Audit & Accounting

The Financial Accounting Standards Board has added a new project to its crowded agenda: the impairment of intangible assets with indefinite lives.

The CFA Institute told the Securities and Exchange Commission that its long anticipated decision on whether or not to incorporate International Financial Reporting Standards into the U.S. financial reporting system should wait until the SEC completes its work plan for incorporating IFRS.

The outlook on the U.S. economy declined further among CFOs, controllers and CPAs in executive and senior management accounting roles in the third quarter, according to a survey by the American Institute of CPAs.

Specialty tax software provider Red Moon Solutions has introduced a new Software-as-a-Service tool that manages the audit process, data, and documents in addition to tax risk and improving internal controls.

The Financial Accounting Standards Board and the International Accounting Standards Board have updated the computer-readable tags for their accounting standards and exposed them for public comment.

PCAOB PROPOSES MANDATORY AUDITOR ROTATION

ALTERNATIVE NO MORE

PricewaterhouseCoopers and Crowe Horwath have been sued over their audits of Colonial Bancgroup by the bankrupt bank’s trustee.

The International Accounting Standards Board has proposed revising its standards in order to define investment entities as a separate type of entity that would be exempt from the requirements for consolidated financial statements.

The Securities and Exchange Commission has reached a settlement with the former CFO of Beazer Homes USA to recover his bonus and stock sale profits from the time when the home-building company was committing accounting fraud.