Audit & Accounting

Small and midsized accounting firms need to do more to help small businesses cope with the economy in countries around the world, according to international accounting leaders.

The American Institute of CPAs and the Chartered Institute of Management Accountants are teaming in a joint venture that would create an international designation for management accounting.

As the Financial Accounting Standards Board and the International Accounting Standards Board move forward with plans to produce converged standards in areas such as leasing, revenue recognition and financial instruments, companies are expecting the new standards to have a major impact on their businesses, according to a new survey from PwC.

The Public Company Accounting Oversight Board has issued a research note cautioning U.S. registered accounting firms that their audits of companies with operations outside of the U.S., particularly in China, may not be in accordance with PCAOB standards if the company accessed the U.S. capital markets through a reverse merger transaction.

A new survey of more than 300 chief audit executives by Grant Thornton found that 88 percent do not believe that the Sarbanes-Oxley Act should be repealed, though half said the shifting regulatory landscape poses the greatest threat to their company.

Check out our annual ranking of the Top 100 Firms of 2011.

Check out the digital edition of our March 2011 issue.

International Accounting Standards Board chairman Sir David Tweedie made the case Thursday for U.S. businesses and the Securities and Exchange Commission to support International Financial Reporting Standards this year.

Basic changes to the format of financial reports need to be made to keep them relevant and useful, according to a newly released report.

The Financial Accounting Foundation said Monday it would begin live video webcasting of all education sessions hosted by the Financial Accounting Standards Board.