Audit & Accounting

The Governmental Accounting Standards Board has approved a new standard that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and governments that receive guarantees on their obligations.

The Financial Accounting Standards Board has issued an Accounting Standards Update aimed at improving financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting.

Deloitte Touche Tohmatsu CPA Ltd. lost a bid to delay a lawsuit brought by the Securities and Exchange Commission seeking documents in an investigation of the auditor’s former client Longtop Financial Technologies Ltd.

CPA technology thought-leader James Bourke identifies three trends that every accounting firm needs to pay attention to.

Jeffrey Bolton, CPA, a partner and co-founder of Gulf Coast Regional Leader Daszkal Bolton LLP, died on April 19 in a swimming accident in the Bahamas.

The profession's confidence in the U.S. economy moderated somewhat last month, according to the April edition of Accounting Today’s monthly Accountants Confidence Index.

There's a lot to try to make sense of this week, however I feel I'm better suited to offer insight into the moves companies and consultants in our space have made, rather than those of individuals in a certain Northeastern city.

The U.S. Commodity Futures Trading Commission has filed a complaint against Tunney & Associates, an accounting firm with offices in Hammond, Ind. and Orland Park, Ill., and Michael Tunney, its sole owner and a CPA licensed in Illinois and Indiana, claiming he failed to properly audit a client registered with the CFTC.

International Accounting Firm News:

Online accounting software maker Xero has partnered with online payroll product ZenPayroll, aiming at small businesses to integrate ZenPayroll data directly with Xero.