Audit & Accounting

The International Accounting Standards Board has published for public comment a discussion paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting.

The United Kingdom’s Competition Commission has issued a provisional decision recommending that companies put their auditing work out for bid every five years to promote competition in the audit profession.

Internal auditors around the world are bearing the brunt of a quickly changing regulatory landscape, especially in financial services, according to a new survey by Thomson Reuters.

ALABAMA

The Institute of Internal Auditors wrapped up its annual conference in Orlando this week, featuring prominent keynote speakers including former Secretary of State Madeleine Albright and best-selling business writer Tom Peters.

The proposed changes in lease accounting standards described in the recent exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.

The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB even though they do not audit public companies and may decide to drop many of them.

The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.

The Financial Accounting Standards Board and the Private Company Council voted Tuesday to finalize the Private Company Decision-Making Framework, which outlines criteria they intend to use for determining whether and under what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.

The cost of the transition to International Financial Reporting Standards was significant for many companies, but generally around the same amount they had budgeted or less than they expected, according to a new study.