Audit & Accounting

The Securities and Exchange Commission has released an updated manual for companies filing financial reports in the SEC’s Edgar online system.

IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.

Officials from the U.S. Public Company Accounting Oversight Board have met with Chinese officials to try to resolve the impasse over inspections of accounting firms in China that audit Chinese companies whose stocks trade on U.S. exchanges.

The U.S. CPA Exam was successfully administered at five international test sites: Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates.

The New York State Society of CPAs sees comparability and quality as two of the main obstacles to the adoption of International Financial Reporting Standards in the U.S.

KPMG has agreed to pay $37 million as part of a $627 million settlement in a class-action lawsuit brought by institutional investors over its former audit client Wachovia.

ARC Logics, a Wolters Kluwer business, has released version 10 of its CCH TeamMate internal auditing software, designed to help internal auditors manage each step of the audit process more efficiently.

The Financial Accounting Standards Board intends to host a pair of public roundtable meetings in the fall to discuss issues related to private company accounting and reporting standards.

The International Accounting Standards Board has proposed delaying by two years the mandatory effective date for its IFRS 9 standards for financial instruments, postponing them from Jan. 1, 2013 to Jan. 1, 2015.

IMGCAP(1)]Remember the fall of Enron? What about Tyco International, Adelphia and WorldCom?