Audit & Accounting

A new study has found a link between high auditing fees charged to public companies and the companies’ decline in financial performance for up to five years in the future.

The Private Company Financial Reporting Committee discussed proposed accounting standards for revenue recognition, leasing and investment properties during a meeting with members of the Financial Accounting Standards Board.

The Governmental Accounting Standards Board has extended the deadline until October 14 for constituents to comment on its recent proposals for improving the disclosures for pension accounting and financial reporting.

Deloitte Touche Tohmatsu global CEO Barry Salzberg led his firm to record revenues of $28.8 billion this past year.

The American Institute of CPAs has stepped up its campaign to dislodge control of private accounting standard-setting from the Financial Accounting Standards Board.

The federal government has secured commitments from 13 banks to increase their lending to small businesses by $20 billion over the next three years.

The Center for Audit Quality, along with the Council of Institutional Investors and CFA Institute, have written to the leaders of the House Financial Services Committee urging them to resist efforts to exempt more public companies from compliance with the internal controls auditing provisions of the Sarbanes-Oxley Act.

The Financial Accounting Standards Board has released a new Accounting Standards Update aimed at improving employer disclosures for multiple-employer pension plans.

The International Federation of Accountants has begun an executive search for a CEO to succeed incumbent Ian Ball, whose contract expires in February 2013 and who is not seeking another term.

Financial Accounting Standards Board chair Leslie Seidman said that many of the priority projects slated for convergence with the International Accounting Standards Board probably will not be settled until next year at the earliest.