two new PPC Practice Aid tools for its Thomson Reuters Checkpoint online research service to help practitioners who perform audits of health care entities and broker-dealers.

The Public Company Accounting Oversight Board has added a page to its Web site to provide information to audit firms where quality control problems have been found.

Apple has approved Workbox, a new app designed to allow users to run all bookkeeping functions directly from their iPads.

Cloud accounting and financial software provider FinancialForce.com has launched FinancialForce Revenue Recognition, the latest addition to its suite of cloud applications built on the Salesforce platform.