Audit & Accounting

The Private Company Financial Reporting Committee met to discuss the impact of recent changes in accounting standards on private companies, including some confusion in the Financial Accounting Standards Board’s new Codification updates.

Worried that corporate auditors are being duped by widespread related-party transaction frauds, officials at the Public Company Accounting Oversight Board are considering new standards establishing stiffer and more specific requirements for accountants who encounter these arrangements.

The International Auditing and Assurance Standards Board has published a consultation paper seeking views on a new assurance standard it is developing for greenhouse gas emission reporting.

The Financial Accounting Standards Board has established a Not-for-Profit Advisory Committee to offer input to the board on guidance, current and future technical projects, and longer-term issues affecting nonprofits.

President Barack Obama has announced a set of initiatives aimed at kick-starting the market for small-business loans.

Accounting firms are managing overall to maintain their rates, client services and staff even as the economy continues to challenge them and their clients, according to a new survey.

International Accounting Standards Board chairman Sir David Tweedie said he won’t wait for the board’s U.S. counterpart to finalize its own revisions to fair value accounting for financial instruments.

As the SEC resurrects its focus on the roadmap to adopt International Financial Reporting Standards, the 30-plus year debate over a GAAP for private companies has progressed somewhat but remains on the back burner amidst legislative and standard-setters’ priorities for global convergence

The House Financial Services Committee has approved legislation that would require regulation of the over-the-counter derivatives market.

The International Auditing and Assurance Standards Board is seeking views on developing fair value auditing guidance for a new consultation paper.