Audit & Accounting

The Texas Society of CPAs pointed to what it sees as several problems in the Financial Accounting Standards Board’s proposed standards for financial instruments in a stinging letter addressed to the board.

The American Institute of CPAs has written to the Financial Accounting Standards Board requesting a delay in finalizing its proposed standards on disclosing companies’ loss contingencies in the event of litigation until it can work out a “treaty” with the American Bar Association on how accountants and attorneys can share information.

A group of investors has filed a securities fraud lawsuit against Ernst & Young for its audits of a failed Texas hedge fund connected with H. Ross Perot.

Leslie Seidman has been a member of the Financial Accounting Standards Board since July 2003 and is set to become acting chairman of the board on Oct. 1.

Barney Frank once urged Financial Accounting Standards Board Chairman Bob Herz not to let the FASB become the “Slows-B” when it came to revamping accounting standards in the midst of the financial crisis, and Herz certainly isn’t being slow when it comes to his just-announced retirement.

Financial Accounting Standards Board Chairman Robert Herz plans to retire after more than eight years of leading the board, which will now increase in size to seven members.

The Government Accountability Office is making changes to Government Auditing Standards, commonly known as the Yellow Book.

The leader of a trade association representing the equipment finance sector criticized the new accounting standards for leasing contracts proposed by the Financial Accounting Standards Board and the International Accounting Standards Board this week.

Golden Gate University plans to offer a forensic accounting certificate completely online in the fall semester.

The Financial Accounting Standards Board has voted to extend the comment period by an additional 30 days for its proposed standards on the disclosure of loss contingencies.