Audit & Accounting

The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards and the oversight of the International Accounting Standards Board, has announced the membership of the newly created SME Implementation Group.

IMGCAP(1)]The Financial Accounting Standards Board recently issued an exposure draft on revenue recognition that is expected to have a significant impact on accountants, auditors and entities alike.

The Securities and Exchange Commission has charged a former Deloitte & Touche LLP partner and his son with insider trading in the securities of several of the firm’s audit clients, and they have agreed to pay more than $1.1 million to settle the SEC’s charges.

KPMG LLP has introduced the Financial Reporting Network, a source of online information and insight for corporate decision-makers on trends related to financial reporting.

Is the Prince of Wales proclaiming sustainability reporting throughout the accounting realm?

Regulatory risk ranks as the top threat to business performance, according to a new report by Ernst & Young.

The Prince’s Accounting for Sustainability Project has teamed up with the Global Reporting Initiative to form the International Integrated Reporting Committee, with the goal of creating a globally accepted framework for sustainability accounting.

The International Accounting Standards Board has published a proposed set of changes to insurance contract accounting in an effort to impose a single standard upon all insurers in all jurisdictions that would apply to all types of insurance contracts on a consistent basis.

Deloitte & Touche LLP has resigned as the auditor for American Apparel and has been replaced with the troubled garment retailer’s former auditor Marcum LLP.

SEC settlements with top companies over financial misstatements have declined since 2007, and nearly three quarters of SEC settlements with companies over misstatements are for no money, according to a group of economic consultants.